Reports that Clear Channel Entertainment will lay off more than 200 people in preparation of its forthcoming spinoff from parent Clear Channel Communications are exagerrated, a source inside the conce

Reports that Clear Channel Entertainment will lay off more than 200 people in preparation of its forthcoming spin-off from parent Clear Channel Communications are exaggerated, but a number of layoffs are expected to come on October 18, a source inside the concert industry giant tells Billboard.biz.

The live entertainment division of CCC will be spun off into an independent, publicly traded company under President/CEO Michael Rapino, and is likely looking to reduce staff and overhead going forward. But sources say most job losses are expected to be at the divisional level and not include divisional presidents, talent buyers or other top executives.

Previously, about a dozen executives were let go, including COO Miles Wilkin, executive VP of corporate operations Mike McGee, VP of corporate communications Sydney Greenblatt, all closely associated with the regime of former CCE CEO Brian Becker.