COVID-19 Impact: IMG parent company Endeavor lays off 250 staff

first_img Cricket Latest Sports News By Kunal Dhyani – March 27, 2020 Cricket Euro 2020, Switzerland vs Turkey LIVE: Shaqiri adds another as Switzerland lead 3-1; Follow Live Updates by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTripCuratorYou Haven’t Lived Until You Visit These 10 All-Inclusive ResortsTripCuratorAssociated PressHawaii’s Kilauea has pushed lava up through fissures, destroying homes and forcing evacuations.Associated PressGrab the Redeem Code just released for Wilderness Hunter UMP & Shimmy Emote before it expires, Garena Free Fire India ‘Rampage Party Giveaway Day 2’Also Read: Sports Business: Sky, BT face £1bn loss if sporting events shut till AugustIMG and Ultimate Fighting Championships are prominent acquisitions among the company’s sports business interests.Endeavor CEO Ari Emanuel and Chairman Patrick Whitesell have agreed to work without any salaries during the year.In a further sign of how the coronavirus outbreak is buffeting the entertainment industry, the operator of one of Hollywood’s largest talent agencies disclosed that it would lay off as many as 250 employees due to the health crisis.“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,” Emanuel has reportedly written an internal note while announcing the job cuts. “All parts of our company are feeling the effects.”Endeavour operates it major business interests from the global entertainment hub Los Angeles, which remain under complete lockdown and the USA is facing a major brunt of the Coronavirus attack. The country now has the highest number of more than 85,500 COVID-19 positive cases, leaving behind China. Over 1,288 Coronavirus-related deaths have been confirmed in the USA.Endeavor and others in the representation business, including Paradigm Talent Agency and United Talent Agency, have been hard hit by the effects of the novel coronavirus. The pandemic has caused live events and Hollywood productions to be canceled or delayed, causing more than 100,000 workers to lose their jobs, Los Angeles Times has reported.The latest 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, the powerhouse talent agency he founded in 1995 with no clients and no money, 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.Endeavor partners anticipating a windfall from the IPO who had taken large cuts in their bonuses were now left without the expected pay out. Rumblings of unease and unhappiness began to bubble up.Endeavor in past few years had acquired or took major stakes in IMG Worldwide Holdings for $2.4 billion and Ultimate Fighting Championship for $4 billion, as well as the Professional Bull Riders, the Miss Universe Pageant, Frieze Art Fair, and a full basket of seemingly disparate assets in the realms of technology, fashion, food and investment banking — largely live event businesses that were now forced to close.Also read: UFC, IMG parent company Endeavor in debt pressure Tokyo Olympics: Deepika Kumari to be sole entry to Tokyo Games as Indian women’s recurve team fails to qualify Tokyo Olympics: BCCI provides fuel in Indian Olympic flame, to contribute Rs 10 crore Latest Sports News BCCI to form committee to take call on compensating domestic cricketers RELATED ARTICLESMORE FROM AUTHOR Cricket Formula 1 YourBump15 Actors That Hollywood Banned For LifeYourBump|SponsoredSponsoredDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily Funny|SponsoredSponsoredPost FunThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayPost Fun|SponsoredSponsoredMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Week|SponsoredSponsoredDefinitionTime Was Not Kind To These 28 CelebritiesDefinition|SponsoredSponsoredMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStory|SponsoredSponsored WTC Final LIVE: Devon Conway continues red-hot form, slams fifty to provide New Zealand dream start Cricket COVID-19 Impact: IMG parent company Endeavor lays off 250 staff Football Share on Facebook Tweet on Twitter WI vs SA 2nd Test Day 3 Live: South Africa lose early wickets; SA 35/2 (11 ov)- Follow Live Updates TAGSCoronaviruscoronavirus IndiaEndeavor sports businessIMG parent companySports BusinessSports Business NewsSports Business News India SHARE F1 French GP 2021: Max Verstappen pips Lewis Hamilton to win French GP, Perez finishes 3rd PSL 2021 Playoffs: Schedule, Timing, LIVE streaming, list of champions; all you need to know Latest Sports NewsSports BusinessNews Previous articleFanatics halts MLB jersey production, to make medical masks, gownsNext articleNBA cuts 20% base salary of top executives: Report Kunal DhyaniSports Tech enthusiast, he reports on Sports Tech industry and writes on sports products. Facebook Twitter With the Coronavirus pandemic bringing the entertainment and sports business to a screeching halt, IMG’s parent company Endeavor has laid off 250 staff to survive the financial crisis.More people among the 7,000 Endeavor staff are feared to lose jobs the company, under tremendous debt pressure, will continue with its retrenchment plans through April. The people whose profiled don’t have scope to work from home are feared to be the worst hit. Cricket WTC Final IND vs NZ: Virat Kohli displays his dancing skills on the beats of Bharat Army’s Dhol; Watch video Football Euro 2020 LIVE broadcast in more than 200 countries, check how you can watch Live Streaming of EURO 2020 in your country last_img

Published by

Leave a Reply

Your email address will not be published. Required fields are marked *