UPDATED: Live Nation-owned Ticketmaster furloughed hundreds of employees across North America on Wednesday, according to multiple sources
These are the first real cuts across the Live Nation group of companies.
An April 13th Live Nation SEC filing had broadly outlined a plan to save $500 million in 2020 through “the reduction in the use of contractors, rent re-negotiations, furloughs, and reduction or elimination of other discretionary spending.”
The staffers will reportedly receive 2-3 weeks severance pay and have their health insurance covered indefinitely. “These are critical employees and we plan to bring everyone back,” a source told Billboard’s Dave Brooks who first broke the story.
