Emmis Cuts 4.5 Percent of Workforce
Texas Monthly publisher also reduces employee salaries by 2 percent.
Facing a brutal economy, another magazine publisher has announced a series of staffing cuts.
Indianapolis-based Emmis Communications eliminated 4.5 percent of its workforceâ€”about 40 positionsâ€”from its magazine publishing division.
An Emmis spokesperson could not be immediately reached for comment.
Emmis also slashed the salaries of remaining publishing employees by 2 percent. In a statement, a spokesperson called the job and salary cuts â€śconsiderably more thoughtful and measured than what weâ€™ve seen from many of our peers.â€ť
Emmis publishes Texas Monthly, Country Sampler, Cincinnati, Indianapolis, Atlanta, Los Angeles and Orange Coast magazines.
Last month, Emmis reported its fiscal first quarter net revenue at $86.8 million, mostly flat from $87.3 million during the same period last year. Operating income was $12.6 million, compared to $12.1 million for the same quarter of the prior year.
Emmisâ€™ publishing division reported $22.6 million, up slightly from $22.2 million from the same period last year.
In May, Emmis sold television station WVUE-TV in New Orleans to Louisiana Media Company for $41 million, completing the divestiture of the companyâ€™s television assets. Gross proceeds from the sale of Emmis 16 television stations were $1.24 billion.
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