-- Ahead of the massive cuts by WWE earlier this week, Vince McMahon distributed a video message to all employees and wrestlers briefing them on the impending moves the company was about to make to trim costs. Fightful.com was able to obtain a transcript of Vince's message:
"Thank you all for joining me today. First and foremost, I hope that you and your families are safe. What we're going through today is unprecedented, and there's no doubt these are challenging times for everyone. Given the adverse effects of the Coronavirus and the resulting financial recession, WWE, like so many companies have to decrease operating expenses. Effective immediately, we are reducing executive and board member compensation, decreasing talent expenses, cutting third party staffing and consulting, and improving our cash flow by delaying the production of our new headquarters for at least six months.
Despite all these measures, given the uncertainty we are facing today, unfortunately we have to temporarily reduce head count. As such, a number of WWE employees will be furloughed from the company today. At the close of my remarks, employees will receive a communication detailing their individual situations. More specifically, those impacted by the furloughs will receive a text message from Human Resources with specific information for their next steps.
These are not easy decisions, but reflect the reality of the environment we're working in today. We live in a world of troubled times. I'm confident as a company, and most importantly, confident in you as individual employees, will pull through these tough times and come back to work and make life better than it's ever been. Thank you."
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