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.


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.