The WWE has been scaling back on a lot of its spending and company CEO and Chairman Vince McMahon reportedly has ordered for more budget cuts to come this week.
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The company released 10 Superstars, a referee, a writer and an announcer last month and have continued to slash costs by scaling back on first-class flights, transportation, catering, its ring crew, pyrotechnics and has done other things to trim its budget down. Now, it seems like more cuts are looming and more jobs could be lost.
Reports surfaced that the releases last month led to a lot of paranoia amongst lower-tier talents that their jobs may not be safe.
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According to Wrestlingheadlines.com, there are rumors that more budget cuts were made in the last week, though the specifics are uncertain. The WWE reportedly told all department heads across the company to make cuts in order to continue to trim down the organization's budget and cut back on its expected losses for the year.
This may lead to the announcement that more talents will be released this week, but that remains to be seen. McMahon has reportedly asked for up to $20 million to be trimmed off the budget.
It's been a bit of a rough year financially for the company as McMahon recently lost a lot of money due to the WWE stock taking a hit after it was revealed that the WWE Network's subscriptions were underwhelming and the company inked a television deal with NBC Universal that was lower than expected.
The WWE has fallen well behind its goal of having a million subscribers to the network, and its pay-per-view buys have taken a hit due to the fact that the network airs the events along with a subscription to it.
It's uncertain if more Superstars will be released, but there should be a series of budget cuts continuing within the company in the foreseeable future.
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