-

WWE announces several cost-cutting measures and employee furloughs due to COVID-19

WWE today announced that 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 which resulted in the implementation of various short-term cost reductions and cash flow improvement actions.

These cost-cutting measures include reducing executive and board member compensation, decreasing operating expenses, cutting talent expenses, third party staffing and consulting, and deferring spend on the build out of the 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,” the statement said.

The reduction of employee compensation and headcount will result in an estimated monthly savings of $4 million along with cash flow improvement of $140 million primarily from the deferral in spending on the new headquarters. WWE said they have approximately half a billion dollars in financial resources to manage the challenges ahead.


Discover more from Wrestling-Online.com

Subscribe to get the latest posts sent to your email.

Colin Vassallo
Colin Vassallohttps://www.wrestling-online.com
Colin Vassallo has been editor of Wrestling-Online since 1996. He is born and raised in Malta, follows professional wrestling and MMA, loves to travel, and is a big Apple fan!

Stories you might also likeRELATED
Recommended to you

LATEST NEWS

Strowman vs Fatu added to Saturday Night’s Main Event

The third match for the next Saturday Night's Main Event was announced last night on Smackdown and it will...

WWE Women’s Tag Team title match set for NXT at Center Stage Atlanta

The WWE Women's Tag Team titles will be defended on the January 28 episode of NXT live from Center...

Pat McAfee to miss next Raw due to ESPN commitments

Pat McAfee will miss Monday Night Raw next week due to his ESPN duties where he will host Field...

Discover more from Wrestling-Online.com

Subscribe now to keep reading and get access to the full archive.

Continue reading