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HOUSTON, Feb. 18, 2019 /PRNewswire/ -- Texas law solid Roberts Markel Weinberg Butler Hailey pc (RMWBH) is blissful to proclaim that seven shareholders with the solid are board licensed with the aid of the Texas Board of felony Specialization in precise estate-house owners association (POA) legislation, and the enterprise now has the highest variety of attorneys certified in that uniqueness in the state.
In Texas, only 32 of over 103,000 licensed attorneys are board certified in POA legislation. At RMWBH, Shareholders Rick Butler, Marc Markel, Clayton Hearn, Brady Ortego, Sipra Boyd, Clint Brown and Cliff Davis occupy completed this certification.
Of the forty attorneys at RMWBH, 15 at the minute are board licensed, 10 of whom are certified in at the least two region of expertise areas and three who are licensed in three distinctiveness areas.
In Texas, most efficient eight p.c of licensed attorneys are board certified, with only one % of any attorneys board licensed in two specialty areas.
To win certification, attorneys occupy to comprehensive a rigorous application based by using the Texas Board of felony Specialization and the Supreme courtroom of Texas. The system involves a stringent, distinctiveness region examination it is designed to set aside these attorneys as practitioners with the maximum dedication and talents in their areas.
"i am pleased with any their attorneys who done board certification this yr, including a few who earned certification in a second or third enviornment of law," said founding Shareholder Rick Butler. "It in fact suggests the degree of commitment their legal professionals should their craft and their consumers."
incomes board certification for the first time are enterprise Shareholders Sipra Boyd, Clint Brown and Jane Janecek. Boyd, Brown and Janecek executed their certification in Residential precise estate law. together with their POA legislations certification, Boyd and Brown are now double board licensed. additionally, achieving board certification in Residential actual property law is Shareholder Clayton Hearn.
Hearn provides POA and Residential just property to his current Labor and Employment law certification, making him the most efficient solicitor in the status with this selected compund of board certifications.
"The tests occupy been a actual test of my capabilities as an legal professional in POA legislations and Residential just estate legislation," spoke of Boyd. "but the system of becoming a board licensed legal professional has been beneficial, and i am longing for taking the competencies I occupy won to more desirable serve my shoppers."
Others already board certified at the enterprise in quite a few apply specialties are Jeff Roberts and Gregg Weinberg in Civil crucible legislation and private injury crucible law; Rahila Sultanali in Residential and commercial just estate law; Himesh Gandhi in trade precise estate legislation; Rick Anderson and Dustin Fessler in industrial and customer legislations; and Justin Markel in Labor and Employment legislation. Rick Butler and Marc Markel prior to now bought board certifications in Residential precise property legislation and trade just estate legislation and are actually board licensed in three areas.
About RMWBH – With places of drudgery in Houston, fortress Bend, Austin, Dallas and San Antonio, Roberts Markel Weinberg Butler Hailey notebook, offers the undergo and capabilities valued clientele require for his or her transactional and litigation wants statewide. Rated by using U.S. word – greatest attorneys as a desirable just property law firm, the Martindale-Hubbell AV-Preeminent RMWBH has celebrate areas masking neighborhood associations, labor and employment for enterprise house owners and employers, knowledgeable legal responsibility, directors and officers litigation, fiduciary litigation, industrial litigation, appeals, edifice legislation, company law and precise estate transactions.
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SARASOTA, Fla. – Williams Parker is glad to proclaim accomplice William M. Seider, a Florida Bar board certified just property attorney, has completed an additional Florida Bar board certification in house and deliberate edifice legislation. he's one in every of three attorneys in Sarasota to grasp both designations.
Mr. Seider handles more than a few actual estate matters and specializes in representing developers to structure, finance, construct, and strengthen condominiums and subdivisions. He additionally handles excessive-end residential sales and has helped configuration greater than 100 condominiums and subdivisions within the area, including Fairway Bay III, Marina Bay, sundown seaside, august Bay I – VI, The Plantation Golf and nation membership, Phillippi Landings, and Marina Tower.
