WWE is the newest firm to announce that it’s furloughing a portion of its workforce in response to the financial downturn attributable to the continuing coronavirus pandemic.
Along with the furloughs, the sports activities leisure firm announced Wednesday that it will be lowering compensation for executives and board members, deferring plans to construct a brand new headquarters for at the very least six months, and releasing a number of onscreen performers and backstage producers. Those released embrace WWE Corridor of Famer Kurt Angle, Curt Hawkins, Luke Gallows, and EC3. Backstage producers Shane Helms, Lance Storm, and Match Finlay had been additionally amongst these launched by the corporate, with Angle having been working as a producer as nicely since final yr.
WWE estimates that the strikes will result in a month-to-month financial savings of roughly $four million and a money move enchancment of $140 million, with many of the latter coming from the choice to delay constructing the brand new headquarters.
“Administration continues to consider the basics of the Firm’s enterprise stay robust and that WWE is nicely positioned to take full benefit of the altering media panorama and growing worth of dwell sports activities rights over the long run,” WWE stated in an announcement.
Information of the reductions comes after WWE was deemed an “important enterprise” within the state of Florida, which is able to enable it to proceed filming its weekly tv reveals out of the WWE Efficiency Heart in Orlando with no viewers current regardless of the present stay-at-home order.
WWE’s three weekly reveals are “Monday Night time Uncooked” and “NXT,” each of which air on USA Community, and “SmackDown Stay,” which airs on Fox. WWE is at present in the midst of the primary yr of its 5 yr cope with Fox, which is valued at $1 billion complete.
(Pictured: WWE CEO Vince McMahon)