Tuesday, September 26, 2023

Layoffs announced in WWE; Employees of the current TKO remain unemployed

A new report from PWInsider states that WWE President Nick Khan sent out an internal email on Thursday announcing that all employees will be working remotely tomorrow, Friday, September 15, as the company with the takeover after layoffs begins.

Khan asked employees to stay home and work from home tomorrow so that HR can handle the layoffs privately. His full email can be found below.

It’s no secret that the cuts came after Endeavor’s acquisition was completed on Tuesday to merge WWE and UFC into TKO Group Holdings. On Tuesday, it was reiterated that Endeavor will seek to cut WWE costs by $50 million to $100 million. Previously, Endeavor saved $70 million in UFC costs in the first 18 months of ownership.

It remains to be seen whether these cuts will extend to talent.

Below is a copy of Khan’s full email:

Hello everyone,

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 across the company. These efforts include workforce reductions, which will occur tomorrow.

Our HR team will notify those whose roles are affected and share the details of their severance package. We are asking everyone to work remotely on Friday, September 15th so we can ensure all conversations are private and respectful. Once all tomorrow’s discussions have taken place, we will send a company-wide email.

Our company is home to the most talented, creative and hard-working people in the world. WWE is a special place, which makes times like this difficult. Know that we have nothing but gratitude and admiration for everyone we have had the privilege of working with.

Thank you for all your contributions and commitment.

Nick Khan

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