DOW JONES NEWSWIRES
CC Media Holdings Inc.'s (CCMO) Clear Channel tapped former
television executive John Sykes to head a new division tasked with
expanding the radio-and-billboard company's offerings into other
media.
CC Media is the vehicle used by private-equity firms Bain
Capital LLC and Thomas H. Lee Partners LP to privatize the
market-leading radio broadcaster Clear Channel Communications in
2008. It has been improving its profitability in recent quarters,
with its loss narrowing in the most-recent period thanks to revenue
growth.
As president of Clear Channel Entertainment Enterprises, Sykes
is expected to launch new businesses spanning the company's radio,
billboard and online platforms while also creating new events for
TV and live venues.
Sykes, 56 years old, began consulting for Clear Channel early
last year, when he helped launch the company's iHeartRadio Music
Festival, its first national live music event.
Sykes was previously among the original executives who helped
build MTV, the cable-TV fixture later acquired by Viacom Inc. (VIA,
VIAB). Sykes spent 21 years at MTV and Viacom, where he also worked
as president of the media company's VH1 channel.
Sykes was chief executive of Infinity Broadcasting, an online
radio company later acquired by CBS Corp. (CBS), and also worked as
an agent for Creative Artists Agency.
"John's experience and relationships in so many sectors of the
entertainment and media business make him the perfect choice to
lead this new initiative," Chief Executive Bob Pittman said.
Sykes has been affiliated with private-equity firm Pilot Group
since 2008. During that time, he helped restructure MGM studios,
Playlist.com and Shazam Mobile, a web-based song-identifier, where
he serves as a board member.
CC Media shares were unchanged at $5.25 Tuesday. The stock has
fallen 38% over the past year.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
andrew.fitzgerald@dowjones.com