With several on-air hosts posting to social media that they have aired their final show on the Audacy station in which they worked, another round of layoffs at one of radio’s largest companies is underway.
With a stock price below $1.00, flat radio revenue in Q2, another flat to down revenue outlook predicted for Q3, and CEO David Field stating we are in turbulent market conditions, Audacy has started laying employees off to cut expenses. The company will not say how many people will be fired, only that it will be less than 5% and across all divisions and markets. Field did not make a statement about the cuts, it was confirmed by a company spokesperson.
The Milwaukee Business Journal reported that the local on-air staff at sports-talk station WSSP-AM — including NFL Hall of Famer LeRoy Butler and former Packers running back Gary Ellerson were all let go. On-air cuts were also reported in the Philadelphia market.
During the company’s Q2 earnings call, Field pretty much signaled cuts were coming when he said the company was planning to enact “substantial sustainable savings through a number of measures to improve margins and profitability across the business.” Only time will tell how those permanent cuts will impact the product and ratings Audacy stations deliver.
Audacy has over 230 radio stations across the country and over 5,000 employees. The company also made cuts during COVID-19.
- We amended our story to include the word radio in Audacy’s flat Q2 revenue.