RUMOR MILL
Wednesday, November 15, 2000
CLEAR CHANNEL CLEARS OUT SOME AMFM OFFICES
In Cost-Cutting Move, Corporate Offices In Dallas, Austin To Be Shuttered By March 31
Clear Channel, the largest radio station owner in the U.S., said it will close AMFM's corporate offices in Dallas and Austin, as it begins to cut costs after the $23.8 billion purchase of the radio giant.
The offices will be closed by March 31, according to a filing with the U.S. Securities and Exchange Commission.
About 400 jobs have been or will be cut in connection with the restructuring, the company said. Other AMFM operations either will be closed or integrated into Clear Channel offices, the filing said.
Clear Channel completed the AMFM purchase in late August, making it the largest U.S. radio company with over 1,100 stations.
