Faced with a slow recovery in the radio advertising market, Westwood One, already reeling from financial difficulties, instituted further cost reductions to lower operating expenses.
The plan, announced Tuesday (Sept. 29) calls for a one-week furlough (no work, no pay for five days) and salary cuts equal to five days spread over 10 week. In total, employees will be faced with 10 unpaid days.
The cuts are on top of recent salary reductions between 5 and 15 percent, and a number of reorganization moves.
Despite the various initiatives, Westwood’s president and CEO Rod Sherwood, told employees in an internal memo that it wasn’t enough.
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