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<SEC-DOCUMENT>0000950134-07-016247.txt : 20080815
<SEC-HEADER>0000950134-07-016247.hdr.sgml : 20080814
<ACCEPTANCE-DATETIME>20070731060315
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-07-016247
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20070731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			C C Media Holdings Inc
		CENTRAL INDEX KEY:			0001400891
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		C/O THOMAS H. LEE PARTNERS, L.P.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-227-1050

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		C/O THOMAS H. LEE PARTNERS, L.P.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT Triple Crown Capital Holdings III, Inc.
		DATE OF NAME CHANGE:	20070524
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">July&nbsp;31, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BY EDGAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Michele M. Anderson

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD>&nbsp;</TD>
    <TD>CC Media Holdings, Inc. (formerly known as BT Triple Crown Holdings III, Inc.)<BR>
Amendment No.&nbsp;3 to Form&nbsp;S-4<BR>
Filed July&nbsp;31, 2007<BR>
File No.&nbsp;333-143349</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;Anderson:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of our client, CC Media Holdings, Inc. (f/k/a BT Triple Crown Capital Holdings III,
Inc.) (&#147;Holdings&#148;), we hereby acknowledge receipt of the comment letter dated July&nbsp;27, 2007 (the
&#147;Comment Letter&#148;) from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the
&#147;Commission&#148;) concerning the above captioned Amendment No.&nbsp;1 to the Registration Statement on Form
S-4 (the &#147;S-4&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We submit this letter in response to the Comment Letter on behalf of Holdings. For ease of
reference, we have reproduced the text of the comments in bold-face type below, followed by
Holdings&#146; responses. Unless otherwise noted, page number references herein refer to the joint
proxy statement/prospectus (the &#147;Proxy Statement/Prospectus&#148;) contained in Amendment No.&nbsp;3 to the
S-4 (the &#147;Amended S-4&#148;). Terms used but not defined herein have the meanings set forth in the
Proxy Statement/Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings is filing today, by way of EDGAR, the Amended S-4, together with this response
letter. Under separate cover, we will send three marked copies of the Amended S-4 and all
supplemental information requested by the Staff by courier to you.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 2

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RESPONSES TO STAFF COMMENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Cover page</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revise to clarify that the additional consideration will
consist of cash only.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see the cover page of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Summary, page 1</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your statement, in response to our prior comment 10, that all shares of Class&nbsp;A
common stock that you possibly will issue to Highfields Funds are being registered on this
Form S-4. Please revise the Summary section to disclose this fact, and to quantify the number
of shares that may be issuable to Highfields Funds in the event the shareholder elects to
receive only Holdings common stock.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 16 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Material United States Federal Income Tax Consequences, page 7</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revise to state in clear, plain language how shareholders will be taxed rather than vaguely
referring to the various consequences &#147;to the extent&#148; that the exchange is treated as a
redemption or as a contribution.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 7 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Conditions to the Merger, page 7</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise this section to include your response to our prior comment 17.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 8 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Risk Factors, page 17</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>The incurrence of indebtedness to pay the cash portion of the Merger Consideration... &#091;,&#093;&#148; page
21</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your response to our prior comment 21 indicates that you are not able to determine the
specific amount of Clear Channel&#146;s cash flow that will be used to pay principal and interest
on the debt. Yet we note that you have disclosed payment obligations on a pro forma basis in
the table of contractual obligations appearing on page 46. Please revise the risk factor to
provide investors with some form of quantitative information relating to Clear Channel&#146;s
future debt repayment obligations.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 21 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to Unaudited Pro Forma Condensed Consolidated Financial Data, page 39</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to our prior comment 26. Please disclose the impact of the other
management shareholders exchanging their current holdings for Rollover Shares on the table on
page 40. If the impact is not material, disclose this fact.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see pages 40 and 41 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Contractual Obligations; Indebtedness and Dividend Policy Following the Merger, page 46</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>State that the amounts shown in the table are in thousands of dollars.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 47 of the Proxy Statement/Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>To the extent known, disclose the anticipated consequences of default under the senior
secured credit facilities.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 49 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Board of Directors and Management of Holdings, page 49</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Compensation Discussion and Analysis, page 53</B></U>

