Roc Nation was “hit with multiple furloughs and pay cuts last month” as the country’s business climate worsened amid the coronavirus crisis, Variety reported Thursday.
The Hollywood business publication quoted multiple sources who said the furloughs and pay cuts were in the 10%-20% range and “extend across all departments as well as the streaming service Tidal.”
The cuts at Tidal were said to be mostly in the marketing and events departments.
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Many of those affected were described as “lower-level” employees. Although Roc Nation’s CFO, Gregory Resh, left last month and has since landed a new position, Variety reported.
Roc Nation is a management company created in a partnership between Jay-Z and Live Nation. Founded in 2008, the company represents clients in sports, film, television and literary arts.
Jay-Z bought and relaunched Tidal, a subscription-based music, podcast and video streaming service, in 2014.
Roc Nation and Tidal are not alone in their struggles amid the worsening economy. A record 22 million Americans have applied for unemployment benefits since March 14.
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The restaurant, retail and entertainment industries have been especially hard hit.
Walt Disney World will furlough 43,000 workers starting April 19. The Service Trades Council Union, a coalition of six unions representing Disney World employees, made the announcement on Saturday, April 11, during a Facebook Live video briefing.
“This is a decision that the union doesn’t like, however, it’s within the company’s right to lay off and furlough employees in this situation,” said Eric Clinton, president of Unite Here! Local 362.
That same day, Disney confirmed details of the furloughs in a statement to the media.
“This agreement provides an easier return to work when our community recovers from the impact of COVID-19. We are grateful to have worked together in good faith to help our Cast Members navigate these unprecedented times,” the statement said.
Movie theater chains AMC, Regal, and Cinemark have also been hit with cuts after theaters shut down following stay-at-home orders.
