Indianapolis based Emmis Communications’ revenue was down 5.3% and went from $63 million 52 weeks previous to $59.6 million. As a result the corporation had decided to layoff 3% of the staff and hopes to cut close to $8 million from the budget. The corporation is cutting the pay of all senior execs and decided not to renew the contract for industry vet Deon Levingston who was based in the New York offices. During a conference call yesterday (Thursday) Jeff Smulyan, Emmis CEO admitted “We’ve made some changes and they’re very painful changes. This is always very, very hard for us.”
Smulyan specifically pointed out that Big Boy’s exit from the Los Angeles outlet Power 106 hurt the corporation financially. iHeartmedia launched Hot 92.3 and wooed the vet jock over from Power 106 a year ago by tripling his salary while he was in the process of negotiating a new contract with Power 106. Big Boy had been with Power 106 for almost 2 decades. The company owns 19 FM and four AM radio stations in: New York, Los Angeles, Indianapolis, St. Louis and Austin, Texas.