L.A. Times to Furlough Workers as Ad Revenue ‘Nearly Eliminated’

VARIETY.COM

The Los Angeles Times announced on Tuesday that it will furlough some business-side employees and that senior managers will take pay cuts, as advertising revenue has been “nearly eliminated” due to the coronavirus pandemic. The company will also suspend its 401(k) match for non-union workers, according to a company memo sent by Chris Argentieri, president of the California Times. “Due to the unexpected effects of COVID-19, our advertising revenue has nearly been eliminated,” Argentieri wrote. “While we’ve made significant progress in growing our digital subscriber base and developing other sources of revenue, it is not yet enough to offset the losses. The economy is in crisis and it’s become clear that we need to make some difficult changes in order to meet this challenge.”

READ MORE AT VARIETY.COM

Buy on Amazon!

Advertisements