CAA Announces Plans To Furlough 275 Employees And Layoff 90 Agents

All that glitters isn’t gold, even in Hollywood. As a city that makes much of its money in entertainment, it’s no surprise that many Hollywood-based businesses are downsizing and cutting costs in the midst of the pandemic. CAA, a talent agency representing some of the best artists in the music industry, is the latest to do so.

Last week the company announced they would let go of 90 agents and executives, and furlough 275 employees. Before this, CAA had been the only major talent agency to avoid letting go of their staff during the pandemic.

Staffers affected by this decision will receive benefits until September 30. The company also stated that it would “continue to fully pay the health plan premiums for those being furloughed.”

However, due to the cost of modifying their offices and purchasing masks and cleaning supplies, CAA predicts they will not reopen their offices until January 2021.

Read the Full Statement from CAA Below

“CAA began working remotely earlier this year due to the pandemic. Everyone at the company participated in reducing compensation with the hope that we could keep all employees financially whole through the end of our fiscal year, September 30th, 2020.

We are honoring that commitment, including for those impacted by today’s announcement.

But, with greater visibility into the COVID-19 challenges of fiscal year 2021, we have made the difficult decision to implement workforce reductions, in addition to our ongoing cost-saving measures.

Effective this week, approximately 90 agents and executives from departments across the agency will be leaving. In addition, we are furloughing approximately 275 assistants and other staff. The company will continue to fully pay the health plan premiums for those being furloughed.

This is a painful and unprecedented moment, and words are insufficient. Today, we simply say that we extend our sincere appreciation and deepest gratitude to our departing colleagues.”