It took iHeart a long time to come up with furloughs.
They have been prolific firers over the years but since necessity is the mother of invention, they had to come up with a way to stop personnel costs in their tracks without having to pay benefits or severance – thus the furlough was born.
Then Entercom, Beasley, Cumulus and the other radio groups followed.
Business is still bad – revenue down as much as 50% year over year. More expenses need to be cut so major broadcasting groups are revisiting the concept of furloughing employees.
They are also considering ways to enhance previous furloughs, expand their use and develop a way to scare employees who manage to escape being benched.
Here are the groups most likely to double down on furloughs for action expected very soon.
- Entercom is Pivoting Away from Radio
- The NAB is Helping to Pass Radio Performance Royalties
- 2 Groups to Downsize Their Physical Stations
- For Radio, There’s Townsquare Digital and There’s Not Exactly
- David Field Makes His Bet on Radio News -- It’s Video
- Entercom Considering Talent Changes
- The SiriusXM Takeover of iHeart
- Radio’s Solutions for Record Q2 Losses
- Townsquare Fires Nielsen in All Markets
- Longer Shifts, Stretching On-Air Talent