Two words have been bouncing around the email inboxes and Slack channels that now comprise the virtual workplaces of Hollywood’s talent agencies, and they aren’t “social” and “distancing.” The buzz…
parent company Endeavor. Many industry players are looking ahead at what the virus has exposed about the business models of these companies, and how the disruption will transform them moving forward.
These restrictions have left Endeavor the most vulnerable, strapped with $4.6 billion in debt and unable to generate cash from holdings like IMG, which produces global fashion week presentations, and UFC, which stages mixed martial arts events. Add to that financial tornado the withdrawal of the company’s planned public offering last fall, when many senior agents were expecting a stock windfall after delaying compensation for the health of the company.
“After spending three months or whatever, worrying about going outside and if it will kill me or my parents, I’m not going straight to the f—ing Hollywood Bowl,” says one exasperated rep. According to sources, agents at companies that have not signed the code are increasingly reaching out to literary management companies in an effort to continue making deals in the interim. Another roadblock, says a TV agent, is that packaged shows pay off only in production, which has no clear starting timeline.
In terms of payouts, only Netflix has come to the table to pay clients on shut-down productions, in a force majeure motion that will see creatives owe them unfinished work when production can resume. For other companies, notably Disney, plans have yet to materialize.
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