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Benefits April 29, 2009
Clear Channel Parent Suspending Company Match
April 29, 2009 (PLANSPONSOR.com) - CC Media Holdings
Inc., the parent company of radio-and-billboard giant Clear
Channel Communications Inc., announced it is laying off about
590 people in its radio division and suspending its 401(k)
company match.
Reported by Rebecca Moore
The Wall Street Journal reports that Clear Channel said it would suspend its matching contributions to employees’ 401(k) retirement accounts, effective April 30. If the company hits 90% of its year-end targets, it will retroactively restore the match, a spokeswoman said, according to the newspaper.
The layoffs, adding to 1,850 layoffs in January – mostly affecting sales, target such areas as programming, engineering and customer service.
The financial downturn has led other media companies to make similar cost-cutting moves (see Media General Freezes Pension ).
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