The company headed by CEO Bob Pittman has cut less than 5% of a workforce of more than 10,000 employees, a source with knowledge said, amounting to hundreds of job losses as the company streamlines its business and eliminates redundancies.
“Although in a company of 10,000 people very few jobs have been affected, there have been some and we never take this step lightly no matter how few jobs it entails; every team member is important to us and has our respect and appreciation.”iHeart chairman and CEO Bob Pittman is slashing under 5% of the company’s workforce, amounting to hundreds of layoffs.The firm began laying off employees Monday, and the layoffs will continue Tuesday, which one iHeart employee called “sneaky.
Other cuts included Jay Recher and Zac Blobner, who co-hosted Tampa Bay’s sports radio talk show on 95.3 WDAE. Both men posted about the cuts, with Blobner saying he was “blindsided” by being laid off.that iHeart engaged law firm Simpson Thatcher & Bartlett to lead negotiations with creditiors on restructuring its hefty debt load. The law firm did not comment.
For the quarter ended June 30, revenues were up 1% due to an uptick in digital audio advertising, though adjusted earnings dipped by 21.4% year-over-year, driven by increased expenses.