When Bob Pittman came onboard as Chairman of Media and Entertainment Platforms for Clear Channel Communications and its parent company, CC Media Holdings, the company said he was making an equity investment. We now know how much of his own cash Pittman is putting on the line.
According to an SEC filing, CC Media Holdings, which trades on the pink sheets as CCMO, sold 706,215 shares of its Class A common stock to Pittman CC LLC for $5 million in cash on November 15th. That’s approximately $7.08 per share. The stock closed that day at $8.00.
Clear Channel also signed an amended employment contract with John Hogan, who continues as President and CEO of Clear Channel Radio, but now reports to Pittman. Hogan will receive an annual base salary of $1 million and be eligible to receive an annual bonus with a target of 120% of his salary. Hogan’s previous base salary was $775,000. He received a bonus of $232,000 for 2008 and $350 for 2009. The new contract runs through the end of 2013 and is automatically extended for one year periods thereafter unless either party gives notice.
CC Media has not yet filed an employment contract for Pittman with the SEC.
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