Clear Channel Announces Bob Pittman Extends Contract as Chairman and CEO of Clear Channel

Clear Channel Announces Bob Pittman Extends Contract as Chairman and CEO of Clear Channel

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.

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Vanessa Adamo Joins Clear Channel Entertainment Enterprises As Senior Vice President Of Brand Partnerships

Vanessa Adamo Joins Clear Channel Entertainment Enterprises As Senior Vice President Of Brand Partnerships
 
Television and Video Veteran to Develop Partnerships Leveraging Clear Channel's Multiple Media Platforms for Marketing and Entertainment Partners
 
New York, NY – November 12, 2013 – Clear Channel announced today that television and media industry veteran Vanessa Adamo has joined the company as Senior Vice President of Brand Partnerships for the Clear Channel Entertainment Enterprises division, reporting to its President John Sykes.
 
The Clear Channel Entertainment Enterprises division drives the company's brands further into the entertainment and media space, leveraging Clear Channel's 840 radio stations, web and outdoor properties and the iHeartRadio platform to create partnerships and large-scale live, on-air and televised events that support artists' projects, add value for advertisers and position Clear Channel as a 360 degree entertainment company.
 
By the end of 2014, Clear Channel will have had at least 18 television shows aired on networks domestically, and distributed internationally in over 30 countries around the world, including franchises like the iHeartRadio Music Festival, Jingle Ball and the iHeartRadio Album Release Party Series.  In addition, Clear Channel has already had dozens of its events video streamed on its own platforms, as well as on other major consumer platforms like PlayStation®3 (PS3™), Xbox and Yahoo.
 
In Adamo's newly created position, she will develop opportunities that grow Clear Channel's business by leveraging the company's multi-media platforms for marketing and entertainment partners.  Adamo will focus on identifying innovative ways to bridge the gap between brands and consumers on new platforms, increasing Clear Channel's visibility and driving new revenue.  Adamo will work closely with all areas of the company including national programming and advertising, sales and marketing.
 
"Vanessa's expertise in both television production and advertising makes her an ideal executive to create and develop branded content for all our platforms at Clear Channel," said Sykes.  "She will be integral to leading our partnership efforts as Clear Channel Entertainment Enterprises rapidly creates more content."
 
"A close friend and mentor once told me that experiences matter and those experiences build brands.  At Clear Channel we have an incredible opportunity to build those experiences, to weave in skilled content storytelling, and in turn elevate our partner's brand products in meaningful ways," said Adamo.  "I look forward to working with the incredible slate of events and partnerships across the entire company — our potential is endless."
 
Adamo brings to Clear Channel Entertainment Enterprises a unique combination of both television and video production in addition to branded content creation and entertainment marketing experience.  Prior to joining Clear Channel, she served as Vice President, Content Director at LiquidThread, Starcom MediaVest group.  She worked with both MTV Networks and The CW on award-winning campaigns for Microsoft's Bing, including Bing & MTV VMA's Most Shareworthy Video and Bing & CW's "TV to Bing About." She also led the branded content programs for Windows Phone, Outlook and most recently the launch of Xbox One. Before this, Adamo was Coordinating Producer for 'The Talk,' Producer for The Tyra Show, Producer of NBC Universal's 'The Maury Show.'

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Michael Kassan Expands His Advisory Role With Clear Channel

Michael Kassan Expands His Advisory Role With Clear Channel
 
CEO of Highly Influential Media and Technology Consulting Firm MediaLink Will Help Clear Channel Develop Multiplatform Marketing Solutions
 
Sept. 19, 2013 – New York, NY – Clear Channel Communications (OTCBB: CCMO), today announced that widely respected and internationally recognized business strategist Michael Kassan will become a Special Advisor to Clear Channel’s Chairman.
 
Kassan is the Founder, Chairman and CEO of MediaLink, a leading Los Angeles- and New York City-based advisory and business development firm that provides critical counsel and direction on issues of marketing, advertising, media, entertainment and digital technology. His extensive background as a leader in the media and advertising industries includes serving as President/COO and Vice Chairman of Initiative Media Worldwide and President and COO of International Video Entertainment.  Kassan was named by Advertising Age magazine as one of the top media executives in America.
 
