CC Media Holdings, the London-based parent firm of Clear Channel Communications and Clear Channel Outdoor Holdings, said today it is cutting 1,850 jobs, or 9 percent of its workforce.
The company did not specify the geographic locations of the cuts.
In Milwaukee, Clear Channel owns several of the market's top radio stations, including WISN-AM 1130, WOKY-AM 920, WMIL-FM 106.1, WKKV-FM 100.7, WQBW-FM 97.3 and WRIT-FM 95.7.
The company hopes the workforce reduction will save $350 million in costs annually, according to a filing to the U.S. Securities and Exchange Commission.
CC Media said the cuts would result in a one-time charge of $200 million, though further cuts may be needed.
The company also announced that the salaries for chief executive officer Mark Mays and chief financial officer Randall Mays will be decreased for 2009 to $500,000. Each will receive an annual performance of up to $4 million depending on the company's earnings before interest, depreciation, taxes and amortization.
Clear Channel to slash jobs
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