Clear Channel to Lay Off 590, Suspend 401(k) Matching

Radio and advertising conglomerate Clear Channel is laying off 590 people in its radio division, and suspending its 401(k) matching plan.

The layoffs target programming, engineering and customer service workers. The firm announced 1,850 sales layoffs in January.

Clear Channel will also suspend its matching contributions to employees’ 401(k) retirement accounts as of Thursday.

Clear Channel Communications is headquartered in San Antonio, Texas. It was founded in 1972, and is the largest owner of full-power AM, FM, and shortwave radio stations, plus twelve radio channels on XM Satellite Radio.