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  Aug 3, 1999

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

WWF to go public

Wrestling fans, leave room in your portfolio for a new stock -- the WWF!

The World Wrestling Federation's parent company Titan Sports Inc. filed today to offer US$172.5 million worth of Class A common stock in an initial public offering. The price of the shares, the number of shares and the date of the offering have not yet been set.

That means that any fan on the street can buy stock in the WWF. For the WWF, it means a large influx of cash, prestige and more media coverage.

It will also mean that the WWF will have to disclose financial information to its shareholders.

The WWF shares will be offered on Nasdaq, which is where most start-up companies begin. The stock symbol will be WWFE. Canadians wanting to buy shares will have to do so in American funds. In a press release, the WWF said that "all shares are being sold by the Company. The net proceeds of the offering will be used for working capital and other general corporate purposes."

According to the prospectus, which details the company's plans for raising capital and the plan for that money, the WWF listed revenue of $251.5 million, with net income of $56 million in the fiscal period ending April 30, 1999. The previous year saw $126.2 million in revenue and $8.5 million in income. Back in 1995, the company reported a net loss of $4.4 million.

Vince McMahon, as WWF chairman, will continue to control the company after the offering. The prospectus describes how his salary will increase to $1 million from $250,000 after the public offering.

The WWF, which is based in Stamford, CT, has added an 'Investor Relations' section to their web site at that allows interested investors to request more information.

Bear Stearns & Co. is leading the offering.

The rumours of the WWF's plan to go public first surfaced in late May in Daily Variety, but quieted down following the Owen Hart tragedy.

When a company goes public, it has to reveal all litigation against it. Besides the lawsuit by the Hart family, the prospectus also revealed that in her lawsuit settlement, Rena Mera agreed to stay out of wrestling for three years and give up the name Sable. Mero filed the suit in June, alleging sexual harassment and unsafe working conditions

-- SLAM! Wrestling, with files from our wire services