World Wrestling Entertainment has announced a ten per cent reduction of its staff across all areas of its global operations.
The firm said that this reduction will result in annual savings of approximately $8 million in compensation and benefit costs.
Additionally, the company will incur an approximately $3 million one-time restructuring charge in the first quarter of 2009.
The staff reduction is consistent with WWE's previous commitment to implement stronger cost controls, increase earnings and margins and reduce its cost base by $20 million in 2009. In addition to staffing, the company has completed a comprehensive evaluation of its operating and capital expenditures and has identified additional efficiencies.
"These efficiencies will help position the company for the long-term, by placing it in a stronger, more flexible position," said Linda McMahon, WWE CEO. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner."