STAMFORD CT. August 23 2001 – WWE Entertainment Inc. (NYSE:WWE) announced today that the Invemed Catalyst Fund L.P. a Delaware limited partnership has agreed to purchase approximately 1.9 million shares of Class A common stock in a private transaction with Vincent K. McMahon Chairman of WWE Entertainment Inc. The shares were priced at $13.25 per share for a total value of $25.0 million. Prior to this transaction Invemed Catalyst Fund had purchased approximately 696 000 shares of Class A common stock on the open market. Invemed Catalyst Fund will have acquired 3.5% of the total outstanding common shares of WWE Entertainment Inc. as a cumulative effect of these transactions.

As part of the transaction the Board of Directors of WWE Entertainment Inc. will appoint Michael B. Solomon Managing Principal of Gladwyne Partners LLC a general partner of the Invemed Catalyst Fund to serve on the Board of the Company.

"The opportunity to have such a distinguished fund as Invemed Catalyst Fund as one of our largest shareholders is unquestionably a major plus for the Company " said Linda E. McMahon Chief Executive Officer. "I would like to welcome Mike to our Board and look forward to what promises to be a great working relationship " added Ms. McMahon.

Prior to founding Gladwyne Partners Mr. Solomon was a 17-year partner of Lazard Frères.

WWE Entertainment Inc.is an integrated media and entertainment company principally engaged in the development production and marketing of television programming pay-per-view programming live events and the licensing and sale of branded consumer products.

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 food and beverage entertainment professional sports and licensed merchandise; acceptance of the Company’s brands media and merchandise within those markets; uncertainties relating to litigation 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 anticipated.

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

Media : Judd Everhart Director Corporate Communications WWE Entertainment Inc.
(203) 406-3620.