Pat Kenny and Ivan Yates are among the top names in media giant Communicorp to be hit with pay cuts of up to 25%.
The group, which owns Newstalk, Today FM, 98FM, Spin 1038 and Spin Southwest, announced the news to staff on Tuesday in a conference call.
The salary reductions are being blamed on a major slump in advertising revenue since the coronavirus crisis began.
It’s understood the new wage strucuture will begin with 10% for those who earn up to €30,000 and become more significant as the salary increases – with top earners above €120,000 set to lose a quarter of their income.
Newstalk’s biggest name Kenny said he was on board with the decision and is willing to do whatever it takes to keep the business going.
He told the Irish Mirror: “Well I think all media are suffering from advertising going off a cliff.
“Certainly RTE is and I’m sure Communicorp is so people are trying to stay alive and healthy, that is the principle preoccupation.
“Myself and my colleagues will do whatever is required to keep the business going because we feel we are providing an important service at the moment.”
The Irish Mirror has also learned freelancers at the group have been laid off.
Staff at the stations were also informed there will be a review of the pay cuts in June.