</DIV>

<DIV style="margin-top: 6pt">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>You state in the introductory paragraph that the company&#146;s executive compensation program as
a whole will not be finalized until after the consummation of the merger. Please include a
risk factor addressing the uncertainty regarding the philosophy or objectives of Clear
Channel&#146;s future compensation programs, as well as the policies or practices for the
implementation of those programs.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 23 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Annual Incentive Bonus, page 55</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclose here that, pursuant Section 5(a) of letter agreements entered into with each of Mark
Randall and L. Lowry Mayes, if in any year the surviving company achieves 80% of OIBDAN, each
of those executive officers is entitled to receive a minimum bonus of $l million. Also,
disclose OIBDAN and given an example of how it is calculated. Also revise to provide more
specific information about the &#147;certain performance goals&#148; and the minimum bonuses that the
named executive officers will be eligible to receive upon satisfaction of those goals under
&#147;Employment Agreements with Named Executive Officers&#148; on page 57.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see pages 58-59 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Background of the Merger, page 67</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>After reviewing your response to our prior comment 32, we continue to believe that you should
provide Item 4(b) disclosure of the November&nbsp;16, 2006 Watson Wyatt opinion and file its
opinion and consent as exhibits to the Form S-4. The Commission has stated, in the Adopting
Release for Form S-4, that &#147;Item &#091;4(b)&#093; requires that if the registrant or the company being
acquired has obtained a report, opinion or appraisal from an outside party as to the
transaction and refers to such opinion in the prospectus, then the information called for by
Item&nbsp;9(b)(1) of Schedule&nbsp;13E-3 must be furnished.&#148; Business Combination Transactions;
Adoption of Registration Form, Release No.&nbsp;33-6578 (Apr. 23, 1985) at &#091;*28&#093;. In this regard,
it appears that the management arrangements are integrally related to the merger and that the
management arrangements have not been modified, to a material extent, since the date of the
Watson Wyatt opinion provided</B></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>
July&nbsp;31, 2007<BR>
Page 5

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>November&nbsp;16, 2006. Also provide us with any analyses, reports, presentations, or similar
materials provided to or prepared by Watson Wyatt in connection with rendering its advice.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Further, it is not clear to us how the analyses set forth on the various Goldman Sachs
presentations are &#147;substantially similar&#148; to those described under &#147;Opinion of Clear
Channel&#146;s Financial Advisor&#148; in light of the changing valuation ranges in the opinions
Goldman Sachs provided to the Clear Channel board on separate occasions. Please revise to
provide full Item 4(b) disclosure about each of the Goldman Sachs presentations (beginning
with the October&nbsp;13, 2006 presentation). Your expanded disclosure should summarize any
material differences in the information presented over time.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Alternatively, provide a more detailed analysis of why each of the Goldman Sachs
presentations and the Watson Wyatt opinion are not material.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>Response</I>: Holdings respectfully notes the Staff&#146;s comment. Holdings is sending
supplementally to Mr.&nbsp;Swanson copies of materials presented by Watson Wyatt at the meeting
of Clear Channel&#146;s special advisory committee on November&nbsp;13, 2006, which consist of the
following: (i)&nbsp;a list of discussion points, (ii)&nbsp;a summary of the management equity reserves
and co-investment levels of comparable leveraged buyout transactions, (iii)&nbsp;a
calculation of potential change in control payments to certain executive officers prepared
jointly by Watson Wyatt and Clear Channel and (iv) an updated
calculation delivered on November&nbsp;16, 2007. Holdings has been
informed by Clear Channel and respectfully notes that Watson Wyatt
did not deliver any written report or render any formal opinion and that the information
presented to the special advisory committee by Watson Wyatt primarily consists of a
compilation of financial data and related information relating to third party transactions
and information prepared jointly with Clear Channel. Accordingly, Holdings does not believe
that this information constitutes a report, opinion or appraisal required to be filed
pursuant to Item 4(b) of Form S-4. Additionally, while Holdings respectfully notes the
Staff&#146;s comments that the management arrangements have not been modified, to a material
extent, since November&nbsp;16, 2006, they were modified on
November&nbsp;15, 2006, and only the spreadsheet delivered on
November 16, 2006 reflects the terms of the new arrangement. Holdings also respectfully advises the Staff that since then the
terms of the merger agreement have been amended on two separate occasions. At the same time
Watson Wyatt has not updated the information presented to the special
advisory committee in November 2006. The information originally provided by Watson Wyatt is no longer
reflective of the terms of the transaction currently being presented to Clear Channel
shareholders for approval. Holdings also respectfully advises the Staff, as described in
the Proxy Statement/Prospectus, that the special committee advisory committee has not made
any determination as to the fairness of the terms of the amended merger agreement. Holdings
therefore believes that the information compiled by Watson Wyatt prior to execution of the
original merger
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 6

