Radio broadcast company Audacy is laying off about 25 percent of its staff from its Pineapple Street podcast division. The cuts, which amount to 12 people, come as the company contended with reduced marketing budgets, as well a reduced demand for high-cost, limited run narrative series (which bore the brunt of the staff reductions), as well as an impact from the SAG-AFTRA strikes. The company also put a cost-cutting plan in place last summer, ahead of declaring Chapter 11 bankruptcy in court this month.
“As part of our 2024 planning cycle, we are continuing to optimize our structure to align with the podcast market opportunity and set us up for continued growth. Unfortunately, that means reducing the size of some of our teams, and we have made the difficult decision to reduce a portion of our Pineapple staff.
We are grateful for the hard work and dedication of the impacted individuals,” the company said in a statement. It’s being reports some other broadcast companies will also be doing layoffs. We’ll keep you posted.
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