Live Nation Furloughs 20% of Its Staff
The furloughed staffers will continue to receive medical benefits, but will not receive salaries.
The furloughs are a result, of course, of the ongoing coronavirus pandemic, which has made concerts and sporting events impossible. Consequently, Live Nation has executed a $600 million cost-savings plan, of which the furloughs are a part.
The furloughs began last month, but previously affected employees of Ticketmaster only. That changed this week, when, according to a company source, Live Nation furloughed staffers from the media and sponsorship division, as well as from the concert and venues division.
Meanwhile, Live Nation CEO Michael Rapino has previously insisted that the company was financially healthy, saying “long-term liquidity is not a concern” with $1.7 billion in cash available if needed. He also announced that he would be giving up his $3 million base salary for the year, and that top executives would see their salaries cut by as much as fifty percent.
[via Metal Injection]