Bob Pittman, a former CEO of MTV Networks and chief operating officer of AOL before its merger with Time Warner, has been promoted to CEO of Clear Channel Media Holdings, the Associated Press reported today. He will be tasked with turning around the terrestrial radio company’s fortunes; it currently has about $20 million in debt and is facing advertising pressure from rivals like satellite radio an online service Pandora. Clear Channel owns 850 stations nationwide and recently launched the iHeart Radio Web streaming service with a major Las Vegas concert in September, which Pittman spearheaded as head of the company’s media and entertainment platforms. He becomes the first boss of Clear Channel who is not a member of the founding Mays family after Mark Mays departed as CEO in March.