Williams Parker’s actual estate celebrate includes 15 attorneys, nine of whom are board licensed, and 14 just property paralegals and prison assistants. From simple residential actual estate closings to advanced trade transactions, the community provides tips on a full latitude of precise estate-connected considerations, including financing, taxation, land use, planned trends, condominiums, and contracting, for actual property experts, developers, and buyers. The enterprise additionally assists new residents in setting up residency and transitioning estates to select capabilities of Florida’s benign tax climate and asset insurance map legal guidelines.
About Williams Parker
based in 1925, Williams Parker comprises over 50 attorneys and offers one among Florida’s largest trusts and estates practices; tax and employment businesses with large depth; and accomplished actual estate, litigation, company, and healthcare practices. The company too serves valued clientele’ wants globally via its membership in Ally legislations, an international alliance of legislations establishments, whose 60 member establishments consist of greater than 2,300 attorneys in a hundred enterprise facilities during 40 international locations. Williams Parker takes wonderful pride in its contributions to the neighborhood and ongoing investment in its place. The enterprise is discovered at 200 South Orange Avenue, Sarasota, Florida. For more counsel, gladden debate with www.williamsparker.com.
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COLUMBUS, Ohio, March 1, 2019 /PRNewswire/ -- The national Board of crucible Advocacy (NBTA) is completely contented to proclaim that ANDREW S. GROSSMAN of the legislation company GROSSMAN legislation workplaces has efficaciously carried out Board Certification as a household legislations recommend. The NBTA become formed out of a robust conviction that each the legislations occupation and its consumers would capitalize from a company designed in particular to create an point set of requisites illustrating an lawyer's undergo and abilities in the practice of crucible law.
Andrew joins a starting to live variety of crucible attorneys which occupy illustrated their dedication to bettering the felony career through efficaciously finishing a rigorous software procedure and featuring the customer of legal services with an purpose measure during which to opt for qualified and experienced felony assistance.
The difficult screening of credentials that each one NBTA board certified attorneys must successfully complete contains: demonstration of giant crucible experience, submission of judicial and peer references to attest to their competency, attendance of continuing legal schooling lessons, submission of felony writing documents, proof of superior standing and passing of an examination.
Board Certification is the highest, most stringent, and highest character veneration an attorney can achieve. Board certifications are the only distinctions awarded through non-income groups. The NBTA in addition to any board certifying companies are dedicated to safeguarding the generic public's capacity to opt for a superb attorney.
Andrew earned his undergraduate diploma in English Literature from the school of Kansas. he's a graduate of Capital legislation college. Mr. Grossman is licensed to practice in Ohio, and the District of Columbia. He has been involved in a lot of trials in extremely advanced family unit legislations situations. he is a Diplomate of the American school of family crucible lawyers, a Fellow of the American Academy of Matrimonial lawyers and has been listed in touchstone legal professionals every year since 2012.
about three percent of yank legal professionals are board licensed, and Mr. Grossman is a member of a extremely opt for group who has taken the time to flaunt competence of their distinctiveness region and win board certification.
For extra guidance on solicitor Andrew S. Grossman gladden visit: www.grossmanlawoffices.com and www.nbtalawyers.org
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Intangible assets are increasingly faultfinding to corporate value, yet current accounting standards achieve it difficult to capture them in monetary statements. This information gap can affect valuations for the worse.
Today, valuations based on simple accounting metrics from corporate monetary statements no longer suffice. Indeed, Feng Gu and Baruch Lev occupy highlighted their shortcomings, going so far as to herald “the halt of accounting” while stressing the requisite for valuation methods derived from key performance indicators (KPIs) outside the framework of generally accepted accounting principles (GAAP).
So what are the common methodologies for intangibles valuation that build on historical and prospective monetary information within the framework of current accounting standards? And how can they live integrated with non-GAAP KPIs to assess a firm’s competitive position?What Are Intangible Assets?
