WWE® Announces Stock Repurchase Program

WWE (NYSE: WWE) today announced that the Company’s Board of Directors
has authorized a stock repurchase program of up to $500 million of the
Company’s common stock.

Commenting on this announcement, George Barrios, WWE Co-President, said:
“The authorization of a stock repurchase program underscores our
commitment to the Company’s shareholders. The decision is supported by
WWE’s strong financial performance and demonstrates our confidence in
the Company’s future. We believe we can continue to invest for future
growth, maintain financial flexibility and return excess capital to
shareholders, all of which should keep us on the path toward building
long-term value.”

The objectives of WWE’s capital deployment strategy are to maintain a
strong balance sheet, provide adequate liquidity for investing in growth
opportunities (both organic and through acquisitions), and to return
excess capital to shareholders. Management plans to repurchase stock
opportunistically, i.e., when the repurchase price is below WWE’s
intrinsic value as conservatively estimated by management, and the
returns of share repurchases compare favorably to other capital
allocation alternatives.

Repurchases may be made at management’s discretion from time to time in
accordance with all applicable securities and other laws and
regulations. The extent to which WWE repurchases its shares, and the
timing of such repurchases, will depend upon a variety of factors,
including liquidity, capital needs of the business, market conditions,
regulatory requirements and other corporate considerations. Repurchases
under this program may be funded from one or a combination of existing
cash balances, free cash flow and available liquidity sources. The
repurchase program does not obligate the Company to repurchase any
minimum dollar amount or number of shares and may be modified, suspended
or discontinued at any time.

About WWE

WWE, a publicly traded company (NYSE: WWE), is an integrated media
organization and recognized leader in global entertainment. The Company
consists of a portfolio of businesses that create and deliver original
content 52 weeks a year to a global audience. WWE is committed to family
friendly entertainment on its television programming, pay-per-view,
digital media and publishing platforms. WWE’s TV-PG, family-friendly
programming can be seen in more than 800 million homes worldwide in 25
languages. WWE Network, the first-ever 24/7 over-the-top premium network
that includes all live pay-per-views, scheduled programming and a
massive video-on-demand library, is currently available in more than 180
countries. The Company is headquartered in Stamford, Conn., with offices
in New York, Los Angeles, London, Mexico City, Mumbai, Shanghai,
Singapore, Dubai, Munich and Tokyo.

Additional information on WWE (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/.

Trademarks: All WWE programming, talent
names, images, likenesses, slogans, wrestling moves, trademarks, logos
and copyrights are the exclusive property of WWE and its subsidiaries.
All other trademarks, logos and copyrights are the property of their
respective owners.

Forward-Looking Statements: This press
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, without limitation, risks relating to: entering,
maintaining and renewing major distribution agreements; WWE Network (including
the risk that we are unable to attract, retain and renew subscribers);
our need to continue to develop creative and entertaining programs and
events; the possibility of a decline in the popularity of our brand of
sports entertainment; the continued importance of key performers and the
services of Vincent K. McMahon; possible adverse changes in the
regulatory atmosphere and related private sector initiatives; the highly
competitive, rapidly changing and increasingly fragmented nature of the
markets in which we operate and greater financial resources or
marketplace presence of many of our competitors; uncertainties
associated with international markets including possible disruptions and
reputational risks; our difficulty or inability to promote and conduct
our live events and/or other businesses if we do not comply with
applicable regulations; our dependence on our intellectual property
rights, our need to protect those rights, and the risks of our
infringement of others’ intellectual property rights; the complexity of
our rights agreements across distribution mechanisms and geographical
areas; potential substantial liability in the event of accidents or
injuries occurring during our physically demanding events including,
without limitation, claims alleging traumatic brain injury; large public
events as well as travel to and from such events; our feature film
business; our expansion into new or complementary businesses and/or
strategic investments; our computer systems and online operations;
privacy norms and regulations; a possible decline in general economic
conditions and disruption in financial markets; our accounts receivable;
our indebtedness including our convertible notes; litigation; our
potential failure to meet market expectations for our financial
performance, which could adversely affect our stock; Vincent K. McMahon
exercises control over our affairs, and his interests may conflict with
the holders of our Class A common stock; a substantial number of shares
are eligible for sale by the McMahons and the sale, or the perception of
possible sales, of those shares could lower our stock price; and the
volatility of our Class A common stock. In addition, our dividend is
dependent on a number of factors, including, among other things, our
liquidity and historical and projected cash flow, strategic plan
(including alternative uses of capital), our financial results and
condition, contractual and legal restrictions on the payment of
dividends (including under our revolving credit facility), general
economic and competitive conditions and such other factors as our Board
of Directors may consider relevant. Forward-looking statements made by
the Company speak only as of the date made and are subject to change
without any obligation on the part of the Company to update or revise
them. Undue reliance should not be placed on these statements. For more
information about risks and uncertainties associated with the Company’s
business, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors”
sections of the Company’s SEC filings, including, but not limited to,
our annual report on Form 10-K and quarterly reports on Form 10-Q.

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