CAA Announces Layoffs, Furloughs Impacting Hundreds
Creative Arts Agency (CAA) has announced layoffs impacting 90 agents and executives and another 275 assistants and support staff will be furloughed as the entertainment giant restructures to survive the coronavirus pandemic and related government shutdowns of live events.
The music department was hard-hit by the cuts, according to Hypebot. Offices in Los Angeles, Nashville, New York and London are impacted by the announced cuts.
“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.”
Companies across the board in sports and entertainment have been hammered by the coronavirus pandemic and related halt to live events and sports. Companies throughout live entertainment have made staffing cuts – in many instances drastic – to survive.
Hypebot estimated the global employee count for CAA to be north of 2,000, which would make the announced batch a cut of nearly 25 percent of its staff.