WWE Releases Key Employees Despite Record Quarterly Profits

Not more than a week ago, the WWE Quarter 3 Earnings Reports came in, and to everyone’s surprise, made 2020 the most profitable year for WWE even before the start of Quarter 4.

Speaking at the WWE Q3 Earnings Call, WWE Chairman & CEO Vince McMahon said, “Our third-quarter financial performance was strong and reflected our ongoing creativity in a challenging environment.” 

“We continue to adapt our business, as demonstrated by the creation of WWE ThunderDome, focusing on increasing audience interaction and engagement to support the value of our content globally,” he continued.

But despite a record net income of $48.2 million in just nine months, WWE continues releasing its employees. The latest addition to the list is long-time SmackDown Announcer Tony Chimel – the man who made Edge’s “Rated-R Superstar” nickname sound soothing to the ears. 

As first reported and confirmed by PWInsider, the company let go of several employees on Friday. The staff to be let go is mostly logistical and behind the scenes working at the WWE Headquarters in Stamford, CT. It is believed that a total of 10-15 employees were released. 

Out of all the employees released, the most notable is Tony Chimel, the former ring announcer of SmackDown. Tony Chimel had signed with WWE in 1991 and had been with the company ever since.

Another eyebrow-raising name to be released is Derek Casselman. Casselman had been with WWE since 1993 and was working as the Director of Venue Merchandise, Remote Operations.

What Could This Mean for WWE?

If releasing its employees is a way to maintain the company’s profit, then WWE surely needs to find another way out. But when we look closely and join the dots, with the ongoing pandemic and safety restrictions, it is clear that the company has no plans on running House Shows. With these releases, it can be speculated that the house show business is not on WWE’s to-do list right now.

This would back up the WrestleVotes tweet that said, “I’ve been told that the typical weekly live event loop (Friday TV + house shows Sat & Sun + Monday TV) all of which in different locations, won’t return to the WWE schedule until 2022.”

Tony Chimel was last seen working behind the scenes as a production manager, overseeing the ring crew. However, with dismantling and setting up the ring not required regularly in these times, we can only guess why Tony was released.

This is not the first time that the company has released its employees or wrestlers. Back in April, WWE made huge talent cuts to its rosters. A lot of staff on and off-screen were impacted. Many lost jobs, many were furloughed, all in the middle of a pandemic.

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