Entercom Communications intends to restore full salaries starting with the July 25th pay period.
"Please understand that this was not an easy decision to make as many other companies have announced salary reductions for the duration of 2020. But it is an important expression of how much we value and appreciate our team and a statement of confidence in our future growth and the opportunities that lie ahead. Because of the severe financial impact of the pandemic, we will continue with the other cost-saving measures already taken through the remainder of the year to offset a portion of the lost revenues.”
Pay reductions were originally announced in early April and affected employees with a salary in excess of $50K.
Field added that advertising revenue has improved significantly following an April low point.
Back on April 2, Entercom communications became one of many media companies to announce personnel layoffs, furloughs and pay cuts citing the impact of the COVID-19 pandemic. The other companoen include iHeartMedia, Beasley Media Group, Adams Radio Group and others in making difficult business decisions due to a decrease in advertising revenue.