The current reality of World Wrestling Entertainment (WWE) involves cutting many of its staff during the “restructuring” of the company.
The entertainment company has finalized its merger with the world’s largest mixed martial arts organization, The Ultimate Fighting Championship (UFC). However, the company is making moves to adapt its current workforce to fit the new system, and many of its talented employees are directly affected.
Inside WWE’s Massive Population Shrink
World Wrestling Entertainment has reportedly axed dozens of positions shortly after WWE and UFC teamed up and created TKO Holdings. According to one report, termination notices began circulating at the company’s headquarters in Stamford, Connecticut, last Friday; over 100 positions in WWE have been released.
Before the announcement of the new publicly traded company, WWE had about 1,000 employees. However, the elimination was well thought out, as both companies aim to keep $50 to $100 million from their new power moves.
The affected positions are duplicate positions held by employees at both companies and their parent company, Endeavor Group Holdings. Nick Khan, president of WWE, in an internal memo on Thursday evening, revealed the new plan:
“As part of WWE’s transition to the newly formed TKO Group Holdings, we are evaluating our existing operations and systems to identify potential synergies. These efforts include workforce reductions, which will take place tomorrow.”
MEGA
Sources revealed that Endeavor has planned to clear the backlog created as a result of the merger since last year in the early stages of acquiring WWE. Endeavor currently owns 51% of the newly partnered company, and CEO Ari Emmanuel confirmed that plans are underway to maximize revenue and cost synergies once closed.
Emmanuel returned his “bullish” determination to make the TKO work and ensure the progress of WWE’s media renewal talks. He revealed all of this in an earnings call last month. WWE executive vice president of development and digital, Jamie Horowitz, and his team in Los Angeles are among those leaving the company.
Sources revealed that Horowitz will begin work with the Omaha production, which he co-founded with Peyton Manning in December 2020 before he joined WWE. Omaha is a Sports Emmy award-winning outfit courtesy of its popular “ManningCast” featuring Peyton and Eli Manning.
The company’s value also jumped to $400 million earlier this year after North Road, owned by Peter Chernin, invested $10 million. Horowitz has a rich resume, including Fox Sports and ESPN management roles. He created “First Take” and “Undisputed” with Stephen A. Smith and Skip Bayless, respectively.
The “Embrace Debate” has reportedly exited the WWE network on good terms, and his friendship with Khan remains intact.
Vince McMahon Plans Surprise Return To Wrestling Network Despite Sale
MEGA
In January, The Blast shared that Vince McMahon was secretly planning to return to the network despite leaving on shaky grounds. The 77-year-old was hit with serious allegations of sexual misconduct and corruption, prompting his sudden retirement.
However, sources confirmed the businessman still holds majority voting rights as WWE owner and former chief executive. McMahon allegedly submitted written consent to reinstate him and former directors Michelle Wilson and George Barrios to the board. In his confirmation statement, he said:
“WWE is entering a critical juncture in its history with upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own intellectual property on their platforms.”
He added that his return will help the company benefit from their plans to sell and negotiate brilliantly for their media rights, offering the right guidance on strategic alternatives. As the controlling shareholder, McMahon believes his presence can foster smooth interactions between transacting parties.
The pro wrestling promoter also expressed his interest in working with Wilson and Barrios, “I look forward to working closely again with Michelle and George – as well as the rest of the Company’s directors and management team, who have my full support and confidence.”
In the spirit of an epic comeback, the media mogul has plans to release a new memoir covering his rise to fame and building the WWE network into a multi-billion dollar outfit. The memoir will be part of his storytelling collection, which includes a series titled “The United States of America vs. Vince McMahon.”
Plans are also underway to release a four-part documentary on Netflix about his life.
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Source: thtrangdai.edu.vn/en/
