The N.Y. Post's Peter Lauria is reporting this morning that Clear Channel's long-expected hammer will be coming down starting next week, with the company looking to cut over $400,000,000 in budget in short order. The Post report says it will be across-the-board, affecting all divisions of the business. CC is looking to
nationalize/regionalize many announcers & cut local staff, on-air & off, wherever possible.
The Post story also says CC management was aiming to announce many of these cuts on Obama's Inauguration Day next Tuesday, using a national event the day after a national holiday as "cover" {if
you didn't hear your favorite anchor, you might assume they're on an extended holiday weekend}....
The link to The Post article online:
http://www.nypost.com/seven/01162009/business/clear_channel_plans_revamp_150374.htm
My last remaining source at CC corporate told me {from a home phone because of security concerns!!!} few if any operations would be spared big cuts. With revenues down and forecasted revenues tumbling further still, "local talent with bigger contracts" are an inviting target.
A situation I would not have believed just a couple of years ago, my source said even those talents with longtime connects to major accounts {car dealerships, etc.} are not safe, because corporate says many of these are shutting down across the country and that revenue is evaporating or unsteady at best.
Yes, I know.....a lot of great radio pros are going to be hurt by this, and radio in general will probably drop in both quality & localism as well.....my in-advance sympathies go out to them {like most of us, I've been fired before, too}....
Any predictions for Sacramento?
nationalize/regionalize many announcers & cut local staff, on-air & off, wherever possible.
The Post story also says CC management was aiming to announce many of these cuts on Obama's Inauguration Day next Tuesday, using a national event the day after a national holiday as "cover" {if
you didn't hear your favorite anchor, you might assume they're on an extended holiday weekend}....
The link to The Post article online:
http://www.nypost.com/seven/01162009/business/clear_channel_plans_revamp_150374.htm
My last remaining source at CC corporate told me {from a home phone because of security concerns!!!} few if any operations would be spared big cuts. With revenues down and forecasted revenues tumbling further still, "local talent with bigger contracts" are an inviting target.
A situation I would not have believed just a couple of years ago, my source said even those talents with longtime connects to major accounts {car dealerships, etc.} are not safe, because corporate says many of these are shutting down across the country and that revenue is evaporating or unsteady at best.
Yes, I know.....a lot of great radio pros are going to be hurt by this, and radio in general will probably drop in both quality & localism as well.....my in-advance sympathies go out to them {like most of us, I've been fired before, too}....
Any predictions for Sacramento?