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IheartMedia Targets $250M In 2020 Cost Savings With Furloughs, Pay Cuts

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deadline.com
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By Jill Goldsmith Giant radio broadcaster iHeartMedia said it’s targeting $250 million in cost reductions this year, including furloughs and pay cuts, to help it weather the economic fallout from the coronavirus pandemic. “To provide visible and aligned leadership through this downturn, our senior management team and other employees voluntarily agreed to take meaningful reductions in compensation.

We want our shareholders to know that we have taken immediate and proactive steps to weather this crisis,” said chairman-CEO Bob Pittman in a statement.

He didn’t specify the extent of the cuts. The company had already anticipated $50 million in savings related to a modernization initiative announced in February.

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