Clear Channel tunes out 1,850 jobs
A handful of jobs were eliminated at the Mahoning Valley Clear Channel offices in Boardman.
STAff/ wire report
The parent of Clear Channel Communications Inc. told workers 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.
A handful of jobs were eliminated at the Mahoning Valley Clear Channel offices in Boardman, possibly including at least one on-air personality. Officials at the local office referred inquiries to Lisa Dollinger, Clear Channel’s chief communication officer.
Dollinger would not release the number of local layoffs or their names, and said the company is not commenting on the layoffs.
Clear Channel’s local stations include WKBN (570-AM), WNCD (93.3-FM), WBBG (106.1-FM), WNIO (1390-AM), WMXY (98.9-FM) and WAKZ (95.9-FM).
Clear Channel operates more than 800 radio stations reaching more than 110 million listeners in 50 states, including more than 70 stations in Ohio, according to its Web site.
In a companywide e-mail, Chief Executive Mark Mays told employees 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 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.