`

Emmis cuts magazine positions, salaries

August 14, 2008

Emmis Communications Corp. has cut an undisclosed number of positions from its magazine-publishing arm, the Indianapolis radio and publishing company said today.

The positions, which amounted to 4.6 percent of its magazine staff, were eliminated through attrition in Indianapolis and through layoffs at other locations, spokeswoman Kate Snedeker said in an e-mail.

Salaries of existing publishing employees were cut 2 percent.

Emmis took the action Tuesday.

Emmis publishes Indianapolis Monthly and six other magazines in various markets. It was not immediately clear which markets were affected by the cuts.

Noting that the publishing industry has seen a stream of layoffs and other cost-cutting in recent months, Snedeker said the Emmis cuts "are considerably more thoughtful and measured than what we've seen from many of our peers."

She added that Emmis remains confident in the future of city and regional magazines.

Emmis stock is trading at $2.41 a share after a prolonged slide that started in early 2006. The shares hit $62.32 in late 1999.

Source: XMLFULL/XMLFull18691.xml
ADVERTISEMENT

Recent Articles by Norm Heikens

Comments powered by Disqus