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iHeartMedia Institutes Furloughs; Pittman and Execs Take Pay Cuts. In a company-wide memo issued late Monday (3/30), iHeartMedia chairman & CEO Bob Pittman and COO & president Rich Bressler announced temporary changes in the company’s compensation policies in order to ameliorate the economic blow from the coronavirus pandemic. Here’s the email:
“Team, Our number one concern in this unprecedented time is the safety and well-being of our employees. In response to the coronavirus (COVID-19) pandemic, our company continues to be a primarily work-from-home operation and we have also added some coronavirus-related resources and healthcare benefits if you should need to take advantage of them.
Last week we wrote to you about the economic downturn our country is facing as the result of the pandemic and the need to respond to it to preserve the health of our company. During this unsettled time, we also know the biggest economic concern among our employees is understandably about preserving jobs – and we want you to know that it’s our main concern as well.
Although we have had to make hard decisions to address the economic impact of the downturn, our management team has found ways to reduce our company’s expenses without resorting to permanent layoffs.
As the CEO of the company, Bob will voluntarily take no salary for the remainder of the year and has given up his annual incentive bonus, and Rich and our senior management team will take reductions ranging from 30% to over 70% of their total compensation for the remainder of the year.
In addition, we have implemented: Reduction of all expenses that can be postponed without impacting our service and commitment to our communities; Temporary suspension of the 401(k) match; No overtime without pre-approval; Temporary suspension of new raises; and Strict limitations on – or complete elimination of – Travel and Entertainment (T&E) expenses.
We believe all of these reductions give us more room to protect jobs.
Given our pullback from live events and our shift to a work-from-home model, there are a few jobs that are not essential until our business operations revert back to usual. This week we are taking the difficult step of implementing a 90-day furlough, or temporary unpaid leave of absence, for jobs affected by these changes. To be clear, while this will involve a small total number of employees, they are valued colleagues and we did not take this step lightly. We look forward to welcoming them back as soon as we can.
This is not a layoff or a reduction in force (RIF). With a furlough, while it is an unpaid leave of absence, the affected employees stay in our employ, allowing us to continue offering these employees full health benefits, and we want to make sure we take care of them as best we can during this time. And with state unemployment benefits, supplemented by the added special benefits that are part of the new federal stimulus legislation, hopefully these employees will not feel any significant financial impact during this limited period of time.
We’ve never lived through anything like this and, as managers, we’ve never had to make more difficult decisions. However, please know we are listening, studying and considering all options before we make the important decisions that affect you and the company. We may miss on some of these decisions – and we will pivot when we find better ones – but throughout it all, we truly appreciate your support for us, for your colleagues and for the company. Please be safe and take care of your health and your families. Bob and Rich”
Adams Radio Takes WGL-AM, Fort Wayne Dark. After shutting down the programming on sports talk WGL-AM, Fort Wayne “FOX Sports 1250 The Ticket,” Adams Radio Group files a Silent Special Temporary Authority license request with the FCC. The filing states: “As an AM radio station, WGL has been unable to generate sufficient financial resources to sustain operations, a situation that has been made even more difficult as a result of the COVID-19 pandemic. WGL must suspend operations to allow management time to review options for a resumption of service.” Adams posted to the station’s website: “We regret to inform you that we will be discontinuing ‘FOX Sports’ on WGL AM 1250. With the current situation, we must devote all of our efforts to our larger signal stations. Thank you very much for listening.”
Sports Radio and the Coronavirus Pandemic – Now What? Consultant and radio programming pro Andy Bloom writes today in a piece for TALKERS magazine that in order for sports leagues and teams to “keep their brands pertinent” during the absence of live games, they should work with their local broadcast rights holders (that’s you, sports radio stations) to keep their brands relevant and create revenue opportunities. Bloom says that while eSports is still a niche appealing to a young demo, it could expand as eSports is a live competition that can be executed during mandatory social distancing. If you are creative, the revenue opportunities are many. Read his column here.
Podcasts by Federated Media Debuts. A new podcast division is launched by Fort Wayne, Indiana-based Federated Media called, Podcasts by Federated Media. Director of digital content Krystal Vivian states, “Federated Media has a long history of producing world-class audio on the radio, which provided a great foundation when we started podcasting in 2016. Since then, we’ve created several successful podcasts with hundreds of thousands of listens. Launching this division is our next step in continuing our mission of creating great audio that’s really fun to listen to.” The company currently offers 46 podcasts – more than 20 are original, seven are branded shows, and the rest are culled from radio show content. The division also provides program development and production assistance for businesses wishing to create branded podcasts.
