Another Clear Channel Bloodbath

Clear Channel, a radio company that bought hundreds of radio stations at the top of the market and has no hope of recouping any of their money, is in deep financial trouble. How deep? The company that is considered one of the most understaffed companies in America just cut more jobs. And their plans for the future involve even more cuts. From Tom Taylor's column this morning...

"If a local show wasn’t in the top three in its demo, it was in peril of being replaced by Clear Channel’s off-the-shelf “Premium Choice.” That was the test – top three, or you’re in trouble."

Clear Channel is far and away the biggest radio company in America, and this is their plan for the future. I don't think it's overstating the case to say that the entire concept of "local radio" is in danger.

By the way, the money behind Clear Channel is Bain...Mitt Romney's company.