As WWE continues to rake in record-breaking revenue following its merger with UFC under the TKO umbrella, behind the scenes, employees are feeling the pressure—and not in a good way. Despite the company’s booming financials, many WWE staff members are seeing cutbacks in benefits, limited promotions, and heavier workloads, leading to growing frustration and declining morale.

Financial Success vs. Employee Struggles

TKO Group Holdings is set to report its fourth-quarter and full-year 2024 earnings, with projections placing revenue between $2.67 billion and $2.75 billion and an adjusted EBITDA of up to $1.24 billion. These figures come on the heels of WWE’s most lucrative period ever, marked by a $5 billion streaming deal with Netflix, record-breaking live event ticket sales, and blockbuster deals such as its ongoing partnership with Saudi Arabia.

However, despite the company’s financial windfall, employees say they aren’t seeing the benefits. In an anonymous report to Wrestlenomics, multiple WWE staff members described a significant decline in workplace morale. Their concerns? Reduced benefits, stagnant pay, and increased workloads—all while WWE’s corporate messaging continues to emphasize “valuing” its workforce.

Perks Cut and Pay Raises Stagnant

One of the major sore points for employees is the elimination of several perks that once made working for WWE more rewarding. Among the key changes:

• Stock Purchase Program Eliminated – WWE employees previously had the option to buy shares at a 15% discount, allowing them to invest in the company’s success. With the merger, this program was scrapped, leaving staff without a similar opportunity.
• Fewer Pay Raises and Promotions – Many employees received only a 3% cost-of-living adjustment, despite strong performance reviews. Some who expected significant raises or career advancements were told the company wasn’t in a position to offer them due to “budget constraints” tied to the merger.
• Cutting of Employee Recognition Programs – WWE’s popular “Superstar” peer-recognition program was discontinued, removing one of the ways employees could be acknowledged for their contributions.
• No More Free Event Tickets – WWE previously provided complimentary tickets to live events as a perk, but this benefit has also been taken away.

For many employees, these cutbacks come at a time when workloads have only increased. With WWE and UFC operations consolidating under Endeavor’s oversight, many staff members report working 50 to 60 hours a week, particularly as WrestleMania season approaches. Some have even seen their job responsibilities expand beyond WWE, now tasked with supporting Endeavor properties like UFC and Professional Bull Riders (PBR) without additional compensation.

The Growing Gap Between Executives and Employees

While WWE employees are being told that financial constraints are limiting raises and benefits, top TKO executives have been raking in massive payouts. CEO Ari Emanuel received a $20 million cash bonus on top of stock grants, while other executives were awarded millions in bonuses and stock options following the merger.

At the same time, TKO recently announced a $2 billion stock buyback program and continues to pay out quarterly dividends to institutional investors. While these moves benefit shareholders and executives, they do little for the rank-and-file employees who help drive WWE’s success.

Is WWE’s Work Culture Changing?

For years, WWE has thrived on a culture of passion and dedication, with employees willing to go the extra mile to help put on world-class entertainment. However, with morale at an all-time low, some staff members now say they’re hesitant to give the same level of effort.

With WWE employees not unionized and limited avenues for recourse, many fear that workloads will continue to increase without additional benefits or compensation. With TKO likely to pursue further acquisitions, concerns are growing that the situation could get even worse.

For now, WWE may be setting financial records, but internally, its workforce is feeling increasingly undervalued. If this trend continues, the company could soon find itself facing another challenge—retaining the very employees who helped make its success possible.