The “International Glossary of trade Valuation Terms” (IGBVT) defines intangible assets as “non-physical assets such as franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities and contracts (as distinguished from physical assets) that concede rights and privileges, and occupy value for the owner.” For monetary reporting under US GAAP, they are defined as “assets (not including monetary assets) that lack physical substance.” GAAP has a separate definition of goodwill: “the excess of the cost of an acquired entity over the net amounts assigned to assets acquired and liabilities assumed.”
The US Bureau of Economic Analysis (BEA) started tracking investments in intangible capital by private enterprises as Part of its GDP database in 2013. Its intangible capital metric includes accumulated spending on software, R&D, and intellectual property related to arts and entertainment — a “cost” perspective. Since 2012, the annual investment in intellectual property products by private enterprises in the United States has grown at a 6.2% annualized rate to $938 billion as of October 2018 (annualized).
Investment in Intellectual Property Products
Source: US Bureau of Economic Analysis, Table 1.1.5; final revised October 2018
Investment in intellectual property now represents 33.41% of total US grievous domestic investment in 2018, up from 30.95% at year-end 2012. Over the selfsame period, investments in Structures as a percentage of total US grievous private domestic investment occupy remained flat, while investments in apparatus occupy fallen.
US grievous Domestic Investment (Percent of Total)
Source: US Bureau of Economic Analysis, Table 1.1.5 final revised October 2018
Nicolas Crouzet and Janice Eberly recently notable that the accumulation of intangible capital has spurred market concentration in favor of those firms that can best leverage the scaling benefits of advanced technological infrastructure. They too celebrate that intangible capital is difficult to consume as collateral for financing. The augment in intangible capital investment likely reduced the harmony of overall investment financed through bank debt and may occupy opened the door for such non-banking players as private debt funds in corporate lending.Financial Reporting and Valuation Challenges
As investments in intangibles grow, assessing the value of those assets as drivers of enterprise value becomes ever more essential. Both IFRS and GAAP are “mixed models” with different ways to account for intangible assets acquired as Part of a trade combination compared to those that are internally developed. The former must live measured at just value at the time of the acquisition, included in the acquirer’s equilibrium sheet, and then theme to amortization or intermittent impairment testing. Under GAAP, internally developed intangible assets tend not to loom on the equilibrium sheet and related costs are expensed as incurred. Under IFRS, such assets are recognized only if unavoidable criteria are met.
When it comes to the income statement, an enterprise’s earnings under GAAP generally include an amortization suffuse for the intangible assets that are in the equilibrium sheet and occupy a “determinable” useful life, and a suffuse in R&D or sales and administration expenses for internally developed assets that are not capitalized. It may too include an impairment amount recognized on goodwill or on the intangible assets that occupy been capitalized and occupy undetermined useful life. Analysts who compare companies across borders requisite to understand the specific intangibles-related differences between GAAP and IFRS.
The different accounting treatment of acquired versus internally developed intangible assets could create comparability issues for companies with different growth strategies. A solid that has developed its portfolio of intangible assets through acquisition will probably occupy a higher participate of intangibles recognized in its equilibrium sheet (and more goodwill) than one that developed intangible assets internally. This will affect equilibrium sheet ratios and reported earnings.Microsoft vs. Apple
Intangibles picture 16.9% of Microsoft’s total assets but only 2.7% of Apple’s, according to an analysis of their 10-Ks. This reflects, in part, Microsoft’s greater appetite for acquisitions. Analysts requisite to grasp the varying treatments of internally developed versus acquired intangibles to ensure that confiscate valuation adjustments are made for comparability. They should too integrate differences in intangibles accounting in the algorithms they develop for automated trading and factor investing.
Intangibles as a Percent of Total Assets
Valuation Models for Intangible Assets
Five of the more common valuation methods for intangible assets that are within the framework of the cost, market, and income approach are described below. These approaches can live integrated into an analysis of non-GAAP KPIs and other conceptual frameworks.
