As noted, WWE Chairman Vince McMahon was to address the company during a call today at 12 noon ET.
Vince announced that cutbacks and furloughs for WWE staff and the company overall will be coming, according to PWInsider. He stated that these were hard decisions that reflect the current reality. Vince also stated that the company would be cutting back on pay for Board members and executives.
WWE has also delayed plans to move company HQ from Titan Towers to the new location, also in Stamford, CT.
Vince also said they will be cutting the talent roster and overall head count of employees. Some will go on furlough, and others will be let go from their responsibilities. It was noted that employees will receive text messages about where they stand going forward.
According to Raj Giri of WrestlingInc, Vince said they hope to have some of the furloughed employees back when the situation is revolved, but there’s no timeline. Regarding the delay in plans for the new HQ, the move has been delayed 6 months. It was also noted that third party consulting contracts have been cancelled.
The whole call meeting lasted less than 5 minutes.
Stay tuned for fallout from Vince’s call and news on releases.