News on If WWE Talent Cuts Are Expected Tomorrow, Notes on the Layoffs Coming to WWE HQ
It looks like there will not be mass cuts to the WWE rosters tomorrow.
It was reported earlier how WWE President Nick Khan issued an internal memo to all employees at WWE HQ in Stamford, informing them that post-acquisition layoffs will begin tomorrow. Employees were asked to stay home and work from there so that Human Resources can handle all conversations privately and respectfully. These conversations will include details on severance packages. Khan noted that another message will be issued tomorrow after all layoffs have been made. For those who missed it, you can click here for Khan’s full message. The news caused immediate concern among fans who saw this as a sign that wrestler cuts will also begin tomorrow.
In an update, it looks like wrestlers in WWE NXT and on the main roster will be safe for tomorrow as far as mass releases go. It was noted by Sean Ross Sapp that talents did not receive Khan’s layoff memo or any similar warning. This does not necessarily confirm that talents will be spared tomorrow, but it’s a good indicator.
There has been a belief for months, going back to the Endeavor announcement in April, that there will be significant releases made in NXT and on the main roster once the acquisition was finalized. Nick Hausman noted tonight that he also heard talent cuts have been planned for some time, but no additional details were provided. There’s no word yet on when talent cuts will be made, but the company may hold off for a week or two for various reasons, including PR.
Tomorrow will likely bring significant cuts to WWE HQ now that Endeavor has merged WWE and UFC into TKO Group Holdings. WWE has around 800 employees and it’s not clear how many will be laid off tomorrow, but it’s safe to say it will be a long day for many as they wait for Khan’s “all-clear” memo at the end of the day. It’s believed that they are mainly looking to eliminate redundancies in company operations, which would include jobs in various departments such as production, sponsorships, licensing, public relations, and human resources, among others. Endeavor was expected to cut around 15% of UFC’s global workforce in 2016, and within the first few months of ownership a few hundred employees were gone.
We’ve known for months that at least some cuts were coming after the WWE – UFC merger. It was reiterated on Tuesday that Endeavor will be looking to cut WWE’s costs from $50 million to $100 million, and that includes far more cuts than employees. Endeavor previously cut $70 million from UFC’s costs in the first 18 months of ownership.
There’s no word yet on if there will be any UFC layoffs on Friday. As of this writing, there has been no talk of a similar memo issued to UFC employees.
Stay tuned to WrestlingHeadlines.com for more.
The post <