WWE Entertainment and NBC to Discontinue XFL
"While we believe that it is an extraordinary accomplishment to have created a new professional football league in what amounts to less than a year's time, we feel that it is in the best interests of our shareholders and our partners to discontinue the XFL," said Vince McMahon, WWE Chairman. "I would personally like to thank the employees of the XFL and WWE, the XFL fans, our partner NBC and especially Dick Ebersol and his team for their perseverance, support and enthusiasm that did not waiver throughout the season. We are all proud of the creative innovations that we introduced in the production of the game as well as in the rule changes that were implemented to increase the excitement and enjoyment of the game and provide a fan-friendly brand of football."
Dick Ebersol, Chairman, NBC Sports and Olympics, commented, "Launching a new football league in such a short period of time was a daunting and exciting challenge, but we gave it our best shot in what clearly is a difficult and challenging sports marketplace. I especially want to salute our partners at the WWE, the fans, players and coaches who created a fun and entertaining XFL in-stadium experience."
WWE will report the operations and related costs of discontinuance of the XFL as discontinued operations in its fourth quarter results for the period ended April 30, 2001. The company anticipates that its share of the after-tax cash losses will be approximately $35 million.
A conference call is scheduled for this evening Thursday, May 10, 2001 at 6:30 PM. To access the call please call 1-800-348-6379
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, 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; uncertainties relating to litigation and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.
Investors: Thomas Gibbons, Vice President Investor Relations, WWE Entertainment, Inc., (203) 328-2576
Media : Gary Davis, Vice President Communications, WWE, Entertainment,Inc., (203) 353-5066