The WWE is going through a rough patch right now. They haven’t had the success with their WWE Network that they hoped for and now they will need to make up for that somewhere. They will be laying off 7% or 53 of the 762 people in their Samford, CT offices:
Here is what Vince McMahon had to say:
“Additionally, we identified efficiencies that will improve our 2015 [operating profit] outlook by $30 million. Based on these initiatives, we are optimistic about our potential to drive long-term growth,” McMahon said.
The staffing cuts, along with other efficiencies, are expected to improve WWE’s operating income before depreciation and amortization by $30 million in 2015. The decision to make the cuts followed a “comprehensive evaluation” of the company’s operation’s and are expected to reduce costs across its business units, the company said.
Tough break for the people that will be let go at WWE. The network is a good idea, but they need to hit an aggressive goal to be profitable. They have 700k subscribers but need 1.3 million. Hopefully they can right the ship.