Expanding in on Clear Channel’s current partnership with MediaLink, Kassan, will work closely with Clear Channel Chairman and CEO Bob Pittman, Clear Channel Media and Entertainment Chairman and CEO John Hogan, Clear Channel Outdoor CEO William Eccleshare and Clear Channel President and CFO Rich Bressler on the further planning and implementation of strategic marketing and brand development for Clear Channel's businesses.  Kassan will advise on marketing and revenue generating solutions to ensure that Clear Channel maximizes its unmatched assets for existing and potential clients, partners and agencies.
 
“Over the last several years MediaLink has been an important and valuable partner for us, and Michael's expanded role is a testament of his involvement. He has made an effort to be more directly involved in our business, and we of course jumped at the opportunity to have him play an even bigger role with us,” said Hogan. “Michael has shown a strong interest and a deep understanding of Clear Channel's unparalleled capabilities, and will be extremely valuable in helping Clear Channel further capitalize on our unique multiplatform assets and deliver unmatched media solutions to our advertisers.  He is strategic, creative and has an incredible amount of knowledge of the media industry. He believes in our company and knows the value we can bring to advertisers -- and he will be a huge asset to Clear Channel.”
 
“Clear Channel has the “special sauce” that is sought after in media today: the rare combination of proven experience coupled with intelligent innovation. As an organization, it is one of the largest media companies and one of the most nimble in the world.  Its assets are truly multiplatform, connecting bedrock offerings in radio and out-of-home, with show-stopping digital and live experiences.  And, of course, its people – with a team worthy of the word “leadership” that has demonstrated results for both audiences and advertisers across all mediums,” Kassan said.  “I am honored and energized to be serving as a special advisor to Clear Channel, particularly Bob Pittman, John Hogan, William Eccleshare and Rich Bressler, as they further evolves their partnerships with advertisers.”
 
Kassan has also served on the Board of the Hollywood Radio and Television Society, the Commission on California State Government Organization and Economy and the Cultural Affairs Commission – City of Los Angeles and has been Chairman of the State Senate Select Committee on the Entertainment Industry.  Kassan is also a strong supporter of community and not-for-profit programs, and currently serves as Chair of the UJA-New York Marketing Communications Committee. He also plays an active role in children’s education and mentoring, having been involved in both the H.E.L.P. Group, a non-profit organization serving children with special needs, and the Big Brothers/Big Sisters program of Los Angeles.

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Richard J. Bressler named President and Chief Financial Officer of CC Media Holdings, Inc. and Clear Channel Communications, Inc., and Chief Financial Officer of Clear Channel Outdoor Holdings, Inc.

Richard J. Bressler Named President And Chief Financial Officer Of CC Media Holdings, Inc. And Clear Channel Communications, Inc., And Chief Financial Officer Of Clear Channel Outdoor Holdings, Inc.

Former Time Warner and Viacom CFO Will Help Drive Clear Channel’s Next Stage of Growth as Nation’s Leading Multi-Platform Media and Entertainment Company

July 30, 2013 – New York, NY - CC Media Holdings, Inc. (OTCBB: CCMO) today announced that widely respected media and finance executive Richard J. Bressler will become President and Chief Financial Officer of CC Media Holdings, Inc. and Clear Channel Communications, Inc., and Chief Financial Officer of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO), reporting to Chairman and CEO Robert Pittman, effective immediately.

Bressler, who has served as CFO of Time Warner and Viacom and Managing Director at Thomas H. Lee Partners, possesses wide-ranging experience and expertise in the media, entertainment, digital and out-of-home businesses as well as an extensive background in public companies, private equity and venture capital investing.

As a member of Thomas H. Lee Partners, one of the two private equity firms that completed a multi-billion-dollar acquisition of Clear Channel in 2008, Bressler has been a Director of CC Media Holdings, Inc. and Clear Channel Communications, Inc. since then, positions he will continue to hold, and has been intimately involved in the company as a member of the CC Media Holdings board's operating committee.

As President of CC Media Holdings, Inc. and Clear Channel Communications, Inc., Bressler will work closely with Pittman on the further development of strategies and initiatives to ensure that Clear Channel capitalizes on its unique assets.  In his capacity as CFO, Bressler will succeed Tom Casey, who served as Executive Vice President and Chief Financial Officer of CC Media Holdings, Inc., Clear Channel Communications, Inc. and Clear Channel Outdoor Holdings, Inc. from 2010. 

