CC Entertainment Will Be Spun Off

Shedding a business that has always been a controversial part of its portfolio, Clear Channel is getting out of the entertainment operations business. It says it intends to spin off Clear Channel Entertainment.
“After separation, Clear Channel Entertainment will be a separate, publicly-traded company in which Clear Channel Communications will not retain any ownership interest. Clear Channel Entertainment will consist of entertainment operations throughout North America, Europe, South America, Asia and Australia, with annual 2004 sales of approximately $2.75 billion,” it stated.
The CEO of Clear Channel Entertainment will report to a separate board “to be comprised of a majority
of independent directors not overlapping with Clear Channel Communications’ Directors. It is anticipated that Clear Channel Entertainment’s corporate headquarters will remain in Houston.”
CEO Brian Becker “has decided to pursue alternative entrepreneurial opportunities outside of the Company. As part of this, Clear Channel Entertainment and Brian Becker have agreed to form a joint venture company to pursue entertainment content opportunities through acquisition and development. Randall Mays is serving as interim Chief Executive Officer during Clear Channel Entertainment’s transition to an independent company.”