Sunday, April 21, 2024

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WWE to furlough a portion of its employees amid COVID-19

Update: Since posting this, WWE has released several superstars as announced on their official Twitter account and website. At this time, there has not been a female talent listed, but you can view who has been released below:

WWE has released an official statement in regards to what measures they are taking to save money as a result of the current impact that the COVID-19 pandemic is having. Vince McMahon has stated that WWE will be cutting the roster and their overall employees. Although some cuts will be made, some will be going on furlough which means that there is hope for those individuals that this will just be temporary.

Below is an excerpt from a statement released by WWE:

Due to COVID-19 and current government mandated impacts on WWE and the media business generally, the Company went through an extensive evaluation of its operations over the past several weeks. This analysis resulted in the implementation of various short-term cost reductions and cash flow improvement actions including:

  • 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.

Given the uncertainty of the situation, the Company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately. The decision to furlough versus permanently reduce headcount reflects the fact that the Company currently believes the furlough will be temporary in nature.

For the full business update and source you can click here.

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