iHeartMedia has begun to cut senior management pay and lay off 'non-essential' staff
Bob Pittman, Chairman and CEO of iHeartMedia introduces the Jon Bon Jovi performance at a VIP dinner party hosted by iHeartMedia and MediaLink during the Cannes Lions Festival of Creativity at Hotel du Cap-Eden-Roc on June 19, 2018 in Cap d'Antibes, France.
The news comes as entertainment companies have been looking to preserve cash and reduce expenses, in some cases also via layoffs, to manage the uncertain fallout from the virus crisis. iHeartMedia on March 26 first withdrew its 2020 financial guidance and said it had shored up its liquidity by $350 million by tapping into a revolving credit facility to boost its financial flexibility.
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