Roc Nation, the multifaceted management-label-publishing firm established as a partnership between Jay-Z and Stay Nation, was hit with a number of furloughs and pay cuts final month that reach throughout as a lot as half the corporate, a number of sources verify to Selection.
Reps for Roc Nation and Stay Nation didn’t reply to Selection’s requests for remark.
The furloughs and pay cuts — which sources stated have been within the 10%-20% vary — are stated to increase throughout all departments in addition to the streaming service Tidal, the place sources stated the affected areas have been largely within the advertising and occasions departments. A supply tells Selection that the corporate made the strikes shortly final month because the crushing affect of the coronavirus introduced two of Roc’s main monetary pillars — music touring and sports activities — to a digital standstill. The corporate’s core enterprise is administration, which is historically a low-margin proposition.
Lots of these affected have been lower-level staff, sources stated, though the corporate’s former CFO, Gregory Resh, left final month and has since turn out to be CFO of Baltimore-based data expertise firm Sontiq, in response to his LinkedIn web page.
Based by Jay-Z in 2008, Roc Nation has grown right into a far-reaching company with places of work in New York, Los Angeles, Nashville and London that features artist and athlete administration — purchasers embody Rihanna, Shakira, J. Cole, Huge Sean, Yoenis Cespedes, Kyrie Irving and Robinson Cano — label, publishing, touring, movie / TV and “new ventures.”
Roc is a partnership with Stay Nation, which owns greater than 50% of the corporate, though sources say Stay Nation chairman/CEO Michael Rapino largely leaves the administration of the corporate to Jay, who Forbes named “hip-hop’s first billionaire” final 12 months, and its prime officers Jay Brown and Desiree Perez (who have been promoted to vice chairman and CEO, respectively, in December).
Stay Nation itself introduced furloughs and voluntary wage cuts earlier this week, though the previous have been stated to be largely in its European division and the latter for prime executives, together with Rapino, who will forego his $three million wage this 12 months.
Jay-Z’s Shawn Carter Basis has made in depth donations to coronarvirus-relief efforts in latest weeks. SCF, with Rihanna’s Clara Lionel Basis, made a $1 million donation final month to “help undocumented staff, the kids of frontline well being staff and first responders, and incarcerated, aged and homeless populations in New York Metropolis and Los Angeles” and the 2 foundations introduced Wednesday that they’ve joined with Twitter founder Jack Dorsey to co-fund $6.2 million in coronavirus-relief grants.