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.


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