CAA Pink Slips 90 Agents, Execs and Furloughs 275 Employees
UPDATE: 90 agents and executives at CAA have been let go of permanently and another 275 assistants and support staff have been furloughed across offices in Los Angeles, Nashville, New York, and London.
The move comes as the ongoing global pandemic and subsequent shutdowns ravish the entertainment industry. Sources tell Hypebot that the music division was among the hardest hit.
CAA is estimated to have about 2100 employees overall. Endeavor, UTA, Paradigm, ICM, APA, Live Nation, AEG, and other music and entertainment companies have all implemented similar cost-cutting measures.
“CAA began working remotely earlier this year due to the pandemic. Everyone at the company participated in reducing compensation with the hope that we could keep all employees financially whole through the end of our fiscal year, September 30th, 2020. We are honoring that commitment, including for those impacted by today’s announcement,” said CAA in a statement.
“Effective this week, approximately 90 agents and executives from departments across the agency will be leaving. In addition, we are furloughing approximately 275 assistants and other staff. The company will continue to fully pay the health plan premiums for those being furloughed.”
This is so sad to hear. Makes you wonder what’s coming next for the industry as the larger agencies begin to make such cutbacks. If anyone’s interested, I recently authored a piece on the same topic: https://cutt.ly/WsXzhiC
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