A workforce reduction is underway at radio’s second largest company.
After several years of growth through acquisitions, platform enhancements and adding hundreds of employees to its workforce, Audacy said Tuesday it has begun a round of companywide layoffs to mitigate the impact of an economic downturn.
“We remain committed to this exciting transformation which has made us a much stronger organization, but in light of current macroeconomic headwinds, like so many other companies, we have been proactively taking actions to mitigate against the impact of any downturn,” an Audacy spokesperson said in an emailed statement to Inside Radio. “These include evaluating budgets, reducing expenses, and also reducing our workforce.”
According to a source in a position to know, the total number of impacted employees is less than 5% of the company’s total workforce and spread across all divisions and markets. With more than 5,000 employees in 50 markets, the total number of layoffs is expected to be around 250 people.