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iHeartMedia Signals Furloughs, Cost Savings Amid COVID-19 Crisis

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hollywoodreporter.com
hollywoodreporter.comhollywoodreporter.com:

Radio and audio giant iHeartMedia has cut senior management pay and furloughed "non-essential" staff as it eyes around $250 million in cost savings this year amid the coronavirus pandemic.

The news comes as entertainment companies have been looking to preserve cash and reduce expenses, in some cases via layoffs, to manage the uncertain fallout from the virus crisis. “We moved quickly to respond to the economic downturn resulting from the COVID-19 pandemic in order to mitigate some of the business impact, and to better position ourselves to take advantage of an eventual recovery when normalized demand returns,” said Bob Pittman, iHeart’s chairman and CEO, in a statement.

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