Live Nation has expanded employee furloughs to include 20% of staff, according multiple sources.
The furloughs are part of $600 million cost-savings plan the company implemented in response to the total suspension of the concert industry as the world grapples with the coronavirus pandemic.
The furloughs had previously impacted Ticketmaster, but according to THR, they have been expanded this week all of Live Nation’s divisions, including concerts, venues, media and sponsorships.
Furloughed employees will continue to receive medical benefits, but will not collect a salary.
Live Nation first announced the cost reduction measures in April, including hiring freezes, reduction in the use of contractors, rent re-negotiations, furloughs, and reduction or elimination of other discretionary spending, including, among other things, travel and entertainment, repairs and maintenance, and marketing.
As well, the company implemented salary reductions, with salaries for senior executives reduced by up to 50%, and the company’s CEO Michael Rapino volunteering to forgo 100% of his salary for the duration of the salary reduction.
- via CelebrityAccess
