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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: US wrestling group loses economic smackdown, cuts jobs AFP - 1 hour 56 minutes ago WASHINGTON (AFP) - - World Wrestling Entertainment, a US media group whose superstar wrestlers body-slam their opponents into oblivion, has proved no match for the US recession, unveiling Friday a round of job cuts. The company said it was slashing 10 percent of its staff across all global operations to save an estimated eight million dollars annually. World Wrestling Entertainment (WWE) did not specify the number of jobs to be tossed, but according to the latest available figures, the Stamford, Connecticut-based firm had 570 employees at the end of 2007. "These efficiencies will help position the company for the long term, by placing it in a stronger, more flexible position," said Linda McMahon, chief executive at WWE. "With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner." The company said it would take an estimated three million dollar restructuring charge in the first quarter of 2009, part of efforts to cut its cost base by 20 million dollars in 2009. The deepening US recession, which began in December 2007, has weighed on the company's bottom line. Third-quarter profit in 2008 sank 38 percent from a year ago, to 5.3 million dollars. WWE organizes the fights and manages the colorful male and female wrestling "talents" who pound, kick and insult each other in the kitschy entertainment sport. In 2007, WWE had sales of 485 million dollars: 65 percent from television broadcasts, 28 percent from tickets and paraphernalia, and 7.0 percent from its website. Shares in WWE, which realizes a quarter of its sales outside North America, have sagged some 45 percent in the past nine months. They were down 4.5 percent at 10.56 dollars Friday in afternoon New York trade. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle `Dexter' brother and sister are husband and wifeAP - 24 minutes ago Patrick Swayze checks himself into hospitalAP - 30 minutes ago Star-studded Golden Globes launches Oscar countdownAFP - 48 minutes ago Ryan O'Neal pleads guilty to drug chargeAP - 1 hour 18 minutes ago US-ENTERTAINMENT SummaryReuters - 1 hour 29 minutes ago Enlarge Photo World Wrestling Entertainment(WWE), a US media group whose superstar wrestlers body-slam their opponents into oblivion, has proved no match for the US recession, unveiling Friday a round of job cuts. Most Popular – Entertainment Viewed Marks & Spencer to axe 1,230 jobs and close 27 stores Citigroup: 2-billion-dollar exposure to LyondellBasell Finance fights sex for Aussie dictionary honour Israel presses on with Gaza strikes despite UN resolution Half the planet could be hit by food crisis by 2100: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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