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WWE Sets Furloughs, Exec Pay Cuts In Plan To Save $4M In Monthly Costs
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deadline.comBy Dade Hayes Finance Editor World Wrestling Entertainment may have gotten a win this week when the state of Florida deemed its matches in Orlando “essential services,” but the company said Wednesday it is implementing a range of COVID-19 cutbacks.
A combination of employee furloughs and pay cuts for board members and executives pay cuts are expected to generate cost savings of $4 million a month.
The furloughs are expected to be temporary, but the company did not provide specific numbers in terms of affected employees.
Talent expenses, third-party staffing and consulting fees are also included in the austerity mix. The moves are expected to boost cash flow by $40 million.
Read more on deadline.com
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