By Jem Aswad Senior Music Editor iHeartMedia announced to investors today a plan to cut up to $250 million from its expenses for 2020.
Today’s $200 million plan comes after the company announced $50 million in savings early this year via “modern initiatives” that began in February, which saw a number of people being let go — which a company rep stressed were furloughs, not layoffs — including a number of popular on-air personalities as the company moves ahead into more automated programming.
In its overview, the company said its revenue has declined compared to last year “primarily driven by a downturn in traditional broadcast radio revenues in local, national and network advertising,” along with a sharp decline in its sponsorships
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