William Morris Endeavor is cutting about 30 people, 3% of its workforce, in what it calls "rightsizing" after going private with Silver Lake. The cuts are modest in absolute terms but reflect the ongoing contraction of the entertainment industry in the post-Peak TV era.
The talent agency business has been squeezed from multiple directions: fewer shows being produced, streaming platforms cutting budgets, and the 2023 writers' and actors' strikes permanently reshaping deal structures. WME's move to private ownership with Silver Lake gives it flexibility to restructure without public market scrutiny, and this appears to be the first step.