WWE sacrificed 28 wrestlers and backstage talent on Wednesday all in the name of WWE’s stock.
That sounds crude, but it’s true.
WWE announced today that 28 individuals were fired. More full-time employees would be furloughed or laid off and construction on the company’s new headquarters has halted as well. The savings for WWE is about $4 million per month, they bragged in a press release.
That $4 million per month sounds like a lot … until you realize WWE has $90 million in cash on hand and has upwards of $500 million available if they maximized everything and extended all of their credit lines.
The cuts were, of course, blamed on coronavirus.
But make no mistake about it, these cuts were made for one reason and one reason only … to protect WWE’s stock price. The moves were made to protect profit margin. It affected a lot of lower-card talents, some of whom...
That sounds crude, but it’s true.
WWE announced today that 28 individuals were fired. More full-time employees would be furloughed or laid off and construction on the company’s new headquarters has halted as well. The savings for WWE is about $4 million per month, they bragged in a press release.
That $4 million per month sounds like a lot … until you realize WWE has $90 million in cash on hand and has upwards of $500 million available if they maximized everything and extended all of their credit lines.
The cuts were, of course, blamed on coronavirus.
But make no mistake about it, these cuts were made for one reason and one reason only … to protect WWE’s stock price. The moves were made to protect profit margin. It affected a lot of lower-card talents, some of whom...
- 4/16/2020
- by Mike Cecchini
- Den of Geek
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