Entercom to Restore Employee Salaries in July

RADIO ONLINE | Wednesday, June 24, 2020

David Field

After instituting salary reductions of 10-20 percent for employees making over $50K per year, along with major layoffs in early April, Entercom CEO David Field told employees today that the company will end the salary reductions starting with the July 25th pay period.

The company will continue the ongoing furloughs and suspension of its stock dividends and 401K matching and other cost-saving measures it had instituted at that time. In a memo Field wrote:

"While our nation and our economy are not yet out of the woods, I am pleased to announce that we will resume normal salaries beginning next month (starting with the July 25th pay period). Each of you whose salary was reduced as part of our company-wide effort to mitigate the brutal impact of the pandemic will find your full salary restored at that time. Please understand that this was not an easy decision to make as many other companies have announced salary reductions for the duration of 2020. But it is an important expression of how much we value and appreciate our team and a statement of confidence in our future growth and the opportunities that lie ahead. Because of the severe financial impact of the pandemic, we will continue with the other cost-saving measures already taken through the remainder of the year to offset a portion of the lost revenues."

Field also noted that advertising has improved significantly since bottoming out in April with auto, homebuilding, and retail as sectors bouncing back.