The new owners of Clear Channel Communications are cutting 1,850 positions, or about 9 percent of its staff, effective immediately, the New York Times reports.

Parent company CC Media, formed when Bain Capital Partners and Thomas H. Lee Partners acquired Clear Channel in July, has suffered a revenue downturn recently due to a shortfall of advertising. Nonetheless, “Everyone in our investor group, on the board and in the executive leadership team remains bullish about the long-term growth prospects for Clear Channel,” Mark P. Mays, Clear Channel’s chief executive, wrote in a memorandum to employees — at least those that are still around…