Radio company Clear Channel announced another round of layoffs yesterday as its debt climbs and advertising revenue dwindles. Clear Channel may cut up to 1,000 employees, mostly in programming for smaller market areas. The company cut 1,850 workers earlier this year. Partly to blame is the debt racked up by a recent buyout from private-equity firm Bain Capital and Thomas Lee Partners. Also at issue is the declining market for radio as users switch to alternative forms of media like the internet.
See "More Layoffs At Clear Channel; Up To 1,000 People This Time", Rory Maher, The Washington Post, April 29, 2009