WUSN's Jay Among Entercom Layoffs: Entercom WUSN/Chicago PD Kenny Jay is among the layoffs resulting from company cost-cutting announced this morning. Jay joined the station in 2018 from KMPS/Seattle, adding KMNB/Minneapolis programming responsibility last year (Breaking News 11/11/19). Reach him at 612-704-9780 or here. His departure comes as Entercom Chairman/Pres./CEO David Field sent a memo to staffers early this morning detailing coronavirus-related cost reductions including:
- Temporary suspension of dividend and 401(k) match.
- Elimination of Q1 and Q2 bonuses.
- Temporary salary reductions of between 10% and 20% for anyone making more than $50,000.
- A 30% salary reduction for Field.
- Planned reinstatement of salaries, bonuses and 401(k) at start of Q3.
Field's memo reads in part: "Our nation is facing unprecedented disruption that has shut down countless businesses and entire industries, including many of our customers. This is having a very large impact on advertising revenues. We must take hard but necessary actions to ensure that we endure the crisis and emerge as a strong, healthy and competitive company.
"I am deeply saddened that we need to make these painful moves at this time, but they are necessary under the circumstances. We are doing everything in our power to minimize the number of layoffs through shared sacrifice across the organization, but we will still need to eliminate or furlough a significant number of positions. In order to make the transition less painful for our colleagues, we will be providing up to an extra month of additional severance for those individuals for whom their normal severance and the recently announced enhanced federal unemployment benefits provide less support. In addition, we will be providing enhanced employee benefits for furloughed team members.
"We will get through this crisis and put this all behind us. Better days lie ahead. With the tough but necessary actions we are now taking, we are doing what is required for us to preserve the health of the company and ensure that we are strong when we get to the other side. Our future is further protected by our strong financial position with substantial cash reserves and virtually no debt due before 2024. And when the crisis abates, we look forward to resuming our growth and building on our strong strategic position as a leader in the audio business, including the best lineup of local radio stations in the United States."