STAMFORD CONN. July 22 2002 – World Wrestling Entertainment Inc. (NYSE:WWE) today announced further guidance for fiscal year 2003. The Company indicated that its live event attendance pay-per-view buys and television ratings will be lower than anticipated for the quarter and as such it has lowered its estimate for the full year. Annual revenues and operating income are now expected to be in line with last year’s results.

Revenues for the quarter are expected to be approximately $90 million or roughly the same as last year. Total earnings per share are expected to be approximately $0.02 to $0.03 for the quarter which includes compensation it received from the recent favorable settlement of litigation. This compares to $0.16 last year which included a $5.8 million or $0.08 per share after-tax gain associated with the revaluation and sale of certain equity securities.

Domestic pay-per-view buys which are highly correlated to the television ratings are expected to be about 5.6 million for the year versus the original guidance of 7.2 million buys. Domestic pay-per-view buys for the quarter are anticipated to be approximately 1.1 million buys.

Live event attendance is trending lower than originally anticipated and is projected to be in the range of 2.2 million to 2.3 million for the year. Attendance for the quarter is expected to be about 0.6 million.

The Company has reduced its operating budgets by approximately $20 million for the current fiscal year. A substantial portion of the reduction will be reflected in lower selling general and administrative expenses which are now expected to be approximately $105 million for the year.

The Company’s financial condition remains strong. The Company has from time to time purchased its Class A common shares in the open market and also through private transactions. The Company has authority from its Board of Directors to purchase an additional $8.9 million of its Class A common stock.

World Wrestling Entertainment Inc. (NYSE: WWE) is an integrated media and entertainment company headquartered in Stamford Conn. with offices in New York City Chicago Toronto and London. Additional information on the company can be found at wwe.com and corporate.wwe.com. Information on television ratings and community activities can be found at parents.wwe.com.

For More Information:

Media: Gary Davis Vice President Corporate Communications (203) 353-5066

Investors: Thomas Gibbons Vice President Investor Relations (203) 328-2576

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; 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