MTV founder Bob Pittman, who went on to become president and COO of AOL in its heyday, has been named CEO of Clear Channel Communications, which owns 850 radio stations. In recent years, as local advertising expenditures have dried up during the recession, Clear Channel has been operating in the red. In an interview with Karen Swisher of AllThingsD[igital].com, Pittman hinted that he would like to align traditional radio with online broadcasting more closely. "I think this company has everything it needs to be a great media company in the new media landscape," he said. In a statement, John Connaughton, Managing Director of Bain Capital, said, "He thinks big, is not afraid of change and is intensely focused on driving new businesses, expanding our creative talent and maximizing the full value of Clear Channel's extraordinary assets, ideas and people."