“I know Rich very well, and we have even worked together – twice – at Time Warner.  He has been an invaluable strategic partner for us in his position at Thomas H. Lee Partners, and now he will play an even bigger role in helping Clear Channel fully maximize our unparalleled assets, working closely with me, John Hogan and William Eccleshare and the rest of our leadership team to continue to build the leading multi-platform media and entertainment company in the U.S. with global reach,” said Pittman.  “I recruited Rich for this role because there are few people who have as deep an understanding as he does of our company and the opportunities we have to lead the industry in helping marketers meet the demands of increasingly connected consumers. I’m confident that he’ll add another layer of expertise and experience as we take the company to its next level of growth, and will be a tremendous leader for our financial team.  His keen strategic, financial and analytical skills will be a huge asset to all of Clear Channel.”

“Bob Pittman is a visionary leader, and I’m incredibly excited by the opportunity to play a more direct role in the company’s next stage of growth and development,” said Bressler.  “I’m a great believer in the power and potential of Clear Channel and have been proud to have a seat at the table as the company has expanded its position as a leader in the broadcast radio, digital media, entertainment and out-of-home businesses.  I’m looking forward to partnering with Bob, William and John to help the company fulfill its potential as a truly transformative multi-platform media company.”
 
“There is no better, more experienced executive Bob Pittman could have recruited for this important role than Rich Bressler,” said Scott Sperling, co-President of Thomas H. Lee Partners. “Bob and his team have achieved strong revenue growth driven by accelerating increases in market share, expanding the universe of Clear Channel advertisers, and building a leadership position in the transition to digital platforms. With this traction on top of the broad process reengineering work already completed, we have great confidence in the Company and are highly supportive of Rich's transition from helping lead our investment in Clear Channel to being a dedicated executive there on a full time basis.”

“We are very excited about the transformation of Clear Channel in the last several years into a true multi-media platform," said John Connaughton, a Managing Director at Bain Capital.  "Rich will advance this mission with his exceptional track record as an executive at several premier media companies.  Having worked with Rich over the last seven years, I know he will use his experience, in-depth knowledge of the company, and enduring relationships with Bob and the leadership to continue to grow the business and bring unique skills to an already-strong senior management team."

Pittman continued, “I’d like to extend my most sincere thanks to Tom Casey for his significant contributions to Clear Channel over the last several years that set the stage for the company’s continued evolution.  Especially notable has been all his work during the completion of the recent debt refinancings, which strengthened our financial position and prepared our company for its next stage of growth.  With these transactions complete, it’s a natural time for this transition, which will enable Clear Channel to maximize its potential and take advantage of the company’s promise and value.  We wish Tom all the best for the future.” 

Prior to joining Thomas H. Lee Partners, Bressler was the Senior Executive Vice President and Chief Financial Officer of Viacom, Inc. from 2001 through 2005.  He also served as Chairman and Chief Executive Officer of Time Warner Digital Media, and was Executive Vice President and Chief Financial Officer of Time Warner, Inc. from 1995 to 1999.

The Chairman and CEO of Clear Channel Media and Entertainment, John Hogan, and the CEO of Clear Channel Outdoor Holdings, Inc., William Eccleshare, will continue to report to Mr. Pittman.

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Berlin School and Clear Channel Launch Competition for Leadership in Audio Innovation - Winner Receives Full-Tuition Scholarship To Attend Berlin School Global EMBA Program

Berlin School and Clear Channel Launch Competition for Leadership in Audio Innovation - Winner Receives Full-Tuition Scholarship To Attend Berlin School Global EMBA Program  
 
Clear Channel Creates Council of Advertising Thought Leaders to Improve Audio and Out-of-Home Advertising Impact and Effectiveness; New Council To Judge Leadership Competition
 
Berlin – 12 June 2013 – The Berlin School of Creative Leadership and Clear Channel Media and Entertainment announced today the launch of the “Clear Channel Scholarship for Leadership in Audio Innovation” program.  The winner will receive a full-tuition scholarship (worth 53,000 Euro) to attend the Berlin School's prestigious global Executive MBA in Creative Leadership Program starting March 2014. Entries are being accepted from now through October 31, 2013 and will be judged by the Berlin School and Clear Channel’s newly formed Creative Advisory Council (CAC); entrants to the competition will be considered on both their professional and academic profile, as well as their response to a special essay question about innovative audio strategies.
 
