The full transcript of what WWE Chairman Vince McMahon said to the company employees during his meeting call at noon on Wednesday has been revealed by Fightful Select. As reported, Vince held the call with the staff and informed them of the COVID-19 business update, which led to several cuts, including the talent releases that begin to break shortly after the call ended.
The call reportedly lasted around 5 minutes.
The full transcript from Fightful Select can be read below:
“Thank you all for joining me today. First and foremost, I hope that you and your families are safe. What we’re going through today is unprecedented, and there’s no doubt these are challenging times for everyone. Given the adverse effects of the Coronavirus and the resulting financial recession, WWE, like so many companies have to decrease operating expenses.
Effective immediately, we are reducing executive and board member compensation, decreasing talent expenses, cutting third party staffing and consulting, and improving our cash flow by delaying the production of our new headquarters for at least six months. Despite all these measures, given the uncertainty we are facing today, unfortunately we have to temporarily reduce head count. As such, a number of WWE employees will be furloughed from the company today.
At the close of my remarks, employees will receive a communication detailing their individual situations. More specifically, those impacted by the furloughs will receive a text message from Human Resources with specific information for their next steps. These are not easy decisions, but reflect the reality of the environment we’re working in today. We live in a world of troubled times. I’m confident as a company, and most importantly, confident in you as individual employees, will pull through these tough times and come back to work and make life better than it’s ever been. Thank you.”
Click HERE to read the latest insider details on the talent cuts and the COVID-19 business update.