STAMFORD CT. February 29 2000 — WWE Entertainment Inc. (NMS: WWE) reported record pro forma results for the fiscal third quarter ended January 28 2000 due to the continuing strength of the Company’s TV ratings and advertising live events licensed products and Internet operations. Earnings before interest taxes depreciation and amortization (EBITDA) increased 36% to $24.1 million compared to $17.7 million in the year ago quarter. Pro forma net income increased 54% to $15.7 million compared to $10.2 million and pro forma diluted earnings per share increased 28% to $0.23 compared to $0.18. The Company ended the quarter with $243 million in cash compared to $28 million at the end of the year ago quarter.

Net revenues increased 51% to $98.4 million compared to $65.2 million in the year ago third quarter. Live and televised entertainment revenues increased 42% to $65.9 million compared to $46.3 million with advertising up $12.1 million live events up $5.8 million and pay-per-view up $1.9 million. Branded merchandise revenues increased 72% to $32.5 million compared to $18.9 million with licensed merchandise up $10.2 million and other branded products and services up $3.4 million. Revenues from the Company’s WWE.com Internet operations increased 212% to $3.7 million as a result of significant increases in advertising and e-commerce revenues. According to PC Data Online visitors to WWE.com and its network of 11 related sites increased 124% to 3.4 million in January 2000 compared to the year ago period while page views increased 238% to 185 million.

3Q FY2000 Highlights
Linda McMahon President and CEO said results reflect the Company’s continued success in developing the WWE into a unique mainstream entertainment product and brand with powerful demographic appeal to men aged 18-34 and an emerging following among young women. Key performance drivers included:

· 17% year over year increase in Neilsen ratings for the flagship WWE Raw is War on USA Network to 6.1 continuing its position as the No. 1 regularly scheduled show on cable.

· 6% increase from 2Q00 to 3Q00 in Neilsen ratings for the new WWE SmackDown! solidifying its position as the No.1 regularly scheduled show on UPN.

· 6% increase in average attendance per live event to 12 100 compared to the year ago quarter and a 20% increase in average ticket prices to $28 due to addition of WWE SmackDown! events playing events in larger venues and the availability of more higher priced tickets.

· 7% increase in pay-per-view buys to 1.6 million compared to 1.5 million in the year ago quarter.

· 243% increase in licensing revenue due to the continued success of WWE branded toys by JAKKS Pacific Inc. (NMS: JAKK); the launch of Wrestlemania 2000 for Nintendo 64 by JAKKS and THQ Incorporated (NMS: THQI); and the debut of WWE The Music Volume IV.

· EBITDA margin of 24% of revenues even as the Company made significant investments in management infrastructure and marketing to generate future growth.

###

Media Contact: Jim Byrne Senior Vice President of Marketing WWE Entertainment Inc. at 203-352-8600. Investor Contact: Gary Fishman x110 Karen Sager x131 or Susan Romeo x141 at 212-889-1727.

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 broadcast television cable television pay-per-view and Internet entertainment; and licensed merchandise; acceptance of the Company’s media and merchandise within those markets; and other risks and factors identified in the Company’s Prospectus dated October 18 1999 and other documents filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.