This was printed from Atlanta Business Chronicle
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This was printed from Atlanta Business Chronicle
Atlanta-based Cumulus Media Inc. will restructure, cutting up to 259 employees in its various media markets.
The company said it will trim up to 7 percent of its workforce of 3,700.
“As a result of the economic challenges we face, the entire advertising sector has seen a big drop off,” said Cumulus Media CEO Lew Dickey. “Like all media companies we are not immune to this and consequently have to realign our fixed costs to match the revenue environment and that simply is what we are doing.”
Dickey said the company is looking at each business unit on a market by market basis and did not have specific numbers regarding reductions in Atlanta.
According to industry publication Radio & Records, Cumulus had a first round of layoffs in the fall that affected several markets, including Rochester, Minn., Toledo, Fayetteville, N.C., Rockford, Ill., Columbia, Mo., Melbourne, Fla., Huntsville, Ala., and Harrisburg, Pa.
“Some markets had more room to go than others,” Dickey said. “It is our hope that markets will return and we can rehire some of these positions, but in this current operating environment we have to be very prudent.”
Cumulus (NASDAQ: CMLS) is the second-largest radio company in the United States based on station count. It owns or operates 339 radio stations in 65 U.S. media markets, including WWWQ-FM 99.7 (Q100) and WNNX-FM 100.5 (Rock 100.5) in Atlanta.
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