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  • Clear Channel (CCMO.PK) Appoints Robert Pittman as Chairman of Media and Entertainment Platforms  0 comments
    Nov 16, 2010 10:57 AM | about stocks: IHRT

    Yesterday, CC Media Holdings, Inc. and its subsidiary Clear Channel Communications announced that Robert Pittman would be taking over as the Chairman of Media and Entertainment Platforms. Pittman is the former Chief Executive Officer of MTV and AOL Networks, and former Chief Operating Officer of AOL Time Warner and America Online.

    Clear Channel, a San Antonio-based business, is a global media entertainment company that specializes in on-demand and mobile entertainment, as well as information services and advertising for local communities.

    Pittman’s career began as a radio programmer, with successful stations in Pittsburgh, Chicago and New York City, at the NBC Radio flagship station. His team was responsible for creating MTV, where Pittman served as Chief Executive Officer before moving on to AOL Networks. Pittman has been the Chief Executive of such diverse companies as Six Flags, Time Warner and Century 21.

    He holds honors that include being inducted to the Broadcasting and Cable Hall of Fame, and receiving the Gold Medal from the International Radio and Television Society. He has also been named to Advertising Age’s “50 Pioneers and Visionaries of TV” and “10 Marketers Who Changed American Culture.”

    In Pittman’s new role with Clear Channel, he will work with the new Operating Committee and Board of Directors, leveraging Clear Channel’s various media assets into an integrated digital strategy. Pittman will maintain his current position as Founding Member of Pilot Group, a private equity firm, and continue his activities as a venture investor.

    “With his background in music, radio and entertainment and track record of success in both traditional and digital media, Bob Pittman will be a terrific ally and contributor to Clear Channel in this new role,” said Mark Mays, Chairman and Chief Executive Officer. “His experience and understanding of the broad spectrum of media, Internet and mobile will be a real asset to our executive team in continuing to build Clear Channel’s core business. Bob will partner with John Hogan both to help set strategic direction for radio and drive the effort to expand our opportunities in the digital arena as well as amplify our outreach to major advertising and marketing partners. This development underscores and is expected to accelerate the transformation of our radio business into an integrated media and entertainment enterprise that leverages all of Clear Channel’s powerful properties.”

    “Both as a former operating executive and an investor, this is a dream addition to my portfolio,” said Pittman, whose first job was as a radio announcer at age 15. “The Clear Channel radio stations, with 97 million weekly listeners and high quality programming, provide an ideal foundation for growing the core radio business, and expanding those brands and that audience into new services and onto new devices. With a platform this broad and this deep, we have the ability to experiment in ways other companies can’t.

    “Clear Channel’s unique combination of national audience and powerful local execution enables us to promote new products and features to our audience quickly and on a mass level,” added Pittman. “This offers a real opportunity to enhance the experience for consumers, provide powerful marketing opportunities for advertising partners, and develop new, high growth digital businesses for the Company that build on the 12 million unique monthly visitors we already reach online today. I’m looking forward to working closely with the Board and John Hogan and the entire leadership team to help maximize the potential of the outstanding businesses they have built and grown.”

    “We are pleased to welcome Bob as a strategic contributor and investor who shares our belief in the strength and future promise of Clear Channel,” said John Connaughton, Managing Director of Bain Capital, and Scott Sperling, Co-President of THL Partners, in a joint statement. “A remarkable transformation in radio programming quality and sales effectiveness has been achieved under the leadership of John Hogan and the radio executive leadership team. Like the rest of the Clear Channel team, Bob is passionate about the power of radio as ‘America’s companion.’ We are excited to work together to enhance Clear Channel’s capabilities in creating value for advertisers, partners and shareholders.”

    Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

    Disclosure: no positions

    Stocks: IHRT
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