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Delaware Supreme Court Upholds Viacom's Strategic Alliance with WWFE.

NEW YORK, Sept. 18 /PRNewswire/ --

The Delaware Supreme Court today affirmed the ruling of the Chancery Court of the State of Delaware, upholding Viacom Inc.'s (NYSE: VIA, VIA.B) agreement for a broad strategic alliance with World Wrestling Federation Entertainment, Inc. (Nasdaq: WWFE). USA Networks, which had aired four WWF series that are now shifting to Viacom's MTV Networks, had sued to invalidate the agreement.

Under the 5-year agreement, WWF's RAW IS WAR, the No. 1-rated program on cable television, will air on TNN on Monday nights, from 9-11 p.m., starting 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!; promotion across Viacom's media platforms, including television, radio and billboards; the creation and airing of up to seven annual WWF TV specials and a one-hour drama series; pay per view events at Viacom's Famous Players theaters in Canada; events and attractions at Viacom's Paramount Parks; radio programming and more. Viacom also has taken a 3% equity stake in WWFE.

World Wrestling Federation Entertainment, Inc. is headquartered in Stamford, Connecticut, with sales offices in New York City, 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 under the symbol WWFE and online at WWF.com and WWFECORPBIZ.com.

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, Showtime, Blockbuster, and Simon & Schuster. More information about Viacom and its businesses is available at http://www.viacom.com.
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Publication:PR Newswire
Date:Sep 19, 2000
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