Pandemic related financial struggles continue for media companies. And again Beasley Media Group has made a number of layoffs and has extended previously announced furloughs.
In April Beasley Media Group announced it was cutting 67 jobs, announced furloughs and pay cuts. The April plan was set to expire at the end of June. However, in a company-wide memo, CEO Caroline Beasley has announced that the plan will now extend through the end of 2020.
“No one could have ever anticipated that several of our markets would not begin the first phase of the reopening process until June. As a result, we must continue to adapt to the new financial environment we are facing within each of our individual markets.”
The company made additional reductions-in-force last week.
Caroline Beasley’s memo follows:
Words cannot begin to express my sincere gratitude and appreciation for your continued support and dedication throughout these unprecedented times.
The pandemic has changed the world as we know it and, as a result, has created an unforeseen new sense of “normal” in our daily lives.
We are very grateful for your on-going commitment over the past several months. As a result of your efforts, we have been able to support our local communities and make a real difference in the lives of our listeners and their families during their greatest time of need.
Similar to other companies, Beasley has evolved the way we approach our daily operations as a result of the economic impact caused by the pandemic. Our initial plan, originally unveiled in March, was structured with the #1 goal of keeping our employees safe during these unprecedented times and resuming our business operations at the appropriate time (approved by state and local governments).
No one could have ever anticipated that several of our markets would not begin the first phase of the reopening process until June. As a result, we must continue to adapt to the new financial environment we are facing within each of our individual markets. We will be reducing performance based bonus distributions for bonuses earned in Q3 and Q4, extending the 10% wage cut for salaried full-time employees and extending the 10% reduction in hours for full-time hourly employees. These cuts will be effective through December 31, 2020, respecting any outstanding contractual obligations. In addition, the company will be extending furloughs until the end of the year. Some employees may return sooner, based upon the needs of the company on a market to market basis. I will also personally continue to forego 20% of my compensation until the end of the year.
As a family-owned company that has served the community for nearly 60 years and cares about its employees, decisions like these are never easy. We are very grateful for your continued support.
As history has proven time and time again, when challenges arise, one thing is certain… we, as individuals and as a nation, remain resilient.
Our communities count on us to be there for them and serve as a voice for the voiceless. Please remember that what you do matters.
Better days will be ahead. Thank you for all you do.
Radio and media companies have been indicating that April was the bottom for this crisis. They’ve said May looks better than April and June was looking better than May. However the revenue hit, despite that good news, have been huge.
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