9-11-2012
First it was Emmis rewarding employees with bonuses, now Cumulus is giving a little back to employees. Cumulus employees were told Tuesday afternoon that, as of October 1, the company will once again match contributions to the company 401K. When the economy hit a rough patch a few years ago, many companies were looking for ways to save money, including holding back on 401K contributions. Cumulus says the company is in a much better position now.
Cumulus Co-COO Jon Pinch said, "We are one year into the integration with Citadel, on plan with that acquisition, and felt the timing is appropriate. The company is in great financial shape having paid down over $250 million in debt during the past year. As a result, our lenders have suspended the maintenance covenants in our debt, a luxury that most other broadcasters don?t currently enjoy. It?s a great opportunity to reward our employees and help them achieve their financial goals."
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