NEW YORK — Radio consolidator Chancellor Media Corp. formalized its interest in complementary media Wednesday by extending the Chancellor name to three operating divisions and designating a head for each.
- James E. de Castro, chief operating officer of Chancellor, has been named president of Chancellor Radio Group;
- Gary R. Chapman, president and CEO of recent Chancellor acquisition LIN Television, becomes president of Chancellor Television Group; and
- James A. McLaughlin, former CEO of Peterson Outdoor Advertising successor POA Acquisition Corp., joins as president of Chancellor Outdoor Group.
James M. Marsh Jr., who follows Chancellor for Prudential Securities, was not surprised by the first two appointments, as both division leaders were already aboard the Dallas-based company, but called Chancellor’s successful courtship of high-level outsider McLaughlin for the outdoor division “good news.”
McLaughlin, who has 25 years in outdoor advertising, engineered more than a dozen acquisitions during his seven years at POA while overseeing a 100%-plus pop in revenues. POA has since been sold to Universal Outdoor Holdings for $240 million, delivering a profit to shareholders in excess of $115 million.
Before joining POA, McLaughlin was managing partner at Turner Outdoor Advertising, purchased from Ted Turner in 1983. And, most recently, he was founder and CEO of privately held Triumph Outdoor Holdings, which provided municipal advertising opportunities on bus shelters, bus sides, bus benches, street furniture and airports in Las Vegas and Denver.
On announcing the appointments, Chancellor reiterated its strategy “to continue to generate superior results from each of its three areas of operation while deriving significant incremental benefits from the marketing and promotional synergies that will be created among the three units.”
The basic idea is to offer advertisers one-stop shopping for commercial space and time. A groundbreaking multimedia package that combined all the elements Chancellor seeks to sell was announced earlier this month (Daily Variety, Aug. 4) by CBS Corp. and client Pennzoil.
Marsh pointed out that the multimedia approach provides radio consolidators like Chancellor and San Antonio-based Clear Channel Communications “added flexibility in deploying their cash flow.”
Chancellor stock closed up 50¢ Wednesday to $45.81.