The ongoing WWE budget cuts have now wreaked havoc on the creative team as the company has let go a lot of its writers amid different measures it continues to take to slash costs.
Backstage News Behind Alberto Del Rio's Release
Wrestlingheadlines.com reports that the WWE released senior vice president of creative Eddie Feldmann this past week due to ongoing budget cuts along with other members from the creative team.
The WWE reported in its earnings call last week that it has parted ways with seven percent of its employees and now the company will face additional losses of $5.4 million in the third quarter due to the costs it has through severance packages and other costs that come with transitioning its employees.
Steve Austin And JR Respond To Mark Yeaton's WWE Release
The WWE has taken many steps in cutting costs recently, including scaling back on pyrotechnics, catering, traveling, the ring crew and other things, which includes the releases some of their talents. There have been talks that in 2015 the company will combine the RAW and SmackDown tapings again into the Supershow format where they film both in one night.
The organization is also likely to cut back on the pyrotechnics for WrestleMania 31 next March at Levi's Stadium in the Bay Area. With the show slated for a 4 p.m. local start in the west coast, a lot of pyro was unlikely anyway.
The WWE is slashing costs due to taking financial hits from the WWE Network subscribers count lagging, the company's stock taking a hit and a lackluster television deal with NBC Universal.
The company even recently cut out the WWE Magazine due to the fact that it would either break-even or show a slight profit for the WWE. It also reportedly had consistently declining sales, though it is possible some form of WWE Magazine returns in the future.
Amid its releases, the WWE recently let go of veteran time keeper Mark Yeaton, who was also responsible for logistics within the company.
Earlier this summer, the WWE released 10 Superstars, a writer, a referee and an announcer, and they followed it up last week by releasing Ricardo Rodriguez and NXT Superstars Dani Jackson, Sam "Travis Tyler" Udell, Shaun "Slate Randall" Ricker, Jody "Garrett Dylan" Kristofferson and William "Mac Miles" McNamee amid the ongoing budget cuts.
The WWE is looking to cut $30 million from its budget for 2015, so more releases could be coming.
For more coverage, follow us on Twitter @SportsWN and Like Us on Facebook
© Copyright 2024 Sports World News, All rights reserved. Do not reproduce without permission.
