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|01-09-2009, 10:44 AM||#1|
Join Date: Dec 2006
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World Wrestling to cut 10 percent of staff
STAMFORD, Conn. (AP) - Sports entertainment company World Wrestling Entertainment Inc. said Friday it will cut 10 percent of its staff as part of a broader cost-cutting plan.
The company behind such television shows as "Friday Night SmackDown" said the staff reduction would occur across all areas of global operations, yielding expected annual savings of $8 million in compensation and benefit costs.
The cuts are part of a broader campaign to reduce costs by $20 million this year through stronger cost controls and other steps. World Wrestling Entertainment expects to record a $3 million restructuring charge against its first-quarter earnings as a result of the move.
Most of the reductions are expected to be accomplished through layoffs in the first quarter, with some cuts coming through attrition, World Wrestling spokesman Robert Zimmerman said. He did not immediately have details on the company's total employment, or the exact number of jobs to be cut.
According to CapitalIQ, World Wrestling has about 570 workers total.
"With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner," Chief Executive Linda McMahon said.
Shares of World Wrestling Entertainment fell 18 cents to $10.88 shortly after the opening bell.
In memory of my brother Michael, who gave me my love of sports. I will miss you!
|01-19-2009, 08:15 PM||#2|
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Re: World Wrestling to cut 10 percent of staff
Aint that news story isnt mad up.
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