World Wrestling Federation Entertainment Inc

World Wrestling Federation Entertainment Inc., the biggest professional wrestling producer, said Thursday that fiscal first-quarter profit fell 21%, hurt by a slowing advertising market and lower ratings. Profit for the period ended July 27 declined to $12 million, or 16 cents a share, from $15.2 million, or 22 cents, a year earlier. Revenue fell 11% to $90.7 million, from $101.9 million. WWF's revenue from TV ads fell 17% in the quarter.

"Frasier" star Kelsey Grammer has helped prevent the filming of a wrestling-related reality series near his Malibu home. After protests by Grammer and other residents, the Malibu City Council denied permission to World Wrestling Entertainment Inc. to film "WWE Tough Enough" at a Malibu house, even though the city's film commission had approved it.

* Senate Banking Committee Chairman Paul S. Sarbanes (D-Md.) postponed action on accounting oversight legislation until after the congressional Memorial Day recess. The delay came amid mounting industry and Republican opposition to the chairman's bill, which would create an accounting oversight panel with more authority than one approved by the Republican-controlled House. * Energy companies El Paso Corp. and Questar Corp.

* Senate Banking Committee Chairman Paul S. Sarbanes (D-Md.) postponed action on accounting oversight legislation until after the congressional Memorial Day recess. The delay came amid mounting industry and Republican opposition to the chairman's bill, which would create an accounting oversight panel with more authority than one approved by the Republican-controlled House. * Energy companies El Paso Corp. and Questar Corp.

The failure of the XFL football league delivered a hit to World Wrestling Federation Entertainment Inc., which posted a fourth-quarter net loss of $20.4 million and full-year profit that was a third of what it was a year ago. WWF's quarterly loss was 28 cents per share, compared with pro forma profit of $9.5 million, or 14 cents, for the year earlier quarter. Analysts surveyed by First Call had expected a quarterly loss of 2 cents per share. . . . Walt Disney Co. has named John H.

World Wrestling Federation Entertainment Inc. is laying off 39 people, or 9% of its work force, and replacing its chief operating officer as the company struggles to recover from a profit slump. Stuart Snyder, president and chief operating officer, is resigning. Pete DiNicola, a senior vice president, will become chief operating officer and executive vice president, reporting to Chief Executive Linda McMahon. Several executives who had reported to Snyder will now report directly to McMahon.

World Wrestling Federation Entertainment Inc. (WWFE), whose shares had apparently been down for the count since the company went public in October, got off the mat Tuesday with quarterly earnings that body-slammed Wall Street estimates. Net income at the company that made stars of such wrestlers as "Stone Cold" Steve Austin increased 54% in the quarter ended Jan. 28 to $15.7 million, or 23 cents a share.

World Wrestling Federation Entertainment Inc. said Thursday that it filed a lawsuit against the Parents Television Council in a New York federal court accusing the conservative media watchdog group of using threats and lies to drive advertisers away. The suit, which was filed in the U.S. District Court in the Southern District of New York, also named the group's chairman, L. Brent Bozell, and the Media Research Center, another conservative group founded by Bozell, among others.

World Wrestling Federation Entertainment Inc. said Tuesday it won a contract dispute to jump from USA Networks to Viacom Inc.'s CBS unit. Delaware Chancery Court Judge William Chandler III ruled that USA Networks didn't properly match Viacom's offer of at least $12.6 million for the rights to the WWF top-rated cable television shows, the company said.

World Wrestling Federation Entertainment Inc. on Friday said it is buying World Championship Wrestling from Turner Broadcasting System Inc., creating a tag-team franchise that has housed the Rock and Hulk Hogan. Financial terms were not disclosed, but analysts estimate that WCW lost about $80 million last year. Shares of WWFE closed down 1 cent at $12.10 on the New York Stock Exchange, off more than 40% from a high of $21.59 in late January.

Dwindling TV audiences and the terrorist attacks have dampened fans' appetite for the World Wrestling Federation Entertainment Inc.'s made-up mayhem. The company posted a 49% decline in net income Wednesday for its fiscal second quarter and warned that full-year sales may slip by as much as 13%. WWF said net income totaled $4.8 million for the three months ended Oct. 26, down from $9.5 million for the same period a year earlier. Revenue fell 12% to $98.2 million.

World Wrestling Federation Entertainment Inc. is laying off 39 people, or 9% of its work force, and replacing its chief operating officer as the company struggles to recover from a profit slump. Stuart Snyder, president and chief operating officer, is resigning. Pete DiNicola, a senior vice president, will become chief operating officer and executive vice president, reporting to Chief Executive Linda McMahon. Several executives who had reported to Snyder will now report directly to McMahon.

World Wrestling Federation Entertainment Inc., the biggest professional wrestling producer, said Thursday that fiscal first-quarter profit fell 21%, hurt by a slowing advertising market and lower ratings. Profit for the period ended July 27 declined to $12 million, or 16 cents a share, from $15.2 million, or 22 cents, a year earlier. Revenue fell 11% to $90.7 million, from $101.9 million. WWF's revenue from TV ads fell 17% in the quarter.

World Wresting Federation Entertainment Inc., the biggest professional wrestling producer, said it may miss revenue forecasts for fiscal 2002 as the advertising market weakens and its contract with Hughes Electronics Corp.'s DirecTV is set to expire next month. WWF said its television advertising revenue may be hurt because of an "extremely soft" advertising market.

The failure of the XFL football league delivered a hit to World Wrestling Federation Entertainment Inc., which posted a fourth-quarter net loss of $20.4 million and full-year profit that was a third of what it was a year ago. WWF's quarterly loss was 28 cents per share, compared with pro forma profit of $9.5 million, or 14 cents, for the year earlier quarter. Analysts surveyed by First Call had expected a quarterly loss of 2 cents per share. . . . Walt Disney Co. has named John H.

World Wrestling Federation Entertainment Inc. on Friday said it is buying World Championship Wrestling from Turner Broadcasting System Inc., creating a tag-team franchise that has housed the Rock and Hulk Hogan. Financial terms were not disclosed, but analysts estimate that WCW lost about $80 million last year. Shares of WWFE closed down 1 cent at $12.10 on the New York Stock Exchange, off more than 40% from a high of $21.59 in late January.

Now we know the economy truly is slowing: Not even The Rock and his wrestling cohorts can make their sales targets this quarter. World Wrestling Federation Entertainment Inc., parent of a multimedia wrestling empire, said Wednesday that revenue will be less than expected for fiscal 2001, partly due to slow sales of some action figures. Talk about a Smackdown: The company's stock (ticker symbol: WWFE) plunged to $12.75 in after-hours trading following the announcement.

May Department Stores Co. on Thursday said fiscal fourth-quarter profit rose only slightly after the retailing industry suffered its slowest holiday season in at least five years. Meanwhile, Office Depot Inc. and catalog retailer Spiegel Group Inc. reported lower fourth-quarter profits and said a slowing U.S. economy will crimp future results. May, whose chains include Hecht's, Lord & Taylor and Robinson May, is the first major retailer to report results for the quarter.