Last month, WWE announced that they would have to make several budget cuts due to the coronavirus. This includes talent and staff cuts, which were made.
At the time, WWE also confirmed in addition to that, they would also be reducing executive and board member compensation, cutting operating expenses, and deferring spend on the build-out of the Company’s new headquarters for at least six months.
Up until now, there have been no reports about WWE going through with reducing executive. However, on Saturday, Pwinsider.com reported that a number of executives and officials were informed over the last 48 hours that their pay would be reduced going forward.
As noted, WWE has also furloughed a great percentage of the company across every division.
The interesting thing about WWE making cuts to its workforce is how WWE is likely to set a new record of revenue for a single year in 2020.
As recently as April, it was reported that WWE was still in a spot where they will make a huge profit this year and could reach a record-setting revenue year.
The reason for such high revenue is due to new television deals with FOX and NBC Universal in addition to their two-event per year deal with Saudi Arabia. For more on WWE’s finances, click here.