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Post by This Player Hating Mothman on Apr 16, 2020 6:14:48 GMT -5
Last year the WWE ran an average of about 40 events a month, for the forseeable future (six months if not longer) they'll be running what, 15? I get it would be nice if rich people just accepted they were going to make less money, but it also does follow that less events = less wrestlers and producers. As per WWE's financial report last year, the operating income off live events was 7.7 million off net revenues of 125.6 million. Eliminating a bunch of shows and a lot of the costs of those shows, which invariably includes venue costs/insurance, transport of the production and ring equipment, employees whose travel doesn't get paid out-of-pocket like the wrestlers and who aren't needed to set up rings/trons/what have you, and obviously not even having the labour overhead of paying for wrestlers to work shows that don't exist, you have to question how much of a major money hit this is even dealing. They were making a thin margin of money off live events in the first place, and even then that was likely concentrated to major events where there'd be house shows doing so poorly they ended up running a loss, and now not having to spend a lot of that money creates a situation where that correlation doesn't really stand as proof it's a necessity.
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Deleted
Deleted Member
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Post by Deleted on Apr 16, 2020 6:18:16 GMT -5
I genuinely think even when it comes to protecting their business that the WWE is indefensible. Leaving aside the dodgy $18 million donation
Let’s look at their top 10 salaries announced in Feb
Brock Lesnar, $10 million. Roman Reigns, $5 million. Randy Orton, $4.1 million. Seth Rollins, $4 million. Triple H, $3.3 million. Becky Lynch, $3.1 million. Bill Goldberg, $3 million. Shane McMahon, $2.1 million Stephanie McMahon, $2 million Braun Strowman, $1.9 million
I dunno what Vince is paid but I’m assuming it’s not buttons
Maybe we could make some savings there (No one even has to lose their jobs, you could just make some cuts) and allow those further down the card to keep their job for a little bit longer and then once things open back up then if you want to release them then go ahead
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Deleted
Deleted Member
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Post by Deleted on Apr 16, 2020 6:18:38 GMT -5
i'm guessing there's no word on who got Furlough and who were released altogether?
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nisidhe
Hank Scorpio
O Superman....O judge....O Mom and Dad....
Posts: 5,719
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Post by nisidhe on Apr 16, 2020 6:22:23 GMT -5
The thing that angers me is that a lot of these wrestlers were the unhappy ones that wanted out but were refused but now they can’t work anywhere the wwe let them go? Would the wrestlers get a pay off to break there contact? I fear for the NXT UK crew The UK wrestlers may not come out too badly, particularly if the UK has a dole scheme in place for this crisis similar to the CERB here (Canada). Now, I would suggest that the future of NXT:UK is in serious question but it would seem WWE isn't touching that roster with a barge-pole for a reason - to do so would likely send BritWres roaring back with the promo videos and now the "creative" ways by which wrestling as a whole is hanging on. Who'd have thunk that Southpaw Regional Wrestling, a shits 'n' giggles project by WWE's midcard with _no_ in-ring action at all, would have a hand in opening up that gateway? And look who's been released from WWE - Big Bartholomew, Impressive Pelvis Wesley, Tex Ferguson and Chadd 2 Badd.
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Abdullah
Hank Scorpio
Thank you, Ishmeal Loves Bayley!
Posts: 6,420
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Post by Abdullah on Apr 16, 2020 6:25:41 GMT -5
Do the released talent still get paid anything or are they cutoff? Has that been elaborated on at all?
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Post by EoE: Well There's Your Problem on Apr 16, 2020 6:37:46 GMT -5
Do the released talent still get paid anything or are they cutoff? Has that been elaborated on at all? I've read that they'll get the 90 days payment that would normally come with the no-compete clause, but I can't confirm that. I hope they at least get that much.
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Abdullah
Hank Scorpio
Thank you, Ishmeal Loves Bayley!
Posts: 6,420
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Post by Abdullah on Apr 16, 2020 6:47:02 GMT -5
Do the released talent still get paid anything or are they cutoff? Has that been elaborated on at all? I’ve read that they’ll get the 90 days payment that would normally come with the no-compete clause, but I can’t confirm that. I hope they at least get that much. Revival didn’t get the 90 days, according to reports. So I wonder if WWE will forgo that in an attempt not to pay anything.
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mattperiolat
King Koopa
Thank you, Brodie... for everything.
Posts: 11,445
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Post by mattperiolat on Apr 16, 2020 6:47:49 GMT -5
I’m trying to wrap my head around how the company can invest money in a super pac to be declared an essential business 24 hours later needs to cut 4 million in payroll. It’s insulting to the fans and cruel to the talent in and out of the ring. As I recall, Bill Zane quoted 24 million went toward the declaration, but that could be wrong.
