Amid the coronavirus crisis, Creative Artists Agency cuts pay [Los Angeles Times (CA)]
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Source: Los Angeles Times
Creative Artists Agency said Wednesday that it is implementing salary cuts as the entertainment industry continues to reel from the effects of the novel coronavirus . The Century City business said the pay reductions would be up to 50% of an employee’s compensation, with the higher earners taking the deepest cuts. CAA President Richard Lovett, as well as co-chairmen Bryan Lourd and Kevin Huvane, will take no salary for the rest of the year, the company said. The company, which employs more than 2,000 people, did not announce layoffs. “In this time of tremendous uncertainty for individuals, businesses, governments and communities, it is incumbent upon us to look closely at what measures help ensure CAA always remains the strongest company for our employees and clients,” the company said in a statement. “Making cost reduction decisions is always a thoughtful and deliberate process for us, never more so than under these extraordinary circumstances.” The cuts come at a time when CAA has b
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