1. Relief from Royalty system (RRM)
The RRM calculates value based on the hypothetical royalty payments that would live saved by owning the asset rather than licensing it. The rationale behind the RRM is fairly intuitive: Owning an intangible asset means the underlying entity doesn’t occupy to pay for the privilege of deploying that asset. The RRM is often used to value domain names, trademarks, licensed computer software, and in-progress R&D that can live tied to a specific revenue stream and where data on royalty and license fees from other market transactions are available. Generally, the RRM involves the following steps:
The RRM contains assumptions from both the market (royalty rate) and income approach (estimate of revenue, growth rates, tax rates, discount rate). To contemplate how it works in practice, they conducted a hypothetical domain name valuation using the RRM:
Valuation of Domain Name: Royalty Relief Method
Keep in judgement the domain name’s just value includes an amortization capitalize multiplier that incorporates the value of the tax capitalize resulting from the amortization of the asset. The amortization capitalize is calculated as the present value of the tax savings that results from a 15-year amortization of the asset. In calculating the amortization adjustments for US companies, analysts should live mindful of the corporate tax rates changes resulting from recent US tax reform and rate their impact on intangible amortization over the era considered in the valuation.
2. Multiperiod Excess Earnings system (MPEEM)
The MPEEM is a variation of discounted cash-flow analysis. Rather than focusing on the entire entity, the MPEEM isolates the cash flows that can live associated with a unique intangible asset and measures just value by discounting them to present value. The MPEEM tends to live applied when one asset is the primary driver of a firm’s value and the related cash flows can live isolated from the firm’s overall cash flows. Early stage enterprises and technology firms are prime candidates for this approach. Computer software and customer relationships are among the sorts of assets that frequently generate such cash flows and could live assessed with just value measurement using the MPEEM. The MPEEM usually involves the following steps:
Assessing the CAC can live a challenge with MPEEM. The required returns on CAC must live consistent with an assessment of the risk of individual asset classes and should reconcile overall to the enterprise WACC. Also, the projection era for the PFI used in the model should reflect the estimated useful life of the theme asset. That may involve significant judgment.
3. With and Without system (WWM)
The WWM estimates an intangible asset’s value by calculating the incompatibility between two discounted cash-flow models: one that represents the status quo for the trade enterprise with the asset in place, and another without it. The WWM is often used to value noncompete agreements.
4. actual Option Pricing
As Aswath Damoradan noted, “the most difficult intangible assets to value are those that occupy the potential to create cash flows in the future but enact not birthright now.” These assets occupy option characteristics that achieve them suitable to live valued using option pricing models and include undeveloped patent and undeveloped natural resource options, among others.
For a actual option to occupy significant economic value, competition must live restricted in the event of the contingency. This is frequently the case for patents, which give the owner the birthright but not the duty to exclude others from making, using, selling, offering for sale, or importing the patented invention. An undeveloped patent may occupy zero “intrinsic” value if the net present value of the underlying project is deemed to live zero or negative at the measurement date. Still, the patent may occupy considerable “time” value based on the possibility that the net present value of the project will circle out to live positive at some point over the life of the patent.
An option pricing model may live most suitable to capture the “time value” component of a patent that is not currently generating cash flows for the firm, but may occupy the potential to enact so in the future. For instance, they can rate the value of a patent on a drug that is undergoing the FDA approval process using a Black-Scholes option pricing formula as follows:
Inputs under Black-Scholes Option Pricing Model
Patent Value (Call Value Resulting from the Black-Scholes Formula) = $ 26,347,850
As with stock options, a key challenge in the valuation of actual options is assessing the underlying volatility. Moreover, actual options require estimates for the exercise price (the cost of developing the patent in their example), and the current price of the underlying (the present value of the cash flows from introducing the drug now), which are generally observable for options on listed equities. Overall, while there is judgment involved in the application of option pricing models to intangible assets, there is too a significant amount of guidance and industry practice that has developed over time and that the analyst can advert to for implementation.
