STAMFORD Conn.–May 4 2000–WWE Entertainment Inc. (NMS: WWE) has purchased the WWE New York Times Square Entertainment Complex from its licensee 905 Parkview Group for approximately $23.6 million.

"We want WWE New York to be a showcase for all our brands including the WWE XFL and WWE Racing " said Linda McMahon WWE President and CEO. "By taking control at this time we believe we can unlock the potential of this facility. We want to make WWE New York as synonymous with fun and entertainment as our other brands."

The complex features a soundstage for TV production and live entertainment that was technically designed and equipped by WWE independent of the licensee’s investment. The complex also contains an active merchandise store and restaurant. In the first year of operations the facility is expected to generate approximately $20 million to $25 million in revenue with $4 million to $6 million in EBITDA (earnings before interest taxes depreciation and amortization).

Kenton Jenkins has been hired as Vice President and General Manager of WWE New York to manage the facility’s day-to-day operations. Jenkins most recently was General Manager of the ESPN Zone in Times Square where he was responsible for opening and leading the 42 000 square foot property for Disney Regional Entertainment.

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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 filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.