</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agreement would not be material to the investment decision of Clear Channel&#146;s shareholders
with respect to the pending transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Proxy Statement/Prospectus has been revised in response to the Staff&#146;s comment to
address the changing indicative values in the financial analyses
underlying the opinions Goldman Sachs provided to the Clear
Channel board on separate occasions. Please see pages 106-110 of the Proxy
Statement/Prospectus. Holdings supplementally advises the Staff that
the indicative values
described under &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148;, were in each case the
highest indicative values in the financial analyses underlying the opinions Goldman Sachs
provided to the Clear Channel board on separate occasions. Moreover, each of the various
Goldman Sachs presentations, other than the presentation that included the underlying
financial analyses for Goldman Sachs&#146; opinion dated May&nbsp;17, 2007 which has been described in
the Proxy Statement/Prospectus, did not relate to the $39.20 per share merger consideration
under the amended merger agreement. Holdings therefore believes that each of the
presentations, other than the May&nbsp;17, 2007 presentation described in the Proxy
Statement/Prospectus, would not be material to the investment decisions of Clear Channel&#146;s
shareholders because the financial analyses in such presentations
were older, included lower indicative values and do not relate to the pending transaction under the amended merger
agreement. Therefore, further disclosure of such presentations could be repetitive,
lengthy, confusing and misleading to Clear Channel shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We have considered your revisions in response to our prior comment 34. However, we note your
disclosure on page 83 that &#147;significant shareholders of Clear Channel had privately or
publicly made known their opposition to the merger at $39.00 per share and their lack of
interest in shares of capital stock of the surviving corporation following the merger....&#148;
Please revise the disclosure on page 84 to clarify whether any of the &#147;substantial majority&#148;
of stockholders who expressed a willingness to consider a stock election (during the meetings
between May&nbsp;7, 2007 and May&nbsp;17, 2007) are the same as any of the significant shareholders of
Clear Channel who had expressed their lack of interest in shares of stock of the surviving
corporation. Furthermore, if any of the shareholders expressing a willingness to consider a
stock election are identical to the shareholders that previously indicated a lack of interest
in shares of stock of the surviving corporation, please clarify why they changed their
opinions towards a stock election option (assuming they expressed the reasons for the change).</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 85 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>
Page 7

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revise the new disclosure in the first full paragraph on page 84 to clarify whether the
Highfields Funds were one of the &#147;most significant shareholders&#148; or the &#147;majority of the ten
shareholders with the largest holdings&#148; that met with the board throughout May&nbsp;2007.
Furthermore, clarify whether the Highfields Funds were part of the &#147;broad group of &#091;Clear
Channel&#146;s&#093; shareholders expressing a willingness to consider a stock election.&#148;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 85 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Reasons for the Merger, page 85</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your revisions in response to our prior comment 37. Clarify what you mean by the
statement that the ability to retain an equity interest &#147;is not necessitated by the terms of
the merger.&#148; Also revise the related risk factor discussion appearing on page 18 to address
the consequences to shareholders as a result of the board&#146;s limited recommendation, whether
legal or otherwise.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see pages 18 and 87 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Despite your revisions in response to prior comment 38, we believe that additional context is
needed in a number of the factors that the board considered so that investors can adequately
assess this information. For example:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>expand the first bullet point on page 86 to briefly address what the board
considered with respect to the challenges faced by Clear Channel and explain why the
challenges and risks supported its decision to enter into the merger agreement;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>revise the second bullet point to describe the board&#146;s conclusions regarding
Clear Channel&#146;s prospects and the uncertainty associated with the radio industry;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>revise the third bullet point to briefly explain what the board concluded about
each strategic alternative so that it is clear why the alternatives were rejected; and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>clarify why the board considered &#147;the fact that entities affiliated with the
Sponsors would control Holdings&#148; (page 88) to be a potentially negative factor.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see pages 88 and 90 of the Proxy Statement/Prospectus.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 8

