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  Nov 9, 2001



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READER ALERT: For all the latest wrestling happenings, check out our News & Rumours section.

WWF cuts jobs, Canadian office loses two positions

World Wrestling Federation Entertainment announced today that they are cutting approximately 9 per cent of their work force and that one key staff member Stuart Snyder -- the president and COO of the WWF -- has resigned.

"We thank Stu for his efforts, and wish him well in his future endeavors," said Linda McMahon, WWF CEO. Prior to joining WWFE, Snyder was President of USA Home Entertainment and President and COO of Feld Entertainment.

There is no word yet on whether there will be any cuts made to the WWF talent pool of wrestlers, managers and the like as well. WWF sources have confirmed to SLAM! Wrestling that two jobs have been lost at the WWF office in Canada.

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.

The company's Internet and magazine publishing operations will be merged under Shane McMahon, president of the WWF New Media department McMahon will also spearhead the company's efforts to develop video streaming of Pay-Per-View events over the Internet.

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.

Hit hard by fading interest in their product, the WWF reported earlier this year that live attendance was down 32 per cent and television ratings on the whole are down 28 per cent. Since its initial public offering, WWF stock has dropped approximately 40 per cent. The WWF's biggest wrestling event -- WrestleMania -- will be held in Toronto's SkyDome on Sunday, March 17, 2002.

-- SLAM! Wrestling news wire / SLAM! Wrestling Staff.

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