Clear Channel Parent Suspending Company Match

CC Media Holdings Inc., the parent company of radio-and-billboard giant Clear Channel Communications Inc., announced it is laying off about 590 people in its radio division and suspending its 401(k) company match.

The Wall Street Journal reports that Clear Channel said it would suspend its matching contributions to employees’ 401(k) retirement accounts, effective April 30. If the company hits 90% of its year-end targets, it will retroactively restore the match, a spokeswoman said, according to the newspaper.

The financial downturn has led other media companies to make similar cost-cutting moves (see “Media General Freezes Pension).