WWE Q1 2018 RESULTS – MAY 3, 2018

1

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to

various risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to: entering, maintaining and renewing major distribution

agreements, including our principal domestic television license which currently expires in September 2019; WWE Network (including the risk that we are unable to

attract, retain and renew subscribers); our need to continue to develop creative and entertaining programs and events; the possibility of a decline in the popularity of

our brand of sports entertainment; the continued importance of key performers and the services of Vincent K. McMahon; possible adverse changes in the regulatory

atmosphere and related private sector initiatives; the highly competitive, rapidly changing and increasingly fragmented nature of the markets in which we operate and

greater financial resources or marketplace presence of many of our competitors; uncertainties associated with international markets; our difficulty or inability to

promote and conduct our live events and/or other businesses if we do not comply with applicable regulations; our dependence on our intellectual property rights, our

need to protect those rights, and the risks of our infringement of others’ intellectual property rights; the complexity of our rights agreements across distribution

mechanisms and geographical areas; potential substantial liability in the event of accidents or injuries occurring during our physically demanding events including,

without limitation, claims relating to CTE; large public events as well as travel to and from such events; our feature film business; our expansion into new or

complementary businesses and/or strategic investments; our computer systems and online operations; privacy norms and regulations; a possible decline in general

economic conditions and disruption in financial markets; our accounts receivable; our indebtedness; litigation; our potential failure to meet market expectations for our

financial performance, which could adversely affect our stock; Vincent K. McMahon exercises control over our affairs, and his interests may conflict with the holders of

our Class A common stock; a substantial number of shares are eligible for sale by the McMahons and the sale, or the perception of possible sales, of those shares could

lower our stock price; and the relatively small public “float” of our Class A common stock. In addition, our dividend is dependent on a number of factors, including,

among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial results and condition,

contractual and legal restrictions on the payment of dividends (including under our revolving credit facility), general economic and competitive conditions and such

other factors as our Board of Directors may consider relevant. Forward-looking statements made by the Company speak only as of the date made and are subject to

change without any obligation on the part of the Company to update or revise them. Undue reliance should not be placed on these statements. For more information

about risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of

Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q.

This presentation contains non-GAAP financial information, including OIBDA, Adjusted OIBDA, Net Debt and Free Cash Flow. We define OIBDA as operating income

before depreciation and amortization, excluding feature film and television production amortization and related impairments. OIBDA is a non-GAAP financial measure

and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and

amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company's business. In addition,

we define Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. We believe that operating income is the most directly

comparable GAAP financial measure to OIBDA and Adjusted OIBDA, Total Debt is the most directly comparable GAAP financial measure to Net Debt, and net cash

provided by operating activities is the most directly comparable GAAP financial measure to Free Cash Flow. Neither OIBDA, Adjusted OIBDA, Net Debt nor Free Cash

Flow should be regarded as an alternative to the most directly comparably GAAP financial measure as an indicator of operating performance, or to the statement of

cash flows as a measure of liquidity, nor should either metric be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. See

the Appendix at the end of this presentation for a reconciliation of the non-GAAP measures presented herein. Reconciliations of non-GAAP measures presented herein

can be found in the Appendix at the end of this presentation or in the Company’s earnings release dated May 3, 2018.

2

Q1 2018: HIGHLIGHTS

▪ Delivered strong operating and financial performance during the quarter; raising our guidancefor the full year

▪ Anchored by Monday Night Raw and SmackDown Live, USA Network finished 2017 as themost watched ad-supported cable entertainment network for a 12th consecutive year

▪ During Q1 2018, digital video views increased 56% to 6.7 billion. Total hours consumedincreased 69% to over 240 million across digital and social platforms

▪ WWE remains the #1 Sports Channel on YouTube, garnering 50 million views the day afterWrestleMania – the most viewed day ever on YouTube

▪ WrestleMania broke the record for the Superdome’s highest grossing entertainment event($14 million)

▪ WWE hit a record 2.1 million total subscribers following WrestleMania, up 9% from last year(April 3)

▪ As part of WWE’s 10-year partnership with the Kingdom of Saudi Arabia, the Company heldThe Greatest Royal Rumble in Jeddah on April 27, which was among WWE’s largestinternational events ever with a sold-out crowd at the King Abdullah soccer stadium

▪ Pleased with performance. Looking forward to 2018 where we continue to expect to achieverecord revenue, record Adjusted OIBDA and record subscribers

3

Q1 2018: WWE FINANCIAL HIGHLIGHTS

▪ Q1 2018 financial performance compares favorably to guidance communicated April 9, 2018

