STAMFORD, CONN., November 9, 2001 -World Wrestling Federation Entertainment (NYSE-WWF) today announced a restructuring to enhance operating efficiencies and position it for growth.
It also announced the resignation of Stuart Snyder, President and COO. Prior to joining WWFE, Snyder was President of USA Home Entertainment and President and COO of Feld Entertainment. "We thank Stu for his efforts, and wish him well in his future endeavors," said Linda McMahon, CEO.
Mrs. McMahon said the restructuring was an important step to ensuring WWFE's competitive advantage as it pursues growth opportunities. "We intend to capitalize on our broad appeal as a global brand to further international expansion, develop new brands and new television and movie projects," said Mrs. McMahon.
Pete DiNicola, currently Senior Vice President, Planning and Administration, has been appointed Executive Vice President and Chief Operating Officer, reporting to Mrs. McMahon. DiNicola will be responsible for leading day-to-day operations of the company, and will ensure smooth, integrated coordination and execution of business operations.
The reorganization centralizes all marketing functions under Julie Hoffman, Executive Vice President and Chief Marketing Officer. This will fully integrate brand strategies and activities across the company's core business areas of pay-per-view, television, live event, Internet, and consumer products, and WWF New York, the company's site-based entertainment complex in Times Square. It also establishes an advertising and promotions group under Marketing that will provide consistent presentation of brand image, advertising and promotions. "This Marketing Group's mission is to ensure that our company has one marketing message that can be rapidly integrated and executed behind our creative development," said Mrs. McMahon.
Consumer Products, led by Donna Goldsmith, Senior Vice President, Consumer Products, will be focused on sales, distribution and operations to improve efficiencies in getting to market the company's merchandise and licensed products, including apparel, action figures, books, home videos and DVD's. She will also be responsible for the operations of WWFShopZone.com, the company's newly revamped e-commerce site. "Making these operations more efficient is critical to achieve our long-term goal of expanding our proprietary product offerings," said Mrs. McMahon.
The company's Internet and magazine publishing operations will be merged under Shane McMahon, President, New Media. This will capture synergies across the company's popular Internet sites, including WWF.com, and its two magazines, to better promote television and pay-per-view programming and products, and provide more options for advertisers across these media platforms. McMahon will also spearhead the company's efforts to develop video streaming of Pay-Per-View events over the Internet.
The reorganization resulted in a reduction of approximately 9 percent of the company's work force.
Mrs. McMahon noted that the company was proceeding with the establishment of a London office and is in the midst of planning expanded international live event tours in 2002.
World Wrestling Federation Entertainment, Inc. (NYSE: WWF) is an integrated media and entertainment company headquartered in Stamford, Conn., with sales offices in New York City and Chicago, and Toronto. Additional information on the company can be found at wwf.com and wwfecorpbiz.com.
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.