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CLEAR CHANNEL CUTS 9% OF IT'S WORK FORCE | News
AP- 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.
In the third quarter, 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. Clear Channel operates over 800 radio stations reaching more than 110 million listeners in 50 states.
4 LAY OFFS AT CLEAR CHANNEL OF ASHEVILLE | News
A source tells the Carolina Stompers that 3 sales associates and the promotion manager have been laid off at Clear Channel of Asheville and more lay offs are expected. "Morale is not good".
The corporate office announced last week that cut backs and lay offs would commence today (Tuesday, Jan. 20th).Posted on 20 Jan 2009 by Star Johnson | | 0 Comments
WHAT LUCK! NC GUY GETS $35,000.00 FOR BUSH WEB NAME DOMAIN | News
ROBINSON MAKES RUN FOR NC GOP CHAIRMAN | News
David Robinson, chairman of the Wake County Republican Party, announced today that he wants to be the chairman of the state GOP.
Robinson issued a press release announcing his candidacy to be state GOP chairman. He said the state party should "challenge government corruption and liberal agendas" every day of the year.
State Chairwoman Linda Daves has said she will not seek re-election to another term. Former Lee County Commissioner Chad Adams and former state Sen. Woody White are considering runs. Guilford County stockbroker Marcus Kindley has announced that he is seeking the post. No announcement from Buncombe's GOP Chairman Tim Johnson yet but rumors are abound.
PRESIDENT BARACK HUSSAIN OBAMA INAUGURAL COVERAGE | News
STOMPER DON YELTON ON WATER QUALITY | News
Posted on 19 Jan 2009 by Star Johnson | | 0 Comments
VIDEO - IN CASE YOU MISSED IT | News
Posted on 19 Jan 2009 by Star Johnson | | 0 Comments
WHAT RECESSION? THE $170 MILLION DOLLAR INAGURATION | News
Obama's Inauguration Has Been Financed Partially by Bailed-Out Wall Street Executives who will receive billions issued out by Obama.
It's your tax dollars!
CLICK HERE FOR THE STORY
Posted on 19 Jan 2009 by Star Johnson | | 0 Comments
ONLINE SCANNER IS BACK ON LINE | News
AYERS TURNED AWAY FROM CANADA BY IMMIGRATION OFFICIALS | News
Weather Underground founder and Barack Obama supporter William Ayers was not permitted to clear customs at a Toronto airport Sunday.
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