WWE Employees Frustrated With Management
There is some frustration with WWE employees regarding their salaries, workload, and other issues.
Business is going well for WWE these days since they just had a Royal Rumble event with over 65,000 fans in attendance, which meant it was one of the highest-grossing events in company history. For the last two plus years, it seems like everywhere WWE goes, they have been setting records and making huge profits.
When TKO reports its fourth quarter and full year 2024 earnings on Wednesday, it is believed that its adjusted EBITDA will be between $1.22 billion and $1.24 billion. The annual revenue is projected to be around $2.67 billion to $2.75 billion.
With success also comes frustration sometimes, according to Brandon Thurston of Wrestlenomics, who had a report about some staffers in WWE having issues with the company. Thurston spoke to several employees under the condition of anonymity about what was bothering them.
Wrestlenomics said the current WWE employees spoke about a “decline in morale tied to reduced benefits, limited pay increases, and heavier workloads as the company integrates with UFC.”
When Endeavor’s purchase of WWE became official in September 2023, WWE joined UFC to form a new company called TKO Group. After the sale, significant layoffs occurred as TKO attempted to figure out the best way to run the two major entertainment companies.
After TKO formed, the company’s stock purchase program ended when the merger closed. Employees used to be able to buy WWE shares at a 15% discount, but they can’t do that anymore. Since TKO was created, the stock price went up over 50% over the last 18 months. That meant employees lost the chance to invest in the rising company at a discounted rate.
It was also reported that TKO group removed the “WWE Superstar” program. This was an initiative that allowed employees to reward eachother with cash bonuses, gift cards, or other experiences, but that’s no longer there and it’s a source of frustration for many people.
WWE Employees Upset About Lack Of Raises
The morale of employees has been in decline for some time now, according to Wrestlenomics. Another source of frustration involves salary because multiple staff members claimed they received only a 3% cost-of-living raise this year. That’s a low number that doesn’t keep pace with the expensive living costs in Connecticut and New York, which is where most staffers live.
Even if employees had strong performance reviews, there were “budget constraints” set by upper management that would prevent them from getting more of a raise. Those employees who thought that they would receive a raise were told that TKO Group wasn’t in a position to offer increases due to the merger.
PWInsider also reports that with the addition of PBR (a bull riding organization), employees have discussed how much more work they have to do as part of TKO Group since PBR events are being shown on WWE’s YouTube channel.
Another source of frustration, according to PWInsider, involved complimentary tickets for employees at events. Instead of comp tickets, WWE “provides a VIP pre-sale password for employees to purchase tickets” rather than giving away freebies. Even top talents have their requests scrutinized by TKO management compared to previous ownership.
Nick Khan is WWE’s President who oversees the business side of the company. It was mentioned by PWInsider that all ticket requests have to be personally approved by Khan’s office.
Lastly, PWInsider added that there is a fear that while WWE heads into its busy season with WrestleMania 41 on the horizon, they will make a lot of money and brag about it, yet the office staff likely will not be rewarded for it based on recent history.