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Entercom Joins in Radio Industry Job Cuts

Field will cut his own salary 30%

Entercom Communications will eliminate or furlough a “significant” numbers of employees, the Philadelphia Inquirer reported.

“The nation’s No. 2 radio chain, which reaches 170 million listeners, also will temporarily cut employee pay by 10-20% for those earning more than $50,000,” the Inquirer said.

It said CEO David Field will cut his salary 30%, and that bonuses will be eliminated for the first half, as will its 401K match.

Entercom’s headquarters are in Philly, and it owns several radio stations in that market.

The radio industry is reacting to a decline in ad sales commitments in the face of the national health crisis. The paper quoted Field saying, “Better days lie ahead. With the tough but necessary actions we are now taking, we are doing what is required for us to preserve the health of the company and ensure that we are strong when we get to the other side.”

[Related: Beasley Cuts 67 Jobs, Furloughs Others]