▪ Financial results impacted by adoption of new FASB standard for revenue recognition (ASCTopic 606), which reduced Q1 revenue by approximately $10 million and reduced operatingincome and Adjusted OIBDA by approximately $7 million

▪ Excluding the impact of adopting ASC Topic 606, revenue increased 5% to $198.0 million,Operating Income increased from $4.0 million to $29.0 million and Adjusted OIBDA increased68% to $42.4 million

Revenue Operating Income Adjusted OIBDA1

Q1 2017 Q1 2018 Q1 2017 Q1 2018 Q1 2017 Q1 2018

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentation2 See Financial Results – Excluding the Impact of Adopting ASC Topic 606 on page 14 for additional informationNote: Figures in millions of USD

4.0

29.0

7.2

42.4188.4 198.0

187.7

$25.2 35.2

7.2

21.8

10.3

0%

+68%

+5%

NM

NM

+40%

As Reported Results ASC Topic 606 Impact2

4

Q1 2018: FINANCIAL HIGHLIGHTS BY SEGMENT

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentationNote: Figures in millions of USD

121.2 133.4

32.130.8

35.1 23.5

188.40%

187.7

Revenue Adjusted OIBDA1Operating Income

Q1 2017 Q1 2017Q1 2017Q1 2018 Q1 2018 Q1 2018

(29.3)(23.0)

15.2

35.9

14.4

6.04.0

3.7

21.8

2.9

NM

CorporateConsumer ProductsLive EventsMedia

25.1

43.6

15.2

6.9 25.2

4.5

(19.6)

+40%35.2

3.6

(18.9)

▪ Q1 2018 financial results driven by increased revenue and profits from the Company’sMedia segment

▪ Growth drivers more than offset the decline in the consumer products business that wasprimarily due to the adoption of ASC Topic 606

5

Q1 2018: MEDIA

▪ 10% revenue growth primarily due to increases in core content rights fees, higher sales of advertising/sponsorship and continued growth of WWE Network. Profits also reflected lower operating expenses

▪ Monday Night Raw, remained the highest rated program on USA Network, building on 25 year record

▪ WWE Network added 60 hours of original content; Coming to the network are the return of UKChampionship Tournament and Mae Young Classic as well as a new season of Camp WWE

▪ Digital video views increased 56% to 6.7B and consumption increased 67% to over 240M hours. Thelaunch of Mixed Match Challenge on Facebook Watch generated more than 35M views-to-date

▪ Global sponsorship revenue grew 30% reflecting renewal of key deals and ability to monetize YouTube

▪ Last week, WWE held The Greatest Royal Rumble event in Jeddah, Saudi Arabia; marked beginning of a10-year partnership with the Kingdom of Saudi Arabia

Revenue Adjusted OIBDA1

+74%

Operating Income

Q1 2017 Q1 2017Q1 2017Q1 2018 Q1 2018Q1 2018

25.1

43.6

15.2

35.9

+136%

134.0121.2

133.4 0.6

ASC Topic 606 Impact2

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentation2 See Financial Results – Excluding the Impact of Adopting ASC Topic 606 on page 14 for additional informationNote: Figures in millions of USD

+10%

6

Q1 2018: CONSUMER PRODUCTS

Revenue Adjusted OIBDA1Operating Income

35.1

23.5

6.9

15.214.4

6.0

▪ The adoption of new FASB standard for revenue recognition (ASC Topic 606) reduced Q1revenue by $9.7 million, and Operating Income and Adjusted OIBDA both by $7.2 million

▪ Excluding the impact of adopting ASC Topic 606, revenue declined 5%, Operating Incomedeclined 8% and Adjusted OIBDA declined 7%

9.7

33.2

7.2

13.2

7.2

14.1

-33%

-5% -8% -7%

Q1 2017 Q1 2017Q1 2017Q1 2018 Q1 2018Q1 2018

-58% -55%

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentation2 See Financial Results – Excluding the Impact of Adopting ASC Topic 606 on page 14 for additional informationNote: Figures in millions of USD

As Reported Results ASC Topic 606 Impact2

7

Q1 2018: LIVE EVENTS

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentationNote: Figures in millions of USD

Revenue Adjusted OIBDA1

Q1 2017 Q1 2018 Q1 2018Q1 2017

-22%

Q1 2017

-20%

Q1 2018

Operating Income

32.130.8

3.6

4.5

2.9

3.7

▪ Revenue declined 4% primarily due to the timing of international events and a reduction inticket revenue at Royal Rumble that reflected lower stadium attendance capacity

