Clear Channel Communications today named William P. Suffa (Bill) to the position of senior vice president, capital management.
Suffa joins Clear Channel's corporate staff from the media giant's radio division where he worked as vice president for strategic development. Suffa will now assume responsibility for "capital budgeting, project review and analysis and managing capital allocation across all Clear Channel business divisions."
Suffa reports directly to Clear Channel president Mark Mays who issued a statement describing Clear Channel as "a multi-billion dollar business with a multi-million dollar capital budget excluding acquisitions."
Citing capital management as a critical component of future growth, Mays said that Suffa's experience in Clear Channel's core industries —at the consulting, regulatory, station and corporate levels— would allow him to hit the ground running.
Once Clear Channel finalizes two outstanding deals—its $14 billion deal to purchase radio broadcaster AMFM and the subsequent $4.4 stock swap deal for SFX—the company will operate a total of 874 radio and 19 television stations in the United States and will have equity interests in over 240 radio stations around the world. In its other significant business, Clear Channel operates more than 700,000 outdoor advertising displays,including billboards, street furniture and transit panels. After an aggressive acquisitions campaign in sports and entertainment, SFX Entertainment has sought to establish an early lead in marketing “live experiential” events. SFX develops and manages touring Broadway shows, and sells Broadway subscription series and individual productions in 55 markets. An integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally, SFX has 122 venues overall, and owns or operates venues in 31 of the top 50 domestic markets.
-- By Murdoch McBride