New UFC and WWE merger results in massive layoffs
The new UFC and WWE merger is resulting in massive layoffs.
In April of 2023 the announcement came that the UFC parent company Endeavor would be combining the world’s leading MMA organization with the WWE.
It is now official, as of September 12th, and the two promotions are under one roof, ‘TKO Group Holdings’.
With the merger comes the news that there has already been a massive amount of employee cuts.
According to ‘Bloody Elbow‘ over 100 people have been let go, with both employees and a number of executives being part of the initial cuts.
The majority of the cuts coming primarily from the WWE.
It was also indicated that the following executives were released from the company, including CFO Frank A. Riddick III, VP of International & Platform Strategy Andy Levine, EVP of Development and Digital Jamie Horowitz, Brand Director Kimberly Kierkegard, and EVP & Head of Marketing Catherine Newman.
Dana Warrior, the widow of legendary WWE Hall of Famer ‘The Ultimate Warrior’, was also cut from the company.
As with any merger, many employees were deemed redundant.
Ari Emanuel, CEO of Endeavor, following the official launch of TKO, boasted about their stock value, room for growth, and an anticipated two hundred million in savings from making cuts saying:
“I think we had a range of $50 to 100 (million initially), with regard to back office and costs. We’re on our way to kind of doing that. We did that with the UFC, we are on our way here (with WWE). There’s also a lot of savings as it relates to the production side because of their production facility, and our production facility.”
It is not known how many more layoffs will take place before the dust settles.
TKO can now boast at having more than 1 billion fans around the world, reaching viewers in 180 countries, and producing over 350 annual live events. The company’s new website is at tkogrp.com.
Are you excited to see the merger finalized? What if anything do you think will change with the UFC and WWE being under one roof?
Share your thoughts in the comment section PENN Nation!
This article appeared first on BJPENN.COM