UFC-WWE merger leads to massive job cuts for over 100 employees, multi-million dollar bonuses for top execsÂ
Although the UFC and WWE merger was a groundbreaking move that promised to boost the growth of both entities, it was followed by a significant workforce transformation that impacted many employees. Reports indicate that over 100 individuals were let go in the first wave of workforce adjustments.
PWInsider sources confirm that over a hundred employees were affected by the initial round of layoffs in a single day, impacting various departments across WWE. The restructuring wave affected Insights and Analytics, Marketing, Graphic Design, WWE Network, Podcasting, and Live Events.hts and Analytics, Marketing, Graphic Design, WWE Network, Podcasting, and Live Events.
The company's restructuring affected not only the workforce but also the executive ranks. Several high-profile individuals, including CFO Frank A. Riddick III, VP of International & Platform Strategy Andy Levine, EVP of Development and Digital Jamie Horowitz, Brand Director Kimberly Kierkegard, EVP & Head of Marketing Catherine Newman, and even Dana Warrior, the widow of WWE Hall of Famer 'The Ultimate Warrior,' have departed from the company.
It's important to clarify that the recent layoffs mainly impacted office staff, despite rumors of talent cuts.
Vince McMahon takes the helm as executive chairman of UFC-WWE powerhouse
Former WWE CEO Vince McMahon has ascended to the role of executive chairman of the newly-forged TKO Group.
Endeavor, the driving force behind this groundbreaking merger, has projected substantial cost synergies following the TKO deal, with annualized run-rate savings ranging from $50 million to a whopping $100 million.
Ari Emanuel, the CEO of Endeavor, expressed his enthusiasm for TKO's emergence, stating:
"The creation of TKO marks an exciting new chapter for UFC and WWE as leaders in global sports and entertainment... Given their continued connectivity to the Endeavor network, we are confident in our ability to accelerate their respective growth and unlock long-term sustainable value for shareholders. With UFC and WWE under one roof, we will provide unrivaled experiences for more than a billion passionate fans worldwide,"
In terms of revenue, TKO displayed a robust performance in 2022, amassing a staggering $2.43 billion. The UFC contributed significantly, accounting for $1.14 billion, while WWE's share stood at $1.29 billion. The combined entity reported a net income of an impressive $351.8 million.