With no public stock and a private owner with a very long horizon (The Mormon Church), Bonneville International has long been regarded as one of the most desirable employers to work for in broadcasting. But now even Bonneville is having to deal with the impact of the US recession.
“In response to sustained, slow economic indices and market conditions that are producing below-projected revenues industry-wide, Bonneville International today announced to its employees a series of cost-reducing measures designed to trim operating expenses while at the same time continuing to produce high-quality products for its audiences and clients. Among those measures implemented are salary reductions for its higher-paid employees, adjustments to vacation accruals and carryovers, elimination of company-participation health club memberships, and a reduction of holiday remembrances for employees,” the company announced on Thursday.
“Our corporate management team and market managers have looked at this very carefully and thoughtfully. We believe these adjustments are reasonable and necessary to maintain the health of our company and its valued employees,” said Bruce Reese, Bonneville President and CEO,
“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. I know that Bonneville continues to be a leader in this industry, especially in terms of the quality of the people who work here and the products they produce,” Reese added.
Bonneville International owns radio stations in Los Angeles; Chicago; Washington, DC; Seattle; Phoenix; St. Louis; Cincinnati; and Salt Lake City, plus KSL-TV (NBC) Salt Lake City.