On Tuesday, Ari Emanuel’s Endeavor Group acquired WWE and merged it with the UFC to form TKO Group Holdings.
As we previously reported here on eWn, WWE CFO and President Frank Riddick III will be ending his tenure with the company at the end of this month. Additionally, WWE President Nick Khan sent a company-wide email to employees on Thursday (see below) to inform them that they should work remotely tomorrow so WWE’s HR team can perform “workforce reductions” in private. Employees will be notified of their firings as the decisions are made throughout the course of the day.
According to a report from Nick Hausman, it has been confirmed that layoffs will be taking place at the Stamford headquarters on Friday. Additionally, it was noted that “major cuts” are also expected to be taking place on the WWE main roster and the NXT brand. It remains to be seen whether the talent cuts take place tomorrow or possibly in the coming weeks. We know for sure the office cuts are coming tomorrow.
As you’d expect, the reason for possibly splitting up the timeframe between the office and talent cuts is due to the bad PR that always comes with massive layoffs and releases. Usually, the office cuts take place first. But it’s possible both could be happening tomorrow. Stay tuned.
In case you missed Nick Khan’s email to WWE employees on Thursday, you can read that below:
“As part of WWE’s transition into the newly formed TKO Group Holdings, we are evaluating our existing operations and systems to identify potential synergies across the business. This effort includes workforce reductions, which will take place tomorrow.
Those whose roles have been impacted will be notified by our Human Resources Team, who will share the details of their severance package. We are asking that everyone work remotely, Friday September 15th, so we can insure all conversations are handled privately and respectfully. We’ll send out a company-wide email once all of tomorrow’s conversations have happened.
Our company is home to the most talented, creative, and hard-working employees in the world. WWE is a special place, which makes moments like this difficult. Just know that we have nothing but gratitude and admiration for everyone we have had the privilege to work alongside.
Thank you for all your contributions and dedication.
Nick Khan”
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On Tuesday, Ari Emanuel’s Endeavor Group made headlines by acquiring WWE and merging it with the UFC to form TKO Group Holdings. This move has sparked a lot of speculation and discussion within the wrestling and combat sports industries.
As part of this transition, WWE CFO and President Frank Riddick III will be leaving the company at the end of this month. Additionally, WWE President Nick Khan sent an email to all employees on Thursday, informing them that they should work remotely the following day. The purpose of this remote work was to allow WWE’s HR team to conduct “workforce reductions” in private. Throughout the day, employees would be notified of their firings as decisions were made.
According to a report, layoffs have been confirmed to take place at WWE’s Stamford headquarters on Friday. Furthermore, it is expected that “major cuts” will also occur on the WWE main roster and the NXT brand. It is unclear whether these talent cuts will happen on Friday or in the coming weeks. However, it is common practice for office cuts to take place first to minimize negative publicity.
The decision to downsize the workforce is likely driven by the need to identify potential synergies and streamline operations within the newly formed TKO Group Holdings. While these layoffs are undoubtedly difficult for those affected, Nick Khan’s email expressed gratitude and admiration for the hard work and dedication of all employees.
The news of these layoffs has caused a stir among wrestling fans and industry insiders. Many are speculating about the potential impact on WWE’s programming and talent roster. It remains to be seen how these changes will unfold and what they mean for the future of professional wrestling.
For fans who want to stay updated on all wrestling news, eWrestlingNews.com is a reliable source. The website provides comprehensive coverage and analysis of the latest developments in the wrestling world. Additionally, fans can follow eWrestlingNews on Twitter and Facebook for real-time updates.
In conclusion, the acquisition of WWE by Ari Emanuel’s Endeavor Group and the subsequent merger with the UFC to form TKO Group Holdings has led to workforce reductions within the company. Layoffs are expected to take place at WWE’s headquarters, as well as on the main roster and NXT brand. These changes are part of an effort to evaluate operations and identify synergies within the newly formed entity. Wrestling fans and industry insiders are eagerly watching to see how these developments will shape the future of professional wrestling.