WWE layoffs will begin tomorrow.
According to a new report from PWInsider, WWE President Nick Khan just issued an internal e-mail announcing that all employees will be working remotely tomorrow, Friday, September 15, as the company begins post-acquisition layoffs.
Khan requested that employees stay at home and work from home tomorrow so that the Human Resources department can handle the layoffs privately. His entire e-mail is included below.
Cuts were unavoidable after Endeavor completed its acquisition of WWE and UFC to form TKO Group Holdings on Tuesday. On Tuesday, Endeavor reiterated its intention to reduce WWE’s costs from $50 million to $100 million. Endeavor previously saved UFC $70 million in the first 18 months of ownership.
It’s unclear whether Friday’s cuts will include any talents.
As PWMania.com previously reported, Frank A. Riddick III, who most recently worked as WWE CFO & President, received a $5 million bonus when the TKO deal was finalized, and is leaving at the end of this month. There is no word on the nature of his departure.
The following is a copy of Khan’s entire e-mail:
Hi All,
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