The global scholarship competition kicks off Clear Channel’s overarching creative advertising initiative designed to drive excitement among the creative community, centered on the possibilities audio and out-of-home platforms offer and to develop leadership talent in the field.  Beginning with the Berlin School scholarship, Clear Channel will help to develop leadership talent in the field of audio communications.  In conjunction with the competition kickoff, Berlin School President Michael Conrad will welcome Bob Pittman, Clear Channel Chairman and CEO, to the Berlin School in Cannes on Tuesday, June 18 at 5:15 p.m. for an exclusive fireside chat to discuss Pittman’s strategy for fostering creativity and innovative thinking at Clear Channel.  
 
“We are proud to work with the Berlin School and our new Creative Council to award this scholarship to the audio industry's next creative innovator,” said Pittman. “Joining forces with the Berlin School to drive education and awareness of the value that audio advertising offers is a key initiative for us, and the Berlin School is a perfect global partner to foster such training and development.  I am also so pleased to welcome the amazing talents who have joined our Creative Advisory Council which I am confident will make a lasting impact on the media landscape in both audio and out-of-home.” 
 
Members of the Berlin School Admission Committee will work closely together with Clear Channel’s newly formed Creative Advisory Council to review, evaluate and select the scholarship winner.   Clear Channel Media and Entertainment and Clear Channel Outdoor formed the new Creative Advisory Council to help provide expert insights to guide the development of innovative approaches to audio and out-of-home advertising to maximize each medium’s creative possibilities, as well as consider the important role these media play within the larger marketing mix.
 
Distinguished industry and agency thought leaders among the first to join the Clear Channel Creative Council are:
 
Jeff Benjamin, Chief Creative Officer, North America, JWT
Lincoln Bjorkman, EVP, Chief Creative Officer, North America,  Digitas
Andrew Essex, Vice Chairman, Chief Executive Officer, Droga5
Paul Gunning, Chief Executive Officer, Tribal Worldwide
Jonathan Hoffman, Chief Experience Officer, Starcom MediaVest Group
Andrew Keller, Partner/Chief Executive Officer, Crispin Porter + Bogusky
Paul LaVoie, Chairman, TAXI
Benjamin Palmer, CEO / Chief Creative Officer, The Barbarian Group
Chuck Porter, Partner/Chairman, Crispin Porter + Bogusky
David Sable, Global Chief Executive Officer, Y&R
Taras Wayner, SVP, Executive Creative Director, New York, R/GA
 
Clear Channel plans to further expand the Creative Council and will continue to share key insights aimed at impacting and inspiring creative advertising industry-wide.
 
Sheridan Johns, director of the Berlin School, said the scholarship from Clear Channel adds a new dimension to the mix of students in the global EMBA program.  “We are incredibly excited about this scholarship. With the rise of social media in recent years, people tend to forget the bedrock and ubiquity of radio on the media and advertising landscape,” Johns said. “The scholarship aims to provide Clear Channel as well as the entire industry with exciting, fresh ideas on how creative leadership applies to the vibrant field of audio communication, including innovative developments in radio.”
 
The part-time EMBA program starts March 16, 2014 in Berlin and is designed for senior executives in the creative industry who have a track record for creative excellence. The Executive MBA comprises of five separate two-week modules taking place in the USA, Asia and Berlin over 12-24 months.  The ideal candidates should be accomplished senior executives in the creative industries with a strong professional background and track record of creative excellence. A bachelor’s degree is a required.  Application Deadline: October 31, 2013, please visit http://www.berlin-school.com/programs/exec-mba-in-creative-leadership/scholarships/.
 
If you have any questions please contact the Berlin School at tel. +49 (0)30 884 980 80 or via email: info@berlin-school.com.

