Staff, salaries being cut at Emmis
Indianapolis-based Emmis Communications has cut 4 percent of the staff of its radio division -- 29 full-time and six part-time employees.
Emmis Radio and corporate employees who earn more than $50,000 also will see a 3 percent reduction in pay, spokeswoman Kate Snedeker confirmed by e-mail today.
The cuts are part of a series of steps to face "the challenges of a struggling media sector and a turbulent economy," a statement from the company said. The moves were made Thursday.
Radio Ink, a magazine that covers the industry, first broke news about the layoffs on its Web site.
Like other peer media companies, Emmis has struggled with advertising revenues in a down economy, and its share price hasn't fared well either.
The stock price closed Friday at 65 cents, an 83 percent drop for the calendar year.
"Like most of our peers, Emmis is facing the challenges of a struggling media sector and a turbulent economy," Snedeker said. "Last week (Thursday), Emmis Radio instituted a series of steps to better position it for success."
Earlier this month, Emmis said that second-quarter earnings fell to $1.2 million, or 3 cents a share, from $11.8 million, or 31 cents a share, a year ago.
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