Latest Titan Towers News
Feb 13, 2021
Credit: WWE.com Another day, another polarizing business story for WWE as the never-ending epidemic of employee morale has hit Titan Towers. Ahead of SmackDown on Friday, a bombshell report from Fightful Select (h/t Wrestling Inc ) noted WWE employees were upset following a major employee meeting. During the meeting, employees were reportedly notified they would not be receiving promotions, pay raises or bonuses moving forward. PWInsider followed up by reporting WWE “informed employees and staffers in different departments today that promotions and raises would not be going forward.” The decision was said to be made “over the last several weeks out of financial prudence stemming from the most recent earnings release.” WWE did not respond to a request for comment. This article will be updated if and when it does. WWE held its earnings presentation earlier this month where it announced record revenues and profits in 2020, fresh off the heels of announcing a billion-dollar deal for NBCUniversal’s Peacock streaming service to air on the WWE Network exclusively. In fact, it’s WWE’s historically high earnings that makes the optics of its brand new edict so poor. MORE FOR YOU To the naked eye, the employee frustration in Stamford seems justified as WWE has announced three separate billion-dollar deals since 2018 while also signing a lucrative deal with the Kingdom of Saudi Arabia as part of the Vision 2030 initiative. Back when they were able to travel to Saudi Arabia, WWE was estimated to have made $40 to $50 million per show in Saudi , and held five events in the country before the onset of COVID-19. WWE favoring “financial prudence” over its employees has been an unfortunate dark cloud that has hung over Titan Towers throughout the pandemic. One of WWE’s first major business decisions of COVID-19 will forever be known as “Black Friday” on April 15, 2020, when the promotion fired hundreds of staff despite having over $500 million in cash reserves at the time. Later that year, in September, WWE followed up with an edict that banned its Superstars from signing third-party deals with social media platforms such as Cameo and Twitch. The edict led to outrage across the company, which spilled into the political world. Former Presidential candidate Andrew Yang was vocal about his disdain for WWE’s business practices, urging WWE Superstars to unionize. Yang threatened to, at the very least, interface with the Secretary of Labor in President Biden’s administration. Boston Mayor Marty Walsh, who has deep ties to unions, was eventually appointed to the position. In defense of its third-party edict, WWE reasoned that doing so would “protect our greatest assets and establish partnerships with third parties on a companywide basis, rather than at the individual level, which as a result will provide more value for all involved.” With reports of WWE pausing pay raises for its staff, it’s hard to argue that “all involved” are benefiting from WWE’s polarizing, penny-pinching financial strategies. It’s worth noting that WWE insider account @WrestleVotes sent a curiously timed tweet that employee anger was at an “all-time high level” as provide more value for all involved continues to piss off its entire workforce. Follow me on Twitter or LinkedIn . Check out my website or some of my other work here .