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.â€
Additional information on World Wrestling Entertainment Inc (NYSE: WWE) can be found at wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.
Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, feature films, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to maintaining and renewing key agreements, including television distribution agreements; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated.
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