Black owned radio corporation said to be in deep financial stress… I’m sure staff members are crossing their fingers and hoping management at Radio One falls on the floor laughing and yelling “April Fools” but I don’t think that’s the case… Radio One has been extremely and surprisingly quiet for the first quarter of the year amidst all the Clear Channel layoffs and several other radio corporation changes, then this bombshell drops today. Radio Facts has just learned that Radio One is asking staff members nationwide to take pay cuts. It’s rumored the company is near or is about to declare bankruptcy. More details as they come. Could there be any truth to the rumor that the corporation is trying to quickly sell? What does this mean for Urban radio or the PD position still open in Atlanta?
formatNEWSFLASH: Is Radio One Nearly Bankrupt? Asks Staff to take Pay Cuts
– April 1, 2009Posted in: Urban/M - Urban/AC
I can tell you that I was laid off at a firm which provided radio survey information for Radio One. The lay off came after 5 months of a 10 percent pay cut for me. I was told on my “exit interview” that Radio One was indeed near bankrupcy and had to drop their services with us. This 40 percent loss in our business costed me my only job:(