{"id":96128,"date":"2020-04-15T12:32:20","date_gmt":"2020-04-15T17:32:20","guid":{"rendered":"https:\/\/www.pwtorch.com\/site\/?p=96128"},"modified":"2020-04-15T12:43:06","modified_gmt":"2020-04-15T17:43:06","slug":"wwe-reacts-to-covid-19-impact-cutting-talent-expenses-executive-and-board-member-compensation-deferring-new-headquarters-at-least-six-months","status":"publish","type":"post","link":"https:\/\/www.pwtorch.com\/site\/2020\/04\/15\/wwe-reacts-to-covid-19-impact-cutting-talent-expenses-executive-and-board-member-compensation-deferring-new-headquarters-at-least-six-months\/","title":{"rendered":"WWE reacts to COVID-19 impact, cutting talent expenses, executive and board member compensation, deferring new headquarters at least six months"},"content":{"rendered":"<div id=\"pwtor-3218864877\" class=\"pwtor-before-content pwtor-entity-placement\"><hr \/><b>SPOTLIGHTED PODCAST ALERT (YOUR ARTICLE BEGINS A FEW INCHES DOWN)... <\/b>\r\n\r\n<iframe src=\"https:\/\/widget.spreaker.com\/player?show_id=3076978&theme=light&playlist=false&playlist-continuous=false&autoplay=false&live-autoplay=false&chapters-image=true&episode_image_position=right&hide-logo=false&hide-likes=false&hide-comments=false&hide-sharing=false&hide-download=true\" width=\"100%\" height=\"140px\" frameborder=\"0\"><\/iframe>\r\n<hr \/><\/div><p>In response to reduced revenues and added expenses due to COVID-19, WWE is cutting expenses by about $4 million per month and delaying expenditures on their new headquarters. WWE noted their $500,000 million in cash reserves and debt capacity as an indication they can continue operations through the pandemic. WWE issued a press release with details&#8230;<\/p>\n<hr \/>\n<p style=\"padding-left: 40px;\"><strong>STAMFORD, Conn.,\u00a0April\u00a015, 2020<\/strong>\u00a0\u2013 WWE (NYSE: WWE) today\u00a0provided an update on measures taken by the Company in response to the current impact of COVID-19 on the organization.<\/p>\n<p style=\"padding-left: 40px;\">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:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Reducing executive and board member compensation;<\/li>\n<li>Decreasing operating expenses;<\/li>\n<li>Cutting talent expenses, third party staffing and consulting;<\/li>\n<li>Deferring spend on the build out of the Company\u2019s new headquarters for at least six months.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">Given\u00a0the uncertainty\u00a0of 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.<\/p>\n<p style=\"padding-left: 40px;\">The Company\u2019s reductions of employee\u00a0compensation and headcount\u00a0result 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\u2019s new headquarters.\u00a0Additionally, 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\u2019s 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.<\/p>\n<p style=\"padding-left: 40px;\">The Company will provide further details when it reports its first quarter 2020 results next Thursday, April 23 after the close of the market.<\/p>\n<hr \/>\n<p><strong>RECOMMENDED:\u00a0<\/strong><a href=\"https:\/\/www.pwtorch.com\/site\/2020\/04\/14\/raw-rating-are-viewers-tuning-out-key-metrics-on-this-years-empty-venue-ratings-compared-to-past-two-years-during-this-period\/\">Raw Rating: Are viewers tuning out? Key metrics on this year\u2019s empty-venue ratings compared to past two years during this period<\/a><\/p>\n<div class=\"pwtor-end-article-groups pwtor-entity-placement\" id=\"pwtor-2097527442\"><div id=\"pwtor-3979373844\"><div align=\"center\" data-freestar-ad=\"__336x280\" id=\"pwtorchcom_medrec_3\">\r\n  <script data-cfasync=\"false\" type=\"text\/javascript\">\r\n    freestar.config.enabled_slots.push({ placementName: \"pwtorchcom_medrec_3\", slotId: \"pwtorchcom_medrec_3\" });\r\n  <\/script>\r\n<\/div>\r\n\r\nTHANK YOU FOR VISITING<\/div><\/div>","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>In response to reduced revenues and added expenses due to COVID-19, WWE is cutting expenses by about $4 million per month and delaying expenditures on their new headquarters. WWE noted their $500,000 million in cash <a class=\"mh-excerpt-more\" href=\"https:\/\/www.pwtorch.com\/site\/2020\/04\/15\/wwe-reacts-to-covid-19-impact-cutting-talent-expenses-executive-and-board-member-compensation-deferring-new-headquarters-at-least-six-months\/\" title=\"WWE reacts to COVID-19 impact, cutting talent expenses, executive and board member compensation, deferring new headquarters at least six months\">[&#8230;]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":76837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-96128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"jetpack_featured_media_url":"https:\/\/www.pwtorch.com\/site\/wp-content\/uploads\/post\/2019\/03\/WWEheadquarters-TitanTower_3x2_600.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/posts\/96128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/comments?post=96128"}],"version-history":[{"count":2,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/posts\/96128\/revisions"}],"predecessor-version":[{"id":96138,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/posts\/96128\/revisions\/96138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/media\/76837"}],"wp:attachment":[{"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/media?parent=96128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/categories?post=96128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pwtorch.com\/site\/wp-json\/wp\/v2\/tags?post=96128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}