R. Steven “Steve” Hicks serves as Executive Chairman of Capstar Partners, LLC. Capstar Partners participates in small and middle market buyouts, real estate development, and public investing. Since 2000, Capstar has invested in a broad range of industries including media and broadcasting, healthcare services, e-commerce, financial services and real estate.
Prior to founding Capstar Partners, Mr. Hicks was a 28 year veteran of the radio industry. In 1996, Mr. Hicks founded and served as chief executive officer of Capstar Broadcasting Corp. Capstar Broadcasting was a leading consolidator of middle market radio stations across the U.S., and eventually owned 350 stations, the most of any company at the time. Mr. Hicks led Capstar Broadcasting to a successful initial public offering on the New York Stock Exchange in 1998. In 1999, Capstar Broadcasting merged with Chancellor Media Corp. in a stock swap valued at $4.1 billion, and the combined Company was renamed AMFM Inc. Mr. Hicks served as vice-chairman and chief executive officer of the new media division of AMFM until it was acquired by Clear Channel Communications for $23 billion in 2000.
Prior to Capstar Broadcasting, Mr. Hicks co-founded and served as CEO of SFX Broadcasting, Inc. from 1989 until 1996 and led SFX Broadcasting to a successful initial public offering in 1993. Mr. Hicks bought his first radio station at age 29 and over the next 14 years acquired stations in Texas, Oklahoma, Louisiana, Tennessee, Mississippi and South Carolina.
Mr. Hicks made radio history by inventing the local marketing agreement (LMA), the forerunner to radio duopoly, which dramatically changed how the broadcasting industry did business by allowing the consolidation of radio station operations. This innovation 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 the ownership rules in the Telecommunications Act of 1996.
Mr. Hicks serves on numerous charitable and professional boards including Harden Healthcare, DMX, Andrew Harper, CPO Commerce, and Austin Recovery. Mr. Hicks was appointed to The University of Texas System Board of Regents by Governor Rick Perry in February 2009 and currently serves as Vice-Chairman. Mr. Hicks graduated from the University of Texas at Austin in 1972 with a BA in Government. Mr. Hicks is a father of three children, two stepchildren, and thirteen grandchildren and lives in Austin.
World Presidents’ Organization, Chief Executives Organization, L3 - Leadership, Legacy, Life, Young Presidents’ Organization - Chapter Chairman 1998, Austin Museum of Art - National Chair of Laura Bush Endowment, SafePlace, Austin Recovery, Director of National Radio Broadcasters Association, Texas Association of Broadcasters.