LYV - Live Nation Furloughs 20% of Employees to Bridge Concert Slowdown Report Says
Leading live entertainment company Live Nation Entertainment (NYSE: LYV) has furloughed 20% of its full-time workforce, according to a Billboard report. As live entertainment continues to be virtually shut down to help prevent the spread of COVID-19, Live Nation announced in April 2020 that it would implement a cost and cash management program to weather the suspension of events.
The plan included up to 50% salary reductions for senior executives and a full elimination of pay to the CEO for the remainder of the salary reduction program. The furlough of 2,100 of the company's 10,500 full-time staff is now also part of the cost reduction program, according to the report.