National Public Radio Feels the Squeeze of National Economy
NPR is cancelling two daily radio shows to address a big budget deficit
Wednesday, December 10, 2008
New York, NY —
NPR News announced it would drop Day to Day and News and Notes to help erase a budget shortfall of $23 million. Overall, NPR will cut 7 percent of its workforce and slash expenses further around the company.
Dennis L. Haarsager, NPR's interim president and CEO said the public radio giant is not exempt from the national recession, despite achieving record audience levels this year.
The two shows will go off the air in March. The shortfall was driven by the erosion of corporate underwriting and by the loss of expected revenue from financial investments.
NPR's board has authorized a $15 million draw-down from the company's operating reserves, most of which came from a bequest from the late Joan Kroc. A larger endowment created from her gift remains untouched.
For clarity, WNYC is an independent organization, separate from NPR, with separate revenue streams and staffs.
And the job cuts mentioned don't include WNYC staff.