Clear Channel Radio CEO signs on for 5 more years

NEW YORK (Reuters) - Clear Channel Radio Chief Executive John Hogan signed on Sunday a five-year contract to remain in his role with the company as its parent, Clear Channel Communications (CCU.N), heads toward closing a private buyout, according to a company memo obtained by Reuters.

Retaining Hogan is seen as a key step to shoring up company leadership after its $17.9 billion takeover by private equity funds Thomas H. Lee Partners THL.UL and Bain Capital.

"This management team will be on point to compete successfully against newspapers, cable, television and all of our other competitors," Clear Channel CEO Mark Mays said in the internal memo to staff, referring radio's ability to capture share of the advertising market.

The U.S. radio station operator has said it expects the deal to close in the third quarter. In May, a deal was struck between Clear Channel, its private equity buyers and a bank syndicate that is providing the financing to lower the transaction's price and settle litigation among the parties.

(Reporting by Michele Gershberg; Editing by Tomasz Janowski)