Layoffs abound. They are hitting the main stream media as well.
CBS has an interesting twist in its layoff plans.
There is big trouble, so far unreported, brewing among the unions of CBS…
CBS is involved in a wave of firings. Blaming the economy, many people have been let go… For the first nine months of the year revenues for CBS Radio declined 10% to $1.2 billion. Operating income for the division plunged 19% to $420 million.
So to compensate for those losses many people got pink slips… That’s what happens in an sour economy.
However, (and somehow you knew this post was going to have a “however”)……
CBS Chief Executive Leslie Moonves’ compensation soared last year – to $36.8 million, a 28% increase over the previous year — even as ratings on its flagship television network slipped and advertising sales at its radio and television stations softened.
Word inside the unions of CBS is that it is time for a strike. Bonuses are not in a company’s interest. Most particularly, guaranteed bonuses, which must be paid by eradicating essential jobs, are not creating future value in the stockholder’s interest.
There is nothing official yet, but… high profile strikes, which have been absent for so long, are about to make a comeback and most insiders are betting that the CBS unions will begin the process.
Further talks exists of a request for another $20 million bonus by this same chief executive, who will be asking for it by the end of this month….
Meanwhile more CBS job cuts are coming….