Poor Economy Puts WWE in Chokehold
WWE to cut 10 percent of it's company's work force
Friday, Jan 9, 2009 | Updated 1:30 PM EDT
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2. WWE (World Wrestling Entertainment) -
Stamford-based World Wrestling Entertainment said it will cut more than 60 jobs as part of a broader cost-cutting plan. That's 10 percent of the company's work force.
The company behind such television shows as "Friday Night SmackDown" said the staff reduction would occur across all areas of global operations. Executives said they expect to save $8 million a year in compensation and benefit costs.
A WWE spokesman said most of the job cuts are expected to be made through layoffs in the first quarter, with some cuts coming through attrition. The company employs about 600 workers.
WWE has a broader plan to cut costs by $20 million this year through stronger cost controls and other steps. It also expects to record a $3 million restructuring charge against first-quarter earnings because of the cuts.
Copyright Associated Press
