Creative Artists Agency notified about 60 staffers on Friday that they were being let go, an insider with knowledge of the situation said.
The affected departments include It, TV lit and music.
The layoffs are not related to the WGA and SAG-AFTRA strikes but began with an in-house look at staffing levels that started even before the writers’ strike began on May 2.
But the impact of the strikes can’t be ignored — rival agency WME’s CEO Ari Emanuel said earlier this week that the strikes are costing Endeavor $25 million a month.
CAA is backed by Texas-based private equity firm Tpg, which acquired a 35% stake in 2010. The firm upped its stake to 54% in 2014 with a $1.1 billion valuation, Bloomberg reported at the time.
Last month, Bloomberg reported that French billionaire François-Henry Pinault was in talks to buy the agency at a price near $7 billion.
On Friday, the Hollywood Professional Association issued an...
The affected departments include It, TV lit and music.
The layoffs are not related to the WGA and SAG-AFTRA strikes but began with an in-house look at staffing levels that started even before the writers’ strike began on May 2.
But the impact of the strikes can’t be ignored — rival agency WME’s CEO Ari Emanuel said earlier this week that the strikes are costing Endeavor $25 million a month.
CAA is backed by Texas-based private equity firm Tpg, which acquired a 35% stake in 2010. The firm upped its stake to 54% in 2014 with a $1.1 billion valuation, Bloomberg reported at the time.
Last month, Bloomberg reported that French billionaire François-Henry Pinault was in talks to buy the agency at a price near $7 billion.
On Friday, the Hollywood Professional Association issued an...
- 8/11/2023
- by Sharon Knolle
- The Wrap
The first 100 days of the Hollywood writers’ strike has cost the California economy $3 billion, a Cal State Northridge professor says.
Todd Holmes, a professor of entertainment industry management at the San Fernando Valley school, further warned that if the strikes last until October, which would be a record for the industry, the economic cost could reach $5 billion, CNBC reported.
The estimates are based on an analysis from the 2007 Writers Guild of America strike. The Milken Institute think tank determined the last strike cost the state 37,700 jobs and sucked $2.1 billion from the state’s economy, the report explained.
Holmes built off of that $2.1 billion and adjusted it for inflation and other factors to come up with his ballpark on the impact the current strikes have had so far.
The actual figure is likely higher, the report said, because the Screen Actors Guild-American Federation of Television and Radio Artists joined the WGA...
Todd Holmes, a professor of entertainment industry management at the San Fernando Valley school, further warned that if the strikes last until October, which would be a record for the industry, the economic cost could reach $5 billion, CNBC reported.
The estimates are based on an analysis from the 2007 Writers Guild of America strike. The Milken Institute think tank determined the last strike cost the state 37,700 jobs and sucked $2.1 billion from the state’s economy, the report explained.
Holmes built off of that $2.1 billion and adjusted it for inflation and other factors to come up with his ballpark on the impact the current strikes have had so far.
The actual figure is likely higher, the report said, because the Screen Actors Guild-American Federation of Television and Radio Artists joined the WGA...
- 8/10/2023
- by Eileen AJ Connelly
- The Wrap
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