CC Media Holdings, Inc. 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.”