The cuts and furloughs reportedly resulted in an estimated monthly savings of $4 million, in addition to a cash flow improvement of $140 million primarily from the deferral in spending of the new WWE headquarters that was scheduled to open next year.
As Wrestling Inc. first reported, WWE employees were told that the end date of the furlough is July 1st, although it was subject to extension due to uncertainties with the pandemic. While the end date is subject to change, the expectation is that it will last fewer than six months, although WWE noted that they reserve the right to extend or terminate the furlough period at their discretion.
Several WWE producers were also furloughed, including Shane Helms, Billy Kidman, Fit Finlay, Mike Rotunda, Pat Buck, Shawn Daivari, Scott Armstrong, Sarah Stock and Lance Storm. WWE's longtime director of television, Kerwin Silfies, was also amongst the names furloughed.
While furloughed employees will not be receiving a paycheck, WWE is continuing to cover health insurance contributions during the furlough period for those enrolled in the WWE health plan, and they will retain their seniority with the company.
McGuiness signed with WWE in January of 2017. He quickly became the color commentator for NXT, and also provided commentary on 205 Live, Main Event and NXT UK.
Source: Wrestling Observer Newsletter
Subscribe to The Wrestling Observer by clicking here. Each issue has coverage and analysis of all the major news, plus history pieces. New subscribers can also receive free classic issues.