Worldwide Wrestling Entertainment (WWE) is feeling the pinch of the economy. Proving that even escapism and fantasy aren’t immune, the Stamford, CT-based company is nixing 10% of its staff. It doesn’t appear that any talent will be cut (thank god), just the nameless heroes in the back office making it all work. The company estimates that the cuts will reduce its annual costs by some $20 million.
Meanwhile, if you haven’t heard, our elected officials at the Congress are spending time investigating the use of steroids in pro wrestling. Seriously. They suspect that these oversize humanoids, who recover form injury remarkably quickly, might be getting some help from the juice. With baseball we kind of understood the steroids outrage cause of the whole national pastime thing, and the fact that it has an antitrust exemption, which means the MLB is kind of at Congress’ beck and call. But wrestling? Seriously? Is there nothing better to work on?
Shares of WWE are off about 4.5% today.