They were company wide and amount to about $7.5 million in cuts across the company and 3% of the Emmis workforce. Emmis’ revenue was down 5% in September, October, and November, typically some of the best revenue-performing months of the year for radio.
Emmis CEO Jeff Smulyan said it was a challenging quarter for Emmis, and it was a challenging quarter for the radio industry. Smulyan highlighted Los Angeles as particularly challenging. That’s the market iHeartMedia launched a Hip Hop competitor and hired Emmis’ long-time morning man Big Boy, and it’s having a serious impact on revenue.
Smulyan also said it was difficult not renewing the contract of New York market manager Deon Levingston. Indianapolis markert manager Charlie Morgan will cover the New York market until the company decides what to do.