More layoffs are coming to iHeartMedia. The company’s CEO and COO sent out an email saying that the impact of the pandemic has been “deeper and longer” than originally expected. The news was first reported by All Access.
“It is also apparent that as a result of changed work habits and so much work still being done from home, we will not need all the jobs we once had; we will be working in new ways going forward and must align our organization with the future,” the email read.
Chairman/CEO Bob Pittman and Chief Operating Officer Rich Bressler said the decisions were not made easily and that “they are painful.”
“These are good people who really care about our company, and to lose any is hard.”
iHeartMedia controls more than 800 radio stations and paid Pittman more than $14 million in 2017, according to published reports. In March, Pittman surrendered his remaining 2020 salary and senior management took pay cuts between 30-70 percent.
AllAccess.com
Widespread layoffs have been commonplace at the radio giant over the years but have come at an accelerated pace during the pandemic.
Pittman told Billboard last year that broadcast radio was the “the most misunderstood medium in the world, because very few people look at the facts” and “radio’s been growing.”
Several months ago, the company’s stock plunged from $15 to $7.
