STAMFORD CT. November 21 2000 – WWE Entertainment Inc. (NYSE:WWE) today announced financial results for the quarter ended October 27 2000. Net revenues for the quarter increased 27% to $111.9 million compared to $88.3 million in the same period last year. Net income increased 38% to $9.5 million and included an after-tax charge of $4.3 million or $0.06 per share from the previously announced settlement of an outstanding lawsuit. Earnings per share excluding this charge was $0.19 per share.

"The results for the quarter once again demonstrate the strength of the WWE brand and our ability to deliver a unique form of destination programming to a targeted demographic " said Linda McMahon CEO. "The key drivers of our businesses remain robust as evidenced by strong attendance at our live events and in pay-per-view buys. The global roll out of our programming is progressing ahead of plan as we recently signed new contracts and renewed existing contracts at more favorable terms reflecting our increasing popularity in international markets " added Mrs. McMahon.

EBITDA excluding the operations of the XFL increased 17% to $25.1 million adjusted for a pre-tax charge of $7.0 million for the settlement of a lawsuit in the current quarter and a non-cash charge of $6.0 million for performer stock options in the same period last year.

Quarterly Results by Business Segment

Live and Televised

• Revenues increased 34% to $81.7 million compared to the year ago quarter reflecting double digit growth in Live Events Pay-Per-View TV Advertising and Television Rights Fees.
• The 28% growth in Live Events revenues was attributable to an increase in ticket prices which was augmented by an increase in the number of events from 50 to 55.
• Pay-per-view revenues increased 35% due in part to the creative story line involving the return of Steve Austin at Unforgiven in September.
• Television rights fees increased 165% due to our new agreement with Viacom and new contracts and renewals of existing contracts in international markets.
• Television advertising revenues increased 19% which included the full quarterly effect of SmackDown!.

Branded Merchandise

• Revenues for total branded merchandise were $30.2 million an increase of 10% compared to the same period last year.
• All businesses within the branded merchandise segment recorded double-digit growth with the exception of licensing which continues to be affected by the slowdown in sales of action figures and apparel.
• Merchandise revenues were up 13% due to an increase in per capita spending at live events.
• Publishing revenues increased 17% compared to the year ago quarter principally due to increases in the cover price for WWE Magazine and the sale of a special edition magazine on The Rock.
• Home video revenues were up 12% as new DVD titles were rolled out to retailers.
• New Media revenues increased 56% primarily due to increased merchandise sales.

The increase in selling general and administrative expenses was principally due to the settlement of an outstanding lawsuit increased staff expenses to support the growth of the Company expenses associated with WWE NewYork which was acquired in May 2000 and other costs associated with our corporate communications efforts.

Year-to-Date Results

Revenues for the six months ended October 27 2000 increased by approximately 30% to $213.7 million compared to $164.5 million last year. Live and Televised revenues increased approximately 40% due to a 41% increase in pay-per-view revenues a 101% increase in television rights fees and a 45% increase in advertising revenues. Branded Merchandise revenues increased approximately 9% over the prior year period.

Recent Highlights

• Trading of the Company’s common stock on The New York Stock Exchange became effective as of October 25 2000.
• The successful transfer of our programming (Raw is War Heat Livewire and Superstars) to the TNN and MTV platforms was completed during the quarter.
• SmackDown! remained the number one rated show on UPN with an average rating of 4.8 while Raw is War delivered an average rating of 5.2 on USA/TNN for the quarter.
• WWE continued to expand internationally with new and renewed deals announced in Russia Japan the Middle East Bulgaria Kuwait Bahrain and North America/Canada.
• Tickets for the upcoming Wrestlemania scheduled for April 2001 at the Reliant Astrodome at Reliant Park have been on sale for slightly over a week and nearly 52 000 tickets have been sold to date. This represents approximately 86 % of current scaling of the building.
• The XFL draft was held in Chicago and was a huge success as 560 players were selected from approximately 25 000 applications. Season tickets sales continue to surpass expectations.
• The SMACKDOWN YOUR VOTE! campaign registered more than 150 000 voters for the recent elections in slightly more than 2 months. This represents 15% of all new voters registered in this election year.

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; 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.

Contacts:
Investors:
Thomas Gibbons
Vice President of Investor Relations
WWE Inc.
(203) 328-2576

Media:
Gary Davis
Senior Vice President of Communications
WWE Inc.
(203) 353-5066