GREEN BAY, WI – JUNE 22: Vince McMahon (L) and Donald Trump go to an interview about the WWE at the Austin Straubel International Airport on June 22, 2009 in Green Bay, Wisconsin. (Image by Mark A. Wallenfang/Getty Images)
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The WWE is the leading organization across professional wrestling and the impact of COVID-19 has hit deep as cutbacks across the promotion were announced on Wednesday.
World Wrestling Entertainment is going through a very trying time just like millions of other businesses across the planet. Social distancing mandates have cut into the very fabric of the business and limited its ability to fully create content during their weekly shows. The negative news continued Wednesday as the organization announced cuts and furloughs for everyone within WWE.
The news officially broke with Mike Johnson of PWI Insider and trickled throughout the wrestling news media from there. According to Johnson’s report, WWE Chairman and CEO, Vince McMahon spoke to employees with the news of cutbacks that would impact everything from pay for board members and executives, cutbacks and leave of absences for employees across the organization and even a planned headquarters move. Employees were then contacted via text message on their status with the company.
Along with this news, the WWE released an official press release that attended to the scenario.
“Due to COVID-19 and current government mandated impacts on WWE and the media business generally, the Company went through an extensive evaluation of its operations over the past several weeks.”
Journalism release discussed that month-to-month cost savings due to these actions are roughly $4 million.
This comes throughout a week in which WWE was associated with a questionable politic advancement as they were considered “essential business” within the state of Florida. This tag permits the organization to continue live productions at its Efficiency Center throughout a time in which numerous live productions have actually stopped.
It was discovered that this classification followed a commitment from the America First PAC to spend more than $18 million in Florida during President Donald Trump’s re-election campaign. That PAC is led by Linda McMahon, Vince McMahon’s other half.
The organization likewise handled the news that an on-air skill contracted COVID-19 as concerns continued about how they are keeping their personnel safe.
The news of cutbacks has actually affected millions across the United States asunemployment requests soar WWE was not invulnerable to the huge stop in business and this news shows the damage that’s been done.
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