Media General is mandating employees take unpaid leave as the media giant attempts to cut costs. Employees will take 10 days worth of furloughs, with four days by the end of March and three days in each of the company's next two fiscal quarters, the latter ending in September.
Gannett, another TV and newspaper giant, announced its own week-long furlough program in January. Other media companies are said to be considering their own furlough programs as a response to a miserable business climate.
"The current economic outlook requires us to be even more cautious than we already have been regarding our revenue expectations," said President/CEO Marshall N. Morton. "Despite aggressive sales initiatives and significant cost reductions already implemented, we need to build in additional expense savings to offset the revenue shortfalls we anticipate."
Media General is asking union employees to participate in the furlough program too. The company has already gone through extensive workforce reductions.
"With this furlough, along with other cost reduction measures already implemented, we are being prudent and proactive as we address the impact of unprecedented economic turmoil in our country and our industry," Morton continued.
Media General owns 19 TV stations.
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