Emmis Temporarily Restructures Management Pay
September 16, 2008 at 5:50 AM (PT)
EMMIS COMMUNICATIONS included in a public filing made FRIDAY, a plan for temporary salary reductions, and a bonus structure paid for from the company's sale of a NEW ORLEANS TV station.
EMMIS released this statement to ALL ACCESS:
"For the next 18 months, EMMIS is using a portion of the cash from the recent sale of WVUE-TV in NEW ORLEANS to pay quarterly bonuses to 64 employees to offset temporary salary reductions. Although the employees will be receiving the same amount of pay, the structure of this program allows us to lower our operating costs under the definition of our debt agreement. This provides us with additional time and flexibility to weather this economic downturn, without cutting the people or promotion dollars that will be so important to an EMMIS rebound as the economy recovers."