iHeartMedia to cut senior management pay and lay off 'non-essential' staff as cost savings amid the coronavirus pandemic. Details:
The radio giant, led by CEO Bob Pittman, eyes $250 million in 2020 cost cutting by reducing top management pay and furloughing"non-essential" staff.
The news comes as entertainment companies have been looking to preserve cash and reduce expenses, in some cases also via layoffs, to manage the uncertain fallout from the virus crisis. John Malone’s Liberty Media, via audio entertainment giant SiriusXM, owns a 4.8 percent stake in iHeartMedia. The measures taken include reducing compensation for "senior management and other employees," furloughing other staff considered "non-essential," suspending new hiring, travel and entertainment expenses and cutting discretionary expenses.
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