World Wrestling Entertainment knocks off 10% of its staff

even the typical entertainment business is feeling a decline in spectators. Nba also reduced its staffs by 9%.

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"World Wrestling Entertainment knocks off 10% of its staff"

NEW YORK (MarketWatch) -- World Wrestling Entertainment Inc. , home of wrestlers such as Mr. Kennedy and Triple H, said Friday it would lay off 10% of its staff as part of an effort to implement stronger cost controls. With a net income of about $52 million in 2007, the Stamford, Conn., media company said the cuts will result in annual savings of about $8 million. WWE added it will take on a one-time restructuring charge of $3 million for the move in the first quarter. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner," said Linda McMahon, the company's chief executive. Shares of WWE were down a fraction in early trading to $11.01 each.

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