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We reissue prior comment 14 in part. Please revise the last bullet on page 86 to address
<U>how</U> the board considered, if at all, the fact that Goldman Sachs&#146; fees are contingent.
Similarly revise to explain how the board&#146;s decision to rely upon Goldman Sachs&#146; opinion was
impacted, if at all, by the fact that Goldman recently provided or currently provides services
to THL Partners, Bain and their affiliates.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 89 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Opinion of Clear Channel&#146;s Financial Advisor, page 101</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>After reviewing your revisions in response to our prior comment 44, we continue to believe
that further revisions are necessary. Please provide more specific disclosure of how Goldman
Sachs arrived at each of the valuation ranges cited in the opinion. For example, disclose the
method by which Goldman Sachs calculated the weighted average cost of capital (including the
cost of debt and the cost of equity), how the final weighted average cost of capital was used
to arrive at the discounted cash flow valuation range, and how that estimated cost of capital
was used to calculate the valuation ranges under the other analyses. As another example,
identify the &#147;selected companies which exhibited similar business
characteristics to Clear Channel&#148; (page&nbsp;105), disclose each
company&#146;s one-year forward EBITDA multiples, and quantify and discuss the adjustments Goldman Sachs made to the
multiples (page&nbsp;105). Also, explain how Goldman Sachs determined the amount
of proceeds from the sale of the small market radio and TV assets for purposes of the
sum-of-the-parts analyses (pages 105 and 106). These are merely examples. The discussion of
Goldman Sachs&#146; opinion should include a sufficiently detailed discussion of the methods used
and the figures relied upon to arrive at each of the valuation ranges.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment, with the exception of the Staff&#146;s comment to quantify
the adjustments that Goldman Sachs made to one-year forward EBITDA
multiples of the &#147;selected companies&#148;. Please see pages
106-110 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Holdings has been advised that Goldman Sachs made customary financial adjustments to the
EBITDA multiples utilizing publicly available quantitative information including research analysts&#146;
estimates of EBITDA and the impact of announced acquisitions and divestitures, where applicable.
In light of the customary nature of the adjustments, the public availability of the quantitative
information underlying such adjustments and the lengthy disclosure that may result from
quantitative disclosure, Holdings respectfully submits that quantitative disclosure would not be
central to an investor&#146;s understanding of how Goldman Sachs
arrived at the indicative values in its
financial analyses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Our prior comment 46 sought Item&nbsp;1015(b)(4) disclosure of the compensation Goldman Sachs
received for all services provided to Clear Channel and its affiliates, as well as otherwise
material disclosure in the form of the fees paid for services that Goldman provided to Bain,
THL Partners, and their affiliates during the past two years. Please revise to quantify the
total fees that Goldman Sachs has received from each of Bain, THL Partners, and their
affiliates during the last two years.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 9

