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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