Endeavor is planning to make company-wide pay reductions of up to 30% to all staffers in the coming weeks as a means of avoiding additional layoffs brought about by the coronavirus, an individual with knowledge of the cuts told TheWrap.
Endeavor’s chiefs will tell staff Wednesday of the news, and the cuts will affect all businesses, including the WME agency, with the exception of the UFC, which is not wholly owned by Endeavor.
Those earning under $65,000 will not be affected by the pay cuts, but higher earners can lose as much as 30% of their salaries. Additionally, Endeavor president Mark Shapiro will take a 50% pay cut.
Last week Endeavor was forced to make temporary layoffs of 250 employees who were unable to work from home, and Endeavor’s chiefs Ari Emanuel and Patrick Whitesell had already informed staff that they would each be going without a salary for the remainder of the year.
The pay cuts that will be announced to Endeavor staff on Wednesday should help to avoid additional layoffs and is a model that has been followed by other agencies and studios across Hollywood as the coronavirus has brought the industry to a standstill.
Deadline first reported the news of the pay cuts.
Read original story Endeavor to Implement Company-Wide Pay Cuts to Avoid Additional Layoffs At TheWrap