Clear Channel Axe To Fall

[Hoosier Daddy]

I am curious if the borg gave any severance packages, or were these people just kicked to the curb? Anybody?

You're kidding, right?

[The Interpreter]

You will want to read this entire article, which includes a great deal of critical comment about Clear Channel. But its penultimate sentence is:

...Many are saying their severance packages from Clear Channel are fair....

Heads Roll At Clear Channel:

http://www.therightperspective.org/?p=1128

Also, in the Cincinnati Enquirer article I linked to earlier in this thread, WEBN-FM's Jenni "Buzzkill" Huss says she was given nine months severance:

http://news.cincinnati.com/article/2009 ... /901210344

[Force Commander]

I am pleased to see these quotes. I hope this reflects what they did throughout the bloodletting.

[Cameron]

Severance plus a free subscription to "Inside Radio". I kid you not.

[The Interpreter]

Denver: Clear Channel Doesn't Want You To Know About Local Layoffs:

http://blogs.westword.com/latestword/20 ... nt_you.php

[kaos]

Well does anyone know who the local sacrifices are? I'm sure, by now, someone on this board knows. Unfortunately, I doubt the Wicked Witch is one of them. I also notice the H-D, who usually LOVES to cover a good sneeze at the Empire on 4th Ave, does NOT have a local angle on their story. Maybe the Witch made sure no one locally knows the havoc they bring to each and every market they are in.

NOTE: I realize this community was cursed with the havoc brought on by JJ, or JC, or whoever the hell she is this month!!!

[The People's DJ]

A day after Clear Channel, feeling an economic pinch, embarked on its $350 million "restructuring program" by cutting 9% of its workforce, or 1,850 staffers, the San Antonio company on Wednesday (Jan. 21) said in an SEC Form 8-K filing that its top executives would get a pay cut in base salary to $500,000 each this year. However, both CEO/president Mark Mays and his brother, CFO Randall Mays, will thereafter receive a "minimum base salary of $1 million," the filing noted. If either of them were to be terminated or resign from the company "for good reason" this year, their base salary would revert to "no less than $1 million for purposes of determining the amount of severance."

The pair is still entitled to receive an annual performance bonus of between zero dollars and $4 million "based on the percentage of target EBITDA that is achieved for the applicable year," the filing noted, adding that "under this calculation, achievement of 100% of target EBITDA would entitle [either of them] to a bonus of $2 million." Target EBITDA is determined by the Clear Channel board of directors' compensation committee in consultation with management, the company said in its filing.

The salary cut to $500,000 is somewhat extreme for Mark Mays, 45, who, according to an April 30, 2008, Forbes magazine salary survey, was paid $900,000 in base salary in 2007 but earned an additional $6.63 million in bonuses and another $280,000 in "other" compensation for a total of $7.8 million. Randall Mays, 43, earned $568,750 in base salary in 2007, according to a BusinessWeek salary survey, but his total calculated compensation came to $8.8 million, the magazine reported.

Emmis CEO Jeff Smulyan cut his annual salary to $1 several years ago when he asked other Emmis employees to take 10% of their salaries in Emmis stock. No jobs were cut at that time.

Clear Channel's austerity program is expected to cost $200 million, "although additional costs may be incurred as the program evolves," said the filing. Clear Channel expects to have the cost-saving initiatives fully implemented by the first quarter of 2010. The company may also modify or terminate the program in "response to economic conditions or otherwise."

The company declined to discuss the matter beyond the SEC filing.
http://www.radioandrecords.com/RRWebSite/

[genlock]

Herald-Disgrace reports on Rubberlite but not Clear-Channel.
http://www.herald-dispatch.com/news/bri ... Rubberlite

[jimbob867]

[quote="kaos"]Well does anyone know who the local sacrifices are?

Rob was the only "on-air" casuality. The rest were in sales...including some BIG names.

[kaos]

[quote][/quote] "Rob was the only "on-air" casuality. The rest were in sales...including some BIG names."

We've got the Rob Kimball part several times but no one has ponied up the "BIG names..."

[Ace Purple]

I've heard whispers that this is a three-part process.

Part one happened last week, cutting mostly sales and a few on-air spots.
Part two is coming soon, with more on-air talent and programmers being targeted.
Part three? That will be the managers. Let them make the cuts and then, once that is settled, send them packing.

I hope that these rumors are incorrect. I don't like Clear Channel, but by the same token I don't want anyone else to lose their job.

[jimbob867]

...no one has ponied up the "BIG" names.


A total of seven, including the coach's wife and the former "Mrs. McClain".