In a memo to employees this morning Entercom CEO David Field announced that, due to the impact the coronavirus pandemic is having on advertising revenue, a “significant” number of positions will be eliminated or furloughed.
The company would not reveal the exact number of people they are letting go or furloughing.
The company will also suspend its dividend and 401K company match. All Q1 and Q2 bonuses are being eliminated. And salary reductions of between 10% and 20% will go into effect on anyone earning more than $50,000 per year.
Entercom says it will provide up to an extra month of additional severance for those individuals for whom their normal severance and the recently announced enhanced federal unemployment benefits provide less support. And the company will be providing enhanced employee benefits for those being furloughed.
Field is taking a 30% pay cut.
Beasley eliminated 67 positions and furloughed 18 earlier this week.
At Townsquare 65 employees were let go.
JVC Media furloughed staff.
Adams Radio Group went with a 10% pay.
iHeartMedia furloughed a number of employees for 90 days.
Cumulus told Radio Ink earlier this week they had nothing to share.
This corrects an earlier version of the story that stated Adams cut or furloughed staff. They did not.
