STAMFORD, CONN. May 20, 2002 – World Wrestling Entertainment (NYSE:WWF) today announced that it repurchased from NBC 2,307,692 of its Class A common shares at $12 per share for a total cost of approximately $27.7 million. This represents approximately 3% of total common shares outstanding. The total number of common shares outstanding is now 70.6 million shares as compared to 72.9 million prior to the repurchase. 

“We believe this is an excellent transaction for the Company and its shareholders. With approximately $292 million in cash balances, we have the resources to effect such a transaction without compromising our overall business strategy or our financial condition as we continue to generate significant free cash flow,” said Linda E. McMahon, Chief Executive Officer. 

World Wrestling Entertainment, Inc. (NYSE: WWF) is an integrated media and entertainment company headquartered in Stamford, Conn., with offices in New York City, Chicago, Toronto and London. Additional information on the company can be found at wwe.com and wwecorpbiz.com. Information on television ratings and community activities can be found at wweparents.com. 

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Media Contact: 

Gary Davis, 203-353-5066 

Investor Contact: Tom Gibbons, 203-328-2576 

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; the outcome of certain litigation, and other risks and factors identified in the Company’s documents filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.