As RBR+TVBR reported Tuesday, furloughs and permanent job cuts have been made at some of the biggest radio broadcasting companies, including HeartMedia and Townsquare Media, respectively.
It is now known that Beasley Media Group, which has suffered a significant decline in its stock price that even pre-dates the coronavirus pandemic-fueled Wall Street downturn, has also said goodbye to more than five dozen employees.
As first reported by Streamline Publishing’s Radio Ink, Beasley Media Group has eliminated 67 positions across the company. Additionally, 18 individuals (including both full-time and part-time employees) were furloughed.
For the remaining employees, their hours have been reduced from 40 to 36, with no adjustment in their salaries (unless hourly).
Beasley intends to bring all furloughed employees back by the end of the first half of 2020.
In a memo sent March 27 to Radio Ink from a Beasley employee, CEO Caroline Beasley revealed that she would be taking a 20% pay reduction. The staff reduction became known Wednesday morning (4/1).
In the company’s latest announcement, sent to RBR+TVBR midday Wednesday, Beasley said, “These are very difficult decisions. We are confident that the steps we take today will allow us to continue to serve our clients, communities and ensure our company will emerge stronger once the crisis abates.”
The number of coronavirus-related deaths in the U.S. topped 4,000 on Tuesday night as the White House coronavirus task force said it projects 100,000 to 240,000 deaths from the virus and millions infected in the country.
Other companies that have reduced staff include JVC Broadcasting, with CEO John Caracciolo announcing employee furloughs at his stations. Caracciolo also revealed that he will not draw a salary as CEO through the coronavirus pandemic. Additionally, Adams Radio Group engaged in a 10% salary cut for all employees to prevent any downsizing of the company’s staff, CEO Ron Stone told Radio Ink.
