Creative Artists Agency has become the latest of Hollywood’s top talent agencies to turn to staff layoffs and furloughs in the face of Covid-19.
On July 28, Century City-based CAA confirmed in a statement that it would lay off approximately 90 agents and executives from departments across the global agency, effective within a week.
The statement further disclosed that approximately 275 assistants and other staff would be furloughed. The company said it would continue to pay health premiums for furloughed staffers.
It said all affected employees would be paid until Sept. 30, the end of the agency’s fiscal year.
“This is a painful and unprecedented moment, and words are insufficient,” said the statement, attributed to a company spokesperson. “Today, we simply say that we extend our sincere appreciation and deepest gratitude to our departing colleagues.”
In early April, CAA announced companywide pay cuts proportionate to salary, topping out at 50%. Agency Co-Chairmen Richard Lovett, Bryan Lourd and Kevin Huvane said they would forgo the remainder of their salaries through the end of 2020.
The wave of agency furloughs began in late March when Paradigm Talent Agency initiated pay cuts and laid off a reported 130 staff members. Other agencies making significant staff and pay cuts during the pandemic include Endeavor’s WME, ICM Partners, United Talent Agency and APA.