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34th
week, 2005 / Clear Channel Communications Inc. named Michael
Rapino chief executive of its planned entertainment-business
spinoff.
•
•The
spinoff, temporarily called CCE SpinCo Inc., includes Clear
Channel's live music, theater, sports representation and
motor sports operations. Rapino, 39, succeeds interim CEO
Randall Mays, son of founder Lowry Mays, the San
Antonio-based company
said.
•
•
Sources familiar with the negotiations, who requested
anonymity because of the delicacy of the talks, said Clear
Channel had been close to giving the job to Ron Bension, who
formerly ran the Universal Studios theme parks and the
Tickets.com
service.
•
•
But some of the concert promoters that Clear Channel
Entertainment depends on for venues said they told the
company that they were comfortable with Rapino, adding that
they did not want to work with a new
executive.
•
•
"My contract is up, and when I heard they were going to name
an outside CEO, I had reservations about staying with Clear
Channel," said Larry Magid, a concert promoter who operates
the Electric Factory in Philadelphia. "Rapino brings
stability."
•
•
Stability is particularly important to Clear Channel as it
proceeds with previously announced plans to spin off the
entertainment
unit.
•
•
Executives at the San Antonio-based company believe that
Wall Street undervalues the unit and that detaching it will
boost its worth.
•
•
Clear Channel Entertainment was born five years ago after a
$4-billion acquisition of SFX Entertainment Inc. But recent
profits have been disappointing, and the unit's former chief
executive, Brian Becker, was forced out last April after
revenue fell.
•
•
Rapino faces a number of issues at the concert division.
They include renegotiations with Ticketmaster, which sells
most tickets to Clear Channel events, and facing off with
the powerful concert promoters who make up the backbone of
the company.
•
•
Competitors said the new chief executive would have a
difficult time turning around the company, which owns,
leases or exclusively books more than 125 venues in North
America, South America and Europe. Many of those are aging
amphitheaters, which have been declining in popularity among
music fans.
•
•
"Whoever comes into that job is faced with tremendous
challenges because the business model of amphitheaters is
outdated," said Randy Phillips, chief executive of AEG
Live.
•
•
A Clear Channel representative did not return phone calls
seeking comment.
///
_________
ByLines:
Editors Note
More Articles
• Converging
News 342005 / TeleCom Buy Outs and Asset Seizure
Boom
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Josie
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