World Wrestling Entertainmentinc – ‘8-K’ for 3/29/00

On:  Tuesday, 4/4/00   ·   For:  3/29/00   ·   Accession #:  898431-0-101   ·   File #:  0-27639

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                        11     24K 

Document Table of Contents

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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): March 29, 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

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Item 5.     Other Events.                                                       

                  On March 29, 2000, World Wrestling  Federation  Entertainment,
Inc., a Delaware  corporation ("WWFE"),  announced  a strategic partnership with
NBC to jointly own and run the XFL, a new professional football league that will
begin play on February 3, 2001. The agreement calls for each party to own 50% of
the league and its eight teams.                                                 

                  Separately, NBC has agreed to purchase a minority interest  in
WWFE through the sale of approximately  2.3 million newly issued shares of Class
A Common  Stock,  par value  $.01 per share,  at a purchase  price of $13.00 per
share, which represents a total investment by NBC of $30 million. The investment
by NBC in WWFE is subject to, among other things,  the successful  completion by
NBC of customary due diligence.                                                 

                  Together with NBC, WWFE issued two press releases with respect
to these events, which are filed as an exhibits to this Form 8-K.               

Item 7.     Financial Statements and Exhibits.                                  

(c)  Exhibits                                         

99.1          Joint Press Release dated March 29, 2000

99.2          Joint Press Release dated March 29, 2000

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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
                                           -------------------------------------
                       August J. Liguori
                                  Executive Vice President and
                             Chief Financial Officer

Dated:  April 4, 2000                                                           

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 EXHIBIT INDEX

 -------------

99.1              Joint Press Release dated March 29, 2000    

99.2              Joint Press Release dated March 29, 2000    

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                                                                    Exhibit 99.1

NBC AND WORLD WRESTLING FEDERATION ENTERTAINMENT
FORM STRATEGIC PARTNERSHIP FOR XFL

XFL Football To Be Broadcast on NBC Primetime on
Saturday Nights Starting February 2001

----------------------------------------------------------------------

Stamford,  CT/New York NY, March 29, 2000 - NBC and World  Wrestling  Federation
Entertainment,  Inc.  (NMS:  WWFE) today  announced a strategic  partnership  to
jointly own and run the XFL, a new professional  football league that will begin
play on February 3, 2001.  The agreement  calls for each party to own 50% of the
league and its eight teams. In addition, NBC has committed to broadcast regional
and national XFL games on Saturday  nights in primetime  from  February  through
April.  NBC will also  broadcast the XFL  Championship  game, the first of which
will be played on April 21, 2001.                                               

XFL football will be 100 percent  competitive sport - the brand of "smash mouth"
football  that fans  crave.  The  league  will  connect  with fans by  returning
football to its tougher  roots and the  wide-open  way it was played in the `60s
and `70s. The XFL will encourage individuality and the natural expression of joy
and emotion on the field of play.  Through rules changes designed to enhance the
action and speed of the game, along with broadcast  television  innovations that
will  bring  fans  "inside  the  game,"  the  XFL  will  recapture  the  natural
personality, fun and intensity of pro football.                                 

Dick Ebersol,  Chairman,  NBC Sports and Olympics said, "The absolute key to the
success of this  league lies in the  incredible  success  Vince  McMahon has had
throughout   his   career   in   reaching   the   most   elusive   audience   in
television...young  males. For example, in weekly head-to-head  competition with
"Monday Night Football" over 17 weeks in 1999,  McMahon's live event programming
outdrew  "Monday  Night  Football"  among young adult males,  ages 12-24,  by 47

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percent.(1) That is an  incredible triumph of  marketing  and  promotion  by the
McMahon organization."                                                          

Ebersol  added,  "We're  excited  to be a  part  of  this  historic  and  unique
opportunity to launch a new football league to air on NBC in primetime beginning
each  February  at a time  when the  public's  interest  in  football  is at its
absolute  peak - one week  after  the  Super  Bowl.  Together  with the  McMahon
organization, we want to put the fun back into professional football."          

Vince McMahon, Chairman of World Wrestling Federation Entertainment, Inc., said,
"The combined talents of both NBC and WWFE,  which include  original  television
programming expertise,  complementary audience reach, and brand-building success
is a sum much greater than its parts.  Saturday  nights have always been special
on NBC and we're proud that XFL football  has found a home here.  In addition to
having a long history of working  strongly  together in the past, I believe that
the  combination  of these two  organizations  will make XFL football one of the
best built brands in all of sports."                                            

Scott Sassa, President,  NBC West Coast, said, "The XFL will be a great addition
to our Saturday night lineup. Vince McMahon's unprecedented ability to reach the
important young adult male demographic  across multiple  networks,  coupled with
NBC's multiple promotional platforms in both entertainment and sports, ensures a
terrific launch. The awareness factor at the launch of this league next February
should be - especially  among young males - almost 100%.  NBC is in the business
of appealing to younger viewers and this is a great  opportunity to attract even
more                                                                            

------------------                                                              

(1)WWF's  fall 1992  2-hour  programming  block from 9-11 p.m. on Mondays on USA
Network  averaged  an 8.5  national  rating  among young adult males ages 12-24.
ABC's  "Monday  Night  Football"  averaged  a 5.8  national  rating  in the same
demographic over the same 17-week period in the same head-to-head 9-11 p.m. time
period.                                                                         

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young adult males to the network.  NBC  Entertainment  looks  forward to working
with the XFL and NBC Sports on this unique venture."                            

