WWE President Nick Khan has sent out an internal e-mail announcing that the company will begin their post-acquisition layoffs. In the e-mail, Khan instructed all employees to work remotely on Friday, September 15th, so that the Human Resources department can handle the layoffs privately.
Endeavor’s recent acquisition of WWE and UFC to form TKO Group Holdings has led to the expectation of cost-cutting measures. Endeavor aims to reduce WWE’s costs by $50 million to $100 million, following their success in cutting $70 million from UFC’s costs within the first 18 months of ownership.
While it remains uncertain whether the upcoming layoffs will include talent, it is clear that WWE is undergoing a transition in their operations and systems to identify potential synergies across the business.
According to the e-mail, those whose roles have been impacted by the layoffs will be notified by the Human Resources Team, who will share the details of their severance package. The decision for employees to work remotely on Friday ensures that all conversations regarding the layoffs are handled privately and respectfully.
In the e-mail, Khan expressed his gratitude and admiration for the talented, creative, and hard-working employees at WWE. He acknowledged that moments like this are difficult, but emphasized the company’s appreciation for everyone they have had the privilege to work alongside.
For more information on the departure of Frank A. Riddick III, who recently worked as WWE CFO & President, you can read Khan’s internal memo here.
Stay tuned to WrestlingHeadlines.com for further updates on this developing story.
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