STAMFORD, Conn.--July 28, 2000--For the second time in two months, a major entertainment and media company has taken an equity position in WWE Entertainment, Inc. (NMS:WWE). WWE announced today that it has closed on its previously announced transaction in which Viacom has purchased a $30 million stake in WWE. Viacom purchased approximately 2.3 million newly issued shares of Class A WWE Common Stock at $13 per share, approximately 3% of all outstanding shares. In June, WWE closed on a $30 million investment from NBC, who also signed a joint partnership with WWE to launch the XFL.

"We are obviously pleased with Viacom's investment in WWE Entertainment and excited that our strategic partnership has moved one step closer. We're looking forward to working with Mel Karmazin and his first rate team,'' said Linda McMahon, CEO of WWE. "Our new five-year agreement with Viacom is multifaceted with broad-reaching benefits for both companies. We expect that it will strengthen our core business and accelerate our growth and expansion of our brands.''

In conjunction with the closing of the minority stake purchase, WWE recorded a one-time non-cash charge, net of tax benefit, of $5.6 million during the fourth fiscal quarter that ended April 2000. After issuing these shares, WWE has approximately 72.8 million Class A and Class B shares outstanding.

WWE Entertainment, Inc. is headquartered in Stamford, Connecticut, with sales offices in New York City, Chicago, and Toronto. We are an integrated media and entertainment company, principally engaged in the development, production and marketing of television programming, pay-per-view programming and live events, and the licensing and sale of branded consumer products featuring our highly successful WWE (WWE) brand. WWE currently has 300 full-time employees and has exclusive contracts with approximately 125 performers. The Company can be found on NASDAQ under the symbol WWE and online at WWE.com.

Forward-Looking Statements: This news release contains forward-looking statements, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live, broadcast television, cable television, pay-per-view, and Internet entertainment; and licensed merchandise; acceptance of the Company's media and merchandise within those markets; and other risks and factors identified in the Company's Prospectus dated October 18, 1999 and filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.