Along with the concert promotion companies and music venues, his new title puts him in charge of all of Spinco’s touring theatrical productions as well as its motorsports and sports agency business.
CCC recently filed a Form 10 with the Securities & Exchange Commission to spin off its live entertainment assets into one independent, publicly-traded company. That transaction and the selection of a new operating name is expected to be completed by the end of the year.
In the filing, Rapino was already named president and CEO of Spinco’s Global Music arm. He now replaces CCC exec VP and CEO Randall Mays, who was Spinco’s interim chairman/CEO.
Most observers had speculated that the Mays family would look for someone with well-established Wall Street credibility, not necessarily music business savvy, to head the spin-off. While the new CEO would deal with the investment bankers, it was assumed that Rapino would be left to run the day-to-day management of the world’s biggest live entertainment company. His selection to lead the entire enterprise is a stunning vote of confidence from the Mays family.
In recent days, several other potential CEO names had surfaced in the industry rumor mill but the Mays family elected to go with someone who appears to have quietly demonstrated an understanding of the nature of what lies ahead.
Rapino has received high marks at the company since taking the helm of Global Music. He has been credited with leading the efforts to keep artist guarantees and ticket pricing in check along with trying to inject a more customer friendly environment for Clear Channel’s core amphitheatre business.