Endeavor Exec Chair PATRICK WHITESELL is "said to be now taking on a more hands-on role in overseeing WME" after the agency announced that it "will lay off or furlough 20 percent of its workforce," according to sources cited by Masters & Galuppo of the HOLLYWOOD REPORTER. Whitesell is "tasked with calming waters roiled by the agency's failed IPO last fall, followed by the unforeseeable crisis of the pandemic." Partners who had long been "hoping to land a rich payday with the IPO, or at least a consolation prize after it was pulled, are now seeing that dream die as Endeavor grapples with heavy debt and a diversified business reliant in large measure on live events that are indefinitely postponed or canceled." Masters & Galuppo noted Endeavor in early March "laid off 250 staffers in non-essential areas," while Whitesell and CEO ARI EMANUEL "gave up their annual salaries" (HOLLYWOODREPORTER.com, 5/7).
INSIDE THE CUTS: The WME cuts will begin Monday and include individuals at all levels, including partners, agents, and assistants across all departments, including WME Sports. The job eliminations are part of parent company Endeavor's broader cost-cutting measures announced at the end of last month, that were expected to impact about one third of the company's 7,500 employees. WME employees om Thursday received an email about the layoffs from WME President ARI GREENBURG. In addition to the layoffs at WME, there have been pay reductions and will be some furloughs. "WME is reducing its workforce by approximately 20% as a result of COVID-19’s impact on our business," a WME spokesperson said in a statement. "We appreciate the contributions of our former colleagues, and out of respect for their privacy, we will not be commenting on the status of specific employees. While we are making these difficult decisions now to safeguard our business, we believe in the resilience of our team and our industry" (Liz Mullen, THE DAILY).