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Clear Channel Communications, Inc. Announces Its Pending Private Offer To Exchange Up To $2.0 Billion Aggregate Principal Amount Of Term Loans For A Like Principal Amount Of Newly Issued 9.0% Priority Guarantee Notes Due 2019 Has Been Oversubscribed

Clear Channel Communications, Inc. Announces Its Pending Private Offer To Exchange Up To $2.0 Billion Aggregate Principal Amount Of Term Loans For A Like Principal Amount Of Newly Issued 9.0% Priority Guarantee Notes Due 2019 Has Been Oversubscribed
San Antonio, TX, October 22, 2012 - Clear Channel Communications, Inc. (“CCU”) announced that its pending private offer to exchange up to $2.0 billion aggregate principal amount of term loans under its cash flow credit facilities for a like principal amount of newly issued CCU 9.0% priority guarantee notes due 2019 (the “Notes”) has been oversubscribed.  The exchange offer, which was only available to eligible lenders under CCU’s cash flow credit facilities, was made pursuant to an Offering Circular dated October 12, 2012, and is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).
The exchange offer expired at 12:00 noon, New York City Time, on October 19, 2012 (the “Participation Deadline”), at which time term loans in excess of $8.0 billion in aggregate principal amount had been submitted for exchange.  Because the aggregate principal amount of term loans submitted for exchange as of the Participation Deadline exceeded $2.0 billion, the amount of each lender’s term loans that will be accepted in exchange for Notes will be reduced on a pro rata basis as described in the Offering Circular.
Consummation of the exchange offer is subject to the satisfaction or waiver of certain conditions, including an amendment to CCU’s cash flow credit facilities becoming effective.  CCU reserves the right, in its sole discretion, to waive or modify any one or more of the conditions to the exchange offer.
The Notes and related guarantees are being offered only in reliance on exemptions from registration under the Securities Act.  The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the Notes or any other securities.  The offer to exchange is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.  Any offers of the Notes will be made only by means of the Offering Circular.
About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the exchange offer.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.  These risks, uncertainties and other factors include, but are not limited to, whether or not CCU will ultimately consummate the exchange offer and the related transactions.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict.  CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
For further information, please contact:
   
Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965
Investors
Brian Coleman
Senior Vice President and Treasurer
(210) 822-2828
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Clear Channel Communications, Inc. Announces It Has Received Requisite Consents To Amendments To Its Credit Facilities

Clear Channel Communications, Inc. Announces It Has Received Requisite Consents To Amendments To Its Credit Facilities
San Antonio, TX, October 22, 2012 - Clear Channel Communications, Inc. (“CCU”) announced today that it has obtained the requisite consent of lenders under its cash flow credit facilities to certain amendments to the agreement governing the cash flow credit facilities (the “Amendment”).
Upon effectiveness, the Amendment will, among other things: permit exchange offers of term loans for new debt securities in an aggregate principal amount of up to $5.0 billion; provide CCU with greater flexibility to prepay tranche A term loans; following the repayment or extension of all tranche A term loans, permit below par non-pro rata purchases of term loans pursuant to customary Dutch auction procedures whereby all lenders of the class of term loans offered to be purchased will be offered an opportunity to participate; following the repayment or extension of all tranche A term loans, permit the repurchase of junior debt maturing before January 2016 with cash on hand in an amount not to exceed $200 million; combine the term loan B, the delayed draw term loan 1 and the delayed draw term loan 2 under the cash flow credit facilities; preserve revolving credit facility capacity in the event CCU repays all amounts outstanding under the revolving credit facility; and eliminate certain restrictions on the ability of Clear Channel Outdoor Holdings, Inc. and its subsidiaries to incur debt.
The Amendment is expected to become effective concurrently with the closing of an offer to exchange a portion of the term loans under the cash flow credit facilities for new debt securities to be issued in a private placement by CCU. 
There can be no assurance that the Amendment will become effective, on the terms described above or otherwise.  This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation or an offer to buy any securities of CCU or any of its affiliates.
About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the closing of the Amendment.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.  These risks, uncertainties and other factors include, but are not limited to, the terms and timing of, and whether or not CCU will ultimately consummate, the Amendment and the related transactions.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict.  CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
For further information, please contact:
   
Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965
Investors
Brian Coleman
Senior Vice President and Treasurer
(210) 822-2828
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Clear Channel Communications, Inc. Announces It Is Pursuing Amendments To Its Credit Facilities

