WWE layoffs are set to begin tomorrow.
A new report from PWInsider notes how WWE President Nick Khan just issued an internal e-mail to announce that all employees are to work remotely tomorrow, Friday, September 15, as the company will begin their post-acquisition layoffs.
Khan asked employees to remain at home and work from there tomorrow so that the Human Resources department can handle the layoffs privately. His full e-mail can be seen below.
It’s no secret that cuts were coming after Endeavor’s acquisition was finalized on Tuesday to merge WWE and UFC to form TKO Group Holdings. It was reiterated on Tuesday that Endeavor will be looking to cut WWE’s costs from $50 million to $100 million. Endeavor previously cut $70 million from UFC’s costs in the first 18 months of ownership.
It remains to be seen if Friday’s cuts will include talents.
For those who missed it, you can click here to read Khan’s internal memo on the departure of Frank A. Riddick III, who most recently worked as WWE CFO & President. Riddick, who received a bonus of $5 million when the deal for TKO closed, is leaving at the end of this month but there’s no word yet on the nature of his departure.
Below is copy from Khan’s full e-mail:
Hi All,
As part of WWE’s transition into the newly formed TKO Group Holdings, we are evaluating our existing operations and systems to identify potential synergies across the business. This effort includes workforce reductions, which will take place tomorrow.
Those whose roles have been impacted will be notified by our Human Resources Team, who will share the details of their severance package. We are asking that everyone work remotely, Friday September 15th, so we can insure all conversations are handled privately and respectfully. We’ll send out a company-wide email once all of tomorrow’s conversations have happened.
Our company is home to the most talented, creative, and hard-working employees in the world. WWE is a special place, which makes moments like this difficult. Just know that we have nothing but gratitude and admiration for everyone we have had the privilege to work alongside.
Thank you for all your contributions and dedication.
Nick Khan
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