▪ Excluding the impact of Royal Rumble, average ticket price at North American eventsincreased 10% to $50.57 (attendance declined slightly)

-4%

8

CAPITAL STRUCTURE

Note: Figures in millions of USD

Cash & ST Investments Free Cash Flow

($0.5)

($12.5)

2017 Q1 2017Q1 2018 Q1 2018

$297.4

($1.3)

($1.8)

$284.9

▪ Cash, cash-equivalents and short-term investments were $285 million as of March 31, 2018,and the Company estimates debt capacity under its revolving line of credit of approximately$100 million

▪ Free Cash Flow demonstrated a $1.8 million use of cash, comparable to the prior year quarter,as improved operating performance was offset by unfavorable timing of working capital

9

Q2 2018: BUSINESS OUTLOOK

▪ Estimate Q2 2018 Adjusted OIBDA1 ofapproximately $30 million to $34 million, whichcompares to Adjusted OIBDA of $24.3 million inQ2 2017

▪ Q2 2018 reflects meaningful increase in revenuebased on the distribution of new content incertain international markets, as well as higherrights fees in existing content agreements andthe continued growth of WWE Network

▪ WWE projects Q2 2018 average paid subscribersto WWE Network of approximately 1.77 million,representing an 8% increase from the prior yearquarter

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentation* The Company’s business model and expected results will continue to be subject to significant execution risks, including those risks outlined in the Company’s Form 10-K filing with the SEC. See additional notes on page 15 of this presentation

10

2018: FULL YEAR OUTLOOK

▪ The range of financial performance projected forthe second quarter would result in AdjustedOIBDA1 for the first half of 2018 that representsgrowth of 32% to 40% from the prior year period

▪ Based on this projected growth and expectationsof strong performance over the remainder of theyear, the Company is raising its full-year targetfor 2018 Adjusted OIBDA to at least $150 million(excluding stock-based compensation expense),which would be an all-time record, exceedingprevious guidance of at least $145 million

▪ Key strategic goals remain unchanged:determining WWE’s distribution strategy in theU.S., U.K. and India; creating new content;investing in data and technology; and developinginternational growth opportunities

1 A definition of Adjusted OIBDA and a reconciliation to Operating Income can be found in the Company’s Q1 2018 earnings materials and in the appendix to this presentation* The Company’s business model and expected results will continue to be subject to significant execution risks, including those risks outlined in the Company’s Form 10-K filing with the SEC. See additional notes on page 15 of this presentation

APPENDIX

RECONCILIATION OF NON-GAAP MEASURES

12

1 Q2 2018 and FY 2018 Adjusted OIBDA figures represent company guidance for the second quarter ending 6/30/18 and full year ending 12/31/18, respectively. Source: WWE Q1 2018 Earnings 05/03/20182 Because of the nature of footnoted items, WWE is unable to estimate the amount of any adjustments for these items for periods after March 31, 2018 due to its inability to forecast if or when such items will occur. These items are inherently unpredictable and may not be reliably quantified

Reconciliation of Adjusted OIBDA to Operating Income

Adjusted OIBDA135.2$ $30 - $34 at least $150

Depreciation & amortization (6.3) - -

Stock-based compensation (7.1) - -

Film Impairments2 - - -

Asset Impairments2 - - -

Gain (loss) on operating assets2 - - -

Restructuring charges2 - - -

Other operating income items2 - - -

Operating Income (U.S. GAAP Basis) 21.8$ Not estimable Not estimable

Reconciliation of Net Cash to Free Cash Flow

$mm Q1 2018 Q2 2018 FY 2018

$mm Q1 2017 Q1 2018

Net cash provided by operating activities 3.0$ 2.6$

Less cash used for capital expenditures:

Purchase of property and equipment and other assets (4.3) (4.4)

Free Cash Flow (1.3)$ (1.8)$

RECONCILIATION OF NON-GAAP MEASURES

13

1 A definition of Adjusted OIBDA can be found on page 15 of this presentation. Source: WWE Q1 2018 Earnings 05/03/2018 (corporate.wwe.com/investors)2 Adjustment to OIBDA of $2.1 million reflects impairment charges primarily due to revised ultimate profit expectations for several movies 3 Adjustment to OIBDA of $5.6 million of non-recurring expenses primarily related to certain legal matters and other contractual obligations

3

2

$mm

Operating

Income

Depreciation &

Amortization

Stock

Compensation

Other

Adjustments

Adjusted

OIBDA

Media 35.9$ 3.0$ 4.7$ -$ 43.6$

Live Events 2.9 - 0.7 - 3.6

Consumer Products 6.0 - 0.9 - 6.9

Corporate (23.0) 3.3 0.8 - (18.9)

