As the novel coronavirus pandemic continues to upend the entertainment industry, with cost-cutting measures enacted and business models retooled, WME said it will lay off 20 percent of its workforce.
Endeavor executive chairman Patrick Whitesell will be taking on a more hands-on role in overseeing WME, sources say.
“WME is reducing its workforce by approximately 20% as a result of COVID-19’s impact on our business. 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," an agency spokesperson said."While we are making these difficult decisions now to safeguard our business, we believe in the resilience of our team and our industry.
On April 27 -- days after Endeavor announced that one-third of the company's 7,500 staffers across holdings would be affected by the cost-cutting measures -- Moody's Investors Service downgraded Endeavor, changing its outlook from “stable” to “negative.” Moody’s said the company has enough liquidity short-term but its position “is projected to deteriorate until the impact of the coronavirus subsides.
In 2012, with a major investment from private equity firm Silver Lake Partners, Emanuel and Whitesell set out to build an entertainment powerhouse. They acquired IMG for a rich $2.3 billion, as well as Professional Bull Riders, Miss Universe and a stake in Ultimate Fighting Championship. Rebranding as Endeavor in 2017, Emanuel was named CEO with Whitesell taking on the role of executive chairman.
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