R. Steven Hicks
R. Steven Hicks serves as Executive Chairman of Capstar Partners, LLC. He currently serves on The University of Texas System Board of Regents, having been appointed by Governor Rick Perry in February 2009. He was reappointed in February 2011, and again in January 2015 by Governor Greg Abbott. Mr. Hicks also serves on the UTIMCO Board of Directors.
Prior to founding Capstar Partners, Mr. Hicks was a 28-year veteran of the radio industry. In 1996, Mr. Hicks founded and served as chief executive officer of Capstar Broadcasting Corp. Capstar Broadcasting was a leading consolidator of middle market radio stations across the U.S., and eventually owned 350 stations, the most of any company at the time. Mr. Hicks led Capstar Broadcasting to a successful initial public offering on the New York Stock Exchange in 1998. In 1999, Capstar Broadcasting merged with Chancellor Media Corp. in a stock swap valued at $4.1 billion, and the combined Company was renamed AMFM Inc. Mr. Hicks served as vice-chairman and chief executive officer of the new media division of AMFM until it was acquired by Clear Channel Communications for $23 billion in 2000.
Prior to Capstar Broadcasting, Hicks co-founded and served as CEO of SFX Broadcasting, Inc., building it into a publicly traded industry leader and one of the five largest radio groups in the country. Hicks left the company in mid-1996 to begin building the Capstar Broadcasting group.
Steve made radio history by inventing the local marketing agreement (LMA), the forerunner to the radio duopoly, which has dramatically changed the way the broadcasting industry did business by allowing consolidation of radio station operations. This innovation changed FCC regulations and returned many radio stations to profitability, increasing the value of broadcast properties across the nation. Eventually, Hicks’ new system of management helped persuade Congress to change ownership rules in the 1996 Telecommunications Act.
In 1997, Mr. Hicks received the award for Radio Executive of the Year and was ranked one of the 10 Most Powerful People in Radio by Radio Ink magazine. In 1996, Mr. Hicks was honored as an Ernst & Young Entrepreneur of the Year and recognized as Broadcaster of the Year by the Texas Association of Broadcasters.
Mr. Hicks serves on numerous charitable and professional boards, and spends time mentoring entrepreneurs. Mr. Hicks graduated from the University of Texas at Austin in 1972 with a BA in Government.
John D. Cullen
John D. Cullen currently serves as a Partner at Capstar Partners. For Capstar, Cullen previously served as CEO of DMX Music, which was sold to Mood Media in March 2012. Following the sale to Mood Media, Cullen served as President of Mood Media International, the world’s largest company engaged in business media services.
Prior to joining Capstar, Cullen had twenty-five years of experience in management and marketing including twenty years of experience in Radio Sales, Sales Management, General Management and Senior Media Management. Cullen served as a member of the Executive team with Clear Channel (NYSE:CCU) as President of the International Division and as the Senior Vice President for Clear Channel Radio.
Prior to joining Clear Channel, Cullen served as the President of the New Media division of AMFM (NYSE:AFM) where he supervised the Services and Technology initiatives for AMFM including Katz Radio and Television Media Group, Prophet Systems, Galaxy Yield Management and Star Performance Academy. Prior to AMFM, Mr. Cullen served as the Chief Operating Officer of Capstar Broadcasting Partners (NYSE:CRB), successfully managing the then largest Radio broadcast company in the United States. The Company completed the acquisition of stations in 75 markets preparing the Company for an Initial Public Offering. In 1998 the Company successfully completed the then largest Radio IPO in history.
The Capstar Broadcasting involvement stemmed from the results achieved in GulfStar Broadcasting where serving as President and CEO, the Company was transformed from a privately held eight-station group in 1996 into an eighty- seven station asset by July of 1997. Prior to 1996, Cullen held various management positions within SFX, Capstar Broadcasting, Cox and Sterling Communications.