The higher earners will shoulder most of the burden here, and will see their pay decrease by 30% maximum. The cuts will not impacts employees making under $65,000.
There have been differing strategies on how to handle this crisis. In Hollywood, Paradigm was out front with a “temporary layoff” plan that left over 100 without a paycheck. Agencies like Verve instead opted for pay cuts. Lionsgate yesterday laid off a dozen in marketing and distribution while those arms are idle. Presumably those laid off can tap into the DC stimulus package that makes provisions for extended unemployment.
Deadline revealed March 20 that Emanuel held a call with partners at talent agency WME, to tell them that aThere are plenty of rumors about all the company moves are going to impact who works where in the future. But these and other moves happening all over Hollywood are about one thing: companies like Endeavor carry debt obligations, and right now revenue has dried up in an unimaginable and abrupt way. The mission is to survive and keep as many people as possible working.