Regardless, it sucks, it hurts and it will get worse since we are all waiting for more today.
Thankfully, I’ll have work to keep me busy and my mind off. Let’s try and be supportive here - everyone stands to lose someone important to them.
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Deleted
Deleted Member
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Post by Deleted on Apr 16, 2020 6:53:44 GMT -5
Also, just a question that has been on my mind since all this kicked off... Putting aside the fact they assured their shareholders they can ride out the storm with it, if this isn’t the time to use a portion of that $500m, at a time when you were still trying to make all of the $1bn a year from your TV deals with the live shows and were legally allowed to in Florida...when would be the time? What’s the scenario that makes more sense to use money saved for occasions that are dire than right now? The 500 million isn't like, cash. They've got about 90 million in liquid cash if you believe their sheets at the end of 2019. They'd have to basically cash in all their credit to get that full 500 million and if they did that the company would definitely die. Edit: I agree with you though, for the record, that they could definitely liquidate some existing stuff and just NOT make record profits for one year.
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Post by BitterAF on Apr 16, 2020 6:53:51 GMT -5
I’ve read that they’ll get the 90 days payment that would normally come with the no-compete clause, but I can’t confirm that. I hope they at least get that much. Revival didn’t get the 90 days, according to reports. So I wonder if WWE will forgo that in an attempt not to pay anything. If a contract runs out, there is no need for a non-compete. 90-days pay is only given to wrestlers fired mid-deal.
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Post by HMARK Center on Apr 16, 2020 7:07:55 GMT -5
Once more, for the record, as we go forward here, can we please all keep what information we have access to in mind when discussing this:-WWE reportedly has/had $500 million reserves to handle emergency debts. As mentioned above it's not all liquid assets, but a crisis like this would presumably be the time to liquidate some of them to have more emergency reserves on hand, yet they're not doing that. -WWE is not "bleeding money" right now; the bulk of their money comes from TV contracts, which are still being paid right now. -Live events are a chunk of change for WWE, no doubt, but it's a fraction of their overall income compared to TV rights. -WWE was profitable before this outbreak began, and by most accounts remained profitable during the outbreak; the cuts are being made to appease shareholders who want a short-term return on investment, not to ensure the survival of the company. -The cuts so far amounted to saving the company about $4 million a month, which, for them, even now without live ticket sales, is basically nothing. -The revenue split between WWE ownership and WWE wrestlers was approximately 90% to 10% before the outbreak began, whereas unionized sports leagues have that revenue split at or closer to 50% to 50% most of the time. Payroll was never hampering the WWE that badly. -Yes, WWE's roster was bloated, but only because they clearly had no idea what they wanted to do with most of the wrestlers they signed; financially, they likely could've afforded to keep just about everybody through this for a good, long time, and likely remained profitable. They chose not to, again, for the sake of stock prices.I'm also looking for 100% confirmation that Vince and company had the money to pay everyone in the XFL what was owed to them, but simply didn't thanks to bankruptcy. If I'm wrong on this I welcome any correction, but we've got coaches, photographers, and more who haven't been paid what they're owed. I'm not even bringing up the utterly immoral lunacy that is doing three live shows a week (with wrestlers flying in from all over the US!), nor the bribe that was done with the state of Florida; put those downright evil things aside for a minute, and this is still utter bullshit on every level, and "that's just the way it is" really isn't a great excuse for it. I’m trying to wrap my head around how the company can invest money in a super pac to be declared an essential business 24 hours later needs to cut 4 million in payroll. It’s insulting to the fans and cruel to the talent in and out of the ring. As I recall, Bill Zane quoted 24 million went toward the declaration, but that could be wrong. Regardless, it sucks, it hurts and it will get worse since we are all waiting for more today. Thankfully, I’ll have work to keep me busy and my mind off. Let’s try and be supportive here - everyone stands to lose someone important to them. The way that many Super PACs work, we likely don't know where exactly the money came from, though the website Open Secrets might have some information (doubtful). It's possible that it's money from the company, it's possible it's money from the McMahon's personal fortune, it's possible it's from a bunch of rich donors, and likely a combination of all three. Nevertheless, it remains sketchy and likely corrupt as all hell.
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Post by Hobby Drifter on Apr 16, 2020 7:18:28 GMT -5
Bold prediction: We will not see John Cena or the Rock affiliated with WWE again in Vince McMahon’s lifetime.
This is an unforgivable week of absolute reprehensibility.
