Even privately held media companies are feeling the economic pinch. Bonneville International, owner of 31 radio stations and KSL-TV in Salt Lake City, announced Thursday (July 30) a series of cost-reducing measures to trim operating expenses.
Among the cost-reduction measures are salary reductions for higher-paid employees, adjustments to vacation accruals and carryovers, elimination of company-participation health club memberships and a reduction of holiday remembrances for employees.
"We believe these adjustments are reasonable and necessary to maintain the health of our company and its valued employees," said Bruce Reese, president and CEO of Bonneville.
"While we're privately held, we're not immune from today's economic realities. Our ownership is not short-term in its approach to our business," he said.