WWE’s parent company, TKO Group, announced on the earnings call this past week that the job cuts will continue even after releasing over 100 office employees and several wrestlers in September.
The cuts will focus on eliminating overlapping positions between WWE and UFC.
“The company noted that there will be a great decrease in expenses in eliminating jobs in IT, marketing, finance, human resources and legal when it comes to overlapping personnel in UFC and WWE who can do those jobs for both companies. They expect to save $50 million to $100 million, and the figure was said to be expected to be the high end of this range, with 75 percent of the savings being on the books for 2024,” Dave Meltzer wrote in the Wrestling Observer Newsletter
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WWE’s parent company, TKO Group, recently announced that they will be continuing with job cuts, following the release of over 100 office employees and several wrestlers in September. The focus of these cuts will be on eliminating overlapping positions between WWE and UFC.
According to Dave Meltzer of the Wrestling Observer Newsletter, the company plans to decrease expenses by eliminating jobs in IT, marketing, finance, human resources, and legal that have overlapping personnel in both WWE and UFC. By doing so, they expect to save between $50 million to $100 million. Meltzer notes that the savings are expected to be on the higher end of this range, with 75 percent of the savings being accounted for in 2024.
This move by TKO Group is aimed at streamlining operations and reducing costs by leveraging shared resources between WWE and UFC. By eliminating duplicate positions, the company can optimize its workforce and allocate resources more efficiently.
While job cuts are never easy for those affected, it is a common practice in the business world to ensure long-term sustainability and profitability. Companies often restructure their operations to adapt to changing market conditions and improve their financial performance.
For fans of professional wrestling, it’s important to note that these job cuts primarily affect administrative and support roles within the company. The talent roster and the quality of WWE’s programming are not expected to be significantly impacted by these changes.
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In conclusion, WWE’s parent company, TKO Group, is continuing with job cuts to eliminate overlapping positions between WWE and UFC. This move is expected to result in significant cost savings for the company. While these cuts may be difficult for those affected, they are a necessary step for TKO Group to optimize its operations and ensure long-term success.