Clear Channel CEO Bob Pittman Extends Contract

7:31 AM PST 01/13/2014 by Eriq Gardner
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Clear Channel CEO Bob Pittman

John Hogan, the head of the company's radio division, is retiring.

Clear Channel Media Holdings announced on Monday that chairman and chief executive Bob Pittman has extended his contract an additional five years.

Pittman, who co-founded MTV and was COO at AOL Time Warner before a breakup, came out of semi-retirement in 2010 to invest in Clear Channel, which boasts 840 radio stations around the nation and syndicates programs hosted by Ryan Seacrest, Rush Limbaugh and others. The following year, he was named CEO of the Clear Channel parent company, which also includes an outdoor advertising division and digital properties like iHeartRadio.

Since taking the reigns, the Mississippi-born executive has increasingly focused on digital platforms as competition from the likes of music streaming services like Pandora and Spotify threaten to take away consumer ears.

“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,” says 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."

Although Pittman will continue in his role another five years, another executive at the company is leaving.

John Hogan, chairman and CEO of Clear Channel Media and Entertainment, is retiring after 15 years at the company. Since starting his career at Meredith Broadcasting in the early 1980s, Hogan has worked his way up into one of the most powerful figures in the radio business. He's leaving with an honorary role, as Clear Channel is bestowing upon him a chairman emeritus title.

“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.

The company's radio division will now report directly to Pittman and president/CFO Rich Bressler.

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