Clear Channel Outdoor is making up to 80 of its 840 UK staff redundant. The cuts are expected to affect all divisions of the business, including sales and marketing.
Barry Sayer, Clear Channel Outdoor chief executive, says the strategy is part of cost-cutting measures similarly affecting many other media companies around the world.
“The economy is hitting troubled waters in the New Year and Clear Channel wishes to sustain a lean machine for 2009,” Sayer says.
Clear Channel Outdoor recently announced a decline in UK revenue during the third quarter this year, as well as a “modest” decline in its overall group revenue.
Global president and chief operating officer Paul Mayer said at the time that this was a result of the growing global slowdown.
The redundancies will be the first major change made by the company since the takeover of its parent company by private equity firms Bain Capital and Thomas H Lee Partners in July.