New Agreement Extends Pittman’s Contract for Five Years
John Hogan Retires as Chairman and CEO of Clear Channel Media and Entertainment
New York, NY – January 13, 2014 – CC Media Holdings, Inc. (OTCBB: CCMO), a leading global media, digital and entertainment company, announced today that Chairman and CEO Bob Pittman has extended his contract for an additional 5-year term. Pittman joined Clear Channel in November 2010 as an investor and the company’s Chairman of Media and Entertainment Platforms, became the CEO in 2011 and added the Chairman responsibilities in 2013.
Under Pittman and his team, Clear Channel has begun to leverage its position as the nation’s leading media company by reach to build new brands, products and platforms as well as new opportunities for marketing partners across all platforms. Today the company has a leadership position in radio, outdoor, digital and social, as well as in events nationally and locally with an emerging position in video and TV.
“I initially took on this role because of the one-of-a-kind assets at Clear Channel, with greater reach than any other media company in America, and its people, who have both the creativity and the drive to reinvent the company,” said Pittman. “The opportunity was irresistible – and it’s been validated by the success of the iHeartRadio digital service, which reached 20 million registered users faster than any service in the history of the Internet -- as well as the transformation of Clear Channel Outdoor to a true media company that connects brands to consumers in increasingly innovative ways, from digital boards to interactive bus shelters to virtual stores connected by mobile devices. The progress we've made in the last two years has exceeded my expectations and I'm excited to commit to another five years with this amazing team of dedicated innovators.”
The company also announced today that John Hogan, Chairman and CEO of Clear Channel Media and Entertainment, is retiring. In recognition of his many contributions to Clear Channel, Hogan has been awarded the title of Chairman emeritus of Clear Channel Media and Entertainment. Hogan joined Clear Channel in 1999 when the Company acquired Jacor Communications, where he was Senior Vice President of Radio. He was named Chief Operating Officer of Clear Channel Radio two years later, and became President and CEO of Clear Channel Radio in 2002. He was named as Chairman and CEO of Clear Channel Media and Entertainment in February 2012.
Clear Channel Media and Entertainment will now report directly into Pittman and Clear Channel’s President and Chief Financial Officer, Rich Bressler. William Eccleshare continues as CEO of Clear Channel Outdoor and reports to Bob Pittman.
“John Hogan has made tremendous contributions to Clear Channel during his tenure – particularly during the unprecedented economic headwinds our country, our industry and our company, faced in 2008 and 2009,” said Pittman. “He has been an excellent partner for me and for Clear Channel’s leadership as we have evolved into the only multi-platform media company with national reach and the ability to execute locally.”
Pittman continued, “As my friend and partner in Clear Channel Media and Entertainment, John has been an important element in Clear Channel’s transformation into a multiplatform media company. There is never a perfect time to make big decisions like this, but his logic was compelling and making this change at the start of a new year made sense. We thank him for his long service and the enormous positive impact he's had on both our company and the radio industry, and we are delighted that John will remain part of the family with his title of Clear Channel Media and Entertainment Chairman emeritus.”
Since 2011, Clear Channel has focused on utilizing its unique national promotional capabilities to benefit major advertising and marketing partners by enabling them to leverage Clear Channel’s entire portfolio of assets to address their individual needs. In addition, a number of new initiatives have enabled Clear Channel to become a true multiplatform media company. The company’s businesses include:
Clear Channel Media and Entertainment, which reaches over 240 million people in the United States each month and includes:
Broadcast: The country’s largest radio group, which serves 150 markets through 840 owned radio stations such as New York’s Z100, Lite FM and Power 105, and Los Angeles’ KIIS-FM and KFI, and includes some of the industry’s best-known personalities, including Ryan Seacrest, Elvis Duran, Steve Harvey, Tom Brokaw, Mario Lopez, Rush Limbaugh, Charlamagne, Jay Mohr, Delilah, Sean Hannity and Bobby Bones;
Clear Channel Digital, which develops and operates iHeartRadio, the free, industry-leading digital radio product that combines access to all of Clear Channel’s live broadcast and digital-only radio stations as well as user-created Custom Stations. Clear Channel Digital also develops the companion digital products for each radio station brand, including strong social components with over 25 million Facebook likes for its stations, shows and personalities;
Media Services for the radio, media, digital, mobile and music industries, including Total Traffic and Weather Network (TTN), the leading provider of traffic, transit and weather information in the United States measured by customers and audience, reaching over 170 million users each month. TTN provides content to its affiliate partners at over 2,000 radio stations and 200 television stations as well as on the Internet, mobile devices and in-dash applications, and reaches more consumers and more audience than any other traffic provider in the industry; The Katz Media Group, the leading media representation firm in the US for radio and television stations; and RCS, which provides scheduling and broadcast software for radio, internet and television station in addition to research studies that aid the media and music businesses;
Premiere Radio Networks, which syndicates 90 radio programs and services to more than 5,000 radio affiliations and reaches the vast majority of all radio listeners. Premiere is the number one audio content provider in the country and features: Rush Limbaugh, Ryan Seacrest, Glenn Beck, Bob & Tom, Delilah, Steve Harvey, Blair Garner, George Noory, John Boy and Billy, Sean Hannity, Elvis Duran, Jason Lewis, Randi Rhodes, Nikki Sixx, Kane and others.