United Talent Agency has implemented a company-wide salary cut, multiple people familiar with the decision told Variety, as Hollywood deals with a near-shutdown in the wake of the coronavirus pandemic.

“Like companies across the industry and our country, UTA is taking some immediate and painful steps to ensure we get through the current public health and economic crisis as strong as possible,” a UTA spokesperson said in a statement. “In addition to aggressive cost-cutting measures, this includes asking our colleagues at every level to take pay reductions, structured so our most senior colleagues make the largest financial sacrifice. The understanding and support we’ve received from our colleagues has been incredibly gratifying, as is their recognition that these difficult steps are intended to ensure the long-term strength and viability of our company. While we do not know what the future holds, we are committed to being candid and transparent about where things stand as we navigate these uncharted waters together.”

UTA CEO Jeremy Zimmer and co-presidents Jay Sures and David Kramer addressed the staff via video conference on Monday to break the news, two insiders said. Zimmer, Sures and Kramer will forgo salaries for the rest of the year, and the entire agency will see cuts based on income brackets, added sources.

The decision is thought by insiders to be a better alternative to the outright layoffs enacted by Paradigm Agency last Friday, which could result in up to 100 pink slips in a company of about 700 employees, Variety previously reported.

UTA reps film and television talent including Timothee Chalamet, Awkwafina, Chris Pratt, Cynthia Erivo and Phoebe Waller-Bridge. Divisions include talent, sports, podcasts, a speakers bureau and independent film sales.