United Talent Agency on Monday said it will cut the salaries of its staff, as the entertainment industry continues to grapple with the fallout from the novel coronavirus.
The Beverly Hills business, which has about 1,200 employees, said salaries would be cut across every level and “structured so our most senior colleagues make the largest financial sacrifice.”
UTA CEO Jeremy Zimmer and co-Presidents Jay Sures and David Kramer will give up their salaries for the rest of the year, according to a person familiar with the matter who was not authorized to comment.
“Like companies across the industry and our country, UTA is taking some immediate and painful steps to ensure we get through the current public health and economic crisis as strong as possible,” UTA said in a statement.
Entertainment companies are feeling the pain from rapid spread of the novel coronavirus, which caused the cancellation and postponement of live events and Hollywood productions. More than 100,000 workers in the industry have lost their jobs due to the disruptions, according to some estimates.
Last week, Paradigm Talent Agency announced it would lay off more than 100 employees. The company said the layoffs were temporary and hopes the workers will be rehired in six months, according to a person familiar with the matter who was not authorized to comment.