Note from Richard: Hey everyone! I'm still on vacation/holiday but will be returning on Friday. I'll be traveling all day but will be back in the office on Saturday. I hope all is well and I'll see you soon!
A lot of people were surprised by WWE publicly announcing 11 talent releases. It had been so long since the company had done a round of mass cuts and as we broke here on WrestlingNewsWorld.com, Triple H had been reluctant to fire anyone. Instead, Hunter had opted to pay talent their downsides until their contracts expired and quietly let them go.
We're told with the stock collapse after WWE's underwhelming deal with NBCUniversal that all bets are off now. Not only is the company looking to fire more people, they're also looking to do a hiring freeze for several months, if not the rest of the year.
The next round of cuts are expected to be primarily NXT talent. The company believes that investors see the cuts as an initiative to save money. NXT workers do not make a lot of money, however, that's where WWE is looking to cut talent to create the illusion that significant costs are being saved.
Several guys WWE was looking to sign for NXT have been told plans are now on hold.
The hiring freeze isn't just for wrestlers, either. We're told the freeze is in effect for many departments. One example is a guy like Perry Saturn. He's been trying to get a full time job in WWE for years as a trainer in developmental and was even told at one point he'd be getting hired soon. Saturn has now been notified the deal is off due to the hiring freeze.
In conclusion, the cuts are on response to investor concerns over WWE's long-term profitability including concerns over the monetization and profitability of the WWE Network. Not only that but the company is not looking to add to their payroll until they are able to show investors they are cutting costs and saving money.