World Wrestling Entertainment (WWE) announced a series of financial cuts on Wednesday in response to the coronavirus pandemic.
Among the cuts, WWE is furloughing "a portion of its workforce effective immediately." The company added it believes the headcount reductions will be "temporary in nature."
In addition to the furloughs, WWE announced it is reducing executive and board member pay, decreasing operating expenses and cutting talent expenses, third party staffing and consulting.
Also impacted by the company's cost reductions is a deferral on spending for the company’s new headquarters for at least six months. WWE believes the cuts will save roughly $4 million monthly and improve cash flow by $140 million, primarily due to the paused construction funding.