According to a recent report by CTInsider, layoffs of WWE employees done just nine days after the Endeavor/WWE merger has not been reported to the state Department of Labor.
Endeavor is the parent company of UFC. Endeavor owns 51 percent of WWE, while shareholders own the other 49 percent.
CTInsider notes the messages they left this past week for a WWE spokesperson inquiring about how many, employees were laid off since completing the merger has not yet been returned.
In many cases, layoffs are supposed to be reported to the Federal Worker Adjustment and Retraining Notification Act. CTInsider further notes, as of last Thursday, the Department of Labor website’s list of WARN notices submitted this year did not include any sent by WWE.
Following the merger, there has been reports of WWE laying off 100 or more of their staff from the headquarters office.
In addition, CTInsider also left a message left for a spokesperson for Stamford Mayor Caroline Simmons asking if WWE provided any merger-related update to city officials, including any reference to layoffs. That call as of this writing has not been returned.
Regardless of how many employees WWE laid off, a recent SEC filing has indicated the new headquarters building located at 677-707 Washington Blvd., in downtown Stamford, will be WWE’s long-term home.
CTInsider also said that WWE said that they expect to have more than 800 people working at the new headquarters once all of its space has opened. WWE further told CTInsider that they plan to sell the old headquarters location on 1241 E. Main will be sold when the new headquarters is “fully up and running.”
Since 2009, WWE has received more than $177 million in state film and digital media production tax credits and film infrastructure tax credits, which has been related to expenditures in Connecticut of nearly $617 million, according to data from the state Department of Economic and Community Development.
CTInsider further notes that in addition to those subsidies as listed above, WWE is eligible to receive up to $8.5 million in additional tax credits if, by July 1, 2025, it spends $160 million related to the new headquarters, retains 668 jobs and creates 275 more jobs, for a total of 943 jobs in Connecticut, per the Department of Economic and Community Devleopment.