As WWE continues to post record financial results after its merger with UFC under the parent company, TKO, many employees are facing cuts in benefits, fewer promotions, and growing frustrations with increased workloads.

Speaking anonymously to Wrestlenomics, several current WWE staff members described a significant decline in morale, attributing it to reduced benefits, limited pay increases, and a mounting workload as the company integrates with the UFC. This decline is exacerbated by a growing sense that corporate messaging about valuing the workforce is not reflected in their daily experiences.

While TKO is set to report its fourth-quarter and full-year 2024 earnings on Wednesday, with an expected adjusted EBITDA between $1.22 billion and $1.24 billion and annual revenue projected between $2.67 billion and $2.75 billion, employees expressed concerns that WWE's financial success has not translated into meaningful compensation improvements for staff.

A key goal of the merger was to consolidate services under Endeavor, TKO's majority owner, leading to significant layoffs after the deal was finalized in September 2023. Despite WWE's strong consumer-facing performance, including a new $5 billion, 10-year streaming deal with Netflix, and record-breaking live event ticket sales, internal staff said these successes have not benefited them in the form of pay raises or promotions.

Employees noted that the company's stock purchase program, which allowed workers to buy WWE shares at a 15% discount, ended with the merger, leaving staff without the opportunity to invest in the company's growth at a reduced price. Furthermore, WWE eliminated several key employee perks, including the popular "WWE Superstar" peer-recognition program, stock purchase plan, and complimentary live event tickets. These changes have left many employees feeling increasingly undervalued.

Morale took a further hit during performance reviews, with many employees receiving only modest 3% cost-of-living raises, which they say do not keep pace with the rising costs of living in the Connecticut/New York area. Even those with strong performance reviews were told they would only receive a cost-of-living adjustment due to budget constraints tied to the merger. Several employees, who had hoped for significant raises or promotions, were told that the company was not in a position to offer these due to the financial impact of the merger.

Despite these challenges, WWE's financial success has continued, with significant earnings from major events, such as the Royal Rumble, and high-profile partnerships like its deal with Saudi Arabia and its collaboration with MLS. The company recently reported its highest-ever gate for a televised event, with a $4.8 million revenue from the premiere of Raw on Netflix.

However, the financial windfall hasn't reached most employees, as many report increased workloads. Some workers are now clocking 50 to 60 hours a week, especially during the lead-up to WrestleMania, while others have seen their responsibilities increase to include tasks related to the UFC, PBR, and other Endeavor properties.

Employees remain disillusioned, noting that while TKO executives received massive bonuses linked to the merger, the broader workforce has seen few tangible benefits. TKO's CEO, Ari Emanuel, received a $20 million cash bonus plus stock grants, while other top executives were awarded millions in bonuses and stock options. Meanwhile, the employees who contributed to the company's success, particularly during less profitable times, are not receiving similar recognition.

This disparity between executive compensation and employee benefits is further underscored by TKO's $2 billion stock buyback program and its quarterly dividends to institutional investors. While these measures benefit shareholders and executives, employees are left grappling with increased workloads, fewer benefits, and stagnant pay.

With the integration still ongoing and more acquisitions likely in TKO's future, WWE employees worry they will be expected to take on even more work without additional compensation or benefits. The pressure is compounded by the fact that WWE staff are not unionized and have limited avenues for addressing their grievances.

As morale continues to dip, some employees have expressed a reluctance to go the extra mile as they did in the past. What was once a company driven by passion and commitment now finds itself grappling with a workforce that feels increasingly undervalued.

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