CC Media Holdings Inc. announced today that media and finance executive Richard J. Bressler will become president and chief financial officer of CC Media Holdings Inc. and Clear Channel Communications Inc., as well as CFO of Clear Channel Outdoor Holdings Inc., 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, has 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, the company said.
As a member of Thomas H. Lee Partners, one of the two private equity firms that completed a multibillion-dollar acquisition of Clear Channel in 2008, Bressler has been a director of CC Media Holdings and Clear Channel Communications since then, positions he will continue to hold, and has been involved in the company as a member of the CC Media Holdings board's operating committee.
As President of CC Media Holdings and Clear Channel Communications, Bressler will work closely with Pittman on the further development of strategies and initiatives, and in his capacity as CFO, Bressler will succeed Tom Casey, who served as executive vice president and CFO of CC Media Holdings, Clear Channel Communications and Clear Channel Outdoor Holdings since 2010.
"I know Rich very well, and we have even worked together — twice — at Time Warner," Pittman said in the announcement. "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 ... assets."
Pittman said he recruited Bressler for the job "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."
Prior to joining Thomas H. Lee Partners, Bressler was the senior executive vice president and CFO of Viacom Inc. from 2001 through 2005. He also served as chairman and CEO of Time Warner Digital Media, and was EVP and CFO of Time Warner Inc. from 1995 to 1999.
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