Endeavor and Ari Emanuel just last year had been planning on an IPOGETTY IMAGES
Endeavor CEO ARI EMANUEL has "vowed to refuse a salary" for the rest of '20, marking one of a number of measures the exec is taking as he is "forced to restructure the business due to the impact of coronavirus," according to Kerry Flynn of CNN BUSINESS. Emanuel in an internal email wrote, "I don't think any of us could have imagined we'd be in the place we are today. As we all focus inward to protect our personal health and safeguard our families, every company around the world is simultaneously faced with safeguarding the health and future of its business. We are no different. All parts of our company are feeling the effects." A source said that 250 people are "being laid off out of Endeavor's 7,500-person workforce." Flynn noted United Talent Agency "announced similar changes on Monday." The agency's leadership also is "not taking a salary for the rest of the year" (CNN.com, 3/25). In L.A., Stacy Perman writes the layoffs "underscore how rapidly circumstances have changed for Endeavor and others in the agency business who were already facing economic pressures before the pandemic struck." Last summer, Emanuel and Endeavor were "on top of the world." Emanuel was "considered one of the most powerful men in Hollywood, and he eagerly awaited a highly anticipated initial public offering in the fall." Then it all "began to crumble." The planned IPO was "scrapped one day before it was set to hit the market on Sept. 27" (L.A. TIMES, 3/26).
