SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): November 1, 2000
World Wrestling Federation Entertainment, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-27639 04-2693383
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1241 East Main Street, Stamford, CT 06902
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (203) 352-8600
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Item 5. Other Events.
On November 1, 2000, World Wrestling Federation Entertainment, Inc.
(the "Company") announced a settlement in a previously disclosed lawsuit filed
by members of the family of Owen Hart, a professional wrestler, whose accidental
death occurred while performing under contract with the Company. A copy of the
press release making such announcement is filed herewith as Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated November 1, 2000
Page 2 of 4 pages
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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
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August J. Liguori
Executive Vice President and
Chief Financial Officer
Dated: November 1, 2000
Page 3 of 4 pages
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EXHIBIT INDEX
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99.1 Press Release dated November 1, 2000
Page 4 of 4 pages
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EXHIBIT 99.1
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[LOGO]
WORLD WRESTLING FEDERATION ENTERTAINMENT, INC.
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ANNOUNCES SETTLEMENT IN OWEN HART CASE
STAMFORD, CT. NOVEMBER 1, 2000 - World Wrestling Federation Entertainment, Inc.
(NYSE:WWF) announced today that it has agreed to a settlement in a previously
disclosed lawsuit filed by the members of the family of Owen Hart, a
professional wrestler, whose accidental death occurred while performing under
contract with the Company. Under the terms of the agreement, the WWFE will
receive a full release from any further liability in the case.
"It has always been our intention to settle this case and do what we felt was in
the best interest for all those involved, particularly for the family of Owen
Hart," said Linda McMahon, CEO.
As a result of the settlement, the WWFE will take a charge of $7 million which
is net of its insurance recoveries and will retain the right to pursue
contribution and indemnity from the companies that manufactured and sold the
equipment involved in the accident. The charge will be recorded in selling,
general and administrative expenses for the quarter ended October 27, 2000.
WORLD WRESTLING FEDERATION ENTERTAINMENT, INC. is an integrated media and
entertainment company headquartered in Stamford, CT with sales offices in New
York City, Chicago, and Toronto. The company is an
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equal partner with NBC in the formation of a new professional football league,
the XFL, scheduled to kickoff February 3, 2001. Additional information on the
company can be found at wwf.com and wwfecorpbiz.com.
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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 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; and other risks
and factors identified in documents filed with the Securities and Exchange
Commission. Actual results could differ materially from those currently
anticipated.
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Investor Relations Contact : Media Contact :
WWF Entertainment, Inc. WWF Entertainment, Inc.
Tom Gibbons Jayson Bernstein
(203) 328-2576 (203) 353-5015
