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Company Town | ENTERTAINMENT BRIEFS

AMFM Offices Will Be Shut

November 15, 2000|Bloomberg News

Clear Channel Communications Inc., the biggest U.S. owner of radio stations, said Tuesday that it will close AMFM Inc.'s corporate offices in Dallas and Austin, Texas, as it cuts costs after the $23.8-billion purchase.

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, Clear Channel said. Other AMFM operations either will be closed or integrated into existing Clear Channel offices.

San Antonio-based Clear Channel completed the AMFM purchase in late August, making it the largest U.S. radio company with over 1,100 stations. The acquisition was the biggest in the U.S. radio industry. The company also owns the second-largest U.S. billboard advertising company.

Clear Channel shares rose 88 cents to $53.88 on the NYSE. The shares have fallen 40% this year.

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