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Westwood One Cuts Q4 Costs

Cost-cutting plan includes furloughs

Westwood One, the big content company that also is owner of Shadow/Metro Traffic, is seeking to cut costs in its fourth quarter because of “continued difficult economic conditions in the advertising marketplace,” it said in an announcement.

The impact on employees includes a one-week unpaid furlough and a compensation reduction equal to 5 days spread over 10 weeks.

It wasn’t all bad news. Westwood One announced a performance bonus plan for 2010 whereby eligible employees can receive a performance bonus equal to 5 days pay plus an added bonus of an additional 10%, as well as additional paid vacation days.

“We are working to achieve a balance between cost reductions that are necessary now and a bonus plan for our employees in 2010,” stated Westwood One President/CFO Rod Sherwood. “We appreciate the many contributions our employees, unions, and partners have made and continue to make to Westwood One.”