Post Stern Reality: CBS Radio Cuts 115 As Moonves Calls Biz Company’s ‘Toughest Story’
Responding to a soft ad market, CBS is cutting 115 from its radio staff across all levels.
Via Mediaweek:
Like all radio companies, CBS has faced a challenging if not stubbornly sluggish advertising market that is expected to continue through most of the year. In first quarter, CBS Radio revenue, due in part to Howard Stern‘s exit from 27 of the group’s 179 stations fell 6 percent and operating income plummeted 13 percent; factoring out Stern, the other 152 stations were down by 1.5 percent. During its quarterly conference call, Les Moonves, president and CEO for CBS called radio the company’s “toughest story.”
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