Stamford-based Sports entertainment company World Wrestling Entertainment Inc. said today 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.
 At 11 a.m., WWF shares traded at $10.67, down 39 cents, or 3.5 percent. (AP)Â