Clear Channel Communications, Inc. Announces It Is Pursuing Amendments To Its Credit Facilities
San Antonio, TX, October 12, 2012 - Clear Channel Communications, Inc. (“CCU”) announced today that it is pursuing amendments to its cash flow credit facilities (the “Amendment”).
The Amendment would, among other things: permit exchange offers of term loans for new debt securities in an aggregate principal amount of up to $5.0 billion; provide CCU with greater flexibility to prepay tranche A term loans; following the repayment or extension of all tranche A term loans, permit below par non-pro rata purchases of term loans pursuant to customary Dutch auction procedures whereby all lenders of the class of term loans offered to be purchased will be offered an opportunity to participate; following the repayment or extension of all tranche A term loans, permit the repurchase of junior debt maturing before January 2016 with cash on hand in an amount not to exceed $200 million; combine the term loan B, the delayed draw term loan 1 and the delayed draw term loan 2 under the cash flow credit facilities; preserve revolving credit facility capacity in the event CCU repays all amounts outstanding under the revolving credit facility; and eliminate certain restrictions on the ability of Clear Channel Outdoor Holdings, Inc. and its subsidiaries to incur debt.
The Amendment requires the consent of a majority of the outstanding loans and commitments under the cash flow credit facilities and a majority of the outstanding loans of each class of term loans under the cash flow credit facilities to become effective.  Affiliates of Bain Capital, LLC and Thomas H. Lee Partners, L.P. (together, the “Sponsors”), which are affiliates of CCU, are existing holders of term loans under the cash flow credit facilities and have committed to consent to the Amendment.  In addition, CCU has obtained the commitment to consent to the Amendment of certain funds and accounts managed by each of Angelo Gordon & Co., Apollo Global Management, LLC, Canyon Capital Advisors LLC and Oaktree Capital Management LP.  These lenders and the Sponsors collectively represent approximately 46% of the outstanding loans and commitments under the cash flow credit facilities.  The lenders’ consent to the Amendment will be due by 12:00 noon, New York City time, on October 19, 2012.
 
There can be no assurance that the Amendment will become effective, on the terms described above or otherwise.  This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation or an offer to buy any securities of CCU or any of its affiliates.
 
Contact
For further information, please contact:
   
Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965
Investors
Brian Coleman
Senior Vice President and Treasurer
(210) 822-2828
 
About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the proposed Amendment.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.  These risks, uncertainties and other factors include, but are not limited to, the terms and timing of, and whether or not CCU will ultimately consummate, the Amendment and the related transactions.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict.  CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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Clear Channel Communications, Inc. Announces Proposed Private Offer To Exchange Up To $2.0 Billion Aggregate Principal Amount Of Term Loans For A Like Principal Amount Of Newly Issued 9.0% Priority Guarantee Notes Due 2019

Clear Channel Communications, Inc. Announces Proposed Private Offer To Exchange Up To $2.0 Billion Aggregate Principal Amount Of Term Loans For A Like Principal Amount Of Newly Issued 9.0% Priority Guarantee Notes Due 2019
San Antonio, TX, October 12, 2012 - Clear Channel Communications, Inc. (“CCU”) announced today that it has commenced a private offer to exchange up to $2.0 billion aggregate principal amount of term loans under its cash flow credit facilities for a like principal amount of newly issued CCU 9.0% priority guarantee notes due 2019 (the “Notes”).  The exchange offer, which is only available to eligible lenders under CCU’s cash flow credit facilities, is being made pursuant to an Offering Circular dated October 12, 2012, and is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).
Concurrently with the exchange offer, CCU is pursuing amendments to certain provisions of the cash flow credit facilities (the “Amendment”).  Lenders must consent to the Amendment in order to validly submit their term loans for exchange in the exchange offer.
Eligible lenders of term loans under CCU’s cash flow credit facilities must submit a letter of participation on or prior to 12:00 noon, New York City time, on October 19, 2012, unless extended (the “Participation Deadline”), in order to be eligible to receive Notes in the exchange offer.  The amount of each lender’s term loans that will be accepted in exchange for Notes will be subject to reduction on a pro rata basis as described in the Offering Circular.
Letters of Participation may be validly withdrawn until the Participation Deadline, but not thereafter.  Letters of Participation that are properly submitted at any time prior to the Participation Deadline and not validly withdrawn prior to the Participation Deadline will be binding.
Consummation of the exchange offer is subject to the satisfaction or waiver of certain conditions, including the Amendment becoming effective.  CCU reserves the right, in its sole discretion, to waive or modify any one or more of the conditions to the exchange offer.
The Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by CCU’s parent, Clear Channel Capital I, LLC, and all of CCU’s existing and future domestic wholly-owned restricted subsidiaries.  The Notes and the related guarantees will be secured by (1) a lien on (a) the capital stock of CCU and (b) certain property and related assets that do not constitute “principal property” (as defined in the indenture governing certain existing senior notes of CCU), in each case equal in priority to the liens securing the obligations under CCU’s cash flow credit facilities and existing priority guarantee notes and (2) a lien on the accounts receivable and related assets securing CCU’s receivables based credit facility junior in priority to the lien securing CCU’s obligations thereunder.  In addition to the collateral granted to secure the Notes, the collateral agent and the trustee for the Notes will enter into an agreement with the administrative agent for the lenders under the cash flow credit facilities to share in a certain percentage of any proceeds realized on collateral consisting of principal properties.
The Notes and related guarantees will be offered only in reliance on exemptions from registration under the Securities Act.  The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release is for informational purposes only and shall not constitute an offer to sell or exchange nor the solicitation of an offer to buy the Notes or any other securities.  The offer to exchange is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.  Any offers of the Notes will be made only by means of the Offering Circular.
 
