Tegna said it plans to have most employees take a temporary one-week furlough and have its top executives take pay cuts in order to reduce expenses during the Coronavirus crisis.
Employees are being asked to take the one-week furlough during April, May and June. the company said they will keep their employee benefits during the furlough.
Instead of furloughs, some key station department heads are getting temporary 8% pay reductions.
General managers at Tegna stations and corporate senior VPs and above are getting 20% temporary pay reductions.
CEO Dave Lougee and the Tegna board are getting 25% pay cuts during April, May and June.
“We believe that these steps are the fairest and best way to reduce costs while protecting and preserving the employment and medical benefits of our colleagues, while maintaining our focus on providing trusted, life-saving news and information in the local communities we serve,” a Tegna spokesperson said.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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