The coronavirus pandemic has forced major holding company Endeavor to make internal changes in order to keep business afloat.
The California-based group has laid off roughly 250 workers so far in positions that cannot be held remotely, including restaurant, hotel and groundskeeping staff. Additional measures are expected to take place in response to the global pandemic while CEO Ariel Emanuel and executive chairman Patrick Whitesell are giving up the remainder of their annual multi-million dollar salaries to aid business.
“I don’t think any of us could have imagined we’d be in the place we are today,” Emanuel wrote in a company memo sent last week. “As we all focus inward to protect our personal health and safeguard our families, every company around the world is simultaneously faced with safeguarding the health and future of its business. We are no different. All parts of our company are feeling the effects. With that in mind, we are in the process of assessing our operations globally to develop a plan that will protect the business while limiting the impact on as many employees as possible.”
Emanuel went on to say that many of Endeavor’s business holdings – including talent agency WME, fashion giant IMG and UFC – would face different impacts to be carried out by respective group leadership.
“These decisions are not being made lightly, knowing the impact they may have on you and your families during these uncertain times. We appreciate the strength and compassion that you continue to show for one another as we navigate this challenging situation,” Emanuel concluded his companywide message.
Endeavor is not the first entertainment-based company to issue layoffs. The sudden shutdown of the entertainment industry forced Tix Corporation to suspend operations of its subsidiary Tix4Tonight, while resale giant StubHub furloughed two-thirds of its workforce for the remainder of the spring.