Endeavor CEO, Ari Emanuel, made what I’m sure was a very difficult decision on Wednesday, laying off 250 employees across his wide array of business portfolios, which is expected to be followed by a round of salary cuts for select staffers.
That’s according to a report from Variety.
In addition, Emanuel won’t be drawing a salary for the remainder of 2020, which is kind of like Zuluzinho not eating the last M&M ... ya’ know, just in case anybody else wants one.
“We are in the process of assessing our operations globally to develop a plan that will protect the business while limiting the impact on as many employees as possible,” Emanuel wrote in a memo to employees. “The effects on each business will vary, and you will receive more specifics from your respective leaders, to the extent any of these decisions may impact you.”
Not a good look for a company trying (and failing) to go public.
Emanuel, who coughed up $4 billion to buy UFC back in 2016, referenced other Hollywood conglomerates in the struggle to stay profitable amid the coronavirus pandemic. UFC President Dana White, however, is expected to continue operations beginning April 18.
UFC is not expected to be affected by the layoffs, according to White.