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.

Los Angeles - Radio giant Clear Channel's Premiere Radio Networks unit on Wednesday announced the launch of "The iTunes Download," a three-hour weekend music countdown to be hosted by Alex Luke, iTunes director of music programming at Apple (NASD: AAPL). In addition to playing a selection of the 30 most-downloaded songs from the service, the show will feature artist interviews, celebrity playlists, and iMixes submitted by iTunes Store customers.

San Antonio, Texas - Radio giant Clear Channel announced on Monday that it partnered with Katz Media Group to launch what they say is the largest digital radio network, which incorporates independent Internet radio stations with online and mobile streams of AM and FM stations, and counts an audience of nearly 5 million weekly listeners. Along with station streams from major broadcasters Clear Channel, Cumulus, Cox and Emmis, the Katz Online Network will feature Internet streams from providers including Accuradio, Radioio, Digitally Imported and SmoothJazz.com. Ads on the network will be sold by Katz 360 Sales, Clear Channel Online Music & Radio and Premiere Radio Networks.

San Antonio, Texas - Radio giant Clear Channel (NYSE: CCU) announced on Friday that its shareholders have approved its $17.9 billion sale to private equity firms Bain Capital Partners and Thomas H. Lee Partners, with approximately 97% of shares voted cast in favor of the deal. The private equity firms initially offered $37.60 per share back in November 2006, but with the credit market downturn the deal was finalized at $36 per share.

San Antonio - Clear Channel Radio (NYSE: CCU) said on Monday that it has signed a deal with Reciva, a provider of Internet radio modules for use with broadband applications, to stream all of its stations on Reciva-powered receivers. U.S.-based companies that manufacture Reciva-based Internet radios include C. Crane, CTA Digital, DMTech, Grace Digital Audio, Sangean and Tangent

San Antonio, Texas - Radio broadcaster Clear Channel (NYSE: CCU) has announced its sale to private equity firms Bain Capital Partners and Thomas H. Lee Partners, for $17.9 billion or $36 per share -- ending litigation between Clear Channel, the private equity firms and a consortium of banks funding the deal. The original value of the deal was $39.20 per share in October 2007, but the banks involved later got cold feet in light of the current credit climate, and the private equity firms sued to enforce the agreement.

Denver - Radio broadcaster Clear Channel (NYSE: CCU) is looking to add a personalized Web radio player to its station websites, and is in talks with Pandora, but no deal has yet been finalized, Billboard reports.

Boston - A Texas judge has ordered several banks to follow through with funding the $19.5 billion acquisition of radio network giant Clear Channel Communications (NYSE: CCU) by Bain Capital and Thomas H. Lee Partners, the Associated Press reported. The two private equity firms filed lawsuits on Wednesday against the group of banks, claiming that they were reneging on their agreements to provide long-term financing for the deal.

DMW’s CEO & Publisher provides a wrap-up of the top stories of the week. Who’s hot, who’s not and what’s the industry buzz?

The week started with a bang on news that Yahoo Inc’s (NSDQ: YHOO) board rejected Microsoft Corp.’s (NSDQ: MSFT) unsolicited $44.6 billion offer for the company.

Washington - The U.S. Justice Dept. has approved the buyout of radio giant Clear Channel Communications (NYSE: CCU) by private equity firms Bain Capital and Thomas H. Lee Partners, provided the company divest radio stations in Cincinnati, Houston, Las Vegas and San Francisco.

Providence, R.I. - Ando Media, a provider of Internet radio audience measurement services, announced on Wednesday that Clear Channel Radio's (NYSE: CCU) online unit will use its Webcast Metrics service for all of its streaming radio sites. Clear Channel stations will be able to measure in real-time their online audiences to plan promotions and advertising campaigns run in their online streams; Ando will also provide real-time listener statistics for Clear Channel's social networking sites.

Washington - The Federal Communications Commission (FCC) will approve a $19.5 billion deal that will see Clear Channel Communications (NYSE: CCU), the nation's largest radio broadcaster, become a privately-held company, the Associated Press reported. Clear Channel shareholders have already approved the deal, under which a group led by private equity firms Thomas H. Lee Partners and Bain Capital Partners will offer $39.20 a share, a premium of about 10% on the company's current share price.

Columbia, Md. - iBiquity Digital, the developer of HD Radio technology, announced that HD Radio receivers are now available for purchase directly from the websites of individual Clear Channel Radio stations.