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Arbitron Cuts 110 Jobs
In the US, radio ratings giant Arbitron has announced redundancies for around 110 of its 1,086 full-time employees, along with a program of cost-cutting in non-employee related areas.
The firm says the measures are part of its previously announced strategic realignment and between them should result in a reduction in 2010 run rate expenses of more than $10 million.
Arbitron expects to complete the realignment before the end of the first quarter of 2009. Anticipated Q1 pre-tax expenses of c.$8-9m, mostly relating to severance and benefit costs, should be recouped by the end of the year in resulting savings, the firm says.
President and CEO Michael Skarzynski said the workforce reduction was 'a difficult and painful decision' and thanked all Arbitron's employees for their contribution - those losing their jobs will be given transition assistance and outplacement support. Skarzynski says the company is 'reevaluating the skill sets that we need given the rapidly changing and competitive media measurement marketplace.' The moves reflect new strategic priorities including the strengthening of the radio measurement service and the development of new multimedia services.' He also underlined that Arbitron 'remains committed to our continuous improvement programs, which include increasing cell-phone-only samples and enhancing qualitative data.'
For the full year 2009, Arbitron says it still expects revenue to increase 6-10% from 2008 revenue of $368.8m, with diluted earnings per share for the full year up 3-14% to a range between $1.40 and $1.55. First-quarter results and the firm's earnings call are scheduled for Tuesday, April 21.
Web site: www.arbitron.com .
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