APA has announced its cost-cutting measures as the entertainment industry continues to grapple with the novel coronavirus pandemic
are forgoing the remainder of their 2020 salaries, with the latter company laying off around 250 employees and informing its WME partners that an expected buyback of their equity shares would be postponed indefinitely. UTA also has implemented companywide proportionate pay cuts, as has Verve.
APA's decision was announced during a mandatory agency-wide Zoom meeting Friday, after which president and CEO Jim Gosnell issued the below statement:With the U.S.
To combat these unprecedented times, we are taking the necessary cost-cutting measures companywide to protect our business with minimal impact on our most vulnerable employees. While we have never in the history of this agency had a more difficult challenge to overcome, APA's senior management team is 100 percent focused on overcoming the common hurdles we are all now facing. With courage and compassion, we will all get through this together.
As every aspect of our lives is being affected across the globe, we are constantly mindful of protecting our personal health and safeguarding our families. Our hearts go out to our colleagues in New York, now at the epicenter of this public health crisis in the U.S., as well as those in other APA offices across the country that now find themselves in hotspot zones. Our doors may be closed, but our hearts and minds remain open.
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