AM I NEXT? NO LOVE AT AMC NETWORKS

New York, New York-based AMC Networks, an entertainment company providing streaming and cable content, has announced the abrupt departure of its CEO and a major reduction in force.

Approximately 20% of the company's workforce, or 370 employees, is impacted by the layoffs -- while the departing AMC Networks CEO, Christina Spade, is entitled to $10.5 million+ plus severance in addition to various awards and restricted stock units after her 3-month tenure.

According to Board Chairman James Dolan, “It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray. We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT STUBHUB

New York, New York-based StubHub, a ticket exchange and resale platform for sports, concerts, theater, and other live entertainment events, has announced the closure of its San Francisco, California, and Shanghai, China offices by the end of 2022. Operations will be transferred to the company's offices in Los Angeles, California, and New York, New York offices.

The closure will impact all San Francisco offices, estimated at 168 employees.

StubHub CEO Eric Baker noted, "After much thought and consideration, we announced that we are winding down our presence in San Francisco and Shanghai by the end of this year and will subsequently focus on building our offices in New York and Los Angeles as key hubs for in-person work. This unfortunately means that we will be letting go of the majority of our employees in both locations. We thank all of them for their dedication to our company and we’re committed to treating them with dignity and respect in the transition."

"We did not come to this difficult decision lightly. While our business is performing strongly, our leadership team recognized the need to streamline and optimize operations following the merger of StubHub and viagogo, and the move is firmly aligned with our strategy and model moving forward."

"What comes next? We will continue in our mission to become the premier live entertainment company in the world and are committed to building the business sustainably to achieve this goal."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT CAA (08/12/23)

AUGUST 12, 2022 — 60 EMPLOYEE LAYOFFS — WARNING OF THINGS TO COME?

Against the background of a prolonged entertainment industry strike, CAA has announced plans to lay off 60 employees across all departments.

The company is reported to be in advanced talks to sell a majority stake to billionaire Francois-Henri Pinault, who is tipped to take the company off the hands of private equity giant and current majority stakeholder TPG.

JULY 14, 2022 — Original post…

Los Angeles, California-based CAA (Creative Artists Agency) a full-service Hollywood talent agency that recently acquired Hollywood Talent Agency ICM Partners (International Creative Management) in a $750 million transaction, has announced a limited post-merger consolidation.

The consolidation will impact 105 employees following the close of the transaction. 425 ICM employees will join CAA bringing the combined staff to an estimated 3,200 employees.

According to a joint statement issued by senior management, "Today marks a new chapter in the history of our company, positioning us better than ever to deliver extraordinary opportunities for many of the world’s preeminent artists, athletes, thought leaders, brands, and organizations in entertainment, sports, and culture. We are thrilled to welcome our new ICM colleagues to CAA, and look forward to combining their expertise, relationships, and resources with those of our agents and executives around the world.”

Like all mergers, look for future continued cost-cutting initiatives to exploit synergies and reduce duplication of services.

Another opportunity to reduce headcount might come in 2026 when CAA moves its headquarters across the street to a new 37-story tower where it will have its own entrance, lobby, and parking.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?