WWE updated fans with a press release today which provided an insight into the drastic consequences the global pandemic has had on the company and its staff. WWE is a multi-billion dollar company, but is unfortunately not exempt from the horrific effects COVID-19 has had on business and finances worldwide.
As a result, WWE have assessed the situation and have announced some significant changes to their operations to help stabilise business and combat any future developments. One of the biggest cost-reduction methods coming away from this is the incoming staff cuts to both talent and backstage personnel. Of course, there’s no criteria as to who exactly this will affect, but we highly suspect many superstars currently not featured on TV will see changes coming their way.
Many staff are either expected to be released of their contracts or simply furloughed. This might apply more to trainees at the WWE Performance Centre and the NXT UK roster, who are currently not producing weekly content.
WWE have also detailed several other methods that will soon be implemented:
- Reducing executive and board member compensation;
- Decreasing operating expenses;
- Deferring spend on the build out of the Company’s new headquarters for at least six months.
Credit where it’s due to WWE for acting on these issues sooner rather than later, but arguably the company shouldn’t be operating as usual under the circumstances and could have avoided staff cuts entirely if they used this time as an off-season.
WWE will provide further details on the measures being taken to combat these trying times in the coming weeks.
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