"Like companies across the industry and our country, UTA is taking some immediate and painful steps to ensure we get through the current public health and economic crisis as strong as possible," the agency said Monday in a statement. "In addition to aggressive cost-cutting measures, this includes asking our colleagues at every level to take pay reductions, structured so our most senior colleagues make the largest financial sacrifice."
The measures are being taken in hopes of avoiding layoffs as a result of the dramatically slowed economy as the novel coronavirus spreads across the U.S. and around the world. Paradigm on Friday let go of about one-sixth of its workforce as a result of the industry's near-shutdown.
"The understanding and support we've received from our colleagues has been incredibly gratifying, as is their recognition that these difficult steps are intended to ensure the long-term strength and viability of our company," the UTA statement continued. "While we do not know what the future holds, we are committed to being candid and transparent about where things stand as we navigate these uncharted waters together."
This article was originally published by The Hollywood Reporter.