IheartMedia Targets $250M In 2020 Cost Savings With Furloughs, Pay Cuts

By Brent Lang

As all of Hollywood continues to struggle to survive the closures caused by the coronavirus pandemic, Endeavor is gearing up for lay offs, furloughs and pay cuts across all divisions and company holdings.

As all of Hollywood continues to struggle to survive the closures caused by the coronavirus pandemic, Endeavor is gearing up for lay offs, furloughs and pay cuts across all divisions and company holdings. The cuts, which have already begun in some businesses, will affect up to one-third of the company, which staffs 7,500 people worldwide, and will take place through May.

Cost-cutting measures at Hollywood conglomerate Endeavor will affect up to one-third of the company’s workforce by the end of May, Variety has learned.

By Nellie Andreeva

Roc Nation, the multifaceted management-label-publishing company established as a partnership between Jay-Z and Live Nation, was hit with multiple furloughs and pay cuts last month that extend across as much as half the company, multiple sources confirm to Variety.

By Dade Hayes

By Jem Aswad

Radio and audio giant iHeartMedia has cut senior management pay and furloughed "non-essential" staff as it eyes around $250 million in cost savings this year amid the coronavirus pandemic. The news comes as entertainment companies have been looking to preserve cash and reduce expenses, in some cases via layoffs, to manage the uncertain fallout from the virus crisis.

By Anthony D'Alessandro

Radio and audio giant iHeartMedia has begun to cut senior management pay and lay off "non-essential" staff as it eyes around $250 million in cost savings this year amid the coronavirus pandemic.

By Brian Steinberg

A month after suspending all tours amid the novel coronavirus pandemic, Live Nation's CEO will be forgoing his annual base salary and other executives will be taking pay cuts, the events promoter disclosed. Additionally, the company has amended its credit agreement to get access to up to an additional $120 million to $150 million as the concert industry has shuttered across the globe.

By Jem Aswad

By Matt Donnelly

Cast & Crew, the entertainment industry's ubiquitous payroll, accounting and human resources software brand, is following other companies' leads in implementing furloughs and pay cuts amid the coronavirus outbreak. The company, which also offers workflow and productivity software, on Thursday announced that it would furlough "a significant percentage" of its workforce and reduce hours for remaining employees.