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McMahon sells
$25 million in WWF stock
(8-23-01)
STAMFORD, Conn.--(BUSINESS
WIRE)--Aug. 23, 2001--World Wrestling Federation Entertainment, Inc. (NYSE:WWF)
announced today that the Invemed Catalyst Fund, L.P., a Delaware limited
partnership, has agreed to purchase approximately 1.9 million shares of Class A
common stock in a private transaction with Vincent K. McMahon, Chairman of World
Wrestling Federation Entertainment, Inc. The shares were priced at $13.25 per
share for a total value of $25.0 million. Prior to this transaction, Invemed
Catalyst Fund had purchased approximately 696,000 shares of Class A common stock
on the open market. Invemed Catalyst Fund will have acquired 3.5% of the total
outstanding common shares of World Wrestling Federation Entertainment, Inc. as a
cumulative effect of these transactions.
As part of the transaction, the Board of Directors of World Wrestling Federation
Entertainment, Inc. will appoint Michael B. Solomon, Managing Principal of
Gladwyne Partners, LLC, a general partner of the Invemed Catalyst Fund, to serve
on the Board of the Company.
"The opportunity to have such a distinguished fund as Invemed Catalyst Fund
as one of our largest shareholders is unquestionably a major plus for the
Company," said Linda E. McMahon, Chief Executive Officer. "I would
like to welcome Mike to our Board and look forward to what promises to be a
great working relationship," added Ms. McMahon.
Prior to founding Gladwyne Partners, Mr. Solomon was a 17-year partner of Lazard
Freres.
World Wrestling Federation Entertainment, Inc. is an integrated media and
entertainment company principally engaged in the development, production and
marketing of television programming, pay-per-view programming, live events, and
the licensing and sale of branded consumer products.
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, food and
beverage, entertainment, professional sports, and licensed merchandise;
acceptance of the Company's brands, media and merchandise within those markets;
uncertainties relating to litigation 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 anticipated.
CONTACT:
World Wrestling Federation Entertainment, Inc.
Investor Relations Contact:
Tom Gibbons, 203/328-2576
Media Contact:
Judd Everhart, 203/406-3620
KEYWORD: CONNECTICUT
Credit: 1wrestling.com