2001 News

(TORONTO, February 22, 2001) – Headline Media Group Inc. (TSE-HMG) and WWE Entertainment, Inc. (NYSE-WWE) have completed their previously announced transaction involving the purchase by World Wresting WWE Entertainment of 222,223 Class A Subordinate Voting Shares of HMG at $4.50 per share, with a warrant to acquire an additional 5,587,193 Class A Subordinate Voting Shares at $4.50 per share, exercisable at any time prior to February 28, 2003.

The closing of this transaction was part of the previously announced acquisition by The Score, a Canadian specialty television network wholly owned by HMG, of exclusive Canadian broadcast rights for the WWE’s highly successful television programs, WWE SmackDown!™ and WWE Metal™ for three years (with a two year renewal right) and certain XFL™ games for two years.

WWE SmackDown! ™ airs Thursday evenings from 8:00 p.m. to 10:00 p.m. EST with a repeat from 11:00 p.m. to 1:00 a.m. EST the same evening. WWE Metal™ airs Saturdays from 5:00 p.m. to 6:00 p.m. EST and is rebroadcast from 3:00 p.m. to 4:00 p.m. EST on Sunday afternoons. An XFL™ doubleheader of games air Sundays from 4:00 p.m. to 7:00 p.m. EST for the first game and from 7:00p.m. to 10:00 p.m. EST for the second game.

The shares purchased by World Wrestling WWE Entertainment (WWE), together with the shares subject to the warrant, if exercised, would represent approximately 10% of the total issued and outstanding shares of HMG.

"We are delighted to have the WWE Entertainment as programming partners, and to offer its powerful WWE and XFL™ brands to our viewers" said John Levy, President and CEO of The Score. "The equity investment by World Wrestling WWE Entertainment is an endorsement of our programming vision and will enable us to draw upon WWE’s unparalleled brand building, marketing and promotional expertise as we build out The Score brand as Canada's source for sports news, information and targeted live event programming."

"Our investment in HMG furthers our growth in North America as an integrated media and entertainment company and fits well with our overall business strategy in Canada," said WWE CEO Linda E. McMahon.

WWE Entertainment, Inc. is an integrated media and entertainment company headquartered in Stamford, Conn., with sales offices in New York City, Chicago and Toronto. The company is an equal partner with NBC in the XFL™, a new professional football league. The company can be found online at wwe.com and wwecorpbiz.com.

HMG is a newly formed media company focused on the specialty television sector and on investing in enterprises with a stake in the production of content for broadcast media and for broadband and wireless distribution over the internet and in enterprises developing content-enabling technologies, software and solutions. Its wholly owned subsidiary, The Score, brings Canadians sports highlights, news, information and live event programming in a non-traditional fast paced format. The Score is Canada's only sports network with a ticker that never sleeps - bringing Canadians all the breaking sports news and information 24 hours a day, even while games are in progress.

For further information, please contact:

 

Rob Malcolmson

Senior Vice President

Headline Media Group Inc.

(905) 522-492

 

Cindy Little

Manager Corporate Communications

WWE Entertainment, Canada

(416) 497-8338