ESPN is trying to weather the Covid-19 pandemic with as few layoffs as possible. For help, it is turning to its own employees. John Ourand of Sports Business Journal reports that the network has asked some of its biggest names to take pay cuts.
“ESPN executives, including Connor Schell, Norby Williamson and Stephanie Druley, spent the morning calling the network’s commentators and their agents to ask them to take what is being described as voluntary pay cuts,” Ourand writes. “It is not known yet how many of the 100 commentators have agreed to the salary reductions, which ESPN has said would be in place for the next three months.”
The pay cuts are in line with what we saw from ESPN executives earlier in the month. At that time it was announces that Executive VPs would see their salaries reduced by 30%, Senior VPs would lose 25%, and VPs would lose 20%.
Ourand reports that the voluntary pay cuts are not expected to effect ESPN’s lower paid talent. It would instead be limited to the likes of Stephen A. Smith, Mike Greenberg, and others making well north of $1 million annually.
All staff that make 1 mil or more at ANY company should on their own accord be willing to take a 20-30% pay cut until June 1 they should have done this for March April and May. This would free up tons of money to be able to keep lower level staff employed.