Talent agency Endeavor has begun laying off workers due to dropping revenue as the coronavirus forces both Hollywood and the sports industry to shut down—the agency let go about 250 staffers by MadelinePBerg
... [+]: Talent agency Endeavor has begun laying off workers due to dropping revenue as the coronavirus forces both Hollywood and the sports industry to shut down. In its first round of layoffs, the agency—which includes entertainment agency WME, fashion and athletic agency IMG and mixed martial arts powerhouse UFC—let go about 250 staffers.
The first round of layoffs affects those who cannot do their jobs at home, such as groundskeepers, restaurant workers and staff of the IMG Academy in Bradenton, Florida, a school for aspiring professional athletes. CEO Ariel Emanuel and executive chairman Patrick Whitesell will forego the rest of their seven-figure 2020 salaries.
A companywide memo said that that further measures would be taken that will affect the employment and pay of the company’s 7,500 employees. The move came after an announcement last week WME would no longer buyback their equity shares next month, as was previously expected.
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