While much of the focus on the media recession this past year has focused on newspapers, radio has been quietly suffering the effects of the poor economy. But the past few days have been anything but silent, as the industry was bracing for an announcement of significant cutbacks from Clear Channel (NYSE: CCU). And today, the radio network finally said that it was laying off 1,850 staffers, or 9 percent of its workforce.
AP: In a company-wide e-mail CEO Mark Mays said that company is in an "unprecedented time of distress." The cuts will be felt across all departments, including outdoor advertising and in corporate.
By David Kaplan