The COVID-19 outbreak has affected the entire world including professional wrestling. WWE had to make the difficult decision of letting go of several Superstars and other members of staff yesterday.
On Wrestling Observer Radio, Dave Meltzer talked about WWE’s budget cuts. He noted that the total amount of money that the company saved with the cuts was approximately $8 million, as they all earned around that much altogether every year.
The company is expected to make a profit of almost $1 billion, but they still decided to let go of more employees in order to help with that goal.
WWE released an official statement, where they said that they will be saving $4 million a month in total to their bottom line.
“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.”
The company’s recent exodus was met with a lot of criticism, especially during these troubling times. WWE will continue to produce weekly TV content for fans to enjoy, despite the cuts.
