[classicman]

Clear Channel cuts 1,850 jobs, 9 pct of work force

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."

In the third quarter, company lost $86.1 million before discontinued operations compared to a profit of $253.4 million. The 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.

Does anyone even listen to commercials on the radio anymore? How bullish can they really be a bout this market?