Television viewers will be given unprecedented access with cameras positioned in
locker rooms, on sidelines and in the helmets of selected players.  XFL players,
coaches,  locker  rooms and huddles will also be miked,  providing  viewers with
unique  insight  into  the  strategy  of the  game  and  enabling  them to fully
experience the true emotion, attitude, and intensity of the players, both on and
off the  field.  Both NBC and  WWFE  will  cross-promote  the XFL  during  their
respective programming.                                                         

To encourage  more wide open  offensive  play and to keep game times under three
hours, the XFL will adopt a number of rules changes, including:  Eliminating the
fair-catch  rule (making punts live balls),  requiring only one foot inbounds on
pass receptions,  instituting a 35-second play clock and limiting halftime to 10
minutes.                                                                        

The objective of every XFL player will be to win games. XFL players will be paid
salaries to play,  but they'll be paid more to win.  Each week the winning teams
will share in a victory  bonus pool - giving added  significance  to each week's
matchups.                                                                       

The XFL has already  begun  building a highly  qualified  team to launch the new
league.  Basil V. DeVito Jr., a sports  business  veteran whose resume  includes
WWFE,  National  Thoroughbred  Racing Association (NTRA), and the Indiana Pacers
will serve as President of the XFL.  Billy  Hicks,  the XFL's Vice  President of
Administration  most recently  served at President and General  Manager of Major
League  Soccer's  (MLS) Dallas Burn and has also worked as a General  Manager in
the World League of American  Football (WLAF) and as an  administrator  with the
Dallas Cowboys.                                                                 

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Heading up Football  Operations as Vice  President is Michael  Keller,  a former
linebacker for the Dallas Cowboys and former senior  executive with the National
Football League, United States Football League (USFL) and WLAF. Michael Weisman,
a highly  respected,  award-winning  producer whose credits  include seven Super
Bowls  and 15  Emmy  Awards,  has  been  brought  on as a  broadcast  production
consultant.                                                                     

A talented and experienced  scouting staff is in place and an XFL Advisory Panel
has also been created.  The advisory  panel features  several  highly  respected
football and sports  industry  veterans,  including Dr. Larry Lemak, a respected
orthopedic  surgeon  and  former  owner and  manager  in the USFL,  WLAF and the
Canadian Football League (CFL); George Martin, a 14-year veteran of the New York
Giants and former President of the NFL Players Association;  Carl Paganelli, who
brings 33 years of officiating  experience to the XFL; and former Dallas Cowboys
superstar Drew Pearson.                                                         

The XFL is actively  negotiating with a second television  partner to complement
the NBC portion of the XFL broadcast package.  As part of the pact, NBC and WWFE
have agreed that the XFL will control 100 percent of the  advertising  inventory
sold during all XFL broadcasts by a dedicated  sponsorship and advertising sales
force.  Six cities have been  announced to date: Los Angeles,  Miami,  New York,
Orlando, San Francisco and Washington,  D.C. Two more teams will be announced in
the next 30 days. WWFE announced the formation of the XFL on Feb. 3, 2000.      

 # # #

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Contacts:                                                                       

World Wrestling Federation Entertainment, Inc.                                  
Jayson Bernstein (media)                                                        
203-353-5019                                                                    

Gary Fishman (financial)                                                        
212-889-1727 x110                                                               

NBC                                                                             

Kevin Sullivan                                                                  

212-664-2014                                                                    

Jennifer Arnold                                                                 

212/664-7202                                                                    

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 filings with the
Securities and Exchange Commission.  Actual results could differ materially from
those currently anticipated.                                                    

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                                                                    Exhibit 99.2

 NBC TO TAKE MINORITY STAKE IN
WORLD WRESTLING FEDERATION ENTERTAINMENT, INC.

Stamford,   CT/New  York  NY,  March  29,  2000  -  World  Wrestling  Federation
Entertainment,  Inc. (NMS:  WWFE) and NBC announced  today an agreement in which
NBC has  agreed  to  purchase  a  minority  stake  in WWFE  through  the sale of
approximately 2.3 million newly issued shares of Class A Common stock at $13 per
share for a total  investment  of $30  million.  The  agreement  is  subject  to
customary due diligence procedures.  The sale represents approximately 3% of the
total number of WWFE shares outstanding.                                        

"We're  pleased  to have  NBC as a  shareholder  of World  Wrestling  Federation
Entertainment,  Inc.,"  said  Linda  McMahon,  President  and CEO of  WWFE.  "We
anticipate   consistent   growth  in  all  areas  of  our  business,   including
international  expansion,  and  we're  delighted  that NBC is  confident  in the
long-term value and potential of our business and our brands."                  

"NBC is excited  about the  investment in WWF  Entertainment,"  said Bob Wright,
President  and CEO of NBC.  "The WWF is widely  recognized  as having  created a
leading  brand and has done a remarkable  job gathering  large  audiences in the
coveted male  demographics.  We are confident that this investment  coupled with
our new partnership with the XFL will lead to even more success."               

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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,  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 filings with the
Securities and Exchange Commission.  Actual results could differ materially from
those currently anticipated.                                                    

 # # #

Contacts:                                                                       

World Wrestling Federation Entertainment, Inc.                                  
Jim Byrne                                                                       
203-352-8600                                                                    

Jayson Bernstein                                                                

203-353-5019                                                                    

Gary Fishman (investor relations)                                               
212-889-1727 x110                                                               

NBC                                                                             

Kevin Sullivan                                                                  

212-664-2014                                                                    

Maria Battaglia                                                                 

212-664-3457                                                                    

Page 11 of 11 Pages 

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		4/21/01		5					None on these Dates
		2/3/01		2		5
Filed on:		4/4/00		3
For Period End:		3/29/00		1		10
		2/3/00		8
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