AEG'S MARCIANO: "BUSINESS WILL BE BACK"

After holding onto staff for more than three months while bringing in minimal income, AEG Presents will be instituting layoffs, furloughs and salary reductions.

“We did not come to today’s decisions lightly,” AEG Presents Chairman and Chief Executive Jay Marciano wrote in an email to staff. “During the last few months we kept our company intact to ensure that those of you who would be the most affected would have the best safety net we could provide.”

Chief Executive Dan Beckerman explained the cuts in an email. Marciano then sent out the following email today to employees.

All,

Today’s email is the most difficult one I’ve ever had to write, at a time when words can’t quite capture the emotion of everything happening around us.

Now that you’ve had time to read Dan Beckerman’s message to the company this morning, I wanted to communicate directly with you about the road ahead. But I would be remiss if I didn’t take a moment to address the social issues and unrest that have been at the forefront of the global conversation these last two weeks.

One thing we can all agree on: the intolerance and inequality that still permeates so much of our society has to come to an end, and now is the time for all of us to do our part to further that effort. Unity, inclusion, and social responsibility are topics that we as a company are taking very seriously and will be addressing head-on in the coming weeks. This has been an incredibly challenging time on so many fronts, and I want you all to know that we are acutely aware of the toll that all of these factors are taking on everyone. There’s never a good time to go through what we are going through as a company, but this is an especially difficult one.

We did not come to today’s decisions lightly. During the last few months we kept our company intact to ensure that those of you who would be the most affected would have the best safety net we could provide. While it’s small solace, I see this as a testament to the culture that exists at AEG and the important role you have played in building this environment.

I don’t think it’s an overstatement to say that, just a few short months ago, nobody in our business—or any business—could have predicted where we would be today. The world has changed with an impact and scope that’s impossible to fathom.

I wish I could tell you when it will be safe to reopen. At present, it appears large-scale events—the core of our business—will be the last to reopen. We will continue to monitor this daily, but the health and safety of our employees, artists and fans remains our highest priority. Simply put, we will reopen when we are confident that it is safe to do so.

On a personal note, I want you to know I have much empathy for the hardship the actions being taken today will cause many of you and your families. I’d like to drive home one point: nobody should feel like they are responsible, that they could have done something differently, or that they could have better prepared. I know this may sound obvious, but in the coming days and weeks please remember, this is not your fault. We have assembled the best team in our industry. This is due to your hard work and commitment, and I am grateful for each of you.

Even during these uncertain times, I am confident in one thing: our business WILL be back, and as strong as—if not stronger than—before.

I know this doesn’t make today any easier, but our future is on tomorrow’s horizon.

Please stay safe, stay healthy, and I’m looking forward to seeing you all on the other side.

Jay