Clear Channel Slashing Costs For Q1
January 25, 2008 at 1:42 PM (PT)
ALL ACCESS has learned that CLEAR CHANNEL has handed down a Q1 clampdown on spending and instituted a hiring freeze. Translation: no promotions, no hiring, and no music research until APRIL 1st.
With the deal getting closer to closing with BAIN CAPITAL and THOMAS H. LEE PARTNERS, and a soft advertising environment, speculation and conventional wisdom is that CLEAR CHANNEL is trying to make their numbers.
CLEAR CHANNEL has declined comment.