More WWE layoffs are to be expected in the near future.
During the company’s Q2 earnings call, an update was provided on the upcoming merger between World Wrestling Entertainment and the Endeavour Group, who own the UFC. The group will be collectively known as TKO Holdings when the finalisation of the deal has been completed.
Following initial reports of a target of September, this date is still the goal following the earning call from Endeavour. As reported by Brandon Thurston of Wrestlenomics, a concerning statement was made by Endeavor CEO Ari Emanuel:
Plans are underway to make cost savings and synergies happen immediately upon closing.
The financial measures will see departments from both companies merge as one. Sadly for office staff on both sides, this will render multiple staff redundant and result in job losses in order to save money.
Will WWE Talent Be Affected By The Merger?
Thurston was inundated with concerns regarding the security of WWE Superstars, as the mass layoffs of 2020 and 2021 are still fresh in the minds of many fans. Thurston responded by saying that wrestler cuts seem unlikely but not impossible and that positions behind the camera are the ones that are the most at risk:
To address the chaotic replies and quotes, I don’t have a strong impression about whether talent cuts will coincide with closing. Employee layoffs are widely expected unfortunately.
Following months of speculation, news of WWE no longer being independently owned by Vince McMahon broke the day after WrestleMania 39. The Endeavour Group acquired a 51% stake in the sports entertainment brand while shareholders would have the remaining 49%. Upon the merger, World Wrestling Entertainment was valued at $9.3 billion and The UFC at $12.1 billion.