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10 recent company layoffs - Clear Channel Communications Inc.
Clear Channel Communications Inc.
Announced: Jan. 20
Number of layoffs: 1,850 jobs
Reason for the cuts: The nations largest owner of radio stations is grappling with the economic meltdown.
In the third quarter, the company lost $86.1 million before discontinued operations compared with a profit of $253.4 million, and revenue fell by 4% to $1.7 billion. The steepest drop was in radio advertising, which was down 7% to $844 million.