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The much anticipated WWE-UFC merger was completed earlier this week on September 12. The announcement was made official, thus creating a new entity called TKO Group Holdings.
The historic decision has now brought two of the biggest sports and entertainment companies under a single umbrella. With this massive shift into the new era, both companies will look at implementing cost-cutting measures, which is a common practice when this kind of transaction takes place.
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According to a new report, WWE President and TKO Board of Directors member Nick Khan has emailed and informed all employees that layoffs will commence on September 15.
"As part of WWE’s transition into the newly formed TKO Group Holdings, we are evaluating our existing operations and systems to identify potential synergies across the business. This effort includes workforce reductions, which will take place tomorrow."
The employees have been asked to work remotely so as to ensure that all the conversations are handled privately.
"Those who’s [sic] roles have been impacted will be notified by our Human Resources Team, who will share the details of their severance package. We are asking that everyone work remotely, Friday September 15th, so we can insure all conversations are handled privately and respectfully." [via WrestleTalk]
There have been no talks about any talent cuts yet. It will be interesting to see if the Stamford-based company continues with its current roster during this time of transition.
Top WWE executive to leave by the end of September
The historic WWE-UFC merger was completed earlier this week. However, just one day after the huge announcement, the Stamford-based company is set for a shocking departure.
It has been announced that company CFO Frank A. Riddick III will be leaving the wrestling giant at the end of this month. Nick Khan sent an internal memo to convey Riddick's departure.
The merger, which was valued at an astonishing $21.4 billion, has reportedly helped Riddick in receiving a $5 million bonus upon completion.
Are you excited to witness the new era of sports and entertainment? Let us know in the comments.
