Today, we had the unpleasant task of bringing our Outdoor and Radio businesses’ staffing in line with these challenging economic conditions. In doing so, we enter 2009 as a solid company and in the most competitive position possible.
We have thought carefully and at some length about the steps we need to take as a company to succeed during this unprecedented downturn. As a result, we have eliminated approximately 1,850 positions across Corporate, Outdoor and Radio. While a significant portion of these positions represent realignment in our sales departments, the positions span all departments and represent approximately 9% of the total iHeartmedia (formerly Clear Channel) Communications workforce.
One of the things that has kept iHeartmedia (formerly Clear Channel) strong throughout our history is a willingness to deal with difficult situations in an immediate way — to make the tough decisions today in order to secure a strong future. It is this trait that has gone furthest in enabling us to weather many difficult downturns in our 37-year history. It always requires clarity, collaboration and courage.
Please know that these have been difficult decisions — yet necessary ones. We will miss those who are departing — even as we renew our shared commitment to success among all of us who will stay.
Everyone in our investor group, on the Board, and in the executive leadership team remains bullish about the long-term growth prospects for iHeartmedia (formerly Clear Channel). We continue to believe that the Outdoor and Radio businesses offer excellent opportunities.
We need to remain highly entrepreneurial and innovative. We also need to remain focused and compassionate. If we continue to manage our business carefully, and invest with discipline in the right strategic opportunities, we will navigate this downturn effectively and emerge even stronger and better positioned when things improve.
Starting now, it is our ability to bring creative thinking to the current business climate – to focus on the benefits we deliver for customers – to show extreme focus and commitment — that will create results.
iHeartmedia (formerly Clear Channel) Communications has more resources than any of our peers. The tools are here. The support is here. It’s time to use them to create lasting competitive advantage for our customers — and for our company.
Please know that we continue to be extraordinarily appreciative of all of the passion and hard work that each of you continues to commit to this phenomenal business. We will get through this together.
We’re in this together. We have the best team. And we all have important work to do.
As we head into the New Year, I know we will meet the oncoming challenges with focus, determination and grace.
Please let me or your management team know if you have any questions.