Lowry Mays
Encyclopedia
Lester Lowry Mays is the founder and current chairman of Clear Channel Communications
.
, USA
to Lester T. Mays and Mary Virginia Lowry. Mays attended the A&M College of Texas (now Texas A&M University
), where he received a B.S. in petroleum engineering
. After his 1957 graduation from Texas A&M, Mays joined the Air Force
, where he served as an officer. Upon his discharge from the Air Force, Mays earned an MBA from Harvard University
. He became an investment banker, rising to Vice President of Corporate Finance during his ten years at Russ & Company.
. The company purchased its first radio station, KEEZ-FM in San Antonio in 1972. He and his business partner Red McCombs
bought a second San Antonio Station, WOAI in 1975. This station was considered a "clear channel" station because no other station operated on its frequency and its 50,000 watt signal could be heard hundreds or even thousands of miles away on a clear night. Over the next several years, the company bought ten more struggling radio stations and turned them profitable, usually by switching their formats to religious or talk programming. The company went public in 1984. In 1988, they bought their first television station.
By the mid-90s, Clear Channel Communications owned 43 radio and 16 television stations. After the Telecommunications Act of 1996 significantly deregulated the broadcast industry, Mays and Clear Channel purchased 49 radio stations and an interest in New Zealand
's largest radio group. Within eight years, and with an influx of capital investment from the private-equity Griffith Family, Clear Channel had accumulated ownership of over 1200 radio stations and 41 television stations in the United States, as well as one of the nation's leading live entertainment companies and over 750,000 outdoor advertising displays.
In 2003 Mays testified before the US Senate that the deregulation of the telecommunications industry had not hurt the public. However, in an interview that same year with Fortune Magazine, he remarked, "We're not in the business of providing news and information. We're not in the business of providing well-researched music. We're simply in the business of selling our customers products."
Mays was inducted into the Radio Hall of Fame in 2004. After suffering a stroke in 2005, Mays relinquished his position as CEO of the company to his son, Mark
.
Mays has donated a substantial amount of money to the school to improve the business department. In 1996, A&M rewarded him by renaming their business school, now Mays Business School
, in his honor.
Mays and his wife, Peggy, have four children, sixteen grandchildren and many nieces and nephews. They live in San Antonio, Texas
, where they oversee the operations and giving of the Mays Family Foundation. His son-in-law, Michael McCaul
, is a Republican
congressman from Texas's 10th congressional district
.
Clear Channel Communications
Clear Channel Communications, Inc. is an American media conglomerate company headquartered in San Antonio, Texas. It was founded in 1972 by Lowry Mays and Red McCombs, and was taken private by Bain Capital LLC and Thomas H. Lee Partners LP in a leveraged buyout in 2008...
.
Early years
Lester Lowry Mays was born on July 24, 1935 in Harris County, TexasHarris County, Texas
As of the 2010 Census, the population of the county was 4,092,459, White Americans made up 56.6% of Harris County's population; non-Hispanic whites represented 33.0% of the population. Black Americans made up 18.9% of the population. Native Americans made up 0.7% of Harris County's population...
, USA
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
to Lester T. Mays and Mary Virginia Lowry. Mays attended the A&M College of Texas (now Texas A&M University
Texas A&M University
Texas A&M University is a coeducational public research university located in College Station, Texas . It is the flagship institution of the Texas A&M University System. The sixth-largest university in the United States, A&M's enrollment for Fall 2011 was over 50,000 for the first time in school...
), where he received a B.S. in petroleum engineering
Petroleum engineering
Petroleum engineering is an engineering discipline concerned with the activities related to the production of hydrocarbons, which can be either crude oil or natural gas. Subsurface activities are deemed to fall within the upstream sector of the oil and gas industry, which are the activities of...
. After his 1957 graduation from Texas A&M, Mays joined the Air Force
Air force
An air force, also known in some countries as an air army, is in the broadest sense, the national military organization that primarily conducts aerial warfare. More specifically, it is the branch of a nation's armed services that is responsible for aerial warfare as distinct from an army, navy or...
, where he served as an officer. Upon his discharge from the Air Force, Mays earned an MBA from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
. He became an investment banker, rising to Vice President of Corporate Finance during his ten years at Russ & Company.
