World Wrestling to cut 10 percent of staff

STAMFORD, Conn. (AP) - Sports entertainment company World Wrestling Entertainment Inc. said Friday it will cut 10 percent of its staff as part of a broader cost-cutting plan.

The company behind such television shows as "Friday Night SmackDown" said the staff reduction would occur across all areas of global operations, yielding expected annual savings of $8 million in compensation and benefit costs.

The cuts are part of a broader campaign to reduce costs by $20 million this year through stronger cost controls and other steps. World Wrestling Entertainment expects to record a $3 million restructuring charge against its first-quarter earnings as a result of the move.