WWE Issues Press Release On Business Plan, Network Part Of Plan For Growth

Free Cash Flow is also expected to decline in 2013 due to capital expenditures of $50 million to $60 million, of which approximately 65% is an estimated one-time expenditure to replace our aging corporate jet, which is nearly 20 years old. We expect the acquisition of the aircraft will be financed at attractive rates, and that the sale of our current aircraft will offset a significant portion of the down payment. As indicated above, a network launch within the year would further negatively impact 2013 Free Cash Flow. Similar to our EBITDA performance, successful execution of our content strategy could significantly enhance our Free Cash Flow by 2015.

Free Cash Flow assumes an investment of approximately $15 million to $20 million (net of tax credits) in 2013 to produce a portfolio of movies. While we have confidence that our revised approach to filmed entertainment will yield returns above our cost of capital, we have also established criteria that will guide our participation in this business. Future investment will be predicated on the evaluation of our performance in 2013. Regarding all of our content related initiatives, including movies, our intent is to establish a solid foundation for meaningful earnings growth.

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