The following was issued by WWE today:
WWE Reduces Staff by 10%
January 9, 2009
STAMFORD, CT??? January 9, 2009 ??? 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.???
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/.