WWE made some tough cuts to their budget yesterday. This came with a lot of releases for on-air talent. Superstars, producers, and coaches fans know aren’t the only ones who lost their jobs.
During Wrestling Observer Radio, Dave Meltzer discussed WWE’s cuts. He stated that in total the company is saving around $8 million a year.
“All of these people throughout the course of a year make up $8 million in salary. All of the cuts combined, roughly 8.”
WWE is projected to make a profit this year that could be close to $1 billion. They still trimmed some people to help their bottom line.
In the official statement from WWE, it was said that the company will save $4 million a month in total to their bottom line. Obviously, the cuts extended far past any on-air talent releases.
“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 is securing themselves for an unpredictable time to come. They will continue to produce live television on a weekly basis and keep the show going for fans during this uncertain time. They needed to make some cuts in the process.
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