5. Replacement Cost system Less Obsolescence
This system requires an assessment of the replacement cost for the intangible asset new, that is “the cost to construct, at current prices as of the date of the analysis, an intangible asset with equivalent utility to the theme intangible, using modern materials, production standards, design, layout and character workmanship.” The replacement cost is then adjusted for an obsolescence factor relative to the intangible asset. A simple replacement cost model for acquired software that adjusts for obsolescence and takes into account the tax impact of the asset’s amortization is shown below. It weighs the tax impact of the asset’s amortization, which is most material if the intangible asset is considered within the framework of the valuation of an overall enterprise. A pre-tax asset valuation may live more suitable under unavoidable circumstances, particularly if the asset is valued on a stand-alone basis.
Valuation of Acquired Software: Replacement Cost system Less Obsolescence
This valuation exercise considers the tax impact of the asset’s amortization, which is most material if the intangible asset is considered within the framework of the valuation of an overall enterprise. A pre-tax asset valuation may live more suitable under unavoidable circumstances, particularly if the asset is valued on a stand-alone basis. The rate of the obsolescence percentage is too a faultfinding factor in this model, and is often developed based on inquiries with technical management personnel.
The table below provides a summary of the cost, market, and income approach models as they typically apply to the main classes of intangible assets:
Intangible Valuation Approach Summary
In today’s economy, the value provided by intangible assets must live captured in enterprise valuation. Analysts occupy to expand the compass of data sources and techniques they consume in valuation and develop methodologies that are suitable to the intangible asset being valued for more trustworthy valuation results. Such methodologies provide new perspectives on the cost, market, and income approaches and can live integrated with an analysis of non-GAAP KPIs and other conceptual frameworks.
Identifying and valuing intangible assets is faultfinding not only in an active management framework, but too in factor investing and quantitative modeling in passive strategies that depend on monetary statements data and that may requisite adjustments for comparability.
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All posts are the persuasion of the author. As such, they should not live construed as investment advice, nor enact the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.
Image credit: ©Getty Images/ estelle75Antonella Puca, CFA, CIPM, CPA Mark L. Zyla, CFA, CPA/ABV, ASA
NEW YORK & SAN ANTONIO--(BUSINESS WIRE)--
New Board Will Bring Broad, Global Expertise to Position the new Company for Future Growth
Clear Channel Outdoor Holdings, Inc. (CCO), a subsidiary of iHeartMedia, Inc. (IHRTQ), announced today the members selected to serve on its new Board of Directors when it becomes a standalone company upon iHeartMedia’s emergence from its previously announced restructuring process.
In conjunction with, and theme to, confirmation of iHeartMedia’s map of Reorganization, pellucid Channel Outdoor Holdings’ (CCOH) post-emergence Board will consist of the following Directors, any of whom possess highly material learning and undergo faultfinding to positioning the company for future success:
Ben Moreland (Chair) – W. Benjamin (Ben) Moreland will serve as the lead independent director on the Board of Directors. He is a private investor and retired CEO of Crown Castle, where he remains a member of the Board of Directors. Crown Castle (CCI), a leading provider of wireless infrastructure in the US, owns and operates over 40,000 towers and diminutive Cell facilities, supported by over 60,000 route miles of fiber in key US markets. An S&P 500 Company headquartered in Houston, Texas, Crown Castle has over 4,000 employees in the US. Prior to his retirement, Mr. Moreland served as Executive Vice Chairman from June 2016 through December 2017 and was President and Chief Executive Officer from July 2008 through May 2016. From 2000 through 2008, Mr. Moreland was Chief monetary Officer. Mr. Moreland joined Crown Castle in 1999, after 15 years with Chase Manhattan Bank and predecessor banks, primarily in corporate finance and actual estate investment banking.
Mr. Moreland is a former board member and Chairman of the Board of WIA-The Wireless Infrastructure Association and former member of the Executive Board of the National Association of actual Estate Investment Trusts (NAREIT). He too served on the Board of Directors of Calpine Corporation (C-PN) from 2009 until its privatization in March 2018, and Monogram Residential confidence (MORE) from 2016 until its privatization in September 2017. Mr. Moreland is too a former member of the executive board of the Greater Houston Partnership.
