Sources: Roc Nation Went Through Furloughs, Pay Cuts Last Month

Roc Nation was "hit with multiple furloughs and pay cuts last month that extend across as much as half the company," according to sources cited by Aswad & Halperin of VARIETY. The sources said that the furloughs and pay cuts "were in the 10%-20% range" and are "said to extend across all departments as well as the streaming service Tidal." A source said that the company "made the moves quickly last month as the crushing impact of the coronavirus brought two of Roc's primary financial pillars -- music touring and sports -- to a virtual standstill." Sources said that many of those affected were "lower-level employees, although the company's former CFO, Gregory Resh, left last month." Roc Nation is a partnership with Live Nation, which itself announced "furloughs and voluntary salary cuts earlier this week, although the former were said to be largely in its European division and the latter for top executives," including Live Nation Chair & CEO Michael Rapino, who will forgo his $3M salary this year (VARIETY.com, 4/16).