Clear Channel

Categories: News | Business & Finance | Companies | Radio
    • Stock symbol: CCO
    • Annual revenue (2007): $6.8 Billion
    • Founder(s): Lowry Mays & Red McCombs
    • Year Established: 1972
    • Industry: Entertainment & Advertising
    • Phone: (210) 822-2828
    • Fax: (210) 822-2299
    • HQ: San Antonio, Texas
    • Chairman: Lowry Mays
    • President: Randall T. Mays
    • CEO: Mark P. Mays
    • CFO: Randall T. Mays
    • Staff: More than 30,000Clear Channel: Clear Channel Communications, Inc. Fact Sheet
    • Number of countries: 66

  • Clear Channel is a media conglomerate company based in San Antonio, Texas. The company was founded in 1972 and acts as a major influence in the radio and advertising industries. Clear Channel owns more radio stations than any other media group, and also maintains twelve XM Satellite Radio channels.

    The company reportedly began a second wave of layoffs on April 28, 2009, with several high-profile on-air personalities being laid off. Clear Channel cut approximately 1850 jobs—or about 9% of its U.S. workforce in January of 2009.Chron.com: Clear Channel cutting 1,850 jobs (January 20, 2009) According to The New York Post, the layoffs were part of "a massive restructuring plan that seeks to cut $400 million in costs at the company."New York Post: Clear Channel Plans Revamp (January 16, 2009)

  • Key Dates

    1. 1972: Clear Channel was founded
    2. 1997: Acquired billboard firm Eller Media
    3. 2006: Purchased by Thomas H. Lee Partners and Bain Capital Partners

  • Businesses

    Clear Channel markets through outdoor advertising, television, radio, and live events. The company even opened a Vertical Real Estate division, through which it purchased 1,500 transmission towers.

  • Quote

    "One of the things that has kept Clear Channel strong throughout our history is a willingness to deal with difficult situations in an immediate way—to make the tough decisions today in order to secure a strong future. It is this trait that has gone furthest in enabling us to weather many difficult downturns in our 37-year history. It always requires clarity, collaboration and courage. Please know that these have been difficult decisions—yet necessary ones."—Mark Mays, in a note to Clear Channel staff on January 20, 2009Chicago Tribune: ...CEO confirms elimination of around 1,850 jobs (January 20, 2009)

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