EXCLUSIVE: A note was sent out today to Endeavor staff by toppers Ari Emanuel and Patrick Whitesell, in which they describe their first round of cutbacks following the debilitating coronavirus pandemic. The toppers will not take salaries for the year. There will be cuts about 250, coming mostly from the elimination of operational roles across Endeavor in which staffers cannot perform their jobs from home. That includes staffs at hotels, and restaurants owned by the parent company. A small fraction involves the WME agency. Here is the letter Emanuel just sent to staff:
I don’t think any of us could have imagined we’d be in the place we are today.
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. All parts of our company are feeling the effects.
With that in mind, we are in the process of assessing our operations globally to develop a plan that will protect the business while limiting the impact on as many employees as possible. In addition to the cost-cutting efforts outlined a few weeks ago, we will be implementing a number of additional measures beginning this week and through April that will affect compensation and some jobs across the company. The effects on each business will vary, and you will receive more specifics from your respective leaders, to the extent any of these decisions may impact you. As part of this, Patrick and I will not be taking a salary for the remainder of 2020.
These decisions are not being made lightly, knowing the impact they may have on you and your families during these uncertain times.
We appreciate the strength and compassion that you continue to show for one another as we navigate this challenging situation.
Deadline revealed last week that Emanuel held a call with partners at the agency. A liquidation event that was scheduled for early next month, where partners could cash out 20% of their equity, has been indefinitely postponed because of the unforeseen impact of the pandemic.