Entercom To Restore Full Salaries
• Good news for Entercom employees who took a pay cut as a result of the major COVID-19-related revenue shortfall the company — and other media companies have experienced — full salaries are being restored next month. The good news was shared in a company-wide memo from Chairman, Pres. & CEO David Field, obtained by RAMP, that reads, in part, “I first want to express my appreciation to each of you for your dedication and resilience. Our work has never been more important and meaningful than it is now. Our teams have risen to the occasion to overcome unique challenges while continuing to perform at our very best for our listeners, our customers, and our communities.
“The pandemic has caused a great deal of human suffering and fatalities and has taken a brutal toll on our nation’s economy. As a result, like other media and entertainment companies, we have experienced a dramatic decline in revenues. Fortunately, Entercom is a strong organization with the scale, resources and powerful businesses to endure these unprecedented times, but we have had to take some painful but necessary steps to mitigate the enormous impact.
Field continued, “While our nation and our economy are not yet out of the woods, I am pleased to announce that we will resume normal salaries beginning next month (starting with the July 25th pay period). Each of you whose salary was reduced as part of our company-wide effort to mitigate the brutal impact of the pandemic will find your full salary restored at that time. 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.
In closing, Field said, “From the earliest days of the pandemic, we have made it clear that we are committed to emerging as a vibrant, healthy, and growing company positioned for a bright and successful future. I am pleased to report that we are on track to achieve those goals… I am proud of everything our team is doing to help our nation, communities, listeners, and customers at this challenging time. Let’s redouble our efforts to continue delivering our best work for all of those we touch and to ensure that we come through this as a company stronger than ever and positioned for great, enduring success in the years ahead.”
