Vince/WWE Respond To Congress – Full Details Inside

Ryan Clark


Press Release Source: World Wrestling Entertainment

Wednesday February 27, 5:37 pm ET

STAMFORD, Conn.–(BUSINESS WIRE)–World Wrestling Entertainment issued a statement from Chairman Vince McMahon concerning comments made at todayâ<80><99>s Congressional Hearing in Washington, DC.

Any suggestion made today by Members of the House Committee on Energy and Commerce that I or my organization, WWE, have been uncooperative or that I have in any way â<80><9c>flipped [my] fingerâ<80> at the Committee by not accepting its invitation to testify today is inaccurate and unfair. The WWE has provided over 3,000 pages of documents and cooperated with all requests from the Committee, as we have with similar requests from the House Oversight and Government Reform Committee. The first and only response to our cooperation from the Committee on Energy and Commerce was an invitation to testify at todayâ<80><99>s hearing sent to me by Congressman Rush on January 23, 2008. In that letter, he clearly states that I have the right, according to House rules, to be accompanied by my own counsel. I responded to the invitation to testify by declining for that very reason. My attorney of 20 years, Jerry McDevitt, is unavailable because he is currently representing another client on trial in Pittsburgh, PA (U.S. vs. Cyril Wecht). Since I sent my letter of declination 30 days ago, there had been no response from the Committee until todayâ<80><99>s unfair and inaccurate comments made by members of the Committee. Despite this, as I pledged in my January 28, 2008 letter to the Committee, I remain willing to cooperate fully with the Committee’s inquiry.

WWE has provided two attachments that include WWE Letter of Declination to Chairman Rush and Chairman Rushâ<80><99>s Invitation to Vince McMahon to Testify.

Additional information on World Wrestling Entertainment, Inc. (NYSE: WWE – News) 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, and logos are the exclusive property of World Wrestling Entertainment, Inc. ECW is a trademark of WWE Libraries, Inc. 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.

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Media:

Gary Davis, 203-353-5066

or Investors:

Michael Weitz, 203-352-8642

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