A Total Of 32 Jobs Were Cut At Emmis Communications
January 8, 2016 at 3:10 AM (PT)
YESTERDAY (NET NEWS 1/7), ALL ACCESS reported EMMIS COMMUNICATIONS CORP. third-fiscal-quarter revenues fell 5.1% to $59.164 million, with radio off 5.2% to $42.634 million. Additionally, the company also announced that it had cut an undisclosed number of employees and chopped the pay of all senior executives.
THE INDIANAPOLIS BUSINESS JOURNAL has details, reporting that EMMIS, "cut 32 employees and chopped the pay of all senior executives WEDNESDAY," adding, "CEO JEFF SMULYAN, who called the cuts 'very painful,' THURSDAY morning during a conference call, said the job reductions represent about 3% of the company's workforce."
SMULYAN explained the cuts were designed to reduce the operations budget by $7.5 million in the next fiscal year, with $5.3 million coming from radio, $1.5 million from publishing and $700,000 from corporate.