WWE has had to make some cost cutting changes in order to slash their budget.
One of the first moves was back on April 15th when the company released lots of on-air talent, as well as backstage and office employees. According to a report from PWInsider, earlier this week WWE sent down word that company Executives are going to be receiving a pay cut.
“A number of executives and officials were informed over the last 48 hours that their pay would be reduced going forward due to the company’s ongoing efforts to respond to the COVID-19 pandemic’s effect on their business.”
But that isn’t the last of WWE’s plans to cut costs.
WWE has also been looking to decrease the cost of operating expenses. One of the efforts to do so has been WWE’s new plan of recording four WWE Television shows worth of weekly programming during a one day 10-hour taping schedule. WWE moving tapings to a one day taping format instead of stretching it out over multiple days in theory saves them production costs that arise from a multiple day shooting schedule.
WWE has also made moves to lower expenses by cutting out third-party contracts and consultation services. WWE has cut Talent expenses as well, which was clearly evident after the recent wave of mass releases. It is also believed that high contract offers to talent might become a thing of the past, for the most part.
In addition, WWE had been in the process of relocating their Stamford, Connecticut Headquarters to a new and larger location. However, the decision was made that will divert that spending for at least six months, if not longer.
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