Emmis cuts 105 employees and pay by 5 percent

By Greg Andrews, The IBJ

gandrews@ibj.com

Emmis Communications Corp. Thursday reduced employee pay by 5 percent, part of a sweeping cost-cutting move that included eliminating 7.5 percent of its work force.

The struggling owner of radio stations and city magazines said it cut 105 jobs - 91 full time and 14 part time.

Remaining non-contract employees will take the pay cut. In recognition of their financial sacrifice, they will receive additional vacation days. The company has asked its contract employees to accept the same terms.

Emmis spokeswoman Kate Snedeker wouldn't say how many of the job cuts occurred at Emmis' Monument Circle headquarters. The company has 1,372 employees, including 238 in Indianapolis.

Among those gone are Dave "The King" Wilson, drive-time host on WIBC since 1995. The Emmis Web site lists Steve Simpson as taking over his shift on the station, which moved from AM-1070 to FM-93.1 more than a year ago.

Emmis has been slashing costs for months as it and other media companies battle weak advertising sales.

In August, Emmis cut 40 jobs in its publishing division and trimmed salaries for the remaining 348 workers by 2 percent.

In November, the company laid off 29 full-time and six part-time workers in its radio division, shrinking its work force to 614 full-timers and 311 part-timers. In addition, it snipped 3 percent off salaries of corporate and radio employees earning more than $50,000 a year.

Shares of the company's stock have fallen to 27 cents, down 91 percent from 12 months ago.

Emmis is scheduled to report fiscal fourth-quarter financial results the week of May 11.