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see page&nbsp;112 of the Proxy
Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Material United States Federal Income Tax Consequences, page 108 &#038; Exhibit&nbsp;8.1</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have filed a short-form opinion from Ropes &#038; Gray on the material tax
consequences of the transaction. Please revise the discussion on pages 108 through 110 to
clearly state that the discussion and each of the conclusions are the opinion of Ropes &#038; Gray
LLP. Similarly revise the summary on page 7 and the tax risk factor on page 18 to state that
those summary discussions are based on counsel&#146;s opinion. Delete any references to what you
&#147;believe&#148; regarding the treatment of the transactions as two separate transactions and replace
them with counsel&#146;s opinion. Further, ensure that counsel presents its full opinion in this
section of the document starting on page 108 and clearly identify upon what counsel is
opining.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see pages 7 and 112-116 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Under &#147;Exchange of Clear Channel Common Stock for a Combination of Holdings Common Stock and
Cash,&#148; clearly explain how&#151;when electing to receive a combination of cash and stock&#151;the total
cash received by a U.S. holder will be allocated between &#147;Clear Channel Cash&#148; versus &#147;Sponsor
Cash.&#148;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page 114 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure that, for purposes of the deemed redemption, a U.S. holder &#147;should be
treated as recognizing taxable gain or loss....&#148; We similarly note the disclosure in the risk
factor on page 18 that U.S. holders &#147;should recognize taxable gain&#148; in the deemed exchange
transaction. Please revise to phrase the opinions more definitively. If tax counsel is using
the &#147;should&#148; language because uncertainty exists regarding the tax consequences or it is
unable to opine on the matter, it should explain why it cannot give a &#147;will&#148; opinion and
describe the degree of uncertainty in the opinion.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment by deleting the risk factor starting with &#147;Potential
risk of greater taxable gain upon recharacterization of the
merger&#148; and revising the Section entitled &#147;Material United
States Federal Income Tax Consequences.&#148; Please see page 115 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure on page 110, under the sub-heading &#147;Recharacterization of the Merger
by the Internal Revenue Service.&#148; Clearly state counsel&#146;s opinion as to whether the
transaction will be treated as a redemption or a contribution. If counsel cannot opine</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>
July&nbsp;31, 2007<BR>
Page 10

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>on the matter, then you must clearly state that is the case and address why it is not able
to opine on this material tax consequence. If counsel states that it cannot opine on this
matter, then you should not suggest that the deemed redemption is more likely to occur, as
you do under &#147;Exchange of Clear Channel Common Stock for a Combination of Holdings Common
Stock and Cash.&#148; Alternatively, counsel may issue a &#147;should&#148; or &#147;more likely than not&#148;
opinion with respect to this particular tax consequence, explain the reasons for the doubt
and disclose the degree of the uncertainty.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s comment by substantially
reworking the disclosure on page 115 to state clearly that the Deemed Redemption and Deemed
Exchange will be treated as separate transactions and, while we note that there is a slight
possibility that the IRS will take a different position, the disclosure and the opinion conclude
that the Deemed Redemption and Deemed Exchange will be treated as separate transactions. See
paragraph beginning &#147;Possible Collapse of Deemed Redemption into Deemed Exchange by the Internal
Revenue Service.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise to delete the last sentence of the paragraph starting with &#147;Recharacterization
of the Merger by the Internal Revenue Service.&#148; It is not appropriate to provide a tax
opinion, summarize the tax consequences and then tell shareholders they &#147;are urged to consult&#148;
their own tax advisor. Also revise the identical language appearing in the related risk
factor.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment by deleting the sentence that &#147;Holders are urged to consult their tax advisers regarding such potential risk.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Advise Ropes &#038; Gray to revise the short-form opinion, filed as Exhibit&nbsp;8.1, to delete the
statement that in the opinion of counsel, the discussion under the caption &#147;Material United
States Federal Income Tax Consequences&#148; is &#147;accurate in all material respects.&#148; Counsel
should clearly state, in the short-form opinion, that the discussion underneath the caption is
the opinion of counsel and that it confirms its opinion as set forth in that section of the
document. In addition, since the opinion states that counsel has no obligation to update its
opinion, then have counsel clarify that the opinion speaks through the date of effectiveness
of the registration statement. Counsel can do this through disclosure or by filing another
opinion dated the date of effectiveness.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: Ropes &#038; Gray has revised the short-form opinion, filed as Exhibit&nbsp;8.1 to the
Amended S-4 to comply with the Staff&#146;s comment and intends to
file another opinion dated the effective date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Representations and Warranties, page 125</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your statement that the representations and warranties were &#147;made to and solely for the
benefit of &#091;the parties to the merger agreement&#093;&#148; may continue to imply that the referenced
merger agreement does not constitute public disclosure under the federal</B></TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 11

