As I pointed out earlier this week, they can't possibly cut their way back to solvency. Even if they sold all of their radio stations at full current retail price, they still wouldn't be able to pay off their debt. In the meantime, they'll just keep on cutting.
Robert Feder has the details about who lost their jobs in Chicago.
Here's the statement from Clear Channel: "We are constantly looking at all aspects of our business to ensure that it reflects how the best organizations work today, taking advantage of the latest cutting-edge technology and organizational structure so we can continue to operate as effectively and efficiently as possible. Like every successful business, our strategy continues to evolve as we move forward as a company; this creates some new jobs, and unfortunately eliminates others. These are never easy decisions to make. In the process of making these recent changes, some employees were affected. We thank them for their service and wish them all the best for the future."
