WWE Employee Morale Nosedives After Cuts To Benefits, Minimal Pay Rises (WWE News)
Employee morale plummeting within WWE despite heavily publicised good news everywhere else
WWE employees are speaking up about a significant decline in morale within the company despite soaring financials for the organisation over the last few years.
Speaking anonymously to Wrestlenomics, multiple current WWE employees described a growing disconnect between corporate messaging and their day-to-day reality. While WWE management has praised the workforce in town hall meetings, employees say they feel increasingly undervalued, citing reduced benefits, minimal pay increases, and a heightened workload due to WWE’s integration with UFC under TKO.
The issue of pay has been a significant concern. Multiple employees reported receiving only a 3% cost-of-living raise, which they argue is insufficient given rising living costs in Connecticut and New York. Employees with strong performance reviews were still denied significant raises, with management citing budget constraints tied to the merger.
Meanwhile, WWE’s financial success has benefited executives and investors handsomely. SEC filings show that TKO CEO Ari Emanuel received a $20 million cash bonus and stock awards now valued at around $60 million. WWE President Nick Khan and Chief Content Officer Paul Levesque also received substantial bonuses, earning $15 and $5 million respectively. Investors, too, have profited from TKO’s $2 billion stock buyback program and quarterly dividend payments.
TKO is set to report its fourth-quarter and full-year 2024 earnings this Wednesday, having projected an adjusted EBITDA of $1.22 billion to $1.24 billion and annual revenue between $2.67 billion and $2.75 billion. Despite these staggering figures, WWE employees say they have seen few financial benefits from the company’s success.
Following the September 2023 merger, WWE eliminated its stock purchase program, which had allowed employees to buy shares at a 15% discount. With TKO’s stock price rising over 50% in the past 18 months, this move has cost employees a key investment opportunity. Additionally, WWE has discontinued its peer-recognition "WWE Superstar" programme - previously a source of cash bonuses and gift cards - and removed complimentary live event tickets for employees, a long-standing perk.
With workloads increasing, particularly during WrestleMania season, some employees worry that WWE staff will be expected to take on even more work as TKO expands into ventures like professional boxing. WWE employees, like its wrestlers, remain non-unionised, leaving them with limited options to negotiate better compensation.
While WWE continues its financial hot streak, employee morale appears to be heading in the opposite direction.