Emmis Lays Off 32; Execs Take Pay Cuts
Update 5:00pm: Among the names let go from Emmis were former E! and “102.7 Blink-FM” New York host Todd Newton. Newton had been hosting middays on CHR “Now 96.3” KNOU St. Louis since its launch last January. The St. Louis Post Dispatch reports that Classic Rock 94.7 KSHE lost night host Mike Doran, while Rick Sanborn exits his evening newscaster duties on “FM NewsTalk 97.1” KFTK.
Original Report 1/7 9:30am: Following the departure of New York Market Manager Deon Levingston, Emmis Communications has made broad cuts at its radio operations across the country.
Thirty two employees were let go yesterday. One is Mike Corbin, news anchor and reporter for 93.1 WIBC Indianapolis. Confirmed cuts were also made in Austin and St. Louis although none have publicly been identified. Senior Executives for the company are taking reductions to their pay as well.
On its third quarter earnings call this morning, Emmis stated that revenues were down 5.1% with most of the loss coming from Urban “Power 106” KPWR Los Angeles due to the launch of iHeartMedia’s “Real 92.3” KRRL with former KPWR morning host Big Boy.
Emmis released the following statement regarding the layoffs:
Earlier today, Emmis took a number of personnel and non-personnel actions to reduce expenses in its radio, publishing and corporate divisions. These reductions, which include reductions in force (primarily in Emmis’ radio division) and pay cuts by all senior executives, will help ensure our overall expense structure reflects current operating conditions and provides the flexibility to continue to invest in high-growth opportunities like NextRadio.