LOS ANGELES (CelebrityAccess) – Endeavor, which owns both live events firm IMG and William Morris Endeavor talent agency, says it will be implementing additional cost-cutting measures by the end of May in an effort to bolster its cash liquidity in the wake of the ongoing COVID-19 pandemic.
The cuts, which include layoffs, reduced pay for reduced hours and furloughs across its 90 offices, will impact one-third of the company’s workforce of roughly 7,500 people globally.
“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 spokesperson said in a recent statement to Variety. “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 announced an initial round of layoffs in late March that impacted about 250 staffers. At the time, CEO Ariel Emanuel warned that “additional measures” would take place that would affect both pay and employment. Emanuel and executive chairman Patrick Whitesell have forgone the remainder of their 2020 salaries.