iHeart Shares Cost-Saving Initiatives
Some bullet-points: In addition to the in-year expected savings of approximately $50 million related to the modernization initiatives announced in February, the Company has also initiated an additional $200 million in operating expense savings for 2020 driven by: 1) Reductions in compensation for senior management and other employees; 2) Furloughing of certain employees that are non-essential at this time; 3) Suspension of new employee hiring, travel and entertainment expenses and 401(k) matching program; 4) Major reduction of consultant fees and other discretionary expenses. Total direct operating expense savings in 2020 are expected to be approximately $250 million.