Hogan Inks New Five Year Deal With Clear Channel Radio
June 29, 2008 at 7:24 PM (PT)
As ALL ACCESS was first to announce early SUNDAY afternoon after learning about the deal from sources very familiar with the situation, CLEAR CHANNEL RADIO Pres. & CEO JOHN HOGAN has inked a five-year deal to stay aboard under owners THOMAS H. LEE and BAIN CAPITAL.
This move ends a high level of uncertainty and tension for upper level management that were in the know about HOGAN's day-to-day arrangement that has been in place for the past year.
A memo to CLEAR CHANNEL staff from President/CEO MARK MAYS issued later SUNDAY said, "As we move toward the closing of our merger, I want to share with you an important additional piece of news. It’s my pleasure to let you know that JOHN HOGAN has signed a five-year contract with the company.
"CLEAR CHANNEL RADIO has the top-performing management team in the industry – evidenced by our consistent outperformance of our peers in the radio industry through both good and difficult times.
"Now, as we move to put our unparalleled national platform into service for even more national advertisers, this management team will be on point to compete successfully against newspapers, cable, television and all of our other competitors. This is the same team, of course, that has turned potential competitors like the Internet and iPods, into strong and successful collaborators. Our aggressive roll-out of iTunes Tagging gives CLEAR CHANNEL RADIO a unique competitive advantage and, of course, our company’s embrace – and ultimate leadership position – in online music and radio has been well-documented.
"Please join me in congratulating JOHN. We are excited about his continued leadership."