Creative Artists Agency (CAA) has laid off 90 agents and executives from across the agency’s departments — which includes alternative and non-scripted — and furloughed approximately 275 assistants and other staff as the company braces for “COVID-19 challenges” of the 2021 fiscal year.
In a statement provided to Realscreen, a CAA spokesperson said:
“CAA began working remotely earlier this year due to the pandemic. Everyone at the company participated in reducing compensation with the hope that we could keep all employees financially whole through the end of our fiscal year, September 30th, 2020. We are honoring that commitment, including for those impacted by today’s announcement. But, with greater visibility into the COVID-19 challenges of fiscal year 2021, we have made the difficult decision to implement workforce reductions, in addition to our ongoing cost-saving measures.”
The cuts are effective this week, and CAA stated it will “continue to fully pay the health plan premiums for those being furloughed.”
“This is a painful and unprecedented moment, and words are insufficient,” the statement continues. “Today, we simply say that we extend our sincere appreciation and deepest gratitude to our departing colleagues.”
In recent months, a number of agencies have enacted cuts in response to the financial ramifications of the pandemic. On April 8, Variety reported CAA was enacting company-wide pay cuts, while firms such as Endeavor and Paradigm have reportedly laid off staff or cut jobs. The Los Angeles Times reported March 20 that United Talent Agency would be cutting employee salaries.