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WWE news: WWE cuts jobs, cancels magazine to save money

The WWE has threatened to make a lot of financial cuts to offset the money lost through the slow start of the WWE Network. Numerous superstars were already cut and this week more cuts were scheduled to happen. PWS reported on Thursday after Vince McMahon’s conference call that seven percent of their staff would be cut today and the company would cancel the WWE Magazine.

WWE news: WWE cuts jobs, cancels magazine to save money
WWE news: WWE cuts jobs, cancels magazine to save moneyPhoto by Ethan Miller/Getty Images
WWE news: WWE cuts jobs, cancels magazine to save money
WWE news: WWE cuts jobs, cancels magazine to save moneyPhoto by Ethan Miller/Getty Images

The reason for all the cuts is that WWE stock took a huge fall when under 700,000 initial subscribers to the WWE Network was seen as a disappointment. In all honesty, the number of subscribers is what many should have expected from a start-up. People might have waited to see how the WWE Network turned out, both in the size of its library as well as the quality of the live streams of pay-per-view events. The WWE said they needed just over a million subscribers to break even.

As with many companies, the WWE knew that they needed to satisfy their stockholders when everyone overreacted to the WWE Network numbers. That means cost cutting measures. The WWE cut the superstars, cut back on things like the amount of trucks used for live events, cut pay for independent wrestlers appearing on TV as extras, and now have cut seven percent of their staff. McMahon sent out an email later in the afternoon saying that all the cuts in jobs have been made.

The good news for the WWE and their stockholders is that Vince McMahon said that the WWE Network will be finally rolling out internationally in August. McMahon said that the English speaking countries will get the WWE Network first. McMahon also mentioned that there will be a pricing change for the WWE Network. Those who keep the six month subscription will still pay $9.95 a month but people can get a one-month subscription for $19.95 if they just want to get it during big events like Wrestlemania.