NEW YORK and STAMFORD, Conn.--June 27, 2000--The Chancery Court of the State of Delaware found in favor of World Wrestling WWE Entertainment, Inc. (NASDAQ: WWE) - and Viacom Inc. (NYSE: VIA.B- VIA) in a contract dispute with USA Networks. In a ruling rendered today, Chancellor William Chandler decided entirely in WWE and Viacom's favor, paving the way for a broad strategic alliance between the two companies.

"We look forward to finalizing and moving forward with our new strategic partnership with the dynamic Viacom media and entertainment group,'' said Linda McMahon, Chief Executive Officer of WWE. "We have had a long and mutually successful relationship with USA Networks. At this time we simply have a better and more comprehensive partnership with Viacom that utilizes all of its media platforms and related companies. Our goal is to grow our company, expand the WWE brand, and develop new brands. Viacom has enthusiastically pursued us and we are excited about this new opportunity.''

"We are obviously pleased by the decision,'' said Mel Karmazin, President and COO of Viacom, "and look forward to working side by side with Vince and Linda McMahon and their incredibly talented team in implementing our strategic partnership. This is a huge win for WWE as they continue to build their powerhouse brand, and a huge win for Viacom as we look to capitalize on the incredible breadth of our media holdings to drive our growth and financial performance.''

The 5-year partnership agreement includes, among other items, the airing of "Raw Is War,'' the No. 1-rated program on cable, as well as "Livewire'' and "Superstars'' on TNN and "Sunday Night Heat'' on MTV; the extension of UPN's broadcast of "WWE SmackDown!''; promotion across all of Viacom's media platforms, including television, radio and billboards; the creation and airing of up to seven annual WWE TV specials and a one-hour drama series; pay per view events at Viacom's Famous Players theaters in Canada; events and attractions at Viacom's Paramount Parks; radio programming and more. As part of the agreement, Viacom will take a 3% equity stake in WWE.

Viacom Inc. is one of the world's largest entertainment and media companies, and a leader in the production, promotion, and distribution of entertainment, news, sports, and music.