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“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.

About CC Media Holdings, Inc/Clear Channel Communications, Inc.

CC Media Holdings, Inc. (OTCBB: CCMO), the parent company of Clear Channel Communications, is one of the leading global multi-platform media and entertainment companies specializing in radio, digital, out of home, mobile, live events, and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers. Its  Clear Channel Media and Entertainment division has the largest reach of any radio or television outlet in America, serving 150 cities through 840 owned radio stations in addition to its iHeartRadio digital platform. Its publicly traded Clear Channel Outdoor Holdings, Inc. division (NYSE: CCO) is one of the world’s largest out of home advertising companies, with more than 750,000 displays in over 40 countries across five continents, including 48 of the 50 largest markets in the United States.

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Copyright Business Wire 2010
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