.iHeartMedia Aims to Save $200 Million This Year Via Pay Cuts, Furloughs, Other Reductions
announced to investors today a plan to cut up to $250 million from its expenses for 2020. Today’s $200 million plan comes after the company announced $50 million in savings early this year via “modern initiatives” that began in February, which saw a number of people being let go — which a company rep stressed were furloughs, not layoffs — including a number of popular on-air personalities as the company moves ahead into more automated programming.
The company also expects to see decreased variable sales expense and commissions associated with lower revenue Prior Modernization Initiatives Continue: Targeting $100 million in Run-Rate Savings by 2021; expect approximately $50 million in 2020New Capex Actions: Reducing Capex by Expected $80 million in 2020Podcasting and Digital: Strong Audience and Revenue Growth ContinuingThe company, which only recently emerged from a bankruptcy proceeding, said in the statement that it “believes that the major actions announced today – in combination with the Company’s highly resilient capital structure — will...
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IheartMedia Targets $250M In 2020 Cost Savings With Furloughs, Pay CutsGiant radio broadcaster iheart Media said it’s targeting $250 million in cost reductions this year including furloughs and pay cuts to help it weather the economic fallout from the coronvirus…
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