Court Decision Affirms Agreement Between Viacom and World Wrestling Federation Entertainment.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--Sept. 18, 2000 It's official -- the World Wrestling Federation's highly rated RAW IS WAR is moving to TNN and SUNDAY NIGHT HEAT is moving to MTV. The Delaware Supreme Court The Supreme Court of Delaware is the sole appellate court in the United States' state of Delaware. Because Delaware is a popular haven for corporations, the Court has developed a worldwide reputation as a respected source of corporate law decisions, particularly in the area of today affirmed the ruling of the Chancery Court of the State of Delaware earlier this summer approving the new strategic alliance between Viacom Inc., (NYSE NYSE See: New York Stock Exchange : VIA, VIA.B) and World Wrestling Federation Entertainment, Inc. (NMS See NetWare Management System. : WWFE WWFE World Wrestling Federation Entertainment Inc. ). "We would like to thank the USA Network for being our home for the past 17 years, " said Linda McMahon, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of WWFE. " For almost two decades we have contributed to each other's growth and development. However, we are excited about the opportunities that our agreement with Viacom provides to strengthen the WWF brand with our fan base, expand our penetration in existing markets, and broaden our reach around the globe." Under the 5-year agreement, WWF's RAW IS WAR, the No. 1 rated program on cable television will still air on Monday nights from 9-11 p.m., but will move to TNN, effective September 25, 2000. Both WWF LIVEWIRE and WWF SUPERSTARS will also air on TNN. WWF SUNDAY NIGHT HEAT will air on MTV starting October 1, 2000. The agreement also includes the extension of UPN's broadcast of WWF SMACKDOWN!, the top-rated show on UPN. All WWF programming will receive promotion across Viacom's media platforms, including television, radio and billboards. In addition, the agreement provides for the development, production and broadcast of television and radio specials, including a one-hour television drama series. The agreement calls for the continuance of pay-per-view events at Viacom's Famous Players theaters in Canada, and provides for WWF attractions at Viacom's Paramount Parks. To solidify this arrangement, and as a sign of its commitment to this alliance, Viacom has taken a 3% equity stake in WWFE. Viacom is the No. 1 platform in the world for advertisers, with preeminent positions in broadcast and cable television, radio, outdoor advertising, and online. With programming that appeals to audiences in every demographic category across virtually all media, the company is a leader in the creation, promotion, and distribution of entertainment, news, sports, and music. Viacom's well-known brands include CBS, MTV, Nickelodeon, VH1, Paramount Pictures, Infinity Broadcasting, UPN, TNN, CMT CMT Certified Medical Transcriptionist. CMT abbr. Certified Medical Transcriptionist CMT California mastitis test. , Showtime, Blockbuster, and Simon & Schuster Simon & Schuster U.S. publishing company. It was founded in 1924 by Richard L. Simon (1899–1960) and M. Lincoln Schuster (1897–1970), whose initial project, the original crossword-puzzle book, was a best-seller. . More information about Viacom and its businesses is available at www.viacom.com. World Wrestling Federation Entertainment, Inc. is headquartered in Stamford, Connecticut, with sales offices in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Chicago and Toronto. WWFE is an integrated media and entertainment company, engaged in the development, production and marketing of television programming, pay-per-view programming and live events, and the licensing and sale of branded consumer products featuring the highly successful World Wrestling Federation (WWF) brand. The company currently has more than 600 employees and has exclusive contracts with approximately 125 performers. The Company can be found on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol WWFE and online at WWF.com and WWFECORPBIZ.com. Forward-Looking Statements: This news release contains forward-looking statements that 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 F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , 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; its quarterly reports on Form 10-Q and its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge included in the Corporation's current report on Form 10K dated April 31, 2000; and other documents filed with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated. |
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