Clear Channel Cuts 9% Of Work Force, Eliminates 1,850 Jobs

The parent of Clear Channel Communications Inc. told workers on Tuesday that it is cutting 1,850 jobs as the nation's largest owner of radio stations grapples with the economic meltdown.

The cuts represent about 9 percent of the company's total work force and affect staff throughout the company, in radio, outdoor advertising and corporate offices.

In a company-wide email, Chief Executive Mark Mays told employees that the company is facing an "unprecedented time of distress." He also said, though, that "Everyone in our investor group, on the board, and in the executive leadership team remains bullish about the long-term growth prospects for Clear Channel."

The advertising market has been soft, especially for radio stations.

In the third quarter, company lost $86.1 million before discontinued operations compared to a profit of $253.4 million. The just-concluded quarter included $148.8 million in merger-related expenses and other one-time items. Revenue fell by 4 percent to $1.7 billion.

The steepest drop was in radio advertising, down 7 percent to $844 million.

Private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP formed CC Media Holdings to acquire Clear Channel in July for $17.9 billion.

San Antonio-based CC Media Holdings trades over-the-counter. Clear Channel operates over 800 radio stations reaching more than 110 million listeners in 50 states.

Comments

[MajorKong]

09:24 PM on 01/21/2009

I don't like Clear Channel but people losing their jobs still sucks.

[mrcontinental]

09:00 PM on 01/21/2009

They have to pay Rush don't they?

Unemployment and food stamps ain't so bad. Oh I forgot you "true americans" don't partake in such programs.

[blonkert]

08:35 PM on 01/21/2009

I worked for Clear Channel for several years, during the time of the very un-American Dixie Chicks Corporate Censorship incident.

I am really sorry for the folks who lost their jobs, but honestly, they will be better off working for another company (I certainly am).

I don't feel nearly as dirty when I go home at night, and I can lay my head down on the pillow without the worry of getting up in the morning to work for sharks.

[MikeDu]

06:40 PM on 01/21/2009

"Clear Channel operates over 800 radio stations reaching more than 110 million listeners in 50 states."
One of those stations is the sole radio station in my rural hometown. Clear Channel has been slowly dripping poison into their ears for years.

[obxjohn]

05:49 PM on 01/21/2009

As a popular female Progressive radio talk show host, who operates out of West Palm Beach, has said, "they can pay Rush Limbaugh $40 million a year, but the staff at Clear Channel stations can't buy a pencil."

[JessWonderin]

04:29 PM on 01/21/2009

Coulda SAVED a BUNCH and HIRED MORE if they cut the Rush Program expense . . . why support an America Terrorist at the expense of EMPLOYEES?

[Nova16]

02:51 PM on 01/21/2009

Clear Channel affiliate in central PA is the big sewer of right wing garbage. Oops! I meant to type "spewer".

[adzeman]

01:29 PM on 01/21/2009

nice to see this evil company doing poorly. I pray for bankruptcy and scandal for the lot of them

[PastorAgnostic]

11:30 AM on 01/21/2009

HEE HEE. A GOP-supporting, Dixie Chick-hating, corpseration that destroyed my favorite jazz and classical stations, replacing them with conservative talk and really bad rock, - I can't think of anything better for them. DIE, Clear, DIE! Let those licenses return to local control, with local reporting and programing.

Instead, your solution is to fire 1800 and cancel even more local programing? That will improve your bottom line, you betcha.

[breathestolive]

10:42 AM on 01/21/2009

Wait, isn't that the home of Rush Limbaugh?

Hmm.

[MarcoEsquandolas]

10:40 AM on 01/21/2009

missing from this headline is the fact that no matter what they do, clear channel still sucks.