Smackdown: WWE to cut 10 percent of staff

STAMFORD, Conn. (AP) -- Sports entertainment company World Wrestling Entertainment Inc. said Friday it will cut more than 60 jobs, or about 10 percent of its staff, as part of a broader cost-reduction plan.

The company behind such television shows as Friday Night SmackDown said the cuts will occur across all areas of the more roughly 600-employee company, yielding expected annual savings of $8 million in compensation and benefit costs.

Performers in World Wrestling Entertainment's live and televised wrestling matches are hired through outside contracts, and are not directly affected by the job cuts, World Wrestling spokesman Robert Zimmerman said.

The cuts are part of a broader campaign to reduce costs by $20 million this year through stronger cost controls and other steps. World Wrestling Entertainment expects to record a $3 million restructuring charge against its first-quarter earnings as a result of the move.

Most of the reductions are expected to be accomplished through layoffs in the first quarter, with some cuts coming through attrition, Zimmerman said.

"With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner," Chief Executive Linda McMahon said.

Shares of World Wrestling Entertainment fell 46 cents, or about 4 percent, to $10.60 in morning trading.

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