STAMFORD Conn. Nov. 17 2003 – World Wrestling Entertainment Inc. (NYSE:WWE) today announced financial results for its second quarter ended October 24 2003. The Company reported income from continuing operations of $16.9 million or $0.25 per share versus $0.3 million or zero cents per share in the prior year. Revenues totaled $94.4 million as compared to $90.3 million in the prior year quarter.

“I am pleased with our strong results for the quarter. As a result of improved operating results across almost all lines of business we were able to exceed our expectations. In particular increased overall pay-per-view buys coupled with strong ad sales revenues and the continued benefits from the cost-cutting measures initiated in fiscal 2003 all contributed to the strong quarter. Management is focused on execution and continuing to improve our profitability ” said Linda McMahon WWE CEO. “I am excited by our results and momentum as we gear up for WrestleMania XX at Madison Square Garden in March 2004”.

EBITDA was $28.8 million in the current quarter as compared to $3.5 million in the prior year quarter. The increase in EBITDA was attributable to continued growth in our international business increased pay-per-view buys for the quarter a reduction in our overhead and a number of unusual factors which are more fully described below. Results for our international business reflect an increased number of events held and new distribution agreements for our programming.

The current quarter included two unusual factors that positively contributed to EBITDA. Due solely to timing this quarter reflects four pay-per-view events as compared to three in the prior year quarter. Revenues for the current quarter included approximately $5.3 million related to our July 2003 pay-per-view event and EBITDA for the quarter included $3.3 million for that event. In addition the Company’s EBITDA benefited from a $5.9 million favorable settlement of litigation. The settlement payment was from an equipment manufacturer and related to the tragic death of Owen Hart in May 1999. EBITDA for the prior year quarter included a $5.9 million unfavorable settlement of litigation.

Operating income for the quarter was $26.0 million versus $1.4 million in the prior year quarter. Net income was $17.2 million or $0.25 per share as compared to a net loss of $1.6 million or a net loss of $0.02 per share in the prior year quarter. Included in the net loss for the prior year quarter was a $1.9 million loss after tax from discontinued operations related to our entertainment complex.

Total revenues through the first six months of fiscal 2004 were $169.1 million as compared to $175.8 million in the prior year period. EBITDA was $34.5 million for the current six months period as compared to $10.6 million in the prior year period. EBITDA for the current year period included $5.9 million related to the favorable settlement of litigation. EBITDA for the prior year period included $2.4 million in net unfavorable settlements of litigation. Operating income for the current period was $28.9 million versus $6.5 million in the prior year period. Net income was $19.8 million or $0.29 per share as compared to $0.9 million or $0.01 per share in the prior year period. Included in net income for the prior year was a $3.2 million loss after tax from discontinued operations related to our entertainment complex.

Results By Business Segment

Live and Televised Entertainment
Revenues from the Company’s Live and Televised businesses were $76.7 million for the current quarter as compared to $70.7 million in the prior year quarter.

• Pay-Per-View revenues were $24.7 million versus $19.0 million in the prior year quarter. In the second quarter of fiscal 2004 four pay-per-view events were produced as compared to three in the prior year quarter. Our first quarter of 2004 included only two pay-per-view events due to the timing of our first quarter end as compared to the air date of our calendar July program. The Company will produce 12 pay-per-view events in fiscal 2004.
• Total domestic pay-per-view buys for the quarter were 1.5 million as compared to 1.1 million in the prior year quarter.
• Total buys for the Company