Stuart WoodAEG Presents, the world’s second largest live entertainment company, has announced a number of layoffs, alongside furloughs and pay cuts effective 1 July.
The layoffs were first reported by Variety, which obtained a memo from CEO Jay Marciano to staff. No specific figures were reported, but the measures are said to affect all areas of the company.
AEG Presents is the live entertainment arm of Anschulz Entertainment Group, which owns and operates a variety of venues, sports teams and other entertainment ventures. AEG is the owner of London’s The O2, as well as the parent company of Goldenvoice, which organises Coachella. AEG Presents also organises All Points East and BST Hyde Park in the UK.
Coachella was cancelled by state health officials in California this week.
The memo read: “This has been an incredibly challenging time on so many fronts, and I want you all to know that we are acutely aware of the toll that all of these factors are taking on everyone. There’s never a good time to go through what we are going through as a company, but this is an especially difficult one.
“We did not come to today’s decisions lightly. During the last few months we kept our company intact to ensure that those of you who would be the most affected would have the best safety net we could provide. While it’s small solace, I see this as a testament to the culture that exists at AEG and the important role you have played in building this environment.
“I wish I could tell you when it will be safe to reopen. At present, it appears large-scale events — the core of our business — will be the last to reopen. We will continue to monitor this daily, but the health and safety of our employees, artists and fans remains our highest priority. Simply put, we will reopen when we are confident that it is safe to do so.”