May 28, 2009

Radio One is Closing Corporate Headquarters

Radio One has trimmed pay by as much at 10 percent and reduced its corporate office hours at its Maryland headquarters in an effort to cut cost, said its founder. "We are closing every other Friday," Cathy Hughes told XM 169's Joe Madison during a radio interview.

"We've all taken three, five, seven or 10 percent pay cuts depending on what category your annual compensation was," Hughes said. "We've voluntarily turned in vacation time, we furloughed and now we're closing corporate - we're closing Lanham (Maryland)- every other Friday to stay afloat.

The radio company has also made other cuts and layoffs at its other properties as well, according to a source. Still, the company stock price is trading as low as 38 cents, moving down almost 20 percent, according to Morningstar.

Hughes made her remarks while taking aim at Rep. John Conyers, a Michigan Democrat, who is touting the need for all radio stations to pay performance royalties to artists for playing their music. Satellite radio already pays performance royalties. Radio observers says that the performance royalties may put a third of black-owned stations out of business. Source: Redding News Review

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