Yahoo News Endeavor Officially Announces Pay Cuts as Ari Emanuel and Patrick Whitesell Forgo Salaries
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Endeavor has officially begun rolling out pay cuts as it grapples with the economic impact of the coronavirus pandemic across the industry. Endeavor heads Ari Emanuel and chairman Patrick Whitesell are forgoing their salaries, with president Mark Shapiro cutting his in half.
The pay reductions will proportionately increase according to base salary, from 5% to 30%. The adjustments will be reflected in the next paycheck.
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Other agencies that have implemented similar cuts include UTA and Verve, with Paradigm and APA having furloughed certain employees for the foreseeable future.
Salaries of less than $65,000 a year will not be reduced, which includes employees such as WME’s assistant group. The pay cuts will apply across all of Endeavor’s holdings, including IMG, the Miss Universe Organization and Professional Bull Riders. UFC does not apply, as Endeavor does not wholly own the company.
The move is an attempt to avoid further layoffs amid the economic fallout caused by the entertainment and sports industries coming to a near-standstill. Last Wednesday, Endeavor laid off about 250 staff members whose jobs are tied to physical locations, such as groundskeepers and restaurant workers.
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