Endeavor Forced to Lay Off, Furlough, Cut Pay of Staff in Move Affecting a Third of Workforce

The cost cuts will hit talent agency WME and IMG

Photo credit: Emma McIntyre/Getty Images

Endeavor on Wednesday said that it will lay off, furlough and cut the pay of employees in a move that is expected to impact roughly a third of the company’s workforce.

“The long-term prospects for Endeavor remain unchanged, but like other companies, we are taking a variety of actions to mitigate the impact of this pandemic,” an Endeavor spokesman said in a statement. “Since late March, we have been rolling out cost-saving measures in phases across our companies and geographies and intend to complete most of this process in late May. Approximately a third of our population will be impacted by reduced pay for reduced work, furlough, or position elimination, with the majority affected by reduced work and furlough.”

Endeavor, which currently employees 7,500 people in more than 90 offices around the world, will see the cost cutting measures hit major divisions of the company’s business, including talent agency WME and IMG.

Endeavor, like many businesses, has been hard hit by the ongoing novel coronavirus pandemic, which has effectively ground Hollywood to a halt.

Earlier this month Endeavor said it planned to cut pay by up to 30% for all staffers. That was after temporarily laying off roughly 250 in operational positions who weren’t able to perform their jobs from home.

More to come…

Source: Read Full Article