Clear Channel to lay off 1,850 The parent of Clear Channel Communications 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 e-mail, 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, the company lost $86.1 million before discontinued operations compared to a profi t of $253.4 million. Revenue fell by 4 percent to $1.7 billion.
By CHRIS CHURCHILL, Business writer Last updated: 1:39 p.m., Wednesday, January 21, 2009
The Capital Region's seven Clear Channel stations aren't being spared from the massive jobs cuts announced by the Texas-based company.
Clear Channel Communications Inc., the nation's largest owner of radio stations, said yesterday it would lay off 1,850 employees -- 9 percent of its work force -- and blamed the cuts on the economic downturn. The company has more than 800 radio stations in 50 states.
Some employees at the local stations were told yesterday they would no longer have jobs, sources tell the Times Union. But it's unclear how deep the cuts are, or whether they affect on-air personnel.
Kristen Delaney, general manager of the area's Clear Channel stations, could not immediately be reached for comment.
Clear Channel's local stations are WGY, 810 AM; WHRL, 103.1 FM; WKKF, 102.3 FM; WOFX, 980 AM; WPYX, 106.5 FM; WRVE, 99.5 FM; and WRTY, 98.3 FM.
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