Becker Details Emerge

Details of the split between former Clear Channel Entertainment CEO Brian Becker and his ex-employer were published in a recent filing with the Securities and Exchange Commission.

Clear Channel Communications filed a Form 10-Q November 8th, detailing its well-publicized third-quarter financial results. However, an attached exhibit shed some more light on the finer points of Becker’s future plans.

It was already understood – through a Form 8-K filing by Clear Channel near the end of October – that the company agreed to pay Becker $925,000 and retain him as a consultant for $1,000 a month. According to this month’s filing, the former chief will devote a maximum three hours a month to the business of CCC.

Also, Clear Channel will supply an undisclosed amount of cash to the operating expenses of Becker’s company, to be called Becker Entertainment Group LLC. At the same time, the exec has signed a non-compete clause for a 50-mile radius around where Clear Channel does business. The non-compete runs through the end of April 2006.

Becker has also agreed to a non-solicitation of current Clear Channel employees. The Form 10-Q specifically lists Bruce Eskowitz, Scott Zeiger, Steve Winton and David Ian. Becker cannot recruit them nor encourage them to terminate their current employment until October 2006.

Clear Channel Entertainment is currently under the guidance of Michael Rapino. The company is expected to be spun-off from Clear Channel Communications sometime before New Year’s Eve, and will become an independent, publicly traded company.