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UPDATE 1-WWE to cut 10 percent of its workforce

Fri Jan 9, 2009 9:47am EST

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Jan 9 (Reuters) - World Wrestling Entertainment (WWE.N) said it plans to cut 10 percent of its global workforce to control costs, and increase earnings and margins.

The sports entertainer, which stages live and televised professional wrestling matches, will take a one-time restructuring charge of $3 million and expects to save about $8 million annually, the company said in a statement.

"These efficiencies will help position the company for the long term, by placing it in a stronger, more flexible position," Linda McMahon, Chief Executive Officer said.

In addition to job cuts, WWE said it has also done an evaluation of its operating and capital expenditures, and has identified additional efficiencies.

Shares of WWE were trading down nearly 2 percent at $11.12 in early morning trade Friday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anil D'Silva)



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