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Emmis Pay Cut Expected to Save $14 Million - Radio World

Emmis Pay Cut Expected to Save $14 Million

Emmis Pay Cut Expected to Save $14 Million
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In announcing its latest financial results, Emmis Communications also said it expects to garner $14 million in cash savings over the next 12 months, thanks to the extension of a 10% employee wage cut it had made a year earlier.
"Emmis employees were informed Sept. 6, 2002, of the continuation of a 10%wage cut which is being supplemented with a corresponding 10% Emmis stock award," the company wrote.

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Emmis Cuts Jobs

MediaWeek reported the company cut positions in New York, Los Angeles, St. Louis, Chicago and Austin, Texas. Other employees had their hours reduced.