Photo Credit: iHeartRadio offices in San Francisco by HaeB / CC by 4.0
iHeartMedia sent a memo to employees this week announcing staff cuts as part of restructuring efforts coinciding with its bolstered tech capabilities.
iHeartMedia has triggered a broad round of layoffs across the country, affecting numerous stations and employees. The cuts are part of broader restructuring efforts in a cost-saving plan that follows the company’s bolstered tech capabilities over the past few years.
In a memo sent out to employees, iHeartMedia executives cited a need to speed up the sales process to account for the resources spent on updating the company’s technology. While the memo does not specify the exact number of employees affected, reports indicate it’s in the dozens—including long-time broadcasters in Pittsburgh, St. Louis, and Des Moines.
“Faster is better, and that’s the goal of our changes. With that in mind, we’ve built new tech capabilities over the last several years that have enabled us to both deepen our relationships with the listeners and communities who depend on us and improve the support we provide to our sellers,” the company’s memo reads. “We’re now moving to scale this approach, implementing structural changes within our programming organization and expanding responsibilities for key leaders.”
Executives acknowledged that some positions are being eliminated as part of the transition, but some new roles are being created to support future business needs.
“While we were creating new roles to support our future needs, we also recognize that some colleagues and existing positions will be impacted as part of these changes,” the memo continues. “We have given this a great deal of thought and do not take this step lightly; we are deeply grateful for the contributions of those affected, and we’re committed to supporting them through this transition.”
Many of the affected employees have announced their departures through social media, and several enjoyed decades-long careers at iHeartMedia.
The layoffs are part of the company’s $50 million cost-saving initiative, which is expected to begin later this year. iHeartMedia said during its Q1 earnings report that the program would come in addition to roughly $100 million in cost reductions either already implemented or planned for this year.