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Monday, May 04, 2009

Future Very Cloudy for Clear Channel

By Keith R. Schmitz

Looks like the economy might be swallowing another media entity, this time Clear Channel.

As we all know, this is the parent of WISN, home of such local screamers as Mark Belling and Vick McKenna.

Having laid off 2,810 employees since January and in debt to the tune of a whopping $22 billion, the former scourge of the Dixie Chicks is seriously taking on water. On a more ominous note, Clear Channel is dropping the Arbitron radio rating service.

The rest of the traditional media in serious trouble with the announcement today that the Boston Globe may be shutting down, though the self-aggrandizing hunger on the part of Clear Channel management for acquisitions might have fueled their problems. Hopefully this is a lesson for the future, though it is probably doubtful once things get back to a semblance of normal.

No wonder we have such a gloomy picture being painted about this economy with the messengers, liberal and conservative alike, feeling the effects much sharper than in previous downturns thanks to the new media.

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