(CelebrityAccess) – Endeavor is rolling out pay cuts as it deals with the economic impact of the COVID-19 pandemic, according to Deadline.
The cuts – which will proportionately increase according to base salary, from 5 to 30 percent – will affect all businesses, including the WME agency, with the exception of the UFC, which is not wholly-owned by Endeavor. Salaries of less than $65,000 a year will not be reduced.
Additionally, Endeavor president Mark Shapiro is cutting his compensation by half, while CEO Ariel Emanuel and executive chairman Patrick Whitesell already announced that they will both be going without a salary for the remainder of the year.
Last week Endeavor was forced to make temporary layoffs of 250 employees who were unable to work from home. The newly announced pay cuts are an attempt to avoid further layoffs amid the economic fallout caused by the COVID-19 crisis.
Other agencies making company pay cuts amid the pandemic include UTA, Paradigm, APA and more.