SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2000
World Wrestling Federation Entertainment, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 000-27639 04-2693383
- ---------------------------- -------------- -------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1241 East Main Street, Stamford, CT 06902
----------------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (203) 352-8600
<PAGE>
Item 5. Other Events.
Effective May 4, 2000, WWFE purchased the WWF New York Times Square
Entertainment Complex (the "Comples") from an affiliated party of its licensee,
905 Parkview Group (the "Sub-Lincensee"). The purchase price was $23.6 million.
The Complex, which opened in December 1999, contains a sound stage for TV
production and live entertainment events, a merchandise store and a restaurant.
WWFE acquired the Complex in order to fully integrate the activities of this
location with all of its other intellectual properties.
WWFE has modified its license agreement with the Licensee limiting the
number of restaurants it may develop to six locations.
WWFE issued a press release with respect to this event, which is filed
as an exhibit to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated May 4, 2000 issued by WWFE
Page 2 of 5 pages.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
WORLD WRESTLING FEDERATION
ENTERTAINMENT, INC.
By: /s/ August J. Liguori
-------------------------------------
August J. Liguori
Executive Vice President and
Chief Financial Officer
Dated: May 12, 2000
Page 3 of 5 pages.
<PAGE>
EXHIBIT INDEX
-------------
99.1 Press Release dated May 4, 2000 issued by WWFE
Page 4 of 5 pages.
<PAGE>
EXHIBIT 99.1
------------
[LOGO]
WORLD WRESTLING FEDERATION ENTERTAINMENT, INC.
- --------------------------------------------------------------------------------
WWFE ACQUIRES WWF NEW YORK TIMES SQUARE
ENTERTAINMENT COMPLEX
STAMFORD, CT, MAY 4, 2000 - World Wrestling Federation Entertainment, Inc. (NMS:
WWFE) has purchased the WWF New York Times Square Entertainment Complex from its
licensee, 905 Parkview Group, for approximately $23.6 million.
"We want WWF New York to be a showcase for all our brands, including the WWF,
XFL and WWF Racing," said Linda McMahon, WWFE President and CEO. "By taking
control at this time, we believe we can unlock the potential of this facility.
We want to make WWF New York as synonymous with fun entertainment as our other
brands."
The complex features a soundstage for TV production and live entertainment that
was previously designed and installed by WWFE independent of the licensee's
investment. The complex also contains a merchandise store and a restaurant. In
the first year of operations, the facility is expected to generate approximately
$20 million to $25 million in revenues with $4 million to $6 million in EBITDA
(earnings before interest, taxes, depreciation and amortization).
Kenton Jenkins has been hired as Vice President and General Manager of WWF New
York to manage the facility's day-to-day operations. Jenkins most recently was
General Manager of the ESPN Zone in Times Square, where he was responsible for
opening and leading the 42,000 square foot property for Disney Regional
Entertainment.
- END -
CONTACTS: Jayson Bernstein, World Wrestling Federation Entertainment, Inc., at
203-352-8600. INVESTOR CONTACT: Gary Fishman x110 or Karen Sager x131 at
212-889-1727.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking
statements, which are subject to various risks and uncertainties. These risks
and uncertainties include the conditions of the markets for live, broadcast
television, cable television, pay-per-view, and Internet entertainment; and
licensed merchandise; acceptance of the Company's media and merchandise within
those markets; and other risks and factors identified in the Company's
Prospectus dated October 18, 1999 and filed with the Securities and Exchange
Commission. Actual results could differ materially from those currently
anticipated.
Page 5 of 5 pages.
