oThis story started on radio blogs a week or so ago, now even The Wall Street Journal is covering it ...
"Clear Channel Communications Inc. plans to lay off about 7% of its U.S. staff and replace more local shows with syndicated content, moves that could affect the broader radio and outdoor-advertising businesses for years to come.
Tuesday, Clear Channel will lay off about 1,500 employees, mostly in ad sales, and implement other cuts aimed at saving close to $400 million"
Sources say they picked tomorrow as the day for the layoffs, as news coverage of the Obama inaugeration would overshadow it. It hasn't worked out that way. Many eyes are watching Clear Channel stations from coast to coast.