WWF says 9% of staff to hit the canvas By Christopher Grimes in New York Published: November 9 2001 17:06 | Last Updated: November 9 2001 17:17
World Wrestling Federation, which produces "Smackdown" and other professional wrestling shows, is cutting 9 per cent of its workforce and re-organising its management.
The company's chief operating officer, Stuart Snyder, resigned and will be replaced by Pete DiNicola. Mr DiNicola will report to Linda McMahon, chief executive.
WWF, whose stars include "Stone Cold" Steve Austin and The Rock, has seen its shares tumble from a high of $22 last year to $11.33 on Friday. Last month, the company said it would pull its pay-per-view programming from DirecTV, the US satellite TV company, after the two parties failed to reach an agreement over a revenue split.
And earlier this year, WWF and NBC suffered a blow when their attempt to start a new professional football league failed after only one season. The two media groups had hoped to blend reality-style programming values with a new, more violent brand of American football.
WWF bought its money-losing arch-rival, World Championship Wrestling, from AOL Time Warner earlier this year.
Despite this year's setbacks, the company said it would push ahead with its international expansion. WWF plans to open an office in London and will expand its live wrestling tours internationlly next year.
WWF said on Friday it would combine its internet and magazine publishing businesses as part of the reorganisation - steps that larger media groups such as Viacom and Walt Disney have made in recent weeks. The company also plans to overhaul its consumer products group.