WWE COVID-19 Business Update | April 15 2020

DiscussPW
WWE covid-19

WWE issued a press release today about the current COVID-19 pandemic’s effect on the organization’s business.


You can read the full press release about the business update from WWE below.


STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) today provided an update on measures taken by the company in response to the current impact of COVID-19 on the organization.

Due to COVID-19 and current government mandated impacts on WWE and the media business generally, the Company went through an extensive evaluation of its operations over the past several weeks. This analysis resulted in the implementation of various short-term cost reductions and cash flow improvement actions including:

  • Reducing executive and board member compensation;
  • Decreasing operating expenses;
  • Cutting talent expenses, third party staffing and consulting;
  • Deferring spend on the build out of the Company’s new headquarters for at least six months.

Given the uncertainty of the situation, the Company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately. The decision to furlough versus permanently reduce headcount reflects the fact that the Company currently believes the furlough will be temporary in nature.

The Company’s reductions of employee compensation and headcount result in an estimated monthly savings of $4 million along with cash flow improvement of $140 million primarily from the deferral in spending on the Company’s new headquarters. Additionally, the Company has substantial financial resources, both available cash and debt capacity, which currently total approximately $0.5 billion, to manage the challenges ahead. Management continues to believe the fundamentals of the Company’s business remain strong and that WWE is well positioned to take full advantage of the changing media landscape and increasing value of live sports rights over the longer term.

The Company will provide further details when it reports its first quarter 2020 results next Thursday, April 23 after the close of the market.”



pro wrestling

If you have any comments about this article, please leave them below.

pro wrestling events
The main goal of our events calendar is to get as many events as possible in one place to make it easier for fans. All events have ticket links, venue information, date and time. But some events have more, and some have a lot more and are basically event previews. It depends on the information available at the time we post the event and if we are able to update that event, etc. The other goal is keeping fans up to date on events in general, as best we can. We can’t possibly get EVERY event, but you’ll see we have more then most anyone else. Recently we’ve added Event Reminders for when certain shows will be airing. For example, if an event is taped, the reminder will be for when the event airs. We do our best to maintain around 200 upcoming pro wrestling events at all times. We started with US & Canadian professional wrestling promotions but have recently been adding more events from around the world. Including all different types of entertainment events. Some days have one to three events and some have over twenty on the same day, so you may have to click the link at the bottom to see more events on a certain day. Also we recently made it possible for anyone to comment on these event pages. If you’re a fan who went to or watched any of these events, feel free to leave a comment below. * WWE COVID-19 Business Update April 15 2020 DiscussPW Pro Wrestling News *
Next Post

WWE Releases Kurt Angle, Rusev, EC3 And More | Updated

WWE released a lot of talent today, April 15, 2020, including Hall of Famer Kurt Angle. You can read the full statement about the releases from WWE below. UPDATE- More names have been added from WWE.com. WWE has come to terms on the release of Kurt Angle, Rusev (Miroslav Barnyashev), Drake Maverick (James Curtin), Zack […]
wwe releases Kurt Angle