Guest Steviekick Report post Posted June 11, 2003 Viacom sells WWE stock Viacom has sold its stake in the WWE. The WWE announced today that Viacom has agreed to sell 3 per cent of total common stock that it owned in the promotion back to the WWE. "This transaction in no way affects our strategic alliance with Viacom, and we strongly believe our relationship with our valued partner will continue to be excellent," said WWE CEO, Linda McMahon. A Viacom spokeswoman told Reuters news service that the company is evaluating their portfolio and that the small stake in the WWE had no strategic benifit to Viacom. Viacom originally bought the 3 per cent equity stake in WWE when a five year strategic alliance between the two companies was approved by the Delaware Supreme Court in September of 2000. The court signed off on WWE programming leaving the USA Network and heading to TNN and MTV. On March 17th of this year, Viacom decided to move the low-rated Sunday Night Heat from MTV to TNN. WWE stock began trading on the New York Stock Exchange on October 25th, 2000. It opened at $15.00 U.S. a share. As of today, WWE stock is worth $9.62 U.S. The transaction will be discussed further during the company's Earnings Release Conference Call this Friday. -- SLAM! Wrestling News Wire. http://slam.canoe.ca/Slam/Wrestling/2003/0.../11/108905.html Share this post Link to post Share on other sites
Crimson Platypus 0 Report post Posted June 11, 2003 Hmm.. WWE stock is low, guess now is the time to buy eh? Share this post Link to post Share on other sites
Guest RavishingRickRudo Report post Posted June 11, 2003 STAMFORD, Conn., Jun 11, 2003 (BUSINESS WIRE) -- World Wrestling Entertainment, Inc. (NYSE:WWE) today announced that it repurchased from Viacom all shares of the company's Class A common stock owned by Viacom. This purchase consisted of approximately two million shares, representing approximately 3% of total common stock outstanding. "We believe this is an excellent transaction for WWE and its shareholders. With approximately $271 million in cash balances, we have the resources to effect such a transaction without compromising our overall business strategy or our financial condition as we continue to generate significant free cash flow. This transaction in no way affects our strategic alliance with Viacom, and we strongly believe our relationship with our valued partner will continue to be excellent," said Linda McMahon, CEO. The transaction will be discussed further during the company's Earnings Release Conference Call on Friday, June 13, at 11 a.m. World Wrestling Entertainment, Inc. is an integrated media and entertainment company headquartered in Stamford, Conn., with offices in New York City, Los Angeles, Toronto and London. Additional information on the Company can be found at wwe.com and corporate.wwe.com. Trademarks: The names of all World Wrestling Entertainment televised and live programming, talent names, images, likenesses, slogans and wrestling moves and all World Wrestling Entertainment logos are trademarks, which are the exclusive property of World Wrestling Entertainment, Inc. 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, 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; 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. SOURCE: World Wrestling Entertainment, Inc. World Wrestling Entertainment, Inc. Media Contact: Gary Davis, 203/353-5066 or Investor Contact: Bob Finkel, 203/352-8642 http://www.businesswire.com Share this post Link to post Share on other sites
Guest Choken One Report post Posted June 11, 2003 I'm still banking that by Mid 2004...WWE will be "courting offers" from other networks... I always thought WWE and Fox were perfect for each other... Besides could ya imagine the cross-promotion with The Shield? Hell Ya! Share this post Link to post Share on other sites
Guest RavishingRickRudo Report post Posted June 11, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------------------------------------------------------------- SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 4)* World Wrestling Entertainment, Inc. (Name of Issuer) Class A Common Stock, $0.01 Par Value Per Share (Title of Class of Securities) 98156Q108 (CUSIP Number) June 10, 2003 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: / / Rule 13d-1(b) /X/ Rule 13d-1© / /Rule 13d-1(d) -------------------------------------------------------------------------------- *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 9 Pages -------------------------------------------------------------------------------- CUSIP NO. 98156Q108 Page 2 of 9 Pages (1) Name of Reporting Person I.R.S. Identification No. of Above Person (entities only) Viacom Inc. -------------------------------------------------------- I.R.S. Identification No. 04-2949533 -------------------------------------------------------- (2) Check the Appropriate Box if a Member of Group (See Instructions) / / (a) / / (b) -------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------- (4) Citizenship or Place of Organization Delaware -------------------------------------------------------- Number of (5) Sole Voting Power 0 Shares ----------------------------------------- Beneficially (6) Shared Voting Power 0 Owned by ----------------------------------------- Each (7) Sole Dispositive Power 0 Reporting ----------------------------------------- Person With (8) Shared Dispositive Power 0 -------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person 0 -------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) -------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9) 0% -------------------------------------------------------- (12) Type of Reporting