Who's In Charge At CCM+E?

Clear Channel Communications Chairman/CEO Bob Pittman has renewed his contract with the company for five more years and will also take over the role of CEO for the radio division, sharing responsibility with Clear Channel President and Chief Financial Officer Richard Bressler.

Bob Pittman

Pittman is the co-founder and programmer who led the team that created MTV and has been CEO of MTV Networks, AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate, and Time Warner Enterprises. He was also COO of America Online, Inc. and later of AOL Time Warner. He is a founding member of Pilot Group, LLC, a New York Private investment firm, and is an established philanthropist. Pittman’s history in radio began at age 15 when he worked as an on-air announcer in his native Mississippi; he went on to successfully program a number of radio stations, including WNBC in New York.

Richard Bressler

Prior to joining Clear Channel, Bressler was Managing Director at Thomas H. Lee Partners, a Boston-based private equity firm. He joined Thomas H. Lee Partners from his role as Senior Executive Vice President and CFO of Viacom Inc., where he managed all strategic, financial, business development and technology functions. Bressler has also served in various capacities with Time Warner Inc., including Chairman and Chief Executive Officer of Time Warner Digital Media and Executive Vice President and Chief Financial Officer of Time Warner Inc. Bressler is currently a Director of Clear Channel Communications, Inc., Gartner, Inc. and Nielsen Holdings N.V.

It’s believed that Tom Schurr, president of major market operations, will also receive more authority.

According to Media Daily News,  John Hogan’s departure comes as Clear Channel Communications struggles with a challenging financial situation, including the demands of servicing nearly $18 billion in debt assumed in the transaction to take the company private.

In December 2013, Clear Channel revealed plans to push back scheduled repayments in exchange for higher interest rates, prompting concern among Wall Street analysts about the company’s financial position.

The company's interest expense increased 7% from $1.15 billion in the first nine months of 2012 to $1.23 billion in the first nine months of 2013. The company posted a net loss of $297.7 million in the first nine months of 2013 -- up from a $233.2 million loss in the same period of 2012.