STAMFORD, CT. August 23, 2001 - WWE Entertainment, Inc. (NYSE:WWE) announced today that the Invemed Catalyst Fund, L.P., a Delaware limited partnership, has agreed to purchase approximately 1.9 million shares of Class A common stock in a private transaction with Vincent K. McMahon, Chairman of WWE Entertainment, Inc. The shares were priced at $13.25 per share for a total value of $25.0 million. Prior to this transaction, Invemed Catalyst Fund had purchased approximately 696,000 shares of Class A common stock on the open market. Invemed Catalyst Fund will have acquired 3.5% of the total outstanding common shares of WWE Entertainment, Inc. as a cumulative effect of these transactions.

As part of the transaction, the Board of Directors of WWE Entertainment, Inc. will appoint Michael B. Solomon, Managing Principal of Gladwyne Partners, LLC, a general partner of the Invemed Catalyst Fund, to serve on the Board of the Company.

"The opportunity to have such a distinguished fund as Invemed Catalyst Fund as one of our largest shareholders is unquestionably a major plus for the Company," said Linda E. McMahon, Chief Executive Officer. "I would like to welcome Mike to our Board and look forward to what promises to be a great working relationship," added Ms. McMahon.

Prior to founding Gladwyne Partners, Mr. Solomon was a 17-year partner of Lazard Frères.

WWE Entertainment, Inc.is an integrated media and entertainment company principally engaged in the development, production and marketing of television programming, pay-per-view programming, live events, and the licensing and sale of branded consumer products.

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 : Judd Everhart, Director Corporate Communications, WWE Entertainment, Inc.
(203) 406-3620.