Stamford-based WWE is furloughing workers effective immediately and cutting executives’ pay because of the impact from the COVID-19 pandemic.
The company said it is reducing executive and board member compensation; decreasing operating expenses; cutting talent expenses, third party staffing and consulting; and deferring spending related to the new headquarters for at least six months.
“Given the uncertainty of the situation, the Company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately,” a statement on the WWE website says. “The decision to furlough versus permanently reduce headcount reflects the fact that the Company currently believes the furlough will be temporary in nature.”
The statement goes on to say:
“Management continues to believe the fundamentals of the Company’s business remain strong and that WWE is well positioned to take full advantage of the changing media landscape and increasing value of live sports rights over the longer term.”