Mr. Moreland currently serves on the Board of Houston Methodist Hospital, where he chairs the subsidiary, Methodist Health Centers Board. He is too a member of the Board of the Hope and Healing Center, a comprehensive mental health resource non-profit serving the Houston Community and beyond. He is a member of the University of Texas McCombs School of trade Advisory Council and Chancellor’s Council Executive Committee. He holds a BBA from The University of Texas at Austin and an MBA from The University of Houston.
William Eccleshare – Mr. Eccleshare is the current CEO and Board Chairman of pellucid Channel International – the international division of pellucid Channel Outdoor. efficient upon iHeartMedia’s emergence from its restructuring, Mr. Eccleshare will become Chief Executive Officer of the new standalone CCOH. Mr. Eccleshare was formerly Chairman and CEO of BBDO Europe, Middle East and Africa (Omnicom), European Chairman of juvenile and Rubicam and Chairman and CEO of Ammirati Puris Lintas for Northern Europe. He too spent three years as a confederate at McKinsey & Co, leading the firm’s European Branding Practice. Mr. Eccleshare has an MA in History from Trinity College, University of Cambridge.
John Dionne – Mr. Dionne is a Senior Advisor to the Blackstone Group and a Senior Lecturer in the Finance Unit at the Harvard trade School. He is too a director of Caesars Entertainment, Cengage Learning Holdings II, Inc., Momentive Performance Materials, Inc. and Pelmorex Media, Inc. Until he retired from his position as a Senior Managing Director of Blackstone in 2013, Mr. Dionne was most recently Global Head of its Private Equity trade evolution and Investor Relations Groups and served as a member of Blackstone’s Private Equity and Valuation Committees. Mr. Dionne originally joined Blackstone in 2004 as the Founder and Chief Investment Officer of the Blackstone Distressed Securities Fund. Mr. Dionne began his career with price Waterhouse and holds an M.B.A. from the Harvard trade School and a BS degree in Accounting, Economics, and Finance from The University of Scranton.
Lisa Hammitt – Ms. Hammitt is a senior software executive with 25 years of industry experience. As Vice President of Cloud Marketplace and SaaS at IBM, she helps customers leverage Cognitive Computing in the Cloud. Prior to IBM, Ms. Hammitt was a VP of Marketing of Salesforce Community Cloud, where she spearheaded strategy that drove community adoption and reach. Before Salesforce, she headed mergers and acquisitions in Information Management and Cloud Computing at IBM and HP. Ms. Hammitt received a BA in economics and French from UC Berkeley and completed graduate course drudgery in artificial Intelligence at Stanford University.
Andrew Hobson – Mr. Hobson serves as confederate and Chief monetary Officer at Innovatus Capital Partners, LLC. Prior to joining Innovatus, Mr. Hobson was a senior monetary Executive at Univision for over twenty years. He served as Senior Executive Vice President at Univision Communications Inc. since 2004 and Chief monetary Officer since 2005. Mr. Hobson holds a B.S.E. in both Finance and Accounting, magna cum laude, from University of Pennsylvania – The Wharton School.
Tom King – Mr. King has more than 30 years of undergo in the investment banking and monetary services industry. Most recently, Mr. King served as Chief Executive Officer of Investment Banking at Barclays and Chairman of the Investment Banking Executive Committee. Mr. King was too a member of the Barclays Group Executive Committee which oversees any of the Barclays plc businesses. Mr. King is an Operating confederate at Atlas Merchant Capital. He holds a BA in Economics from Bowdoin College and an MBA in finance from University of Pennsylvania - The Wharton School.
