CAA is the latest talent agency to announce a round of cutbacks as it continues to deal with the impact of the COVID-19 pandemic on the live events business and Hollywood's production schedules.
All the talent and booking agencies have been dealing with unprecedented challenges in recent months because of COVID, of course, with many having to furlough and/or axe employees in order to keep the business going. As shutdown extends in many places - and with the continued uncertainty as to when things will get fully back to normal - those challenges only increase.
CAA had hoped that by reducing salaries across the company - and with the firm's top guard taking no pay at all for the rest of the year - actual redundancies might be avoided. But in a statement yesterday, it confirmed that 90 employees would now be made redundant, while 275 more people will be furloughed.
That statement read: "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, 30 Sep 2020. We are honouring that commitment, including for those impacted by today’s announcement".
However, "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".