Talk radio giant Clear Channel Communications is under new ownership at last — and the new bosses are about to begin implementing a slash-and-burn restructuring plan to cut $400 million in costs , according to the New York Post

The restructuring will include layoffs as well as cuts to programming budgets, the Post reports, and the “company is also likely to move toward a “national programming” model that would require less local-level staffing, despite being criticized in the past for a similar action using centralized disc jockeys that made it appear as though they were broadcasting from local stations.”

A Clear Channel spokeswoman declined to comment.