WWE announces furloughs as Vince McMahon pushes forward with live shows during coronavirus pandemic
Charlotte Flair vs.Rhea Ripley during WrestleMania 36 that aired on Sunday, April 5, 2020.(Courtesy of WWE)
WWE will save almost $4 million monthly after the sports-entertainment company announced employee furloughs Wednesday.
Blaming “COVID-19 and current government mandated impacts on WWE and the media business generally,” WWE President Vince McMahon announced “headcount reductions" due to a decision “to furlough a portion of its workforce effective immediately," according to a company press release.
WWE said the furloughs will be temporary, but provided no details.
Asked for details on how many employees are being furloughed, a spokesman for WWE directed the Daily News to the press release, which did not include that information.
The company will also be reducing “executive and board member compensation,” cutting expenses and consulting fees and putting off construction on its new headquarters for at least six months.
Details on how salary reductions for executives is also unclear.
WWE estimated that the cost-cutting measures will save about $4 million monthly.
“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,” the press release read.
Despite global coronavirus lockdowns that have shuttered sports and entertainment, WWE live shows returned this week out of the company’s performance center in Orlando, where Florida Gov. Ron DeSantis has deemed wrestling an essential service.