Contact
For further information, please contact:
   
Media
Wendy Goldberg
Senior Vice President – Communications
(212) 549-0965
Investors
Brian Coleman
Senior Vice President and Treasurer
(210) 822-2828
 
About Clear Channel Communications
Clear Channel Communications, Inc. is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.
Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on current CCU management expectations.  These forward-looking statements include all statements other than those made solely with respect to historical facts and include, but are not limited to, statements regarding the proposed Amendment.  Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements.  These risks, uncertainties and other factors include, but are not limited to, the terms and timing of, and whether or not CCU will ultimately consummate, the Amendment and the related transactions.  Many of the factors that will determine the outcome of the subject matter of this press release are beyond CCU’s ability to control or predict.  CCU undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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John Hogan Promoted to Chairman and CEO Of Clear Channel Media and Entertainment

John Hogan Promoted to Chairman and CEO Of Clear Channel Media and Entertainment

Award-Winning Radio Veteran Has Overseen Rebranding and Integration of Extensive Assets and Franchises, Like Iconic Brands KIIS FM, Z100, KFI And Others, Across Platforms Including Broadcast Radio, Satellite, HD, Online, and Mobile
Continues to Drive Innovations that are Listener-, Artist-, and Advertiser-Friendly

New York, NY – February 23, 2012 – CC Media Holdings, Inc. (OTCBB: CCMO), a leading global media, digital and entertainment company, today announced the promotion of John Hogan to Chairman and CEO of Clear Channel Media and Entertainment effective immediately. Mr. Hogan has served as President and CEO of Clear Channel Radio since 2002.

Hogan’s promotion follows the rebranding of Clear Channel Radio as Clear Channel Media and Entertainment, reflecting its continued efforts to deliver the best, most vital and engaging entertainment and content from leading franchises, including the iconic KIIS FM, Z100, KFI and many others, to diverse audiences across a range of platforms – broadcast radio; online via the iHeartRadio digital platform and radio stations’ websites; HD; satellite; and mobile.

Clear Channel Media and Entertainment, with its 238 million monthly listeners in the U.S., has the largest reach of any radio or television outlet in America. With more than 54 million downloads and more than 90 million listening hours in January, its iHeartRadio platform is the number one free broadcast radio app on the iPhone and Android.

Clear Channel Media and Entertainment also includes a number of media services that serve the radio, television, digital, mobile and music industries, including Premiere Networks, which syndicates 90 radio programs and services to more than 5,000 radio station affiliates; Total Traffic Network, a groundbreaking programming and technology service delivering real-time traffic data to vehicles via in-car and portable navigation systems, broadcast media, wireless and Internet-based services; The Katz Media Group, the leading media representation firm in the U.S. for radio and television stations; and RCS, which provides scheduling and broadcast software for radio, Internet and television stations in addition to research studies that aid the media and music businesses.

Hogan’s team recently spearheaded two major integrated marketing campaigns for key media partners: the hugely successful campaign for the debut of Madonna’s newest single, “Give Me All Your Luvin’” and album, MDNA; as part of the campaign, Clear Channel Media and Entertainment used extensive on-air and online promotions to drive listeners and Madonna fans to iTunes, where they could buy the new single and pre-order MDNA, scheduled to be released in March. The campaign helped make MDNA the biggest one-day pre-order in iTunes history. Clear Channel Media and Entertainment also partnered with NBC on unique promotional campaigns for its show The Voice and new series Smash; through content integration, promotional support, strategic media placement and social media integration across its powerful brands and platforms, Clear Channel helped propel The Voice to the No. 1 show of the evening and NBC’s highest-rating regular telecast in nearly five years, while Smash scored this season’s best ratings for any 10 p.m. drama across prime time networks.

