For Radio, Pandemic Means Budget Cuts, Furloughs and Layoffs

RADIO ONLINE | Tuesday, March 31, 2020

The coronavirus pandemic has resulted in significant cuts and layoffs in the radio industry. Townsquare CEO Bill Wilson announced through a company memo that 65 employees have been laid off including 26 at the corporate level on top of the series of cuts the company made at some of its markets over the past two weeks. It is also suspending its 401K matching program and announced that eighteen executives will take a 10% reduction in their pay.

Meanwhile, at iHeartMedia, CEO Bob Pittman and CFO Rich Bressler announced a number of 90-day furloughs of some employees including part-time on-air talent, members of promotions and marketing departments and sales assistants. Those furloughed will continue to receive health benefits and can file for state unemployment. Pittman is voluntarily forfeited his salary for the remainder of the year and has given up his annual incentive bonus. Bressler and other members of iHeart's senior management will take between 30% and 70% reductions in pay.

Entercom has furloughed some, while laying off many part-timers. Alpha Media made cuts in multiple markets, while Saga has cut two staffers in each cluster. Beasley and Adams made ten percent salary cuts across the board. Smaller groups such as Meruelo Media, Mid-West Family Broadcasting and Neuhoff Media have made cuts and/or furloughs of employees as well.