Emmis Pay Cut Expected to Save $14 Million

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.