Friday, January 29, 2010
Crystal Cathedral Financial Trouble
Robert H. Schuller's church is struggling after an $8 million drop in revenue last year. The Southern California megachurch founded by the televangelist is taking drastic steps to make up the difference. The Crystal Cathedral is selling 170 acres of property in south Orange County, cutting eight TV broadcasts, laying off 50 employees who worked at its retreat in San Juan Capistrano and canceling its annual Glory of Easter pageant. The Glory of Christmas will continue as usual. The combined cutbacks will save about $5 million. Revenue fell 27% in 2009 from the year before- from $30 million down to $22 million. Schuller's son left the megachurch and the Hour of Power and his father returned to leadership after a family feud. Now, the younger Robert A. Schuller is now part of the Dallas-based TV network American Life Network.
Labels:
Finance,
Megachurch Leaders,
Robert Schuller,
TV
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