CC laying off 20% of workforce on 1/5?

[LasVegasRadioJunky]

While we wait for the wisdom and stuff, does anybody mind if I hit the Obamas up with a friendly request or two on Myspace and Facebook?

What an amazing world we live in right now. I'm Myspace/Facebook buddies with my President. Blows my mind.

Go to his website and sign-up and you will get email several times a week from Barack and his wife. Today one incuded a link to a YouTube video that was 4 minutes long with him talking about all of the Inagural activities. As I watched it I said to myself, no wonder he won. He is an INCREDIBLE marketer.

 

[aunti-terrestrial]

Yeah, I actually don't read every one of those, had to filter my email so that they would go to an Obama folder instead of becoming pesky in my main inbox. No other politician in history has understood the concept of viral the way he and Mrs. Obama have grasped it, that's for sure. The game has changed forever...as have letter-writing campaigns from supporters and constituents.

 

[LasVegasRadioJunky]

Yeah, I actually don't read every one of those, had to filter my email so that they would go to an Obama folder instead of becoming pesky in my main inbox. No other politician in history has understood the concept of viral the way he and Mrs. Obama have grasped it, that's for sure. The game has changed forever...as have letter-writing campaigns from supporters and constituents.

You got that right. The McCain camp didn't no what hit them until it was just too late to play catch-up. BRILLIANCE! He probably would have won without the Internet, but not with the massive lead.

 

[SonoSational18]

This has gone totally off-topic. How about nobody post until we have some actual news and not just speculation and idle chitchat.

 

[gabigley1]

This has gone totally off-topic. How about nobody post until we have some actual news and not just speculation and idle chitchat.

Took this thread with a grain of salt when it first appeared. It seems there was little or no basis to start it in the first place because there was NO actual news to base it one. Besides,the he high 20% figure set off the red flags in my mind. Besides the radio business can't be all that bad off!

 

[fredcantu]

Besides the radio business can't be all that bad off!

Recent news from KGO-AM in San Francisco really tells the story. They've been number one for the past 20 years and I'm guessing a top biller in the the market. And they had layoffs. Imagine the stations who aren't doing as well.

 

[johnqdoe]

check the trades today....it IS this bad...the layoffs ARE coming...and it's a chickensh*t move to try and slide it in on Inaugaration Day

 

[radiopropd]

check the trades today....it IS this bad...the layoffs ARE coming...and it's a chickensh*t move to try and slide it in on Inaugaration Day

I agree with Johnqdoe on this, yes, it's chickensh*t to do it on a day when the big news will be the happenings in our nation's capital..However, what else would one expect? From a PR standpont, CC wants to try and limit the negative publicity from the massive layoff's - and yes, it's that bad all across the country -- Look back to this pas October when Metro Networks had massive layoff's -- they took what was 64 broadcast locations and started the process of consolidating them into 14 broadcast hubs. I work in Houston for Metro as a part-time fill-in, and prior to the layoff's, we had a Bureau Chief, 5 full time on-air, 3 producers, 2 full time chopper reporters, and two part-time on-air...Now, we have 3 full time on-air along with 3 part-time, 2 producers, and 2 part-time chopper reporters...and someone says that's it's not that bad??? Give me a break.

 

[gabigley1]

Now we have somthing for the news media on this topic. Click here: http://www.nypost.com/seven/01162009/business/clear_channel_plans_revamp_150374.htm

 

[gabigley1]

The Wall Street Journal paints a more realistic pictures of the layoffs here: http://online.wsj.com/article/SB123214134302591501.html

A layoff of 7% in the CC radio division is more reasonable then the 20% figure posted a couple of weeks weeks ago on the the San Antonio board.

Man, a 20% lay off could cripple the CC's radio division in my opinion and that is why I didn't believe that figure. NOW the 7% layoff SEEMS OFFICIAL.

 

[Gumboots]

Private Equity is Wall Street's dirty little secret. CC is so loaded up with debt now, that's where every dollar that comes in the door goes to. Now that the famous $18 billion go-private deal is done, the PE guys pocket their $ millions ($ billions?) of , handsome profit paid for with the loans the banks gave 'em with the company on the hook as collateral. This looks like bankruptcy to me. Scary, scandalous stuff.

Check this gem of a radio broadcast:

http://www.npr.org/templates/story/story.php?storyId=6501462

November 17, 2006 · Back in the 1980s corporate raiders gobbled up companies using a controversial practice called the "leveraged buyout." Using massive amounts of debt for takeovers is popular again. This time it's private equity groups buying firms traded on Wall Street.

 

[DJ.Urk]

Back when this whole merger business started in '07, there was a memo went out promising a halfway decent severance payment for employees let go in the year following the close of the deal.

What thoughts does anyone have on this?

Will they follow through on the promise or welch on the deal?

I know a lot of people who would take the money, run and never look back. Some might even consider it a favor!

Well If You Suppose Not To Talk About That With Anyone You Walk With And You Go On The Air Wave With Your Sorry Tail Lose Your Job At The Radio Station Think About It Clear Channel Might Suck With They Rules But Those A** Hoes Paid Damn Good Money. Thats What I Heard !!

 

[aunti-terrestrial]

Well If You Suppose Not To Talk About That With Anyone You Walk With And You Go On The Air Wave With Your Sorry Tail Lose Your Job At The Radio Station Think About It Clear Channel Might Suck With They Rules But Those A** Hoes Paid Damn Good Money. Thats What I Heard !!

Oh, dear. My babelfish translator seems to have fallen out of my ear.

 

[SqueakyWheel]

Good one, Aunti.

This story has gone out on Reuters, Forbes, WSJ, Bloomberg...don't think it's a secret anymore. How can they possibly wait until Tuesday?

 

[fredcantu]

How can they possibly wait until Tuesday?

Monday is a holiday.

 

[LasVegasRadioJunky]

November 17, 2006 · Back in the 1980s corporate raiders gobbled up companies using a controversial practice called the "leveraged buyout." Using massive amounts of debt for takeovers is popular again. This time it's private equity groups buying firms traded on Wall Street.

Saga Communications was the product of a leveraged buyout from a company called Josephson.

 

[Tom Wells]

How can they possibly wait until Tuesday?

Monday is a holiday.

Only on the planet of the federally blessed ones. All essential personnel will report to work as usual.
Holiday, indeed! If you have the day off, give thanks to those whose contributions to overall productivity permits >your< holiday.
I've never had it that lucky.

 

[nightfly61]

How classy to wait until a huge news day, send news staff out to cover it, wait 'til they get back to the studios, get the sound fed into the system & then the hammer falls. Good luck to all.

 

[fredcantu]

All essential personnel will report to work as usual.
Holiday, indeed!

I meant it in the sense that if people need to run to the bank or the courthouse or send some certified mail it would be nice if everything was open.

 

[LasVegasRadioJunky]

Employees of Clear Channel have been on pins and needes for weeks waiting to see what happens on Tuesday and if it affects them personally.

Terrible thought, but that is a lot of stress. If I were an attorney I would be looking to clean up on law suits for illnesses and maybe even deaths caused by this unnecesasary stress caused by loose lips in San Antonio. If there are to be massive layoffs, it should have come without this waiting game.