World Wrestling Entertainment® Announces WWE Studios

Courtesy of World Wrestling Entertainment, Inc.:

STAMFORD, Conn., July 21, 2008 – WWE® is changing the name of its Los Angeles-based subsidiary from WWE Films to WWE Studios to better represent its focus on creating a diversified mix of filmed entertainment, including theatrical films, direct-to-DVD movies, and scripted television movies, series and reality programming.

“The name change reflects our focus on expanding the variety of projects that WWE intends to pursue, from theatrical films to direct-to-DVD to television and other media platforms,” said Michael Lake, President, WWE Studios. “WWE Studios will continue to pursue opportunities which expand the integration of the WWE brand and its Superstars into filmed entertainment.”

In early 2009, WWE Superstar John Cena’s latest theatrical film “12 Rounds,” directed by Renny Harlin, will be released by 20th Century Fox, under the WWE first look deal with Fox Atomic. WWE Studios, in conjunction with 20th Century Fox Home Entertainment, also will debut its first direct-to-DVD film, “Behind Enemy Lines: Columbia,” starring WWE Superstar Mr. Kennedy. Since the subsidiary’s formal inception in 2002, WWE has produced three motion pictures: “See No Evil,” “The Condemned “and “The Marine.”

Media Contact: Gary Davis, 203-353-5066
Investor Contact: Michael Weitz, 203-352-8642

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 harbor 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.