R. Steven Hicks, Chairman
John D. Cullen, CEO
Paul D. Stone, President
Kimberly K. Shipman, Chief Financial Officer
Christopher S. Harrison, Chief Operating Officer
R. Steven Hicks Chairman of DMX
Hicks is Chairman of Capstar Partners, LLC formed in June 2000. Capstar Partners is a private investment company which participates in both the funding of early stage technology companies and traditional investments. Capstar Partners primary seed stage investments are in the areas of Broadcast/Media and Financial Services. Traditional investments include real estate, publicly traded stocks, and private non-technology companies. THP Capstar, an affiliate of Capstar Partners, successfully acquired DMX in 2005 for $75 million.
Prior to forming Capstar Partners, LLC, Hicks was Vice Chairman of AMFM Inc. (NYSE: AFM), the nation’s largest owner and operator of radio stations, with over 450 radio stations in markets across the U.S. In 1996, Hicks founded Capstar Broadcasting Corporation, and led Capstar Broadcasting and its 350 radio stations to a successful public offering on the New York Stock Exchange in 1998. In August 1999 Capstar Broadcasting merged with Dallas-based Chancellor Media Corporation, another radio industry powerhouse, and in a stock swap valued at $4.1 billion, AMFM Inc. was born. In addition to serving AMFM Inc. as Vice Chairman, Hicks was President of its New Media division, which developed Internet products and technologies for the radio industry.
Hicks bought his first radio station at age 29 and co-founded Hicks Communications, Inc., in 1979, acquiring stations in Texas, Oklahoma, and Louisiana. In 1993, Hicks co-founded 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 Hicks 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 does 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.
A 33-year veteran of the radio broadcasting industry, including 20 as a station owner, Hicks was named Radio Executive of the Year and was one of the 10 Most Powerful People in Radio by Radio Ink magazine, and was also honored as Ernst & Young Entrepreneur of the Year. In 1996, Hicks was recognized by the Texas Association of Broadcasters as Broadcaster of the Year. He serves on numerous charitable and professional boards.
A father of three children, two stepchildren, and four grandchildren, he makes his home in Austin, Texas, with his wife, Donna.
Activities: Director of National Radio Broadcasters Association, 1982-1986 Board of Texas Association of Broadcasters Young Presidents Organization, Chapter Chairman 1998 World Presidents Organization Chief Executives Organization Austin Museum of Art, National Chair of Laura Bush Endowment Bush 2000, Pioneer RNC Republican Regent 2000.
John D. Cullen CEO of DMX
Cullen is a Partner in Capstar Partners, a private investment company that participates in both the funding of early stage technology companies and traditional investments with a focus on media and real estate. THP Capstar, an affiliate of Capstar Partners, successfully acquired DMX in 2005 for $75 million. Cullen currently is the CEO of DMX, Inc.
Previously, Cullen served as a member of the Executive Team with Clear Channel (NYSE:CCU), acting as President of the International Division and as the Senior Vice President for Clear Channel Radio. In this role, he streamlined operations in all markets, developed and implemented systems and managed acquisitions.
Prior to joining Clear Channel, Cullen served as the President of the New Media division of AMFM (NYSE:AFM) where he supervised the systems, services and technology initiatives for AMFM including Katz Media Group, Prophet Systems, Galaxy, Star Performance and StarSystems. In the technology arena, he managed and secured buy-in for the development and installation of the Prophet digital audio system for all AMFM properties and continued sponsorship of the Galaxy unified Traffic, Billing, Inventory and Yield Management System.
Prior to AMFM, Cullen was the Chief Operating Officer (COO) of Capstar Broadcasting Partners (NYSE:CRB), where he successfully managed what was previously the largest radio broadcast company in the United States. Formed in 1996, the company became America’s largest owner of radio stations within 18 months. After a successful IPO in 1998, Capstar was merged into AMFM (NYSE:AFM) in 1999 and later into Clear Channel Communications. As COO, Cullen was part of the Capstar team that raised $2.1 billion of investment capital, negotiated numerous acquisitions and sales transactions, integrated multiple operating units, implemented management reporting systems and developed an efficient corporate infrastructure in a compressed time period.
Additionally, Cullen served as President and CEO of Gulfstar Broadcasting, where he managed the eight-station group into a $233,000,000 eighty-seven station asset. Prior to 1996, Cullen held various management positions within SFX, Capstar, Cox and Sterling Communications.
Cullen resides in Austin, Texas and is active in numerous civic and charitable organizations.
Paul D. Stone President of DMX
Stone is affiliated with Capstar Partners, a private investment company that participates in the funding of early stage technology companies and traditional investments with a focus on media and real estate. THP Capstar, an affiliate of Capstar Partners, successfully acquired DMX in 2005 for $75 million. Stone currently is the President of DMX, Inc.
Stone also serves as President of Stone Management Company (SMC), a financial consulting services and investment company specializing in media and other high margin growth industries. By partnering with seasoned operating veterans in each industry and capitalizing on relationships with equity fund operators developed through years in the finance industry, SMC is developing a portfolio of profitable companies with high growth potential.
Prior to forming SMC in 2002, Stone served as Executive Vice President of Activant Solutions (formerly CCITriad), a $400 million technology company that develops and supports information systems for automotive parts distributors and hardware stores. Formed in 1997 as a merger/LBO sponsored by Hicks Muse Tate & Furst, Inc., Activant struggled under poor management and significant debt. As EVP, Stone stabilized the business and significantly improved cash flow by implementing efficient operating systems, reorganizing corporate and operational infrastructures that restored investor confidence.
