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iHeart layoffs in 3, 2, 1…

Discussion pertaining to Detroit, Ann Arbor, Port Huron, and SW Ontario
The Painted Horse
Posts: 16
Joined: Mon Feb 20, 2023 12:05 pm

iHeart layoffs in 3, 2, 1…

Post by The Painted Horse » Fri Mar 24, 2023 10:21 am

Last week, iHeart announced cost cutting measures including a suspension of the 401k match.

• Temporarily suspending the 401(k) match starting in your next pay period and for future months until the advertising marketplace improves. Please note that any contributions made so far this year will not be affected.
• We will only be backfilling mission critical roles.
• Stopping or reducing all discretionary spending, including non-essential T&E, overtime, outside vendor spend, temporary contractors, etc.

Now, things are about to get even worse. Stand by…



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MWmetalhead
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Joined: Sun Oct 31, 2004 11:23 am

Re: iHeart layoffs in 3, 2, 1…

Post by MWmetalhead » Fri Mar 24, 2023 1:51 pm

Their cute little employee memo forgot to mention 40 percent of their outstanding debt is of a variable rate nature.

It's true the advertising environment is soft, but I think a large year-over-year increase in interest expense is as much if not more responsible.

What type of pay cuts are Bob and Rich taking? Suspension of 401K matching doesn't mean much to millionaires in view of annual contribution limits, which I believe are $22,500 this year for folks under 50 and $30,000 for folks 50 or older. Bob and Rich probably reach the annual contribution ceiling before springtime even begins!



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