Kemo
04-15-2020, 06:46 PM
Vince McMahon and WWE have announced that some major cuts are coming the company’s way.
This is due to the current coronavirus outbreak and how detrimental it has been to the United States economy. WWE released an official press release, noting the coronavirus and current government-mandated impacts on the company will force several changes. The changes read as follows:
Reducing executive and board member compensation;
Decreasing operating expenses;
Cutting talent expenses, third party staffing and consulting;
Deferring spend on the build out of the Company’s new headquarters for at least six months
To recap, WWE will be reducing executive and board member salaries. Also, operating expenses, talent expenses, and third party staffing/consulting will be cut. This means that some roster cuts are coming, and there will be select WWE stars who will be given their walking papers soon. It’s possible those talents have already been furloughed, as WWE’s statement also reads, “the Company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately.”
It might only be a matter of time before the news begins pouring in that some talents are now free agents. However, given WWE is deciding to furlough these talents rather than outright make permanent cuts, as their statement notes, it’s likely these moves are all temporary. Once the coronavirus pandemic begins to wind down, hopefully things will slowly return to normal and those who have been furloughed will return to work. We’ll keep you updated as we learn more.
This is due to the current coronavirus outbreak and how detrimental it has been to the United States economy. WWE released an official press release, noting the coronavirus and current government-mandated impacts on the company will force several changes. The changes read as follows:
Reducing executive and board member compensation;
Decreasing operating expenses;
Cutting talent expenses, third party staffing and consulting;
Deferring spend on the build out of the Company’s new headquarters for at least six months
To recap, WWE will be reducing executive and board member salaries. Also, operating expenses, talent expenses, and third party staffing/consulting will be cut. This means that some roster cuts are coming, and there will be select WWE stars who will be given their walking papers soon. It’s possible those talents have already been furloughed, as WWE’s statement also reads, “the Company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately.”
It might only be a matter of time before the news begins pouring in that some talents are now free agents. However, given WWE is deciding to furlough these talents rather than outright make permanent cuts, as their statement notes, it’s likely these moves are all temporary. Once the coronavirus pandemic begins to wind down, hopefully things will slowly return to normal and those who have been furloughed will return to work. We’ll keep you updated as we learn more.