World Wrestling Entertainment Inc. (NYSE: WWE) shares have plunged more than 5% over the past month as investors fled Vince McMahon's muscle-bound empire in the wake of the Chris Benoit tragedy. The stock is headed for an even bigger fall in the coming months as the company grapples with congressional scrutiny, potential lawsuits and long-overdue increased government regulation.

Nonetheless, WWE is something that truly adventurous investors should consider. The shares are trading at a multiple of 25, which is dirt cheap compared with its peers such as Playboy Enterprises Inc. (NYSE:PLA)'s 130 and Lions Gate Entertainment Corp. (NYSE: LGF)'s 53. Though profit and sales are expected to fall this year, analysts expect WWE to rebound next year.

When WWE holds its earnings conference call on August 2, there no doubt will be plenty of questions about Benoit, steroids, declining ratings and potential share buybacks. WWE management should also be scolded for its stupid decision to air a tribute to Benoit.

But some long term perspective also is in order. Big media companies including Viacom Inc. (NYSE: VIA) and News Corp (NYSE: NWS) would love to buy WWE to gain access to its huge library of content and rabid fan base.

Like it or not wrestling has been part of the pop culture landscape for a long time. Eventually, some other personality will come along that will make people forget the Benoit murders.

At that point, investors who hung in there will have their patience rewarded.

World Wrestling Entertainment (NYSE: WWE) issued a statement that sheds no light on why Chris Benoit murdered his wife and son before killing himself. The statement suggests that in Benoit's last drug test in April 2007, he tested negative for anabolic steroids and testosterone. And that today's toxicology report suggests he took testosterone after the April 2007 drug test.

This statement is at odds with an AP report which claims that Benoit's body contained 10 times the normal level of testosterone, as well as the anti-anxiety drug Xanax and the painkiller hydrocodone. The testosterone, a synthetic version of the primary male sex hormone, is considered an anabolic steroid.

This statement raises more questions than it answers:

According to ESPN, World Wrestling Entertainment's (NYSE: WWE) CEO Vince McMahon was charged with conspiring to distribute steroids to his wrestlers.

Moreover, Phil Lowe, editor of WrestleMag.com, the largest wrestling Web site in the United Kingdom, said "Depending on what comes out from [Benoit's] toxicology reports, we could see changes implemented or at least changes called for."

Meanwhile, FoxNews reported that Benoit's Wikipedia was changed 13 hours before his wife's body was discovered by someone in Stamford, CT -- WWE's headquarters city. The Wikipedia site said that Benoit would not be able to make it to a wrestling match due to his wife's death.

WWE stock is down slightly today. If its writers were as creative as the reality that keeps coming out, the stock might be in better shape. It just keeps getting more and more bizarre!

Peter Cohan is president of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in WWE.

Two weeks ago, Vince McMahon, World Wrestling Entertainment's (NYSE: WWE) CEO, faked his own death. This week, Chris Benoit killed his wife and mentally retarded 7-year-old son. I think it may be time for a change at the top of WWE.

In response to an earlier post, I discussed this yesterday with CNBC. A risk noted in WWE's financial statements is that if CEO Vince McMahon left, it could hurt the company. And since McMahon faked his death, the stock has lost 11% of its value. I realize that these kinds of stunts are part of the entertainment. But as an investor, I would be concerned that WWE lacks the depth of management to replace McMahon.

Meanwhile, speculation continues as to what drove Benoit. Here are three possibilities:

• His wife has filed for divorce from him in 2003 citing "cruel treatment" and tensions continued
• He was stressed by his wife's demands to spend more time at home taking care of their son
• Steroids were found at the scene which are known to cause paranoia and rage.
  

It's too early to tell what happened with Benoit. But in the absence of a deeper management bench, the best thing preserving WWE's future is the possibility that a bigger media outlet might acquire it.

Peter Cohan is president of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in WWE.

Yesterday Peter Cohan posted about a sad story coming out of Georgia dealing with the deaths of World Wrestling Entertainment (NYSE: WWE) star wrestler Chris Benoit, his wife, and seven-year-old son. At the time of his story, it was still just being speculated as a murder / suicide but now, unfortunately those rumors have been confirmed.

The details regarding this double murder suicide are definitely on the bizarre side. There are still not motives being discussed as far as I have been able to find, but the time line is definitely a bit creepy. According to authorities, Chris's wife was found with her hands and feet bound in an upstairs bedroom with blood under her head. They are estimating that the time of her death was on Friday. His son was found suffocated in his room, but not until at least the following day, and maybe even not until Sunday. Then they estimate that a couple hours later Benoit took his own life by hanging himself with the pulley of a piece of exercise equipment.

Wow! That is some sad, and creepy stuff there. Lots of questions still remain to be answered, and some that may never be answered. What exactly did Benoit do for the two days he stayed in the house following the murder of his wife? Was his son aware that his mother lay dead in an upstairs bedroom? What led to the murders? Steroids? Love affair? With time, some answers may come to light, but there will forever be a cloud of mystery surrounding the final chapter of this ex World Championship Wrestler.

Former World Heavyweight wrestling champion, Chris Benoit, his wife, and seven-year-old son were found dead in the family's Atlanta home, according to AP Sports. Police believe it was a murder-suicide.

Benoit's wife managed several wrestlers and went by the stage name "Woman." They met when her then-husband drew up a script that had them involved in a relationship as part of an ongoing story line on World Championship Wrestling. Did Benoit's wife have an affair with one of the wrestlers that sent Benoit into a jealous rage?

I don't know. But World Wrestling Entertainment (NYSE: WWE) canceled its live "Monday Night RAW" card in Corpus Christi, TX, and USA Network aired a three-hour tribute to Benoit in place of the scheduled wrestling telecast.

None of this seems to be hurting its stock much -- WWE is down a mere 12 cents.

Peter Cohan is president of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in WWE.