-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HblmY7tNImCzFuzDWld/tUspq88QKJ6ZZxmIoPg5p1k7rC9InqPAUwaLX+FUPqZ0
 7cP5VzlCW8SeYwj8gPvgLw==

<SEC-DOCUMENT>0000950134-08-021213.txt : 20081125
<SEC-HEADER>0000950134-08-021213.hdr.sgml : 20081125
<ACCEPTANCE-DATETIME>20081125111453
ACCESSION NUMBER:		0000950134-08-021213
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081124
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081125
DATE AS OF CHANGE:		20081125

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53354
		FILM NUMBER:		081212614

	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>8-K
<SEQUENCE>1
<FILENAME>d65394e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of Earliest Event Reported): November&nbsp;24, 2008</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CC MEDIA HOLDINGS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-53354</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>26-0241222</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>200 East Basse Road<BR>
San Antonio, TX 78209</B><BR>
(Address of Principal Executive Offices, Including Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(210)&nbsp;822-2828</B><BR>
(Registrant&#146;s Telephone Number, Including Area Code)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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"><B>ITEMS TO BE INCLUDED IN THIS REPORT</B>
</DIV>

<!-- link1 "Item&nbsp;8.01 Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 Other Events.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;24, 2008, Clear Channel Communications, Inc. (&#147;Clear Channel&#148;), a subsidiary of CC
Media Holdings, Inc., issued a press release announcing that it is commencing a cash tender offer
to purchase its outstanding 7.65% Senior Notes due 2010 in an aggregate principal amount not to
exceed $200,000,000 pursuant to a modified &#147;Dutch auction&#148; procedure on the terms and conditions
set forth in an Offer to Purchase dated November&nbsp;24, 2008. Clear Channel also announced that its
indirect wholly owned subsidiary, CC Finco, LLC, is commencing (i)&nbsp;a cash tender offer for the
maximum aggregate principal amount of Clear Channel&#146;s outstanding 6.25% Senior Notes due 2011 and
4.40% Senior Notes due 2011 that it can purchase for $75,000,000 (subject to increase) pursuant to
a modified &#147;Dutch auction&#148; procedure in accordance with the terms and conditions set forth in an
Offer to Purchase dated November&nbsp;24, 2008, and (ii)&nbsp;a cash tender offer for the maximum aggregate
principal amount of Clear Channel&#146;s outstanding 5.00% Senior Notes due 2012 and 5.75% Senior Notes
due 2013 that it can purchase for $25,000,000 (subject to increase) pursuant to a modified &#147;Dutch
auction&#148; procedure on the terms and conditions set forth in an Offer to Purchase dated November&nbsp;24,
2008. A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is incorporated by
reference herein.
</DIV>
<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits
</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">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release of Clear Channel Communications, Inc. issued November&nbsp;24, 2008.</TD>
</TR>

</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<!-- link1 "SIGNATURE" -->

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left"><br>Date: November&nbsp;25, 2008&nbsp;</TD>
    <TD colspan="3" align="left"><B>CC MEDIA HOLDINGS, INC.</B><BR>
<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Herbert W. Hill, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Herbert W. Hill, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>Senior Vice President, Chief Accounting Officer<BR>
 and Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<!-- link1 "INDEX TO EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</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="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release of Clear Channel Communications, Inc. issued November&nbsp;24, 2008.</TD>
</TR>

</TABLE>
</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d65394exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

