Clear Channel Communications Inc. announced cost-saving initiatives that include cutting 1,500 employees, or around 7% of the firm's workforce, starting tomorrow. The layoffs are expected to affect mostly employees in advertising sales. The company is also planning to eliminate several local radio shows in an effort to cut costs by playing syndicated content instead. Clear Channel employs about 20,000 people nationally.
See "Clear Channel plans job cuts, news report indicates", Portland Business Journal, January 18, 2009