IHeartMedia is shedding staff this week.
The radio and podcasting firm is letting go of lower than 5 p.c of its workforce, which is at present round 10,000 workers. The cuts are supposed to get rid of redundancies and streamline the enterprise, a supply accustomed to the matter confirms to The Hollywood Reporter.
“Our broadcast radio audience has more listeners than it did ten years ago, and according to Nielsen Edison, we’re even seeing Gen Z audience listening increasing. We’re the #1 podcast publisher, bigger than the next two combined, and we’re 5x the size of the next largest digital radio service. We’ve been able to achieve this by modernizing the company and increasing our use of technology so we can build the best radio stations, with the biggest talent, in any of our markets in the U.S.,” Wendy Goldberg, a spokesperson for iHeartMedia, stated in an announcement.
“These changes are another step in that journey. Although in a company of 10,000 people very few jobs have been affected, there have been some and we never take this step lightly no matter how few jobs it entails; every team member is important to us and has our respect and appreciation,” the assertion continues.
The corporate is because of report third-quarter earnings Thursday. In its final earnings report, iHeartMedia reported an working lack of $910 million, wider than its lack of $897 million in Q2 2023. Podcasting has been a powerful level, driving total income within the firm’s digital audio group. However iHeartMedia, in any other case noticed its consolidated second quarter income rise simply 1 p.c, to achieve $929 million, final quarter.
