Cumulus Furloughs Likely to be Long

Notice how they’re no longer “layoffs” or ‘dislocations” in the radio industry now.

They’re furloughs – Entercom, Townsquare and iHeart plugging into a term being used by non-radio companies to cut costs and blame it on the coronavirus.

After “Furlough Tuesday” yesterday, Cumulus is not to be outdone.

Cumulus is as bad off as the other radio companies due to their own mistakes when the economy was booming.

We’re beginning to see who is going to get whacked.

And a growing concern by so-called “essential” employees who may survive the week ahead.

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Newstips  

Mass Entercom Firings Starting Today

For the past five years ever since Entercom took over CBS Radio every CBS or Entercom employee feared the last day of a fiscal quarter.

Today, they have real reason.

This is the last day of a terrible quarter for the radio industry and particularly Entercom.

The firings will come fast, the reach will be surprising and the company will eliminate and consolidate expenses to counter its mounting revenue losses.

Make no mistake, this is a large layoff.

A new and different Entercom will emerge.

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Newstips  

iHeart 90-Day Furloughs Could Be Permanent

Yesterday iHeart conducted a “phantom firing” that is shrouded in uncertainty that may be causing more anxiety than even their pre-virus 1,000+ mass “dislocation”.

Publicly, they are saying one thing, but behind the scenes there are a lot of concerns about just who is non-essential and whether they are in fact expendable after the 90 days are up.

This typical smoke and mirrors approach for iHeart is reportedly massive now.

And a handful of draconian cutbacks that probably don’t have anything to do with the effects of the coronavirus on their company – some absolutely jaw dropping.

No one believes the radio industry will come back even when the virus goes away so the real question is – what exactly did iHeart just pull off in the name of the coronavirus.

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Newstips  

Townsquare RIFs 65, Concerns for Digital

Townsquare joined Entercom and iHeart today to initiate cutbacks in time for the end of the first quarter – there is a reason for this timing.

Other benefits are being suspended.

Townsquare is going even further preparing the workforce for a long-term and severe financial crisis.

Future expected firings will be based on data analysis putting 2,200 Townsquare employees in harm’s way.

And the worst news for the industry – not just Townsquare – is what they are saying about radio’s digital business.

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Newstips  

iHeart Suspend Benefits, Entercom Fires Part-Timers

Now the benefits are going.

Part-timers being fired in large numbers – one radio group reportedly fired over 60 of them in one market late last week.

The CEOs of General Motors, Delta Airlines and Southwest among others have taken pay cuts while asking employees to take pay cuts, which radio CEOs are thinking about doing the same?

Great numbers of advertisers are bailing on April ad schedules. 

More firings are being planned on a new time schedule.

We’re now beginning to see not only the “dislocations” but cost savings that will affect the survivors.

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Newstips