Oct. 3 (Bloomberg) -- CC Media Holdings Inc., the owner of radio company Clear Channel Communications and billboard advertiser Clear Channel Outdoor, named Bob Pittman as chief executive officer to lead expansion in digital offerings.
Pittman, the co-founder and former CEO of music channel MTV, joined CC Media in November 2010 as an investor and the chairman of media and entertainment platforms, the San Antonio- based company said in a statement late yesterday. He will start as CEO immediately.
Pittman is tasked with turning a radio company that owns 850 stations and has syndication agreements with 4,000 more, into a business focused on digital music. CC Media created iHeartRadio, a free digital radio station, and acquired digital music company Thumbplay to compete with online music rivals such as Pandora Media Inc.’s website.
CC Media Holdings was acquired by a group of private equity companies, lead by Bain Capital Partners LLC, in 2008. While revenue declined 20 percent between 2007 and 2009 as Clear Channel lost advertising, sales increased 5.7 percent last year as the economy recovered from a recession. Radio business sales are continuing to increase this year following acquisitions.
Mark Mays, the former the CEO of CC Media, will remain chairman of the parent company. Mays announced more than a year ago that he would step down as CEO after working at the company for more than two decades. John Hogan, the head of Clear Channel Radio, also will stay with the company, according to the statement.
Clear Channel Outdoor has almost 1 million advertising displays in more than 40 countries, including huge signs in New York’s Times Square.
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