The largest owner of radio stations in the United States -- Clear Channel Communications Inc. -- is eliminating 590 jobs, including some on-air personalities. This is its second wave of national layoffs this year as the radio industry faces the same economic pressures that the newspaper is: a struggling economy and shrinking advertising revenue.
All employees will no longer receive a 401(k) match for the rest of the year, starting Friday, its parent company, CC Media Holdings Inc., announced. However, if the company hits 90 percent of its budget goals by Dec. 31, 2009, the matches will be retroactively restored, a company spokeswoman told the Associated Press.
Clear Channel operates more than 800 radio stations, which is more than 9 percent of all radio stations in the United States. The job cuts represent 2.7 percent of the 22,100 employees. Targeted are operational jobs like engineering, accounting and customer service, all in the radio division. An outdoor advertising division, which sells items like billboard space, was not affected.