Former WWE CEO Linda McMahon, recently spoke with the Las Vegas Sun where she went over Vince buying what we now know as; the WWE & the difficulties that come with providing health insurance for WWE’s employees.
Here are the highlights:
Buying WWE:
“Vince and I have always said that we had a great opportunity, but great opportunities can come and go if you don’t take advantage of them and seize them. Being in this particular industry is something that he always wanted to do from the time he was a little boy, it was in his blood. We were able to do it, by taking over the business ongoing and paying as you go with it, we did increase revenues through that time. So then, we went from the Northeast and moved it across the country and made it into first a national business and then a global business.”
Not Providing Health Insurance:
“It’s such a complicated issue to try to give a succinct answer. WWE went from having no insurance when Vince and I first got started. I remember when I walked into his office when we had 13 or maybe 14 employees and I said, ‘Guess what? You now have health insurance’ and he said, ‘Wow’, I don’t think he realized he didn’t have it before.”
“The cost of health care has grown. We had a very young company, so there were a lot of babies being born, so we had some high expenses. Eventually, we went to self-insuring except for catastrophic. We had health savings plans, we tried different ways to make sure that our employees had really great coverage that they weren’t paying too much out of pocket to try to keep those co-pays reasonable within guidelines.”
