He replaces CCE CEO Randall Mays.
First tipped here, Michael Rapino has been named CEO of CCE Spinco. The newly-created Clear Channel Entertainment entity will be renamed when it spins off from parent company Clear Channel Communications later this year.
Rapino will now oversee CCE Spinco's global music, theater, sports representation and motor sports businesses. He replaces Randall Mays, who was named Interim Chairman and CEO earlier this year. The move to CEO of the entire company comes as CCE gears up to stand on its own, clear of its radio and outdoor advertising conglomerate parent.
CCC earlier announced that it would spin off CCE, which the radio giant purchased in 2000 for $4.5 billion from SFX. As part of the spinoff, CCE's then-CEO Becker stepped down "to pursue entertainment content opportunities through acquisition and development."
Rapino, 39, was most recently president/CEO of Clear Channel Music Group, which includes CCE's amphitheaters and global concert businesses. He was upped from head of European operations last summer in what amounted to a battlefield promotion in the midst of a brutal concert season. He now heads the largest live entertainment company in the world.
After the spinoff CCE will be a separate, publicly traded company, and sources indicate CCE will likely move forward in one piece instead of being broken into separate entities.