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>securities laws. Please revise to delete this potential implication pursuant to prior
comment 50.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment by deleting the statement that the representations and
warranties were &#147;made to and solely for the benefit of &#091;the
parties to the merger agreement&#093;.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Signatures, page II-5</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revise your signature page to comply with our prior comment 54. In the column next to the
signature of the individual serving as your Principal Financial Officer, you should revise to
disclose that individual&#146;s role as &#147;Principal Financial Officer&#148; (regardless of that person&#146;s
formal title).</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: The Proxy Statement/Prospectus has been revised to comply with the Staff&#146;s
comment. Please see page II-5 of the Proxy Statement/Prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibits</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to our prior comment 56. Since you do not expect to finalize the debt
financing arrangements until shortly before closing, and since shareholders should have an
opportunity to consider the extent to which financing may not be assured, please file the
commitment letters as exhibits to the Form S-4. Alternatively, please provide us with copies
of the commitment letters for our review, understanding that we may have further comments upon
review of the letters.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Response</I>: Holdings has filed as an exhibit to the Amended S-4 the debt commitment letter
referenced above.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>As appropriate, please amend your registration statement in response to these comments. You
may wish to provide us with marked copies of the amendment to expedite our review. Please furnish
a cover letter with your amendment that keys your responses to our comments and provides any
requested information. Detailed cover letters greatly facilitate our review. Please understand
that we may have additional comments after reviewing your amendment and responses to our comments.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We direct your attention to Rules&nbsp;460 and 461 regarding requesting acceleration of a
registration statement. Please allow adequate time after the filing of any amendment for</B>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 12

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>further review before submitting a request for acceleration. Please provide this request at
least two business days in advance of the requested effective date.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You may contact Michael Henderson, Staff Accountant, at (202)&nbsp;551-3364 or Dean Suehiro, Senior
Staff Accountant, at (202)&nbsp;551-3384 if you have questions regarding comments on the financial
statements and related matters. Please contact Derek B. Swanson, Attorney-Adviser, at (202)
551-3366, or me at (202)&nbsp;551-3810 with any other questions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>Response: </I>Holdings acknowledges the Staff&#146;s response protocol and has filed a pre-effective
amendment as well as this response letter by way of EDGAR. In addition, marked copies of
the Amended S-4 along with supplemental material will be delivered to the Staff by courier,
under separate cover, to the attention of Mr.&nbsp;Derek B. Swanson. Holdings acknowledges that
the Staff may have additional comments after reviewing the Amended S-4 and this letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Holdings acknowledges the Staff&#146;s protocol with respect to any request to accelerate the
effectiveness of the S-4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Holdings has noted this contact information and wishes to thank these contacts for their
assistance and prompt review of the S-4.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We appreciate your assistance in reviewing this response letter. Please direct all questions
or comments regarding this filing to me at (415)-315-6344.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Brian C. Erb
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Brian C. Erb<BR>
<I>Ropes &#038; Gray LLP</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Enclosures
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>John P. Connaughton<BR>
<I>Bain Capital, LLC</I>
</TD>
</TR>
</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Michele M. Anderson<BR>
Securities and Exchange Commission<BR>

July&nbsp;31, 2007<BR>

Page 13

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Scott M. Sperling<BR>
<I>Thomas H. Lee Partners, L.P.</I><BR><BR>

Andrew W. Levin, Esq.<BR>
Hamlet Newsom, Esq.<BR>
<I>Clear Channel Communications, Inc.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">David C. Chapin, Esq.<BR>
<I>Ropes &#038; Gray LLP</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">C.N. Franklin Reddick, Esq.<BR>
David B. Antheil, Esq.<BR>
<I>Akin Gump Strauss Hauer &#038; Feld LLP</I>
</DIV>



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