Clear Channel Promotes Pittman to Top Post

Clear Channel Media Holdings has named Bob Pittman to the position of chief executive officer, Reuters reported. Pittman has served as chairman of the company’s media and entertainment platforms since November 2010. He is also a member of the New York-based investment firm Pilot Group, Reuters wrote. Clear Channel was bought three years ago by Bain Capital and THL Partners, and has struggled with mounting debt. Pittman reportedly invested $5 million of his own money into Clear Channel in 2010.

(Reuters) – Radio and advertising company Clear Channel Media Holdings said on Sunday it had promoted Bob Pittman to the position of chief executive officer.

Pittman, a well-known media executive and investor, has been Clear Channel’s chairman of media and entertainment platforms since November 2010, the company said in a statement.

Pittman will also join the board of Clear Channel and its subsidiary Clear Channel Communications. He will become executive chairman of advertising unit Clear Channel Outdoor Holdings.

Pittman, 57, has been CEO of MTV Networks, AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate, and Time Warner Enterprises. He was also COO of America Online Inc and AOL Time Warner.

He will remain a member of New York-based investment firm Pilot Group.

(Reporting by Michael Erman in New York; Editing by Dale Hudson)