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.
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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.

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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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