TKO Group Holdings is expected to be formed in late September by merging WWE and UFC. The new publicly listed company is worth more than $21 billion. Recently, ten board members of the new entity were revealed via an SEC filing.
Typically, the layoffs happen when two companies merge. The COO of Endeavor Mark Shapiro stated in an interview that mass layoffs will happen soon. Recently, WWE CEO Nick Khan said during Lightshed Live that the company expects to save $50 million by firing employees.
PWInsider reported that the mass layoffs will happen immediately after the merger. The employees who aren’t involved in the production studios or directly involved with WWE talent have a feeling that they are on the redundancy list. A long-time employee told PWInsider that WWE and UFC don’t need some departments. Many WWE employees are quietly searching for their next job.
“Some high up sources we have spoken to believe it could take place by the middle of September and noted that almost immediately, you can expect to hear of employees departing WWE…
There is a sense of doom and gloom among some WWE employees already, as the feeling is that if you aren’t in the production studios or directly involved with WWE Talent, you could find yourself on the redundancy list and potentially let go.
As one long-time company employee noted, UFC and WWE won’t need two distinct travel offices, accounting departments, etc. There are a number of employees quietly looking for their next job out of fear of having to pivot and getting out ahead of potential layoffs.”
Stay tuned with The Spotlight for more news.