SAN ANTONIO—The nation’s largest owner of radio stations is laying off 1,850 employees as it grapples with the economic meltdown.
San Antonio-based Clear Channel Communications says the cuts represent about 9 percent of its total work force. The layoffs affect staff throughout the company—in radio, outdoor advertising and corporate offices.
Clear Channel operates more than 800 radio stations in 50 states, including more than 20 stations in Colorado.
A companywide e-mail from CEO Mark Mays says Clear Channel is facing an “unprecedented time of distress.”
The advertising market has been soft, especially for radio stations.
Two private equity firms formed CC Media Holdings to acquire Clear Channel last year for $17.9 billion.
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