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iHeartMedia Signals Furloughs, Cost Savings Amid COVID-19 Crisis

John Malone Liberty Media covid-19 2020 pandemic crisis
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Radio and audio giant iHeartMedia has cut senior management pay and furloughed "non-essential" staff as it eyes around $250 million in cost savings this year amid the coronavirus pandemic.

The news comes as entertainment companies have been looking to preserve cash and reduce expenses, in some cases via layoffs, to manage the uncertain fallout from the virus crisis. “We moved quickly to respond to the economic downturn resulting from the COVID-19 pandemic in order to mitigate some of the business impact, and to better position ourselves to take advantage of an eventual recovery when normalized demand returns,” said Bob Pittman, iHeart’s chairman and CEO, in a statement.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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