More Layoffs Ahead At Cheap Channel...

[KharmaTrain]

...the network that throws $40 million at rushbo:

http://www.insideradio.com/article.asp?id=2319277&spid=32061#.UbCHbUDVCSo

Clear Channel has begun implementing a nationwide restructuring today that includes a number of layoffs in medium and small markets. The cuts have hit the programming department the hardest with program directors, music directors and air staff comprising most of the reductions. The company says it’s part of a “new strategy” for regional markets.
A spokeswoman says the changes will result in more localized programming in local markets, presumably through a greater use of the company’s Premium Choice talent bank. “It offers new opportunities for our best on-air and programming talent to be heard in more places and grow their careers,” she says. The company declined to say how many people will be laid-off. A portion of the cuts are also occurring at the newly-combined Metro Traffic-Clear Channel Total Traffic Network.

Word is 625 people will be getting send to "the beach" in the next couple weeks. Revenues and listeners continue to decline while debts continue to mount. It's just a matter of time until Bain Capital starts to liquidate what they can while they can.

Discuss...

[auburngrad82]

1. Well, you know, they have to let people go so they can continue to pay for Limbaugh's mouth. nt

[Kurovski]

4. I think the Koch brothers and a few of their sicko cash-hoarding pals got it covered.

A 400 million dollar salary is otherwise a whole fuck 'o lotta Chick-fil-a sammies.

But I guess it's anything to shut down everyone that does not sound like Mr. moist man-boobs a-slappin' against that microphone.

[rurallib]

2. Doesn't Bane own Clear Channel these days?

[KharmaTrain]

3. Yep...

...still the majority stockholder...

They lost nearly $500 million last year...

[thatgemguy]

5. Consolidation and Deregulation

Consolidation and Deregulation have destroyed the broadcast media, especially Radio. In the rush to acquire the Real Estate, most of the properties that were bought were overpriced to begin with, leaving the mega corps with a heavy debt to serve.

[KharmaTrain]

6. "Broadcast Properties As Pork Bellies"...

...was how a friend described what ensued following DeReg '96. Broadcast properties values became inflated as the money was no longer made in advertising but through manipulation of the stock price. Lots of debt was taken on as the property values continued to soar and there always seemed to be another "sucker" out there to bail them out. That all came crashing down in 2008 and hasn't recovered. Property values continue to sink as do revenues...unfortunately it's the little guys who will pay the price, the CEOs will still collect their bonuses...