Today, we got many copies of the letter that Radio One sent employees about layoffs. While we didn’t get many names, we do know it affected sales and promotions the most across the board and some jocks. Included in the letter was …
Today is an extremely difficult day for all of us at Radio One and Reach.
As you are aware, we are faced with a time of uncertainty and it is not business as usual. Our businesses have been dramatically affected by the effect of the Coronavirus on our advertisers. We have experienced significant cancellations for second quarter and new business is coming in at a trickling rate. The decline in revenues forces us to react soundly and appropriately to ensure that we are able to operate our businesses going forward.
Unfortunately, this meant having to make very difficult decisions to furlough or layoff many employees, across all divisions of the company today. While we hope to bring many of them back, unfortunately at this time we do not know when this crisis will end.
We will keep you posted on any further news.