iHeart, CC Outdoor To Consciously Uncouple
• iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc. have reached an agreement on the material terms to fully separate CCOH’s business from iHeartMedia, which currently owns 89.1% of CCOH’s outstanding common stock. The separation is expected to occur in conjunction with, and is subject to, iHeartMedia’s emergence from its ongoing restructuring process. The material terms of the separation are outlined in CCOH’s Form 8-K, which was filed with the Securities and Exchange Commission on December 17, 2018.
Effective upon iHeartMedia’s emergence, William Eccleshare will become CEO of CCOH. Eccleshare, who currently serves as Chairman & CEO of Clear Channel International (CCI), joined CCI in 2009 and went on to lead Clear Channel Outdoor before assuming his current role, in which he is responsible for overseeing CCI’s business operations in 22 countries across Asia, Europe and Latin America. Mr. Eccleshare is based in London and will also continue to lead CCI as part of his new role. Scott Wells will continue to lead CCOA as CEO, reporting to Eccleshare.
Until the company exits the restructuring process, Bob Pittman and Rich Bressler will continue their current leadership roles for CCOH, with Pittman as CEO and Bressler as President and Chief Financial Officer. Eccleshare will also be a member of the new Board of Directors of CCOH, which will be announced prior to the separation. CCOH’s current leadership and Board of Directors will remain in place until iHeartMedia exits its restructuring process, at which time the new executives and Board will assume their responsibilities.
