MILAN (Reuters) - Top managers at Mediaset (MS.MI) have taken a pay cut, Italy’s biggest commercial broadcaster said on Monday, as part of efforts to safeguard the group’s finances during the coronavirus crisis.
Like other free-to-air broadcasters, Mediaset has had to contend with coronavirus-hit companies postponing or scrapping advertising spending despite bigger TV audiences because of national lockdown measures.
Controlled by the family of former Italian Prime Minister Silvio Berlusconi, Mediaset said its executives would take a “sizeable” cut to 2020 pay.
It did not disclose further details, but a source with knowledge of the matter said the cut would affect the variable part of their remuneration.
As part of company’s efforts to cut overall wage costs, Mediaset tapped a temporary salary aid scheme put in place by the government to help companies through the coronavirus emergency, allowing employees to receive their full salary despite reductions to working hours.
Reporting by Elvira Pollina; Editing by David Goodman