Clear Channel Communications
In 1972 Mays founded the San Antonio Broadcasting Company, which became Clear Channel CommunicationsClear Channel Communications
Clear Channel Communications, Inc. is an American media conglomerate company headquartered in San Antonio, Texas. It was founded in 1972 by Lowry Mays and Red McCombs, and was taken private by Bain Capital LLC and Thomas H. Lee Partners LP in a leveraged buyout in 2008...
. The company purchased its first radio station, KEEZ-FM in San Antonio in 1972. He and his business partner Red McCombs
Red McCombs
Billy Joe "Red" McCombs is the founder of the Red McCombs Automotive Group, a co-founder of Clear Channel Communications, a former owner of the San Antonio Spurs, Denver Nuggets, and the Minnesota Vikings, and the namesake of the McCombs School of Business at the University of Texas at Austin...
bought a second San Antonio Station, WOAI in 1975. This station was considered a "clear channel" station because no other station operated on its frequency and its 50,000 watt signal could be heard hundreds or even thousands of miles away on a clear night. Over the next several years, the company bought ten more struggling radio stations and turned them profitable, usually by switching their formats to religious or talk programming. The company went public in 1984. In 1988, they bought their first television station.
By the mid-90s, Clear Channel Communications owned 43 radio and 16 television stations. After the Telecommunications Act of 1996 significantly deregulated the broadcast industry, Mays and Clear Channel purchased 49 radio stations and an interest in New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
's largest radio group. Within eight years, and with an influx of capital investment from the private-equity Griffith Family, Clear Channel had accumulated ownership of over 1200 radio stations and 41 television stations in the United States, as well as one of the nation's leading live entertainment companies and over 750,000 outdoor advertising displays.
In 2003 Mays testified before the US Senate that the deregulation of the telecommunications industry had not hurt the public. However, in an interview that same year with Fortune Magazine, he remarked, "We're not in the business of providing news and information. We're not in the business of providing well-researched music. We're simply in the business of selling our customers products."
Mays was inducted into the Radio Hall of Fame in 2004. After suffering a stroke in 2005, Mays relinquished his position as CEO of the company to his son, Mark
Mark Mays
Mark P. Mays is the president and CEO of Clear Channel Communications, Inc., a global media and entertainment company based in San Antonio, Texas, USA. Mays took over as president and CEO in October 2004, after serving the company in other roles. Mays holds a B.A. from Vanderbilt University in Math...
.
Texas A&M University
Mays served on the Texas A&M Board of Regents from 1985-1991. He was reappointed to the Board of Regents in 2001, and served as Chairman of the Board of Regents from 2003 - 2005. He was also a chair of the Presidential Library Committee and a member of the Committee on Buildings and Physical Plant, and is the Board's special liaison to the Texas A&M Foundation. His latest term on the Board of Regents expired on February 1, 2007.Mays has donated a substantial amount of money to the school to improve the business department. In 1996, A&M rewarded him by renaming their business school, now Mays Business School
Mays Business School
Mays Business School is the business school at Texas A&M University. The school educates over 4,500 students in undergraduate and postgraduate programs and consistently ranks among the top public business schools in the nation....
, in his honor.
Personal
Mays has served as a Chairman of the United Way of San Antonio. He was a member of the Associates Board at Harvard Business School. He was inducted into the Texas Business Hall of Fame in 1999.Mays and his wife, Peggy, have four children, sixteen grandchildren and many nieces and nephews. They live in San Antonio, Texas
San Antonio, Texas
San Antonio is the seventh-largest city in the United States of America and the second-largest city within the state of Texas, with a population of 1.33 million. Located in the American Southwest and the south–central part of Texas, the city serves as the seat of Bexar County. In 2011,...
, where they oversee the operations and giving of the Mays Family Foundation. His son-in-law, Michael McCaul
Michael McCaul
Michael Thomas McCaul, Sr. is the U.S. Representative for , serving since 2005. He is a member of the Republican Party. The district stretches from Austin to Houston.-Early life, education and career:...
, is a Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
congressman from Texas's 10th congressional district
Texas's 10th congressional district
Texas District 10 of the United States House of Representatives is a congressional district that serves the northwestern portion of the Greater Houston region stretching to the Austin area of Texas...
.