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Coronavirus: AEG concert promoters make significant layoffs

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Coronavirus: AEG concert promoters make significant layoffs

AEG Worldwide, the holding company of the second largest concert promoter in America, will significantly cut staff because of the economic impact of the COVID-19 pandemic.

In a company-wide memo sent to employees Monday and obtained by The Times, Chief Executive Dan Beckerman wrote, “This global pandemic has disrupted everyone’s lives, and shelter orders, while being critical to leveling curves, have dealt with devastating blows for our business. It is clear now that live events with fans will not continue for months and possibly not until around 2021, so we are faced with no easy choice.

The cut, according to the memo, will include a combination of layoffs, leave and salary reduction that will take place July 1.

“We have taken extreme steps to cut costs and keep jobs. We instituted a 20% reduction in overall salaries, we drastically cut costs and we eliminated all unnecessary projects, investments and capital expenditures, “Beckerman said. “But we have never experienced a time like this, where our operations stopped completely because the power was out of our control.

“Our business was the first to be closed,” he continued, referring to the postponement of state-mandated meetings, including tours for Justin Bieber and Billie Eilish, “and unfortunately will be the last to reopen, despite the drastic actions we took to avoid staff reductions. , unfortunately it’s clear that this step cannot be avoided. “

Chief Executive of AEG and Beckerman.

(Brian van der Brug / Los Angeles Times)

Sources in AEG Presents who are aware of the plan say that the exact amount and scope of deductions are still being finalized and that they cannot provide exact figures.

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The LA-based company, founded by Denver billionaire Philip Anschutz (with an estimated value of close to $ 12 billion), has nearly 30,000 full-time and part-time employees and has a number of well-known places, including the Staples Center in downtown LA and the Dignity Health Sports Park in Carson. The company also has L.A. Kings and one third of L.A. Lakers.

Until COVID-19, the concert business was running fast, according to industry analysts at Pollstar, who had projected direct income of $ 12.2 billion this year. While AEG Presents has not yet made an official announcement about the fate of the Coachella Valley Music & Arts Festival, which is rescheduled for October, some industry experts hope to proceed as planned this year.

“Until all this shakes, you never know where it will land,” said one source within the company, because the person was not authorized to discuss the plan. “We don’t have revenue dollars in 3 1/2 months, and we do everything we can to keep the company intact. [Other firms] all did this two months ago, and we last as long as possible. The unfortunate part is that no one knows when we will return. “

The source stressed that laid off workers would receive a competitive severance package and that workers who were still on leave would continue to receive health insurance.

The cuts will affect all AEG Worldwide divisions, not just the AEG Presents specifically the concert, which is the holding company of promoter Coachella Goldenvoice. Representatives for AEG Worldwide, which include sports, facilities and real estate divisions, confirmed plans for staff cuts throughout the company but would not specify exact figures.

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Specifically regarding his concert business, Jay Marciano, chief executive of AEG Presents, said in his own company’s memo Monday, “Today’s e-mail is the most difficult I have ever written.”

“I think it is no exaggeration to say that, just a few months ago, no one in our business or any business can predict where we will be today,” he added. “The world has changed with an impact and scope that is impossible to understand. I wish I could tell you when it will be safe to reopen. At present, it seems that large-scale events – the core of our business – will be the last to reopen. ”

Live Nation, the country’s biggest promoter and main rival to AEG Presents, announced in April that it had lost 20% of its staff, along with a 50% salary cut for executives. Chief Executive Michael Rapino turned down salaries for the remainder of the leave period. Talented agents such as WME and Paradigm announced deep cuts to staff this spring due to the impact of COVID-19.

While the reopening policy varies from state to state, the return of large gatherings such as concerts will be in the final stages of Gavin Newsom’s four-step reopening plan for California.

“I want to go home one thing: no one feels responsible, that they can do something different, or that they can be better prepared,” Marciano wrote in his memoir. “I know this might sound obvious, but in the coming days and weeks please remember, this is not your fault.”

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Portuguese historical films will premiere on 29 December.

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Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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