Clear Channel Cuts 1,850 Jobs

After days of speculation, America's largest radio station owner Clear Channel has announced 1,850 jobs will go, or 9% of its total workforce.

The cuts will be made company wide, including radio, outdoor advertising and corporate offices.

Chief Executive Mark Mays told employees that the company is facing an "unprecedented time of distress" reports the Huffington Post.

Clear Channel lost $86.1 million before discontinued operations in the third quarter compared to a profit of $253.4 million for the same period a year earlier. Revenue fell by 4 percent to $1.7 billion, with radio advertising down 7% to 844 million.

Clear Channel was acquired by a consortium of investment funds in July 2008 for $17.9 billion.

If you thought the loss of local content was bad before, you ain't seen nothing yet.