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Post by Brian Suntan on Apr 16, 2020 7:18:42 GMT -5
Last year the WWE ran an average of about 40 events a month, for the forseeable future (six months if not longer) they'll be running what, 15? I get it would be nice if rich people just accepted they were going to make less money, but it also does follow that less events = less wrestlers and producers. As per WWE's financial report last year, the operating income off live events was 7.7 million off net revenues of 125.6 million. Eliminating a bunch of shows and a lot of the costs of those shows, which invariably includes venue costs/insurance, transport of the production and ring equipment, employees whose travel doesn't get paid out-of-pocket like the wrestlers and who aren't needed to set up rings/trons/what have you, and obviously not even having the labour overhead of paying for wrestlers to work shows that don't exist, you have to question how much of a major money hit this is even dealing. They were making a thin margin of money off live events in the first place, and even then that was likely concentrated to major events where there'd be house shows doing so poorly they ended up running a loss, and now not having to spend a lot of that money creates a situation where that correlation doesn't really stand as proof it's a necessity. I didn't say it was a necessity, I said it was a inevitability that less work equals less jobs. FWIW, the $130m in cash flow savings will be a far bigger deal to them than the $4m a month in total savings that keeps being mentioned.
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Post by Rolent Tex on Apr 16, 2020 7:30:00 GMT -5
Did a quick bit of research since it was brought up. The McMahons didn’t donate the money to a Super PAC. Linda runs the Super PAC. The Super PAC pledged $18.5 million in advertising revenue to run advertisements favorable to the president from Labor Day through Election Day in Orlando and Tampa. As far as we know not a single cent from the McMahons could be involved. Still sleazy as all hell.
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mattperiolat
King Koopa
Thank you, Brodie... for everything.
Posts: 11,445
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Post by mattperiolat on Apr 16, 2020 7:34:39 GMT -5
Bold prediction: We will not see John Cena or the Rock affiliated with WWE again in Vince McMahon’s lifetime. This is an unforgivable week of absolute reprehensibility. I wish I agreed, but I can’t. Rock and Cena were given a platform by Vince to get the ball rolling. Vince asks, they’ll answer. Loyalty just goes a long way. Now, if it were the Bellas and the entire A’noi family getting cut...
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Mecca
Wade Wilson
Posts: 25,052
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Post by Mecca on Apr 16, 2020 7:47:28 GMT -5
Also, just a question that has been on my mind since all this kicked off... Putting aside the fact they assured their shareholders they can ride out the storm with it, if this isn’t the time to use a portion of that $500m, at a time when you were still trying to make all of the $1bn a year from your TV deals with the live shows and were legally allowed to in Florida...when would be the time? What’s the scenario that makes more sense to use money saved for occasions that are dire than right now? The 500 million isn't like, cash. They've got about 90 million in liquid cash if you believe their sheets at the end of 2019. They'd have to basically cash in all their credit to get that full 500 million and if they did that the company would definitely die. Edit: I agree with you though, for the record, that they could definitely liquidate some existing stuff and just NOT make record profits for one year. As soon as they went public all that went out the window, any company that doesn't increase earnings from year to year is going to see it's stock prices plummet and have major problems.
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Allie Kitsune
Crow T. Robot
Always Feelin' Foxy.
Celestial Princess in Exile.
Posts: 46,090
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Post by Allie Kitsune on Apr 16, 2020 7:48:19 GMT -5
Bold prediction: We will not see John Cena or the Rock affiliated with WWE again in Vince McMahon’s lifetime. This is an unforgivable week of absolute reprehensibility. Rock MAYBE never associates again, considering he's made certain teases about his ambitions. Cena, I doubt he completely disassociates forever.
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Post by 111111 on Apr 16, 2020 7:51:55 GMT -5
Vince McMahon is one of the c***iest c***s to ever f***ing exist.
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Bo Rida
Fry's dog Seymour
Pulled one over on everyone. Got away with it, this time.
Posts: 23,517
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Post by Bo Rida on Apr 16, 2020 7:56:03 GMT -5
Damn, those numbers. I was a bit charitable yesterday but now I'm in full f*** this company mode.
I've long thought going public was the worst thing WWE ever did but that was mostly due to it's effect we could see on screen, now it's more tangible.
The prioritising of short term gains is at the heart of many of the problems caused by this pandemic (and the world in general). The amount of lives, jobs and businesses that could have been saved with a bit of long term thinking is so sad to think about.
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Post by Prince Petty on Apr 16, 2020 7:56:57 GMT -5
Bold prediction: We will not see John Cena or the Rock affiliated with WWE again in Vince McMahon’s lifetime. This is an unforgivable week of absolute reprehensibility. Rock MAYBE never associates again, considering he's made certain teases about his ambitions. Cena, I doubt he completely disassociates forever. If I was The Rock right now, I'd be thinking "$4million ain't that much to buy the amount of solidarity and goodwill it will get me."
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