Person (See Instructions) CO -------------------------------------------------------- -------------------------------------------------------------------------------- CUSIP NO. 98156Q108 Page 3 of 9 Pages (1) Name of Reporting Person I.R.S. Identification No. of Above Person (entities only) NAIRI, Inc. -------------------------------------------------------- I.R.S. Identification No. 04-3446887 -------------------------------------------------------- (2) Check the Appropriate Box if a Member of Group (See Instructions) / / (a) / / (b) -------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------- (4) Citizenship or Place of Organization Delaware -------------------------------------------------------- Number of (5) Sole Voting Power 0 Shares -------------------------------------------- Beneficially (6) Shared Voting Power 0 Owned by -------------------------------------------- Each (7) Sole Dispositive Power 0 Reporting -------------------------------------------- Person With (8) Shared Dispositive Power 0 -------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person 0 -------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) -------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9) 0% -------------------------------------------------------- (12) Type of Reporting Person (See Instructions) CO -------------------------------------------------------- -------------------------------------------------------------------------------- CUSIP NO. 98156Q108 Page 4 of 9 Pages (1) Name of Reporting Person I.R.S. Identification No. of Above Person (entities only) National Amusements, Inc. -------------------------------------------------------- I.R.S. Identification No. 04-2261332 -------------------------------------------------------- (2) Check the Appropriate Box if a Member of Group (See Instructions) / / (a) / / (b) -------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------- (4) Citizenship or Place of Organization Maryland -------------------------------------------------------- Number of (5) Sole Voting Power 0 Shares ------------------------------------------ Beneficially (6) Shared Voting Power 0 Owned by ------------------------------------------ Each (7) Sole Dispositive Power 0 Reporting ------------------------------------------ Person With (8) Shared Dispositive Power 0 -------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person 0 -------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) -------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9) 0% -------------------------------------------------------- (12) Type of Reporting Person (See Instructions) CO -------------------------------------------------------- -------------------------------------------------------------------------------- CUSIP NO. 98156Q108 Page 5 of 9 Pages (1) Name of Reporting Person I.R.S. Identification No. of Above Person (entities only) SUMNER M. REDSTONE -------------------------------------------------------- (2) Check the Appropriate Box if a Member of Group (See Instructions) / / (a) / / (b) -------------------------------------------------------- (3) SEC Use Only -------------------------------------------------------- (4) Citizenship or Place of Organization United States -------------------------------------------------------- Number of (5) Sole Voting Power 0 Shares ------------------------------------------- Beneficially (6) Shared Voting Power 0 Owned by ------------------------------------------- Each (7) Sole Dispositive Power 0 Reporting ------------------------------------------- Person With (8) Shared Dispositive Power 0 -------------------------------------------------------- (9) Aggregate Amount Beneficially Owned by Each Reporting Person 0 -------------------------------------------------------- (10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) -------------------------------------------------------- (11) Percent of Class Represented by Amount in Row (9) 0% -------------------------------------------------------- (12) Type of Reporting Person (See Instructions) IN -------------------------------------------------------- -------------------------------------------------------------------------------- Page 6 of 9 Pages Item 1(a). Name of Issuer: World Wrestling Entertainment, Inc. (the "Issuer"). Item 1(b). Address of Issuer's Principal Executive Offices: 1241 East Main Street Stamford, CT 06902. Item 2(a). Name of Person Filing: This Statement is filed on behalf of Viacom Inc., ("VI"), NAIRI, Inc., ("NAIRI"), National Amusements, Inc. ("NAI"), and Mr. Sumner M. Redstone (collectively, the "Reporting Persons"). Approximately 69% of VI's voting stock is owned by NAIRI, which in turn is owned 100% by NAI; Mr. Sumner M. Redstone is the controlling shareholder, Chairman and Chief Executive Officer of NAI, Chairman and President of NAIRI, and Chairman and Chief Executive Officer of VI. Item 2(b).Address of Principal Business Office or, if None, Residence: VI's address is 1515 Broadway, New York, New York 10036 NAIRI's address is 200 Elm Street, Dedham, MA 02026 NAI's address is 200 Elm Street, Dedham, MA 02026 Mr. Redstone's address is 200 Elm Street, Dedham, MA 02026. Item 2©. Citizenship: VI is a Delaware corporation. NAIRI is a Delaware corporation. NAI is a Maryland corporation. Mr. Redstone is a citizen of the United States. Item 2(d). Title of Class of Securities: Class A Common Stock, $0.01 Par Value Per Share (the "Class A Common Stock"). Item 2(e). CUSIP Number: 98156Q108 Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or ©, Check Whether the Person Filing is a: Not applicable. -------------------------------------------------------------------------------- Page 7 of 9 Pages Item 4. Ownership. As of June 10, 2003, each of VI, NAIRI, NAI and Mr. Sumner M. Redstone beneficially owned no securities of the Issuer. Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [x]. Item 6. Ownership of More than Five Percent on Behalf of Another Person. See Items 2(a) and 4 hereof. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable -------------------------------------------------------------------------------- Page 8 of 9 Pages Item 10 Certifications. By signing below we certify that, to the best of our knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true, complete and correct. Pursuant to Rule 13d- 1(k)(1), we agree that this statement is filed on behalf of each of us. Date: June 10, 2003 VIACOM INC. By: /s/ Michael D. Fricklas -------------------------- Michael D. Fricklas Executive Vice President, General Counsel and Secretary NAIRI, INC. By: /s/ Sumner M. Redstone --------------------------- Sumner M. Redstone Chairman and President NATIONAL AMUSEMENTS, INC. By: /s/ Sumner M. Redstone --------------------------- Sumner M. Redstone Chairman and Chief Executive Officer By: /s/ Sumner M. Redstone ------------------------ Sumner M. Redstone, Individually -------------------------------------------------------------------------------- Exhibit to Amendment No. 3 Page 9 of 9 Pages to Schedule 13G JOINT FILING AGREEMENT The undersigned hereby agree that the Statement on Schedule 13G, dated July 28, 2000 (the "Schedule 13G"), with respect to the Class A Common Stock, par value $0.01 per share, of World Wrestling Federation Entertainment, Inc. is, and any amendments executed by us shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and that this Agreement shall be included as an exhibit to the Schedule 13G and each such amendment. Each of the undersigned agrees to be responsible for the timely filing of the Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning itself contained therein. This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 12th day of February, 2001. VIACOM INC. By: /s/ Michael D. Fricklas --------------------------- Michael D. Fricklas Executive Vice President General Counsel and Secretary NAIRI, INC. By: /s/ Sumner M. Redstone --------------------------- Sumner M. Redstone Chairman and President NATIONAL AMUSEMENTS, INC. By: /s/ Sumner M. Redstone ------------------------- Sumner M. Redstone Chairman and Chief Executive Officer By: /s/ Sumner M. Redstone -------------------------- Sumner M. Redstone Individually powered by EDGAR Online Share this post Link to post Share on other sites
JasonX 0 Report post Posted June 12, 2003 <I'm still banking that by Mid 2004...WWE will be "courting offers" from other networks...> Agreed. With the way things are going, Vince won't get another sweetheart deal from Viacom. Which means that any network that offers Vince a similar deal will probably get Vince willing to take it. <I always thought WWE and Fox were perfect for each other...> Yeah, though I can see any relationship being killed off though do to Fox wanting partial or full ownership of the WWE. Especially if WWE keeps going downhill and needs Fox more than Fox needs them Share this post Link to post Share on other sites
Guest buffybeast Report post Posted June 12, 2003 I wouldn't be surprised if Vince is trying to take the company private again. How much did Viacom lose with this sale? The stock price is very low now and the price was higher when they purchased it. Share this post Link to post Share on other sites
Guest subliminal_animal Report post Posted June 12, 2003 I'm guessing they lost a pretty penny! Share this post Link to post Share on other sites
Guest Super Pissed Smark Report post Posted June 12, 2003 If Viacom buying and selling the shares were done at market value, then it looks like they lost around 8 million or so (math not strong suit), so I'd guess they'll make Vince pay for that some day, one way or the other . With approximately $271 million in cash balances, we have the resources to effect such a transaction without compromising our overall business strategy or our financial condition as we continue to generate significant free cash flow. Didn't the WWE have something like $550 million in cash at some point? That's quite a dowry, isn't it? Share this post Link to post Share on other sites
Guest Austin3164life Report post Posted June 12, 2003 The WWE once had 980 million net income, but then it started going downhill (after beginning of 2001). Vince used to be a billionaire, but now he's only worth three-quarters of a billion (750 mil). Share this post Link to post Share on other sites
Guest Razor Roman Report post Posted June 12, 2003 I wouldn't be surprised if Vince is trying to take the company private again. I agree... make big big money in an IPO by selling the shares, and then buy it back at rock bottom (no pun intended) prices. I haven't noticed much good "strategic relationship" stuff coming out of Viacom anyway. Heat gets moved, Tough Enough is gone.... no WWE based rides at King's Dominion... Only a bunch of crappy Divas specials that my fiancee wouldn't let me watch, even if I had wanted to. Share this post Link to post Share on other sites
Guest Mik at Cornell Report post Posted June 12, 2003 I haven't noticed much good "strategic relationship" stuff coming out of Viacom anyway. Heat gets moved, Tough Enough is gone.... no WWE based rides at King's Dominion... Only a bunch of crappy Divas specials that my fiancee wouldn't let me watch, even if I had wanted to. Dude, you let your fiancee decide what you can watch on TV? I think you need to reassess your immediate future. Share this post Link to post Share on other sites
