Quibi is implanting pay cuts for senior executives as its two-month-old entertainment app struggles to catch on with viewers amid the coronavirus pandemic.
Senior executives, including CEO Meg Whitman and chairman Jeffrey Katzenberg, will take a 10 percent pay cut in an effort "to tighten our belt," they wrote in a memo to staff on Wednesday morning that was shared with The Hollywood Reporter. "Quibi is in good financial position," they said, describing the pay cuts as "the right thing to do." The Wall Street Journal, which first reported on the pay cuts, reported that the company had discussed laying off around 10 percent of its 250-person staff but did not have plans to follow through on those discussions.
Read more on hollywoodreporter.com
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