Clear Channel Purchases RCS
January 26, 2006 at 11:39 AM (PT)
Rumors become reality as ALL ACCESS can now confirm that CLEAR CHANNEL has purchased RCS (RADIO COMPUTING SERVICES) from Founder and Chairman Of The Board ANDREW M. ECONOMOS, who started the company 26 years ago. ECONOMOS is retiring but has been retained under a muti-year consulting agreement. RCS' core product is SELECTOR Music Scheduling software, which is the dominant product in its field. A purchase price was not disclosed.
Said RCS Pres. and CEO PHILIPPE GENERALI, "We are delighted to announce that RCS has become part of the CLEAR CHANNEL family and will continue to super-serve the entire broadcast community worldwide. RCS founder and inventor of SELECTOR, ANDREW ECONOMOS, will continue in an advisory role to THE RCS GROUP. We look forward to having additional resources for continued growth and innovative technologies for the radio industry."
CLEAR CHANNEL will continue the current businesses and support RCS. The current management will continue to operate the day-to-day operations.