The parent company of local Connecticut FOX61 station TEGNA recently announced the following temporary furloughs and pay cuts:
One week furlough for most employees to be taken between the week of April 20 and the week of June 26. In lieu of one-week furloughs, news directors and station heads of technology will receive a commensurate 8% temporary pay reduction and general managers and corporate senior vice presidents and above will receive a 20% temporary pay reduction.
This information is according to a Poynter report published April 6. The board of directors will also take a 25% salary cut from April to June.
Since March 13, TEGNA stock has fallen steadily. The news comes on the heels of a currently volatile, anxiety-ridden market amid the coronavirus crisis. To make matters worse, every news outlet from the local paper to the national conglomerates are seeing precipitous drops in ad revenue.
