BOTTOM LINE: The radio industry Web site All Access is reporting that radio conglomerate Entercom Communications is facing major financial problems. Entercom is cutting staff--including veteran KC Market Manager Herndon Hasty--and has even stopped its matching employees 401(k) contributions. 10-16-2008
LAYOFFS IN KC; CO-MARKET MANAGER FIRED ALL ACCESS reported (10/15) that Entercom CEO David Field has informed the radio group through an in-house communique that to survive in the current economic downturn, Entercom will be cutting back on certain things. One in particular: Matching contributions to 401(k) plans will be suspended "indefinitely with a plan to reinstate them at some point in the future, after the economy recovers." All Access confirmed that Entercom KC VP/Co-Market Mgr. Herndon Hasty is out. Look for the budget axe to affect some additional jobs -- perhaps as early as Thursday. When asked about layoffs in Kansas City Entercom's Dir./Communications & Environmental Affairs Emily DiTomo declined to comment on specifics, but released this statement: "Due to the challenging economic conditions, we have made a few difficult, yet necessary and prudent decisions to selectively trim expenses."
Entercom is one of the five largest radio broadcasting companies in the United States, with a nationwide portfolio of 110 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City.
ENTERCOM-KANSAS CITY RADIO STATIONS
KCSP-610AM SPORTS TALK KMBZ 980AM NEWS TALK KQRC (The Rock) 98.9 FM KRBZ (The Buzz) 96.5 FM KUDL (Soft Rock) 98.1 FM KXTR (Classical) 1660 AM KBLV (The Blvd) 99.7 FM WDAF (Country) 106.5 FM
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