WWE, Inc. Announces Repurchase of Viacom's Stake in Company
STAMFORD, Conn., June 11, 2003 - World Wrestling Entertainment, Inc. (NYSE:WWE) today announced that it repurchased from Viacom all shares of the company’s Class A common stock owned by Viacom. This purchase consisted of approximately two million shares, representing approximately 3% of total common stock outstanding.
“We believe this is an excellent transaction for WWE and its shareholders. With approximately $271 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. This transaction in no way affects our strategic alliance with Viacom, and we strongly believe our relationship with our valued partner will continue to be excellent,” said Linda McMahon, CEO.
The transaction will be discussed further during the company’s Earnings Release Conference Call on Friday, June 13, at 11 a.m.
World Wrestling Entertainment, Inc. is an integrated media and entertainment company headquartered in Stamford, Conn., with offices in New York City, Los Angeles, Toronto and London. Additional information on the Company can be found at wwe.com and corporate.wwe.com. .
Media Contact: Gary Davis, Vice President, Corporate Communications - 203-353-5066
Investor Contact: Bob Finkel, Sr. Vice President, Planning & Analysis - 203-352-8642
Trademarks: The names of all World Wrestling Entertainment televised and live programming, talent names, images, likenesses, slogans and wrestling moves and all World Wrestling Entertainment logos are trademarks, which are the exclusive property of World Wrestling Entertainment, Inc.
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, entertainment, professional sports, and licensed merchandise; acceptance of the Company’s brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; 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 expected or anticipated.