NEWS

WWE® And Telefónica Launch Official Website In Spain

London January 2009 Telecommunications giant Telefónica and World Wrestling Entertainment® (WWE) have jointly launched the official WWE local language website in Spain this month. The Spanish site can be found at: www.wwe.es

Andrew Whitaker President of Europe Middle East and Africa for WWE said: “We’re delighted to partner with a company of the global stature of Telefónica. Delivering our premium online content to our fans in their own language is one of the cornerstones of our international business strategy.”

Rodrigo Pineda Director Internet Media of Spain for Telefónica said: "Telefónica is constantly looking for opportunities to provide its clients with rich experiences through its multimedia offer. Our partnership with WWE is a clear example of this aim; we are enormously delighted to be part of this exciting project.”

The launch follows hot on the heels of WWE’s successful official website launches in Portugal and Italy earlier this year.

Additional information on World Wrestling Entertainment Inc. (NYSE: WWE) can be found at wwe.com and corporate.wwe.com. For information on our global activities go to http://www.wwe.com/worldwide/

Media Contact

World Wrestling Entertainment

Claire Murphy

Tel: +44 20 8834 1463

claire.murphy@wwecorp.com

Telefónica

Press Office

Tel: +34 91 4823800

prensa@telefonica.es

Trademarks

All WWE programming talent names images likenesses slogans wrestling moves trademarks copyrights and logos are the exclusive property of World Wrestling Entertainment Inc. and its subsidiaries. All other trademarks logos and copyrights are the property of their respective owners.

Forward-Looking Statements

This news release contains forward-looking statements pursuant to the safe harbour 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 feature films 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; risks relating to maintaining and renewing key agreements including television distribution agreements; 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. In addition to these risks and uncertainties our dividend is based on a number of factors including our liquidity and historical and projected cash flow strategic plan our financial results and condition contractual and legal restrictions on the payment of dividends and such other factors as our board of directors may consider relevant.

About Telefonica

Telefónica is one of the largest telecommunications companies in the world in terms of market capitalisation. Its activities are centred mainly on the fixed and mobile telephony businesses with broadband as the key tool for the development of both.

The company has a significant presence in 25 countries and a customer base that amounts to 252 million accesses around the world. Telefonica has a strong presence in Spain Europe and Latin America where the company focuses an important part of its growth strategy.

Telefónica is a 100% listed company with more than 1.5 million direct shareholders. Its share capital currently comprises 4 704 996 485 ordinary shares traded on the Spanish Stock Market (Madrid Barcelona Bilbao and Valencia) and on those in London Tokyo New York Lima Buenos Aires and São Paulo.