iHeartMedia Lays Off Dozens of Employees in Restructuring Push
By
Caitlin Huston
Summary
iHeartMedia has begun layoffs as part of a restructuring plan focused on its radio programming. A memo to employees cited a need to speed up the sales process after building new tech capabilities. The exact number of affected employees is undisclosed but reports suggest dozens. The layoffs follow a previously announced cost-saving plan targeting $50 million in annualized savings.
Source
Twitter / XiHeartMedia Lays Off Dozens of Employees in Restructuring Pushhollywoodreporter.comKey quotes
· 3 pulledIn a memo sent to employees this week, executives outlined a need to speed up the sales process after building new tech capabilities over the past few years.
The memo does not detail the exact number of employees impacted, and iHeartMedia declined to comment on the number, but reports have put it in the dozens.
The move also comes after iHeartMedia announced a cost-saving plan that is meant to lead to $50 million of annualized cost savings.
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