Clear Channel Communications Names Michael Rapino As CEO Of Clear Channel Entertainment
Clear Channel Communications announced that Michael Rapino has been named chief executive officer of CCE SpinCo, Inc. -- a newly created entity that will hold substantially all of the company's live entertainment businesses, including global music, global theater, sports representation and motor sports businesses. Rapino replaces Randall Mays, who was named interim chairman and CEO earlier this year.
CCE SpinCo, Inc., last week filed a Form 10 registration statement with the Securities & Exchange Commission, detailing its planned spin-off from Clear Channel Communications into a separate, publicly-traded company. The new company will be renamed prior to the spin-off.
"Michael's track record at Clear Channel Entertainment has been exemplary," said Randall Mays, chief financial officer of Clear Channel Communications and chairman of CCE SpinCo, Inc. "Michael was the architect of Clear Channel Entertainment International's music strategy, expanding our European business from six to 16 countries and creating the leading international live entertainment company within a three-year period. Since taking over the U.S. business, he has quickly taken a leadership role inside Clear Channel and within the industry to strengthen key business relationships and refocus the live music division's priorities. His bold moves to increase event profitability have been matched by a strong fan-centric approach aimed at sparking market growth."
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