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iHeartMedia Signals Layoffs, Cost Savings Amid Coronavirus Crisis

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Radio and audio giant iHeartMedia has begun to cut senior management pay and lay off "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 also 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. John Malone’s Liberty Media, via audio entertainment giant

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