• Wrestling News & Wrestling Rumors – WWE & TNA

- Press Release:

WWE® Reduces Staff by 10%

World Wrestling Entertainment® today announced a 10% reduction of its staff across all areas of its global operations. This reduction will result in annual savings of approximately $8 Million in compensation and benefit costs. Additionally, the Company will incur an approximate $3 Million one-time restructuring charge in the first quarter of 2009.
The staff reduction is consistent with the Company’s previous commitment to implement stronger cost controls, increase earnings and margins, and reduce its cost base by $20 million in 2009. In addition to staffing, the Company has completed a comprehensive evaluation of its operating and capital expenditures and has identified additional efficiencies. Collectively, these initiatives will strengthen the Company’s financial performance.

“These efficiencies will help position the Company for the long term, by placing it in a stronger, more flexible position,” said Linda McMahon, CEO, WWE. “With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner.”

- WWE has released a replica of the new ECW world title, currently held by Matt Hardy. It will eventually filter in to all the usual merchandise outlets.

- Bruce Springsteen who wrote the original track for The Wrestler movie was named the best original song by the Critic’s Choice Awards yesterday. It was written entirely as a favor to Mickey Rourke, but couldn’t be more fitting for the film. It’s a great song when it gets going.