The Activant turnaround came on the heels of his tenure as Chief Financial Officer for Capstar Broadcasting Corporation (NYSE:CRB) from 1997-1999. Formed in 1996, the company became America’s largest owner of radio stations within 18 months. After a successful IPO in 1998, Capstar was merged into AMFM (NYSE:AFM) in 1999 and later into Clear Channel Communications. As CFO, Stone was part of the Capstar team that raised $2.1 billion of investment capital, negotiated numerous acquisitions and sales transactions, integrated multiple operating units, implemented management reporting systems and developed an efficient corporate infrastructure in a compressed time period.
Previous experience in media included a position as Chief Financial Operator of GulfStar Broadcasting from 1996-1997, a $220 million operator of radio stations that was merged into Capstar Broadcasting Corporation in 1997. Stone raised $125 million of investment capital, engineered a financial turnaround, negotiated acquisitions, integrated 45 radio properties in 12 markets, developed management reporting systems and structured final merger into Capstar.
Previously, Stone served as a Vice President of Hicks, Muse, Tate and Furst, a diversified private investment firm with over $14 billion of invested capital under management. During this time, he performed acquisition due diligence, established operational performance plans with management of portfolio companies, developed investor reporting systems and monitored personal investments for principals.
Kimberly K. Shipman Chief Financial Officer of DMX
Shipman has over 15 years of experience in financial-related fields. Her areas of expertise include M & A transaction diligence and merger integration, internal controls development, financial statement analysis, budgets, forecasting and international operations management.
Prior to DMX, Shipman worked for Price Waterhouse Coopers where she led due diligence efforts for approximately 20 transactions with a combined transaction value of greater than $5 billion and directed buy-side, sell-side and reverse diligence efforts for 10 corporate and two private equity clients.
Shipman previously worked as a Regional Controller with the radio division of Clear Channel Communications. Here she developed consolidated weekly, monthly and quarterly reporting structures for 236 business units in 10 countries and led the implementation of accounting policy and procedure changes resulting from two mergers and two internal reorganizations within 3 years. She also organized an accounting system conversion for five business units with revenue of $150 million.
Shipman is an honors graduate from The University of Texas at Austin’s Executive MBA program.
Christopher S. HarrisonChief Operating Officer of DMX
Currently serving as Chief Operating Officer of DMX, Inc., Harrison reports directly to the CEO and has primary responsibility for DMX’s day-to-day operating activities, including revenue and sales growth; expense, cost and margin control; and monthly, quarterly and annual financial goal attainment. With six direct reports managing nearly 300 employees, Harrison has primary responsibility for Brand Strategy, Human Resources, Operations and Supply Chain Management, Marketing, Sales, Customer Service and Account Management, Licensing and Business Affairs, and DMX's Latin American operations. Along with the CEO, Harrison is responsible for the strategic planning, resource allocation and communication of key organizational goals, including best-in-class delivery of music services to 100,000 commercial businesses in the U.S. and Canada and 25 million residences in North and South America.
Before becoming COO, Harrison served as General Counsel for DMX where he implemented the first successful direct licensing initiative to secure the public performance, reproduction and distribution rights to musical compositions directly from music publishers, resulting in 1,000+ licenses covering more than 5,000 catalogs. In addition, he represented DMX in its successful litigation efforts to obtain the first-ever adjustable fee blanket licenses from ASCAP and BMI to afford DMX credit against its blanket fees for the public performance of works licensed directly from music publishers, in which both courts adopted DMX’s position, resulting in more than $5.5mm in annual savings.
- Broadcast Music, Inc. v. DMX, Inc., 08 Civ. 216 (LLS), 2010 U.S. Dist. LEXIS 78417, (S.D.N.Y. July 26, 2010); on appeal at 10-3429-cv (Second Circuit). BMI sought payments of $41.81 per location per year. Judge Stanton adopted DMX’s lowest proposal of $18.91.
- In Re Application of THP Capstar Acquisition Corp. (now known as DMX, Inc.), 09 Civ. 7069 (DLC), 2010 U.S. Dist. LEXIS 131424, (S.D.N.Y. December 7, 2010); on appeal at 11-127-cv (Second Circuit). ASCAP sought payments of $49.50 per location per year. Judge Cote adopted DMX’s lowest proposal of $13.74.
As General Counsel, Harrison was responsible for all necessary music licenses, including public performance, reproduction, distribution and synchronization associated with the musical compositions and sound recordings, as applicable, utilized as part of DMX’ music services to (a) commercial establishments, (b) private residences, (c) personal computers and mobile devices as a digital stream and/or digital download, and (e) personal portable media devices or other physical media, and managed 2,000+ catalog-wide licenses with record labels, 1,000+ catalog-wide licenses with music publishers, and hundreds of individual synchronization licenses.
Since 2009 he has been an Adjunct Professor at the University of Texas Law School teaching the Music Law Seminar, which introduces law school students to the law as it applies to the music business. Topics include legal issues surrounding writing music, recording music, performing music, distributing music (both physically and digitally), licensing music, and miscellaneous but related topics such as trademarks and rights of publicity.
Harrison serves as a Board Member of the Austin Music Foundation, whose mission is to strengthen and connect the local music community with innovative programs that empower musicians and fuel Austin's creative economy.
He also serves as a Council Member of the Entertainment and Sports Law Section of the Texas State Bar, which is a voluntary organization within the State Bar of Texas and consists of more than 500 licensed attorneys throughout the state who practice entertainment and sports law. Section members represent a wide variety of clients including employers, employees and entertainment and sports organizations, in both the private and public sectors.
Harrison received both his JD and PhD (Political Science) from the University of North Carolina at Chapel Hill in 2001.
