Area media firm announces layoffs, CEO pay cut

NAPLES — Beasley Media Group, which owns and operates 64 radio stations in 15 large and mid-size U.S. markets, is the latest media company to announce layoffs, furloughs and salary cutbacks due to the coronavirus pandemic.

The Naples-based publicly traded company, which posted $261.5 million in revenue in the last 12 months and has some 850 employees, released a statement on the cutbacks March 31. Shares of the firm (symbol: BBGI) are down at least 57% since Feb. 14, when it was trading at $4 a share. “Our company, like other broadcasters and our clients, is being directly impacted by the recent unanticipated economic downturn due to the coronavirus pandemic,” the release states. “Like so many others in our industry, we must adjust to the new and unforeseeable circumstances we now face.”

Among the reductions: