Separation From CCOH
iHEARTMEDIA, INC. and CLEAR CHANNEL OUTDOOR HOLDINGS have agreed to fully separate CCOH’s business from iHEARTMEDIA, which currently owns 89.1% of CCOH’s outstanding common stock. The separation, expected to place once iHEARTMEDIA concludes its restructuring, is outlined in CCOH’s Form 8-K, filed with the SEC on MONDAY, DECEMBER 17th.
Once iHEARTMEDIA’s restructuring is done, CLEAR CHANNEL INTERNATIONAL (CCI) Chairman/CEO WILLIAM ECCLESHARE will become CEO of CCOH. He will be based in London and will also continue to lead CCI as part of his new role, as well as be a member of the new CCOH Board of Directors, which will be announced prior to the separation. SCOTT WELLS will stay on as CEO of CLEAR CHANNEL OUTDOOR AMERICAS (CCOA), and will report to ECCLESHARE.
CCOH’s current leadership and Board of Directors will remain in place until iHEARTMEDIA exits its restructuring process, at which time the new executives and Board will assume their duties. Until then, BOB PITTMAN and RICH BRESSLER will continue their duties as CEO and Pres./CFO for CCOH, respectively.
“Today’s announcement is recognition that while iHEARTMEDIA and CCOH are both very strong in their respective areas -– iHEARTMEDIA is AMERICA’s #1 audio company and CCOH is one of the world’s largest outdoor advertising companies -– their key constituencies have little strategic overlap. We believe that the separation of the two businesses makes strategic and financial sense, and will allow each company to better achieve their individual missions,” BOB PITTMAN said. “Although both businesses are powerful advertising platforms, they each have valuable but different touch points within the advertising community and pursuing separate, highly-targeted strategies will unlock their full potential as freestanding companies.”
“WILLIAM ECCLESHARE has a long, successful track record at CCOH, and throughout his career in the advertising industry, and has played an instrumental role in driving growth across CCOH’s business, especially in digital,” he continued. “SCOTT WELLS will continue his successful leadership of CCOA, fostering deep relationships with advertising partners and growing the company’s offerings in exciting areas such as programmatic. With these strong leaders and CCOH’s creative, innovative and dedicated team, the future standalone company will be very well positioned for future growth and success.”
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