AEG is implementing significant employee cuts starting July 1, AEG chief executive Dan Beckerman announced in an email today, saying staff and cost reductions were a result of the long term impact of a global shutdown of concerts and events from the spread of the virus causing COVID-19.
The cuts are a mix of layoffs, furloughs and salary reductions that will be implemented within all departments including AEG Presents, the concert and festival promotion group responsible for events like Coachella, Firefly Festival and tours by global superstars like Elton John and Celine Dion.
The company announced across-the-board salary reductions for employees in April and had avoided layoffs, but the shutdown of the concert industry and the inability to