WWE Announces Wave Of Talent Cuts, Furloughs Amid Coronavirus Pandemic

KEY POINTS

Vince McMahon shared the news with employees during a conference call, outlining the business changes coming in response to the COVID-19 pandemic
Changes include several personnel cuts and furloughs, executives taking significant pay cuts, and delaying planned move into new headquarters
WWE had over 300 on-screen talents, including wrestlers, referees, and broadcasters, under contract going into the latest cuts

Several WWE talents were released Wednesday following a conference call with CEO Vince McMahon, who said personnel and salary cuts were on the way due to the COVID-19 pandemic.

McMahon updated his staff on the company’s standing amid the pandemic, with PWInsider claiming he outlined plans for personnel to be furloughed until the pandemic had passed while more were set to be released.

“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,” WWE said in an official press release. “The decision to furlough versus permanently reduce headcount reflects the fact that the Company currently believes the furlough will be temporary in nature.”

McMahon said several board members and executives would have their pay reduced and WWE has delayed moving into its new headquarters in Stamford, Connecticut.

“The Company’s reductions of employee compensation and headcount 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 Company’s new headquarters,” WWE said.

“Additionally, the Company has substantial financial resources, both available cash and debt capacity, which currently total approximately $0.5 billion, to manage the challenges ahead. Management continues to believe the fundamentals of the Company’s business remain strong and that WWE is well positioned to take full advantage of the changing media landscape and increasing value of live sports rights over the longer term.”

Going into Wednesday, WWE had over 300 on-screen talents signed as wrestlers, referees, and broadcasters. This is not counting the various backstage producers and agents working with the performers at weekly shows and the WWE Performance Center or former wrestlers signed under WWE Legends deals to appear at smaller shows or work as company ambassadors.

These are all official releases or furloughs confirmed as of 3:30 p.m. Wednesday: