Young Broadcasting Outlines Savings Plan
Young Looks to Streamline Station Operations, Trim Work Force in Effort to Save $15M
By Michael Malone -- Broadcasting & Cable, 2/22/2008 5:12:00 AM MT
In the wake of deep layoffs at several stations, Young Broadcasting made its cost-reduction plan public.
“A streamlining of its station operations” will save the company an estimated $15 million, it reported. The plan involves “the use of new digital technologies and a comprehensive re-examination of what is necessary to deliver quality, locally oriented television broadcasting.”
When complete, Young's work force will be 11% lighter.
Recent expense reductions by Young -- including layoffs and scrapping newscasts at KWQC Davenport, Iowa; WTEN Albany, N.Y.; and WKRN Nashville, Tenn. -- will save the company $13 million this year, Young reported.
Young chairman Vincent Young said more cost-cutting will happen. "We are pursuing other plans that we believe will lead to significant savings in corporate overhead and station operations beyond the amounts described above,” he added. “These moves are not focused on personnel reductions, but target the outside services that the company has previously purchased. We fully expect to continue to reduce our costs each quarter this year."
Young is, of course, hungry to unload KRON San Francisco.
The company also mentioned increasing the use of video journalists and viewing the local TV business as year-round, as opposed to sweeps-driven, as other ways to save money.
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