The team also led the unprecedented “localized national” effort for American Express’s Small Business Saturday campaign, which had an enormous positive impact on small retailers nationwide; and the iHeartRadio Music Festival in Las Vegas, the biggest live music event in radio history.

“Under John’s strong leadership and vision, Clear Channel Media and Entertainment has integrated the company’s assets so that it is today the leading media and entertainment company in the U.S. with a greater reach than any other radio or television outlet. It provides a one-of-a-kind national platform for partners in addition to the powerful local activation market by market and demo by demo,” said Bob Pittman, CEO of Clear Channel. “He has built a deep creative and management team that is fulfilling the company’s commitment to offering the best entertainment, news, sports, and other experiences everywhere our listeners want us to be—on air, online, on mobile devices, and on a wide variety of emerging devices and platforms. We feel fortunate that Clear Channel Media and Entertainment has a leader like John in the driver’s seat at this transformational moment in its history.”

“I am pleased and honored to be named to this position, which is a clear endorsement of the soundness of our strategy, the value of our assets, and the depth of the incredible team we are building here,” said John Hogan. “I appreciate the energy and vision that Bob Pittman has brought to the organization and look forward to pursuing with Bob the vision we share as we continue to push the boundaries of the definition of entertainment, giving our audience what they want now and in the future.”

History of a Radio Industry Veteran

Named Clear Channel Radio’s President and CEO in August 2002, Hogan has led the company’s expansion beyond its broadcast radio roots into new businesses and new technologies. He has overseen the development of an infrastructure and culture that united Clear Channel’s 850 stations in 150 cities into a single integrated organization, transforming it into America’s only radio company that offers true local presence combined with national reach. With 238 million monthly listeners and 40 million monthly digital users, Clear Channel has a greater reach than any other radio or television outlet in the U.S. Clear Channel Radio was re-branded Clear Channel Media and Entertainment in January 2012.

Clear Channel Media and Entertainment has multiple distribution platforms, including AM/FM stations, HD radio channels, Sirius/XM satellite, iHeartRadio.com, the iHeartRadio mobile application on iPads and smartphones, the company’s individual radio station websites and navigation systems from TomTom, Garmin and others. Hogan also has driven the company’s strategy to support advertising partners, labels, and artists with creative, integrated marketing campaigns that reach target audiences across multiple platforms.

Hogan’s unwavering focus on talent has led directly to Clear Channel’s unmatched lineup of on-air personalities – from Ryan Seacrest to Rush Limbaugh, Steve Harvey and Elvis Duran. He also is responsible for the company’s leadership in programming, including innovative, one-of-a-kind services for Clear Channel’s best-in-the-industry programmers.

Hogan’s vision for the radio industry has been honed and cultivated over more than two decades of hands-on radio broadcasting experience, beginning in 1981 in Atlanta, Georgia, where he started his career as an account executive with Meredith Broadcasting. In 1989, Hogan was promoted to General Manager and became Market Manager of the Atlanta group in 1994. Two years later, he was appointed Senior Vice President for Radio at Jacor Communications, where he was instrumental in significantly expanding its radio holdings. In 1999, Clear Channel Communications acquired Jacor and expanded Hogan’s responsibilities to include urban hubs, such as Los Angeles, New York, Houston, and Dallas. After just two years with Clear Channel, Hogan was named Chief Operating Officer, becoming Chief Executive Officer the following year (2002).

As a pioneering leader in the radio industry, Hogan’s many accolades include recognition by Billboard in its 2012 “Power 100 List” and by Radio Ink as No. 1 in its “40 Most Powerful People in Radio” in 2009 and 2010 and No. 2 in 2011 (after Clear Channel CEO Bob Pittman).

Hogan has served on the boards of the National Association of Broadcasters (NAB), the Advertising Council, American Women In Radio and Television (AWRT), and the Emma L. Bowen Foundation for Minority Interest in Media. Hogan graduated from Lake Forest College in 1979.

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