Ending speculation about his future with Clear Channel Entertainment, veteran Philadelphia promoter Larry Magid is in final negotiations for a new long-term contract with the company.

Ending speculation about his future with Clear Channel Entertainment, veteran Philadelphia promoter Larry Magid is in final negotiations for a new long-term contract with the company.

Magid tells Billboard.biz he will continue as president of CCE's Philadelphia operation, Electric Factory Concerts. He says recent initiatives under CCE's new president of global music Michael Rapino sparked his decision.

"With Michael Rapino coming in, I like the changes that have been made," Magid says. "That made the fit for me a lot easier. Michael has the abiity to change our business, and I can't think of any other person in that position for the past three or four years."

In addition to overseeing Electric Factory, Magid co-produced Billy Crystal's Broadway run "700 Sundays" at the Broadhurst Theatre and Bette Midler's "Kiss My Brass" tour.