Clear Channel and Fleetwood Mac Sign Landmark Revenue-Sharing Agreement

Clear Channel and Fleetwood Mac Sign Landmark Revenue-Sharing Agreement
 
Agreement Creates Blueprint for a Sustainable Internet Radio Marketplace
In A First-Of-Its-Kind Performing Rights Partnership, Clear Channel Will Share Broadcast and Digital Radio Revenue with Fleetwood Mac
 
New York, NY and Los Angeles, CA – June 12, 2013 – Clear Channel Media and Entertainment and Fleetwood Mac today announced a landmark agreement – the first direct performing rights partnership between a radio company and an artist – that will enable the group to receive revenue from airplay on Clear Channel’s digital and broadcast radio platforms. The group’s new EP, Extended Play, features the first recording of new Fleetwood Mac music since the release of “Say You Will” over a decade ago.

“Fleetwood Mac has consistently pushed the envelope – creating new sounds, making music that seems designed for radio and looking at the industry in new ways,” said Irving Azoff of Azoff Music Management, a representative of the band. “It’s fitting that a group that’s played such an integral role in radio and music history would be the first band to take such a major step -- helping the music industry create a sustainable digital marketplace so it can thrive for decades to come. We’re delighted to join Clear Channel in creating a new model for the music industry, one that will be good for performing artists, good for music fans, and good for the people who have invested their talent, time and money.”

“Fleetwood Mac has blown me away from the first time I heard them – they are the perfect group for radio,” said Bob Pittman, CEO of Clear Channel. “Reaching an agreement with them is the clearest sign yet that this kind of revenue-sharing model represents the industry’s future – it is a win-win-win, for artists, fans and the music business.  We look forward to helping Fleetwood Mac get their hit songs to their fans on whatever platform or device they want to find them.”

One of the most popular bands in history and a member of the Rock and Roll Hall of Fame, the legendary Fleetwood Mac has sold over 100 million albums worldwide, including “Rumours,” one of the best-selling albums of all time, which spawned four top-ten singles, won the Grammy for Album of the Year in 1977 and remained No. 1 on the Billboard charts for 31 weeks. The band, which formed in London in 1967, has produced 17 studio albums over its long career.

The groundbreaking agreement with the iconic band follows similar agreements with a number of independent recording labels but it is the first to be negotiated directly with an artist or group, creating a milestone for Clear Channel and the industry. All of these agreements represent a significant step forward in building a sustainable business model for Internet radio.  The independent labels who have similar agreements with Clear Channel include Big Machine Label Group, Glassnote Entertainment Group, eOne, DashGo, Robbins Entertainment, Naxos, rpm Entertainment, Wind-up Records, Fearless Records, Zojak Records and Dualtone Records.

About iHeartMedia, Inc.

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the company’s fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500 platforms and 2,000 devices; the company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Visit iHeartMedia.com for more company information.