Ten-Percent Staff Reduction at WWE

STAMFORD, January 12: In a move that will result in annual savings of about $8 million, World Wrestling Entertainment (WWE) is cutting about 10 percent of its staff.

The cuts will be made across all areas of its global operations. They will save the company about $8 million per year in compensation and benefit costs. The layoffs will result in a one-time $3 million restructuring charge in the first quarter.

"These efficiencies will help position the company for the long term, by placing it in a stronger, more flexible position," said Linda McMahon, the CEO of WWE. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner."

—By Mansha Daswani