CAA announces 'significant’ layoffs amid the COVID19 pandemic
Since tours came off the road in March and most festivals were postponed, coupled with the shut down of film and TV production in Hollywood, the industry's representation business has taken a financial hit. On Tuesday, CAA became the latest major agency to disclose plans for layoffs and furloughs amid the novel coronavirus pandemic.
The cuts were spread across all departments at the agency including employees in cross-division functions like finance and information technology departments were also affected. Impacted CAA employees will be compensated and will receive benefits through September 30. For furloughed employees, the agency will pay for health plan premiums during the time of the furlough.
On May 4, S&P Global lowered CAA's credit rating from a"B+" to"B" amid the pandemic. While the financial services firm noted that CAA"will maintain sufficient liquidity to service all of its debt obligations" its forecast also noted that the agency's"represented talent are being directly affected by these disruptions because they are not receiving compensation.
After implementing pay cuts, UTA also began furloughing employees in May, with the agency temporarily laying off 171 staffers in Beverly Hills, per a disclosure with the California Employment Development Department."We had hoped the salary reductions we all took would be sufficient, but at this point we must take this additional step," UTA CEO Jeremy Zimmer wrote in a May 4 memo.
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