New York Times Co. and Clear Channel Communications Inc., the largest U.S. radio broadcaster, are among the most vulnerable media companies in the event of a U.S. recession, according to a report by Moody's Corp.

New York Times, Clear Channel, Gannett Co. and Belo Corp. have the greatest chance of having bond ratings lowered if a recession occurs during the next two years, analyst Neil Begley and colleagues said today in the report. Gannett, based in McLean, Virginia, is the largest U.S. newspaper publisher, and Dallas-based Belo Corp. owns the Dallas Morning News.

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