iHeartMedia and Clear Channel Outdoor Holdings have come to an agreement to fully separate CCOH’s business from iHeartMedia, which now owns 89.1 percent of CCOH’s outstanding common stock. But until the company exits restructuring, iHeartMedia Chairman/CEO Bob Pittman will continue as CEO, and iHeart President/CFO Rich Bressler will remain as President/CFO of CCOH.
The separation will occur alongside, and is subject to, iHeart’s emergence from its ongoing restructuring. The terms were outlined in a Form 8-K filed on December 17.
When iHeartMedia emerges from the restructuring, William Eccleshare will become Clear Channel Outdoor Holdings’ CEO. Eccleshare, based in London, is currently chairman/CEO of Clear Channel International and will continue to lead CCI as part of his new role. Scott Wells will remain in place as CEO of Clear Channel Outdoor America, reporting to Eccleshare.
Bob Pittman said, “Today’s announcement is recognition that while iHeartMedia and CCOH are both very strong in their respective areas — iHeartMedia is America’s number one 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. Although both businesses are powerful advertising platforms, they each have valuable but different touchpoints within the advertising community, and pursuing separate, highly-targeted strategies will unlock their full potential as freestanding companies.”
CCOH’s leadership and board will remain in place until iHeartMedia completes its restructuring.
