ATLANTA, May 28, 2009, 3:30 a.m. - Black radio giant Radio One has trimmed pay by as much at 10 percent and reduced its corporate office hours at is Maryland headquarters in an effort to cut cost, said its founder.

"We are closing every other Friday," Cathy Hughes told XM 169's Joe Madison during a radio interview last week.

"We've all taken three, five, seven or 10 percent pay cuts depending on what category your annual compensation was," Hughes said. "We've voluntarily turned in vacation time, we furloughed and now we're closing corporate - we're closing Lanham - every other Friday to stay afloat.

The radio company has also made other cuts and layoffs at its other properties as well, according to a source.

Still, the company stock price is trading as low as 38 cents, moving down almost 20 percent, according to Morningstar.