Coronavirus Status in the U.S., Trump’s Handling of Pandemic, Projected U.S. Death Toll, Financial Markets Activity, the U.S. Economy, U.S.-China Relations, and Investigation of Senators Stock Sales Among Top News/Talk Stories Yesterday (3/30). The numbers of confirmed U.S. cases and deaths from COVID-19; scrutiny of the Trump administration’s handling of the coronavirus pandemic; the potential U.S. death toll from COVID-19 from White House coronavirus response coordinator Dr. Deborah Birx; the world’s financial markets respond to the pandemic; the state of the U.S. economy in the era of social distancing; U.S.-China relations as some American politicians seek to blame China for the pandemic; and the Justice Department investigates four U.S. Senators who executed massive stock sales prior to the market slide were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
TALKERS News Notes. Due to the COVID-19 pandemic, Entercom Communications Corp. changes its 2020 Annual Meeting of Shareholders from a physical, in-person meeting on May 5 to a virtual one, live via webcast, at 8:30 am ET on the same day…..Starting April 6, WGN-AM, Chicago late morning personality John Williams assumes the role of host for the “Wintrust Business Lunch,” the hour-long business news program heard weekdays at 12:00 noon on the Nexstar Media station. Williams adds the noon hour onto his current 9:00 am to 12:00 noon program. He takes over for current Wintrust host Ji Suk Yi, who assumes hosting duties for the 7:00 pm to 10:00 pm program…..On-air pro Bill Morgan joins Alpha Media’s news/talk WHBC-AM, Canton, Ohio as host of the 10:00 am to 12:00 noon show. His show is being produced by Jon Bozelka, who will serve as co-host…..Cadence13 announces the debut of a new podcast hosted by entrepreneur and former presidential candidate Andrew Yang called, “Yang Speaks.” Cadence13 says, “The show will air weekly and feature thought-leaders on a variety of topics, including technology, entertainment, policy, sports, pop-culture and anything on Yang’s mind, with a general outlook towards the future of our economy and society.” Former Yang campaign manager and senior advisor to the podcast Zach Graumann says, “The ideas of our campaign have always deserved more airtime than a 60-second answer on a debate stage or a 3-to-5-minute TV hit. We’re excited to launch ‘Yang Speaks’ and have in-depth longform conversations with some of the smartest and most interesting people in the world, and to discuss the ideas that can make our future and society a more human place for all of us.”…..Lemonada Media is launching “In the Bubble with Andy Slavitt,” a weekly podcast series featuring healthcare expert and former Acting Administrator for the Centers for Medicare and Medicaid Services, Andy Slavitt. Cadence13 says Slavitt will broadcast from his own “bubble,” with production assistance from his teenage son, Zach, and will chat with important guests and friends, including Dallas Mavericks owner Mark Cuban for his premier episode. Additional early guests will include Chelsea Clinton, New Jersey Governor Phil Murphy, Beto O’Rourke, writer Tina Fey, former White House communications director Anthony Scaramucci, and former Surgeon General Dr. Vivek Murthy…..Nielsen Audio announces it is combining to diary markets in Connecticut. Effective with this year’s Spring 2020 survey Bridgeport and Stamford-Norwalk markets will be combined into the new Metro Fairfield County market, ranked at #72…..SAG-AFTRA develops a program to provide dues relief for SAG-AFTRA members during the COVID-19 global pandemic. Under the program, SAG-AFTRA members who are in a position to pay their dues in full are urged to do so upon receipt of their May semi-annual dues bill. Members experiencing financial hardship resulting from work stoppages related to COVID-19 will be granted a due date extension and an installment plan for those payments. As part of that relief, no late fees will be assessed and there will be no adverse impact on members’ work eligibility during this time. SAG-AFTRA president Gabrielle Carteris said, “As working people, we know the great difficulties our members are facing. In order to relieve some of the financial stress so many people are dealing with at this time, the finance committee worked to provide much needed relief.”
Music Radio News and Career Moves. At the Seattle station group of Hubbard Radio – country KNUC, CHR KQMV, adult contemporary WRWM, and talk KKNW – Alex Brewster is the new chief engineer, effective April 15. He was most recently assistant chief engineer for Entercom Seattle and Portland. Hubbard Seattle interim market manager Scott Mahalick comments, “It’s wonderful to have a world-class engineering leader join Hubbard Seattle and help make our engineering department shine.”…..Joining Townsquare Media’s classic rock KLTD, Killeen-Temple, Texas as afternoon drive personality and production director is Aaron Zytle. He comes to Townsquare from his most recent position as morning host at iHeartMedia’s rock KBRQ, Waco…..Programming pro Steve Ardolina exits Townsquare Media where he was New Jersey regional operations manager and brand manager & director of programming for the Monmouth-Ocean stations.