Joe Marchese – Joe Marchese is President of Advertising Revenue for Fox Networks Group, a role in which he oversees advertising sales, research and innovation for FOX Broadcast, FOX Sports, FS1, FX, FXX and National Geographic. This includes tentpole advertising events enjoy the World train and Super Bowl. Mr. Marchese was previously co-founder and CEO of true[X], the leader in ad engagement technology, which was acquired by 21st Century Fox in 2015. Prior to co-founding true[X], Joe has spent time as a media executive, management consultant and multiple time entrepreneur. Mr. Marchese is too the Executive Chairman of Human Ventures, a leading new York based start-up studio and venture fund. He is a member of the Board of Trustees of the Paley hub for Media. He too serves on Board of Directors for the non-profits Tribeca Film Institute and Team Rubicon. In 2016, Mr. Marchese was inducted into the American Advertising Federation’s Advertising Hall of Achievement. He graduated from Bentley University in Waltham, Massachusetts with a bachelor’s degree in Economics and Finance.
MT Rainey – British-born Ms. Rainey is a highly respected advertising industry leader in both the UK and the U.S. As SVP Planning Director of Chiat/Day in the U.S. she pioneered the discipline of Account Planning across the U.S. offices, then returned to institute Chiat/Day UK as CEO in London. She subsequently founded the highly successful agency Rainey Kelly Campbell Roalfe which was eventually acquired by Y&R, then became Joint CEO of the merged agency, leading it to a top 5 position within 4 years as Part of WPP. She was Chairman of and investor in Th_nk Ltd, a digital transformation agency recently sold to EPAM U.S. She too recently completed a six-year term as Non-Executive Director of Channel 4 Television, the latter two years as Deputy Chair. She has previously served as a Board Director on a number of publicly listed UK companies and is currently on the Board of Hays plc.
Jinhy Yoon – Ms. Yoon is an executive vice president and credit analyst at PIMCO covering technology, media and telecom companies. Prior to joining PIMCO in 2010, she was an equity research analyst at J.P. Morgan Securities in San Francisco, focusing on the semiconductor capital apparatus sector. Previously, Ms. Yoon covered integrated oil companies and independent refiners as an equity analyst at abide Stearns and was a corporate attorney with Simpson Thacher & Bartlett in new York. She has 14 years of investment undergo and holds a J.D. from Columbia University School of Law and a Bachelor of trade Administration degree from the University of Notre Dame. She is too a retired Certified Public Accountant (CPA).
The post-emergence Board is excited about CCOH’s prospects and looks forward to working with its stalwart management team to position the Company for future growth. Upon emergence, addressing the capital structure, including reducing leverage, will live a priority and CCOH has a variety of tools to enact so.
“The character of CCOH’s new Board is further validation of the power of its business,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “Its members occupy broad and global expertise across advertising and media businesses, telecom, technology, strategy and planning, and monetary service -- and are leaders who will provide the kindly of learning and undergo faultfinding to positioning CCOH for future growth and success.”
Clear Channel Outdoor Holdings, Inc.’s current Board of Directors will remain in spot until iHeartMedia emerges from its restructuring, at which time the new CCOH Board will assume its responsibilities. Until the company exits the restructuring process, Bob Pittman and loaded Bressler will continue their current leadership roles for CCOH, with Mr. Pittman as CEO and Mr. Bressler as Chief monetary Officer.
This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they enact not relate strictly to historical or current facts. These statements hold words such as “may,” “will,” “expect,” “believe,” “would,” “estimate,” “continue,” or “future,” or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, the proposed restructuring of iHeartMedia, timing to exit Chapter 11 and future outcomes. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot live predicted or quantified, and, consequently, actual results may vary materially from those expressed or implied by such forward-looking statements.
About pellucid Channel Outdoor Holdings, Inc.
Clear Channel Outdoor Holdings, Inc. (CCO) is one of the world’s largest outdoor advertising companies with over 450,000 displays in 31 countries across Asia, Europe, Latin America and North America. Reaching millions of people monthly, including consumers in 43 of the top 50 U.S. markets, pellucid Channel Outdoor enables advertisers to engage with consumers through innovative advertising solutions. pellucid Channel Outdoor is pioneering the integration of out-of-home with mobile and sociable platforms, and the company’s digital platform includes more than 1,200 digital billboards across 28 markets in the U.S. and more than 14,000 digital displays in international markets. More information is available at ClearChannelOutdoor.com and ClearChannelInternational.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190204005368/en/
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