Bob Pittman Joins Clear Channel; CC Radio Will Report To Operating Committee Through Pittman

Bob Pittman

CC MEDIA HOLDINGS and its wholly-owned subsidiary, CLEAR CHANNEL COMMUNICATIONS, INC., has named ROBERT W. PITTMAN, former CEO of MTV NETWORKS and AOL NETWORKS and former COO of AMERICA ONLINE and AOL TIME WARNER, Chairman of Media and Entertainment Platforms. PITTMAN has also made a personal equity investment in the Company.

In this role, PITTMAN will work closely with the newly formed Operating Committee of the Board of Directors and the management team to leverage the Company’s collection of media assets and spearhead the further development of a comprehensive, integrated digital strategy for CLEAR CHANNEL in the radio business.

PITTMAN will maintain his current position as Founding Member of PILOT GROUP, a private equity firm, and continue his activities as a venture investor.

CLEAR CHANNEL RADIO, led by Pres./CEO JOHN HOGAN, will report to the Operating Committee of the Board through PITTMAN.

"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 Chairman/CEO MARK MAYS. "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 BAIN CAPITAL Managing Dir. JOHN CONNAUGHTON and THL PARTNERS Co-Pres. SCOTT SPERLING. "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."

Message From John Hogan

CLEAR CHANNEL RADIO Pres./CEO JOHN HOGAN sent a message to the troops this morning regarding the appointment of BOB PITTMAN. He wrote:

Good morning,

As MARK shared in his e-mail to all of CLEAR CHANNEL, BOB PITTMAN, a veteran media industry operator, investor and innovator, will be serving in the newly created senior role of Chairman of Media and Entertainment Platforms. This development is great news for all of us at CLEAR CHANNEL RADIO, and I wanted you to hear from me exactly why I am so excited about it.

BOB brings to us unprecedented experience, credibility and vision in the media and entertainment world. His collaboration with CLEAR CHANNEL RADIO in this role is a powerful validation that we have a tremendously bright future and that CCR is going to emerge as a media and entertainment force. For me personally, BOB will help me grow and develop as your CEO and will be an unparalleled resource for me to call on.

I’ve sat down with BOB over the course of several meetings, and I can tell you he is very excited about CLEAR CHANNEL and what we have done with our business. He is the ideal person to assume this role and to work with us as we continue to build and execute a comprehensive strategy to realize the full power and potential of the CCR on-air, online, on-site platforms. I am confident that together we will effectively leverage BOB’s exceptional background in the music and entertainment arena, and the incredible platform we’ve built at CCR, and that our go-forward strategy will build upon the remarkable transformation in radio programming quality and sales effectiveness we have achieved.

I also want you to know this move will not change our organizational structure, or how we function as a team. I will continue to lead the radio group with our leadership team. However, we will now report directly to the newly formed Operating Committee of the Board of Directors, through BOB, who will be the Board’s designated point person to work with CCR.

I hope you are as excited as I am about what BOB PITTMAN brings to us and the affirmation of the central role the radio business plays in our Company. TODAY marks a new chapter for CLEAR CHANNEL RADIO and again, I could not be more positive about it and trust you will be as well. I have shared with Bob what a terrific team we have, and he knows about the hard work and dedication each and every one of you has contributed to build Clear Channel into the leader it is today.

I look forward to working with BOB and hope you’ll join me in welcoming him to CLEAR CHANNEL RADIO.

Onward and upward!

Best regards,

JOHN HOGAN

« see more Net News