Document Analysis NLP IA
FREQ, RAKE or TFIDF
Summary (IA Generated)
One day after announcing the elimination of 28 jobs through buyouts and layoffs, KCRW President Jennifer Ferro said that the Santa Monica-based public radio station projects a whopping 30% loss to its operating budget due to the pandemic.
In an open letter published on Wednesday, Ferro said that while a federal loan through the Paycheck Protection Program helped the station keep staff on through last month, the ongoing economic damage caused by the pandemic led the station to offer voluntary buyouts to staff, which 24 staffers agreed to take.
“We know the employees of KCRW are the most important asset we have, and we wanted to give people who were interested in this option the chance to make a decision for themselves about their future,” Ferro wrote.
Still, Ferro said that four positions needed to be eliminated to “align” the station “strongly for the future.
“Affected employees were informed today and will be offered severance and job support, during what we know will be a difficult time.
We wish all of our departing team members our gratitude for their time at KCRW,” Ferro wrote, adding that KCRW’s senior leadership team would be taking “an aggregate of 20% salary cuts,” with Ferro “taking the largest portion.
A spokesperson for KCRW told TheWrap that prior to the buyouts and eliminated positions, there were 155 full- and part-time staff at the station, meaning the buyouts represent about 15% of staff.
Through it all, the KCRW team has worked tirelessly to deliver on our mission to inspire our listeners – across Southern California and across the globe – with the content we put on the air and online.
KCRW has moved to become LA’s #1 most listened-to public radio station over these last few months.
We know the employees of KCRW are the most important asset we have, and we wanted to give people who were interested in this option the chance to make a decision for themselves about their future.
In the end, 24 KCRW employees took advantage of the voluntary separation program.
Their participation helped stave off the need for larger cuts.
In order to align ourselves strongly for the future, we made the difficult decision to eliminate four positions.
Affected employees were informed today and will be offered severance and job support, during what we know will be a difficult time.
We wish all of our departing team members our gratitude for their time at KCRW.
In an effort to avoid any further reductions to our staff, the senior leadership team will take an aggregate of 20% salary cuts with me taking the largest portion.
As we look to the future, we will lean into what KCRW is known for – music discovery, vital news and information and cultural programming.
We plan to place even greater emphasis on engaging with our digital audience, which has grown significantly since the safer-at-home orders began.
And while the changes we have announced this week were not easy, we know they are necessary to ensure KCRW remains strong for years to come.