WWE Releases Eight Wrestlers Due to Coronavirus Cutbacks

WWE announced on Wednesday that it would be releasing eight wrestlers in the wake of its cutbacks [...]

By Connor Casey

WWE announced on Wednesday that it would be releasing eight wrestlers in the wake of its cutbacks due to the coroanvirus pandemic. That list included Drake Maverick, Curt Hawkins, Karl Anderson, Luke Gallows, EC3, Eric Young and Lio Rush.

WWE has come to terms on the release of Drake Maverick (James Curtin), Curt Hawkins (Brian Myers), Karl Anderson (Chad Allegra), Luke Gallows (Drew Hankinson), Heath Slater (Heath Miller) Eric Young (Jeremy Fritz), EC3 (Michael Hutter) and Lio Rush (Lionel Green). We wish them all the best in their future endeavors," WWE wrote in its announcement, updating it multiple times with new names.

WWE announced via a press release on Wednesday morning that cutbacks were going to be made due to the financial toll the coronavirus pandemic had taken on the company.

"WWE (NYSE: WWE) today provided an update on measures taken by the Company in response to the current impact of COVID-19 on the organization. Due to COVID-19 and current government mandated impacts on WWE and the media business generally, the Company went through an extensive evaluation of its operations over the past several weeks."

"This analysis resulted in the implementation of various short-term cost reductions and cash flow improvement actions including:

  • Reducing executive and board member compensation;
  • Decreasing operating expenses;
  • Cutting talent expenses, third party staffing and consulting;
  • Deferring spend on the build out of the Company's new headquarters for at least six months."

"Given the uncertainty of the situation, the Company also identified headcount reductions and made the decision to furlough a portion of its workforce effective immediately," the release continued. "The decision to furlough versus permanently reduce headcount reflects the fact that the Company currently believes the furlough will be temporary in nature. The Company's reductions of employee compensation and headcount result in an estimated monthly savings of $4 million along with cash flow improvement of $140 million primarily from the deferral in spending on the Company's new headquarters."

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