On Tuesday, Ari Emanuel’s Endeavor Group acquired WWE and merged it with the UFC to form TKO Group Holdings. The two companies will operate as separate entities.
WWE CFO and President Frank Riddick III will be ending his tenure with the company at the end of this month. This comes after he received a $5 million bonus from the sale.
Additionally, WWE President Nick Khan sent out a company-wide email to employees on Thursday (see below) to inform them that they should work remotely on Friday so WWE’s HR team can perform “workforce reductions” in private. Employees will be notified of their terminations as the decisions are made throughout the course of the day.
According to a report from Nick Hausman, it has been confirmed that major layoffs will be taking place at the Stamford, CT headquarters later today. Additionally, it was noted that “major cuts” are also expected to be taking place on the WWE main roster and the NXT brand. It remains to be seen whether the talent cuts take place today (Friday) or in the coming weeks. We know for sure the office cuts are coming today.
As you’d expect, the reason for possibly splitting up the timeframe between the office and talent cuts is due to the bad PR that always comes with massive layoffs. Usually, the office cuts take place first. But it’s possible both could end up happening today. We’ll see.
Nick Khan sent a email to WWE employees on Thursday, you can read that below:
“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”
Source: eWn
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