As radio companies react to a national pandemic that shut down the United States economy, finding ways to cut and save has become a top priority. On the Cumulus earnings call Monday, CEO Mary Berner said through the actions the company has taken, $60 million will be saved in 2020 to help cushion the coronavirus blow.
Cumulus has 4,500 employees, 3,100 are full-time. Berner said the company always operates a lean shop so the pain needed to be spread around. In addition to pay cuts taken at the corporate level, employees were asked to take a 3-week furlough within a three month period. Cumulus also instituted a hiring freeze, eliminated its 401K match and reduced anticipated capital expenses by 40%. Berner said the company did not lay anyone off due to the coronavirus crisis.
