Clear Channel Layoffs...

Damocles

Damocles

Accedo!
Staff member
http://finance.yahoo.com/news/Clear-Channel-cuts-1850-jobs-apf-14109520.html

Clear Channel cuts 1,850 jobs, 9 pct of work force
Radio industry giant Clear Channel cuts 1,850 jobs, or 9 percent of work force

* Deborah Yao, AP Business Writer
* Tuesday January 20, 2009, 6:39 pm EST

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.

More at link...
 
Damocles said:
They just got an infusion of cash from one of their largest owners.
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That didn't answer my question. But I heard they borrowed several million at 14%, which is basically a loan shark rate. It won't be long before they are bankrupt. They may end up with broken legs and cement shoes.

Someone tell me again how bad Clear Channel is doing. :)
 
Southern Man said:
That didn't answer my question. But I heard they borrowed several million at 14%, which is basically a loan shark rate. It won't be long before they are bankrupt. They may end up with broken legs and cement shoes.

Someone tell me again how bad Clear Channel is doing. :)
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They're doing badly.
 
I am reminded of this:

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Southern Man said:
That didn't answer my question. But I heard they borrowed several million at 14%, which is basically a loan shark rate. It won't be long before they are bankrupt. They may end up with broken legs and cement shoes.

Someone tell me again how bad Clear Channel is doing. :)
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The dude handed them 215 Million, I think they're good for a year.

And Clear Channel is just feeling the economy. Nobody buys ads for things people aren't buying during downturns.
 
Onceler said:
The print media in general is doing badly right now. But yeah - Clear Channel is still doing badly.
:cof1:
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Who's doing worse?

Since you're obviously dancing around the issue I'll cut to the chase. The economy in general is doing piss-poor, so anyone who is able to reduce staff by 9% and maintain market share should be doing quite well. Can you say the same for the venerable NYT?
 
Southern Man said:
Who's doing worse?

Since you're obviously dancing around the issue I'll cut to the chase. The economy in general is doing piss-poor, so anyone who is able to reduce staff by 9% and maintain market share should be doing quite well. Can you say the same for the venerable NYT?
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You asked if Clear Channel was doing badly.

They are.
 
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