Radio, ad company Clear Channel cutting 1500 jobs

Clear Channel Communications Inc, which operates radio stations and outdoor advertising space, plans to lay off about 7 percent of its U.S. staff, the Wall Street Journal reported on Friday. The newspaper, citing a person familiar with the situation, said the move will affect about 1,500 employees -- mostly in ad sales -- of the 20,000 work force in the United States. The report said Clear Channel, the largest U.S. company, by revenue, in both radio and outdoor advertising, was also implementing other cuts aimed at saving close to $400 million.