Clear Channel changes name to iHeartMedia
Sep 16, 2014 10:01 AM, Shane Toven, Editor
Clear Channel announced this morning that it is changing its name to �iHeartMedia�. The new name is a nod to their well-recognized �iHeartRadio� branded streaming media service.
Does this mean iHeartMedia is moving away from its other platforms, which include broadcast, live events, and outdoor advertising? Not according to Bob Pittman, Chairman and CEO or iHeartMedia, Inc.
�We have massive consumer reach and influence across our platforms because we know how to program the live content people want to hear, see and share right now, we are the largest mobile media company in existence -- more than 60 percent of our broadcast usage is out of home, compared to just 30 percent for other mobile devices � and we deliver more live programming than any other media company today, built on the national and local on-air personalities who are the heart of our powerful broadcast radio franchises. Combined with Clear Channel Outdoor�s reach of over half a billion people worldwide across 30 countries and five continents, it�s clear that no other company can match our reach or broad spectrum of media platforms.� said Pittman.
Clear Channel Outdoor will retain the Clear Channel brand. �Although we are changing the parent company''s name, Clear Channel Outdoor is built into the fabric of our multi-platform company,� said Rich Bressler, President and Chief Financial Officer of iHeartMedia, Inc. �With its continued growth into digital and mobile, Clear Channel Outdoor has tremendous momentum as a leader in the out-of-home advertising industry, and is a more integral part of our company than ever. We''re pleased that the Clear Channel brand, with its long history and respected heritage, will continue on in our Outdoor business.�
Effective today, CC Media Holdings, Inc. (OTCCB: CCMO) will become iHeartMedia, Inc. In connection with the company''s new brand, the company''s ticker symbol will also change, effective September 17th. Of the company''s major businesses, Clear Channel Media and Entertainment will become iHeartMedia; other company brands, including iHeartRadio, Premiere Networks, Total Traffic and Weather Network, Katz Media Group and RCS, will retain their current names.