![]() Any contributions made so far this year will not be affected. The company plans to temporarily suspend its 401(k) matching program until the advertising marketplace improves. Therefore, we’ll implement the following necessary cost savings,” the memo read. “Our goal is to do everything we can to get through this challenging economic time while protecting our employee base as much as possible. The leaked memo states these measures are intended to safeguard the company’s future and prepare it for an economic recovery. As a result, iHeartMedia will be implementing various cost-saving measures, such as suspending the 401(k) match, limiting backfilling of non-mission-critical roles, and reducing discretionary spending. An internal memo from iHeartMedia Chairman/CEO Bob Pittman and CFO/COO Rich Bressler, which All Access has obtained, outlines the company’s proactive steps to reduce spending in response to anticipated financial challenges.ĭespite the company’s significant achievements in the audio platform market, it is not immune to the economic pressures facing many businesses today.
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