WWE announces cutbacks and furloughs across company

The WWE is the leading organization across professional wrestling and the impact of COVID-19 has hit deep as cutbacks across the promotion were announced on Wednesday.

World Wrestling Entertainment is going through a very trying time just like millions of other businesses across the planet. Social distancing mandates have cut into the very fabric of the business and limited its ability to fully create content during their weekly shows. The negative news continued Wednesday as the organization announced cuts and furloughs for everyone within WWE.

The news officially broke with Mike Johnson of PWI Insider and trickled throughout the wrestling news media from there. According to Johnson’s report, WWE Chairman and CEO, Vince McMahon spoke to employees with the news of cutbacks that would impact everything from pay for board members and executives, cutbacks and leave of absences for employees across the organization and even a planned headquarters move. Employees were then contacted via text message on their status with the company.

Along with this news, the WWE released an official press release that addressed the situation.

“Due to COVID-19 and current government mandated impacts on WWE and the media business generally, the Company went through an extensive evaluation of its operations over the past several weeks.”

The press release mentioned that monthly savings due to these steps are approximately $4 million.

This comes during a week in which WWE was involved in a controversial politic development as they were deemed “essential business” within the state of Florida. This tag allows the organization to continue live productions at its Performance Center during a time in which many live productions have halted.

It was uncovered that this designation came after a commitment from the America First PAC to spend more than $18 million in Florida during President Donald Trump’s re-election campaign. That PAC is led by Linda McMahon, Vince McMahon’s wife.

The organization also dealt with the news that an on-air talent contracted COVID-19 as questions continued about how they are keeping their staff safe.

The news of cutbacks has impacted millions across the United States as unemployment requests soar. WWE was not impervious to the massive halt in business and this news shows the damage that’s been done.