Total Operating Income 21.8$ 6.3$ 7.1$ -$ 35.2$

Three Months Ended March 31, 2018

$mm

Operating

Income

Depreciation &

Amortization

Stock

Compensation

Other

Adjustments

Adjusted

OIBDA

Media 15.2$ 3.1$ 4.7$ 2.1$ 25.1$

Live Events 3.7 - 0.8 - 4.5

Consumer Products 14.4 - 0.8 - 15.2

Corporate (29.3) 3.8 0.3 5.6 (19.6)

Total Operating Income 4.0$ 6.9$ 6.6$ 7.7$ 25.2$

Three Months Ended March 31, 2017

Reconciliation of Adjusted OIBDA1

SUPPLEMENTAL INFORMATION

14

1 Effective with the presentation of first quarter 2018 results, the Company adopted a new FASB standard for revenue recognition (ASC Topic 606). Results shown above that exclude the impact of adopting ASC Topic 606, demonstrate first quarter 2018 results on a comparable basis to the first quarter as if the prior year approach to revenue recognition had been maintained in the current year2 A definition of Adjusted OIBDA can be found on page 15 of this presentation. Source: WWE Q1 2018 Earnings 05/03/2018 (corporate.wwe.com/investors

Financial Results - Excluding the Impact Adopting ASC Topic 606

March 31, 2017

Net revenues

As

Reported

ASC Topic

606 Impact1

Excluding ASC

Topic 606 As Reported

Media 133.4$ 0.6$ 134.0$ 121.2$

Live Events 30.8 - 30.8 32.1

Consumer Products 23.5 9.7 33.2 35.1

Total net revenues 187.7$ 10.3$ 198.0$ 188.4$

Three Months Ended

March 31, 2018

Operating income

Media 35.9$ -$ 35.9$ 15.2$

Live Events 2.9 - 2.9 3.7

Consumer Products 6.0 7.2 13.2 14.4

Corporate (23.0) - (23.0) (29.3)

Total operating income 21.8$ 7.2$ 29.0$ 4.0$

Interest expense 3.5 - 3.5 3.5

Investment and other income, net 1.8 - 1.8 0.9

Income before taxes 20.1 7.2 27.3 1.4

Provision for income taxes 5.3 1.7 7.0 0.5

Net income 14.8$ 5.5$ 20.3$ 0.9$

Earnings per share - diluted 0.18$ 0.07$ 0.25$ 0.01$

Operating income 21.8$ 7.2$ 29.0$ 4.0$

Depreciation & amortization 6.3 - 6.3 6.9

Stock-based compensation 7.1 - 7.1 6.6

Other adjustments - - - 7.7

Adjusted OIBDA235.2$ 7.2$ 42.4$ 25.2$

Reconciliation of Operating income to Adjusted OIBDA

NOTES: NON-GAAP MEASURES

15

▪ The definition of Adjusted OIBDA, the Reconciliation of Q1 2018, Q2 2018 and full year 2018Adjusted OIBDA to Operating Income can be found in the Company’s Q1 2018 earnings materialsrelease dated May 3, 2018

▪ The Company defines Adjusted OIBDA as operating income excluding depreciation and amortization,stock-based compensation expense, certain impairment charges and other non-recurring materialitems that otherwise would impact the comparability of results between periods. Adjusted OIBDAincludes amortization expenses directly related to the Company's revenue generating activities,including the amortization of feature film, television production and WWE Network programmingassets. The Company believes the presentation of Adjusted OIBDA is relevant and useful for investorsbecause it allows them to view the Company’s segment performance in the same manner as theprimary method used by management to evaluate segment performance and to make decisionsregarding the allocation of resources. Additionally, the Company believes that Adjusted OIBDAprovides a meaningful representation of operating cash flows generated by our business segments,and is a primary measure used by media investors, analysts and peers for comparative purposes

▪ Adjusted OIBDA, Adjusted Operating income, Adjusted Net income and Adjusted Earnings per shareexclude certain material items, which otherwise would impact the comparability of results betweenperiods. These should not be considered as an alternative to net income, cash flows from operationsor any other indicator of WWE's performance or liquidity, determined in accordance with U.S. GAAP

▪ The Company defines Free Cash Flow as net cash provided by operating activities less cash used forcapital expenditures. Although it is not a recognized measure of liquidity under U.S. GAAP, Free CashFlow provides useful information regarding the amount of cash WWE’s continuing business generatesafter capital expenditures and is available for reinvesting in the business, debt service, and paymentof dividends