Power Player Exclusive: Bob Pittman Calls Clear Channel Debt A 'Positive Pressure'
June 18, 2013 at 9:30 AM (PT)
In an exclusive Power Player interview with ALL ACCESS, CLEAR CHANNEL Chairman/CEO BOB PITTMAN downplayed the debt load facing the company as well as the financial moves it had to make to service it. "So far it's a manageable debt load," he said. "This was an LBO -- a leveraged buyout. So there is a lot of leverage on the assets and it supercharges your equity return. And the company is worth a lot more than the debt."
Moreover, he sees the company using the debt as a challenge to generate more success. "This company is on that path," he stated. "I personally invested in the common equity behind the debt, so I am a great believer. The transactions are in the direction of a big win and success for us when we refinanced this debt. This allows us to have a pressure on us to continue to grow and innovate, which I think is a positive pressure."
Read BOB PITTMAN's Power Player Interview, part one, here.