John Partilla, who oversaw “cross-platform sales” at Time Warner (TWX), is leaving the media conglomerate to take a similar post at radio and billboard giant Clear Channel. Partilla has been at Time Warner since 2004; prior to that, he’d worked for various ad agencies and had founded WPP’s Brand Buzz unit.
Just like everyone else who racked up lots of loans when the banks were giving cash with almost no strings attached, big media have a debt hangover. Clear Channel, whose private equity owners took on $17 billion in debt to acquire it last year, is getting hammered by investors who think it won’t be able to pay that money back. Next up for scrutiny: CBS, which has a big debt payment due next year and not that much cash on hand.
In addition to myriad rock star perks you’ve already heard about, here’s another one to add to the list: Better stock deals. At least when you’re talking about stock in concert promoter Live Nation. Since Live Nation shares have gotten pummeled, you’d think those music acts would be hurting, too. Nope.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
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