San Antonio, Texas - Radio giant Clear Channel announced on Tuesday that it will lay off 1,850 employees, or about 9% of its total work force, with CEO Mark Mays telling staff in an email that the company is in an "unprecedented time of distress," the Associated Press reported.

Mays went on to say that, while a "significant portion" of the affected positions represent "a realignment in our sales departments, the positions span all departments."

Clear Channel is the nation's largest radio station owner, controlling around 800 stations.

Two private equity firms, Bain Capital Partners and Thomas H. Lee Partners, in July finalized their acquisition of Clear Channel for $17.9 billion, nearly two years after the deal was initially announced.

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http://snipurl.com/ahq4f (AP)

http://www.clearchannel.com