Sydney – World Wrestling Entertainment (WWE) has announced a 10 percent cut in staff globally – resulting in the downsizing of the Asia Pacific operations and the closure of the Sydney office. WWE was headquarted in Sydney for the region; President Asia Pacific Jonathan Sully is believed to be staying with company until February. The closure is a blow for the Sydney-based staff, after what has been described by as “APAC’s exemplary performance in 2008.” This reduction will result in annual savings of approximately $8 million in compensation and benefit costs. Additionally, the company will incur an approximate $3 million one-time restructuring charge in the first quarter of 2009. “These efficiencies will help position the Company for the long term, by placing it in a stronger, more flexible position,” said Linda McMahon, CEO, WWE. “With these actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner.”