Creative Artists Agency Will Lay Off or Furlough Hundreds of Employees This Week

Creative Artists Agency is getting ready to implement layoffs and furloughs this week, Variety reports.

The cuts are expected to impact 90 agents and executives that will be cut, with 275 support staffers facing furloughs, across multiple departments in offices in Los Angeles, Nashville, New York and London.

"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," CAA said in a statement.

CAA's sports and music divisions are expected to be the hardest hit.

Read the full statement below:

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.

Effective this week, approximately 90 agents and executives from departments across the agency will be leaving. In addition, we are furloughing approximately 275 assistants and other staff. The company will continue to fully pay the health plan premiums for those being furloughed.

This is a painful and unprecedented moment, and words are insufficient. Today, we simply say that we extend our sincere appreciation and deepest gratitude to our departing colleagues.

Read the original story on Variety.