WWF to make IPO

Wednesday, Aug. 4, 1999 | 2:45 a.m.

LAS VEGAS - The World Wrestling Federation is going public with a $173 million stock offering.

The proceeds will be used to expand the company's Internet operations, develop new kinds of television programs and upgrade its television facilities.

The WWF is one of the nation's top wrestling event producers and is home 110 performers, including such luminaries as Stone Cold Steve Austin, The Big Boss Man and Sergeant Slaughter.

The company also owns the Debbie Reynolds Hotel in Las Vegas and is looking for a buyer for the 193-room hotel-casino.

The company earned $56 million in profit for the year ending April 30, up from $8.5 million in the prior year. Revenue rose more than 99 percent during the same period to $251.5 million from $126.2 million.

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