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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRadio giant Clear Channel Communications Inc. is expected to implement a massive restructuring plan tomorrow that aims to cut $400 million in company costs.
San Antonio-based Clear Channel has about 50 employees in Indianapolis; the company owns local radio stations WFBQ-FM 94.7, WRZX-FM 103.3 and WNDE-AM 1260, and its Clear Channel Outdoor billboard arm also has a presence here.
Rick Green, vice president and Indiana market manager for Clear Channel, said this morning that he is unaware what impact the cuts might have locally. A corporate spokeswoman said the company does not comment on speculation.
The Wall Street Journal and New York Post are reporting that the restructuring will include layoffs across the company’s radio, outdoor advertising and international divisions, as well as cuts to programming budgets and consolidation of back-office operations.
About 1,500 employees, or 7 percent of Clear Channel’s total staff, are expected to be affected by the restructuring.
Clear Channel also is likely to move toward a national programming model that would require less local-level staffing, according to the media reports.
A series of acquisitions during the late 1990s put more than 1,000 radio stations under Clear Channel ownership, making it the nation’s largest radio company.
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