WME said it will lay off 20 percent of its workforce as a result of COVID-19’s impact
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.
Whitesell, an affable counterpoint to high-voltage CEO Ari Emanuel, 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.
Observers believe majority owner Silver Lake Partners has no choice but to help Endeavor weather the storm. Cutting staff and possibly shedding assets. Last April, Endeavor closed the acquisition of NeuLion Inc. in a deal valued at about $250 million, and folded it into Endeavor Streaming. But even before the pandemic shut down much of Endeavor's business, the company was exploring a sale of all or part of that asset.
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