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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEmmis Communications Corp. says in a new regulatory filing that it hopes the job cuts and pay reductions announced last week will save it about $10 million a year.
Emmis, which owns radio stations and publishes city magazines, eliminated 91 full-time employees and 14 part-timers. The cuts represented 7.5 percent of its work force. In addition, all remaining non-contract employees and all executives took a 5-percent pay cut. The company has asked contract workers to accept the same cut.
The regulatory filing, submitted late Friday afternoon, says the departing workers will receive a total of $7.5 million in severance – $4.2 million under the company’s standard severance program, plus $3.3 million in “enhanced” severance. Emmis said it provided the extra severance because the harsh economic environment will make landing new employment more difficult.
The filing shows that as part of the cost-cutting effort, General Counsel Gary Kaseff volunteered to step down but will continue with the company part time. He will receive $1.2 million in severance.
Emmis has struggled for several years, amid weak advertising sales industrywide. Its shares were trading this morning for 27 cents apiece.
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