Sports and entertainment group Endeavor is poised to make further cutbacks in response to the Covid-19 downturn.
The Wall Street Journal reported this week that job cuts, staff furloughs and pay cuts to be announced in the coming days will affect one-third of the company’s 7,500 employees. The Hollywood Reporter said the cuts will affect every division of the company.
Endeavor’s sports assets include the IMG agency, the Ultimate Fighting Championship and Professional Bull Riders.
A company spokesperson told The Hollywood Reporter, “The long-term prospects for Endeavor remain unchanged, but like other companies, we are taking a variety of actions to mitigate the impact of this pandemic.
“Since late March, we have been rolling out cost-saving measures in phases across our companies and geographies and intend to complete most of this process in late May.
“Approximately a third of our population will be impacted by reduced pay for reduced work, furlough, or position elimination, with the majority affected by reduced work and furlough.”
Last month, the company laid off 250 staff and said there would be further cuts. Last week, credit ratings agency S&P Global downgraded the company, warning about its large debts.