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| WWFE Acquires WWF New York Times Square Entertainment Complex STAMFORD, Conn.--(BUSINESS WIRE)--May 4, 2000--World Wrestling Federation Entertainment, Inc. (NMS: WWFE) has purchased the WWF New York Times Square Entertainment Complex from its licensee, 905 Parkview Group, for approximately $23.6 million. ``We want WWF New York to be a showcase for all our brands, including the WWF, XFL and WWF Racing,'' said Linda McMahon, WWFE President and CEO. ``By taking control at this time, we believe we can unlock the potential of this facility. We want to make WWF New York as synonymous with fun and entertainment as our other brands.'' The complex features a soundstage for TV production and live entertainment that was technically designed and equipped by WWFE independent of the licensee's investment. The complex also contains an active merchandise store and restaurant. In the first year of operations, the facility is expected to generate approximately $20 million to $25 million in revenue with $4 million to $6 million in EBITDA (earnings before interest, taxes, depreciation and amortization). Kenton Jenkins has been hired as Vice President and General Manager of WWF New York to manage the facility's day-to-day operations. Jenkins most recently was General Manager of the ESPN Zone in Times Square, where he was responsible for opening and leading the 42,000 square foot property for Disney Regional Entertainment. |
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