DOW JONES NEWSWIRES CC Media Holdings Inc.'s (CCMO) Clear Channel tapped former television executive John Sykes to head a new division tasked with expanding the radio-and-billboard company's offerings into other media. CC Media is the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize the market-leading radio broadcaster Clear Channel Communications in 2008. It has been improving its profitability in recent quarters, with its loss narrowing in the most-recent period thanks to revenue growth. As president of Clear Channel Entertainment Enterprises, Sykes is expected to launch new businesses spanning the company's radio, billboard and online platforms while also creating new events for TV and live venues. Sykes, 56 years old, began consulting for Clear Channel early last year, when he helped launch the company's iHeartRadio Music Festival, its first national live music event. Sykes was previously among the original executives who helped build MTV, the cable-TV fixture later acquired by Viacom Inc. (VIA, VIAB). Sykes spent 21 years at MTV and Viacom, where he also worked as president of the media company's VH1 channel. Sykes was chief executive of Infinity Broadcasting, an online radio company later acquired by CBS Corp. (CBS), and also worked as an agent for Creative Artists Agency. "John's experience and relationships in so many sectors of the entertainment and media business make him the perfect choice to lead this new initiative," Chief Executive Bob Pittman said. Sykes has been affiliated with private-equity firm Pilot Group since 2008. During that time, he helped restructure MGM studios, Playlist.com and Shazam Mobile, a web-based song-identifier, where he serves as a board member. CC Media shares were unchanged at $5.25 Tuesday. The stock has fallen 38% over the past year. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; andrew.fitzgerald@dowjones.com
