2000 News


WWE Entertainment, Inc. Announces Settlement in Owen Hart Case
Nov 2, 2000
STAMFORD, CT. November 2, 2000 - WWE Entertainment, Inc. (NYSE:WWE) announced today that it has agreed to a settlement in a previously disclosed lawsuit filed by the members of the family of Owen Hart, a professional wrestler, whose accidental death occurred while performing under contract with the Company. Under the terms of the agreement, the WWE will receive a full release from any further liability in the case.

"It has always been our intention to settle this case and we tried to do what we felt was in the best interest for all those involved, particularly for the family of Owen Hart," said Linda McMahon, CEO.

As a result of the settlement, the WWE will take a charge of $7 million which is net of its insurance recoveries and will retain the right to pursue contribution and indemnity from the companies that manufactured and sold the equipment involved in the accident. The charge will be recorded in selling, general and administrative expenses for the quarter ended October 27, 2000.

WWE Entertainment, Inc. is an integrated media and entertainment company headquartered in Stamford, CT with sales offices in New York City, Chicago, and Toronto. The company is an equal partner with NBC in the formation of a new professional football league, the XFL, scheduled to kickoff February 3, 2001. Additional information on the company can be found at wwe.com and wweecorpbiz.com.

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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 events, broadcast television, cable television, pay-per-view, Internet, food and beverage, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; and other risks and factors identified in documents filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.

Investor Relations Contact:
WWE Entertainment, Inc.
Tom Gibbons
(203) 328-2576

Media Contact:
WWE Entertainment, Inc.
Jayson Bernstein
(203) 353-5015