Drew Lipsher is no longer running business development at Clear Channel Communications (CCMO), Fortune has learned.
Lipsher joined the media and advertising giant last April, after having spent nearly five years as a venture capitalist with Greycroft Partners, which focuses on early-stage digital media investments. Before Greycroft, Lipsher was a senior corporate development exec with such companies as Interscope-Geffen-A&M, News Corp. and BMG Entertainment.
Two-word explanation: Bob Pittman.
Pittman was installed as Clear Channel's CEO last October, and began bringing in some of his own people. One of them was Steven Cutler – a partner at Pittman's Pilot Group investment firm – who in late December joined in the newly-created position of "senior VP of business development and corporate strategy."
A Clear Channel spokeswoman says that Lipsher's departure and Cutler's arrival were unrelated, but a source familiar with the situation (and common sense) says otherwise. No comment yet from Lipsher.
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Bob Pittman's right-hand man goes out on his own.
New York City is about to get (yet) another seed-stage venture fund, Fortune has learned.
It's called Trigger Media Group and is run by Andy Russell, a co-founding partner of Bob Pittman's Pilot Group. His colleagues so far seem to be a handful of McKinsey alumni, including Vanessa Liu and Jonathan Keidan.
A source familiar with Trigger says that it has raised $23 million MOREDan Primack - Sep 20, 2011 8:39 AM ET
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