Having completed its long-rumored goal of destroying American radio, Clear Channel Communications will cut about 1,500 jobs, or 7% of its work force, in a move to save $400 million.
The job cuts would mostly affect the radio station chain’s advertising salespeople. The company employs about 20,000 in total.
Clear Channel is also planning to replace some local programming with syndicated shows, the Journal said.
The San Antonio-based media company, which owns and operates hundreds of radio stations, was acquired and taken private last July by two private equity funds, Thomas H. Lee Partners and Bain Capital.Media Giant Clear Channel to Cut 1,500 Jobs by Harrison Barnes