More Radio Company Furloughs and Job Cuts: Beasley Media Group, Townsquare Media, and JVC Media. Seeing their advertising revenue hit drastically by the COVID-19 pandemic, more radio companies are taking the desperate measures of cutting jobs and instituting furloughs.  Beasley Media Group just announced that it has eliminated 67 positions within the company, it has furloughed almost 20 staffers and is cutting full-time hours for the rest of its employees from 40 hours to 36 hours per week.  CEO Caroline Beasley is taking a 20% pay cut.  The company states, “These are very difficult decisions.  We are confident that the steps we take today will allow us to continue to serve our clients, communities and ensure our company will emerge stronger once the crisis abates.”  Townsquare Media is reporting that is has cut 65 positions – 26 of those at the corporate level.  CEO Bill Wilson and other corporate officers are taking a 10% pay cut.  The company also warning that other measures will need to be taken if the effects of the pandemic continue to affect its business.  Long Island-based JVC Media is furloughing an unspecified number of staffers and hopes to be able to call them back to work when the crisis abates.  JVC CEO John Caracciolo has eliminated his own position as paid CEO and will operate his company on a voluntary, unpaid basis.

Tra Thomas Exits WPEN-FM, Philadelphia. Former Philadelphia Eagles offensive lineman Tra Thomas announced via Twitter yesterday (3/31) that he’s one of the victims of cuts being made by Beasley Media Group.  Thomas was co-host of the morning show at sports talk WPEN-FM, Philadelphia “The Fanatic” alongside Marc Farzetta.  He tweeted, “Welp guys it’s been real!  I was just notified that due to cutbacks, I’ve been released from @975Mornings. I want to thank @MarcFarzetta @jelynchjr @BobCooney76 and @samwils18 and our listeners for an amazing ride.  I’ll see you guys on the other SIDE, SIDe, SIde, side.”

Entercom Backs Off 2020 Guidance. Not surprisingly, Entercom Communications follows several other media companies in filing with the Securities Exchange Commission to withdraw its 2020 guidance as a result of the coronavirus pandemic   At the same time, the company reports that is drawing $96.5 million in cash from a revolver loan that is in addition to the $50 million that it drew earlier in March and marks “substantially all” of the cash available in the revolver.  The company says, “The amounts drawn under the revolver were borrowed as a precautionary measure to preserve financial flexibility and may be used for working capital, general corporate or other purposes as permitted by the Credit Facility.”  Entercom reports it currently has $180 million in cash on hand.

Coronavirus Cases and Deaths Data, Trump’s Tuesday Evening Press Conference, Financial Markets Activity, Churches Violating Social Distancing Directives/Constitutional Rights Debate, Stimulus Package, Recession Fears, and the Presidential Race Among Top News/ Talk Stories Yesterday (3/31). The growing number of U.S. cases of COVID-19 and the death toll; President Trump’s two-hour, Tuesday evening press conference addressing the pandemic; the world’s financial markets again turn bearish; the church pastors in several communities refusing to suspend in-person services and the related debate over constitutional rights; the stimulus package enacted in the U.S.; economists’ fears about a severe recession as a result of the coronavirus; and the presidential race were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Salem Radio Network Talk Star Mike Gallagher and Former BS&T Lead Singer David Clayton-Thomas Are This Week’s Guests on Harrison Podcast. In a rare “double feature,” two guests share the bill on this week’s installment of the award-winning PodcastOne series, “The Michael Harrison Interview.” The podcast features conversations with two colorful communicators – each isolating at home during the coronavirus crisis. Each with a different political view of today’s world. First is Salem Radio Network conservative talk show host Mike Gallagher from his condo in Tampa, Florida where he broadcasts his daily show from a remote set up in his kitchen. That’s followed by well-known singer/songwriter, David Clayton-Thomas, former lead vocalist for Blood, Sweat & Tears, from his condo in Toronto, Canada. Clayton-Thomas has just released a powerfully, opinionated solo album of “protest songs” addressing a variety of today’s hottest issues from a liberal perspective. According to Harrison, “Both of these fine men, whom I’ve known over the decades, have a lot to say about the world and having them both appear on this installment of the program while isolating during the crisis creates a marvelous kind of symmetry.” To listen to the podcast in its entirety, please click here or click on the player box marked “The Michael Harrison Interview” located in the right-hand column of every page on Talkers.com.

Talkers Convention Postponed Until Friday, October 16. The 23rd annual presentation of the talk media industry’s longest running and most important annual gathering originally scheduled for Friday June 5 has been officially postponed until Friday, October 16 due to the coronavirus crisis. This year, the event – held in conjunction with the 30^th anniversary of TALKERS – is titled, Talkers 2020: The Rise of the Media Station, and will still take place at the ultra-modern Helen Mills Event Space and Theater located in the Chelsea district of Manhattan. In announcing the change of date, TALKERS publisher Michael Harrison states, “We are hopeful and optimistic that the circumstances going forward will be conducive for an event of this nature to be feasible slightly more than a half year from now. We will do our best to hold together the agenda that we’ve already established, but are cognizant that, to a certain extent, we will be rebuilding it to conform to the specifics of the times and events that take place between now and then. If circumstances are such that this crisis continues through the second half of 2020, we’ll cross that bridge when we come to it. All paid registrations and sponsorships already accepted will be honored for the new date. However, we will cease all promotion and recruitment for new and additional speakers, sponsors and registrants until at least the first week of May out of respect for the urgency and priority this crisis presents to our industry’s dedicated, hard-pressed professionals.” For more information please call Barbara Kurland at 413-565-5413 or email info@talkers.com.

Tags: 2020 guidance, Beasley Media Group, Bill Wilson, Caroline Beasley, COVID-19, Entercom, furloughs, job cuts, John Caracciolo, JVC Media, Marc Farzetta, news/talk radio, pandemic, Philadelphia, revolver loan, Talkers Magazine, Townsquare Media, Tra Thomas, WPEN-FM

Category: Front Page News, Industry News