 <DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 99.1</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>PRESS RELEASE</B>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLEAR CHANNEL ANNOUNCES MODIFIED DUTCH AUCTION<BR>
TENDER OFFERS FOR SENIOR NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>San Antonio, TX, November&nbsp;24, 2008</B>. Clear Channel Communications, Inc. (&#147;Clear Channel&#148;) announced
today that it is commencing a cash tender offer (the &#147;2010 Notes Tender Offer&#148;) to purchase its
outstanding 7.65% Senior Notes due 2010 (CUSIP No.&nbsp;184502AK8) (the &#147;2010 Notes&#148;) in an aggregate
principal amount not to exceed $200,000,000, subject to modification by Clear Channel (the &#147;2010
Notes Maximum Acceptance Amount&#148;), at a purchase price per $1,000 principal amount determined in
accordance with a modified &#147;Dutch auction&#148; procedure on the terms and conditions set forth in the
corresponding Clear Channel Offer to Purchase dated November&nbsp;24, 2008 (the &#147;2010 Notes Offer to
Purchase&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel also announced today that its indirect wholly-owned subsidiary, CC Finco, LLC (&#147;CC
Finco&#148;), is commencing (1)&nbsp;a cash tender offer (the &#147;2011 Notes Tender Offer&#148;) for Clear Channel&#146;s
outstanding 6.25% Senior Notes due 2011 (CUSIP No.&nbsp;184502AY8) (the &#147;6.25% Notes&#148;) and Clear
Channel&#146;s outstanding 4.40% Senior Notes due 2011 (CUSIP No.&nbsp;184502AR3) (the &#147;4.40% Notes&#148; and,
together with the 6.25% Notes, the &#147;2011 Notes&#148;), with a maximum aggregate purchase price of
$75,000,000, subject to modification by CC Finco (the &#147;2011 Notes Maximum Payment Amount&#148;), at a
purchase price per $1,000 principal amount determined in accordance with a modified &#147;Dutch auction&#148;
procedure on the terms and conditions set forth in the corresponding CC Finco Offer to Purchase
dated November&nbsp;24, 2008 (the &#147;2011 Notes Offer to Purchase&#148;), and (2)&nbsp;a cash tender offer (the
&#147;2012/2013 Notes Tender Offer&#148; and, collectively with the 2010 Notes Tender Offer and the 2011
Notes Tender Offer, the &#147;Tender Offers&#148;) for Clear Channel&#146;s outstanding 5.00% Senior Notes due
2012 (CUSIP No.&nbsp;184502AU6) (the &#147;5.00% Notes&#148;) and Clear Channel&#146;s outstanding 5.75% Senior Notes
due 2013 (CUSIP No.&nbsp;184502AP7) (the &#147;5.75% Notes&#148; and, together with the 5.00% Notes, the
&#147;2012/2013 Notes&#148;), with a maximum aggregate purchase price of $25,000,000, subject to modification
by CC Finco (the &#147;2012/2013 Notes Maximum Payment Amount&#148;), at a purchase price per $1,000
principal amount determined in accordance with a modified &#147;Dutch auction&#148; procedure on the terms
and conditions set forth in the corresponding CC Finco Offer to Purchase dated November&nbsp;24, 2008
(the &#147;2012/2013 Notes Offer to Purchase&#148; and, collectively with the 2010 Notes Offer to Purchase
and the 2011 Notes Offer to Purchase, the &#147;Offers to Purchase&#148;). The 2010 Notes, the 2011 Notes
and the 2012/2013 Notes are referred to herein collectively as the &#147;Notes&#148;.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 0px solid #000000"><B>2010 Notes Tender Offer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Early</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Consideration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Participation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(Acceptable Bid</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Series of Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CUSIP No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payment</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Price Range)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.65% Senior Notes due 2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">184502AK8
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">386,084,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>$500.00 &#150; $650.00</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Per $1,000 principal amount of 2010 Notes that are accepted for purchase.<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes the $10.00 Early Participation Payment.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total consideration payable pursuant to the 2010 Notes Tender Offer per $1,000 principal amount
of 2010 Notes validly tendered and accepted for purchase by Clear Channel will be determined based
on a formula consisting of a base price equal to $500.00 (the &#147;2010 Base Price&#148;), plus a clearing
premium not to exceed $150.00.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The clearing premium with respect to the 2010 Notes will be the lowest single premium at which
Clear Channel will be able to purchase the 2010 Notes Maximum Acceptance Amount by accepting all
validly tendered 2010 Notes with bid premiums equal to or lower than the clearing premium. If the
aggregate amount of 2010 Notes validly tendered at or below the clearing premium would cause Clear
Channel to purchase more than the 2010 Notes Maximum Acceptance Amount, then holders of the 2010
Notes tendered at the clearing premium will be subject to proration on the terms and conditions set
forth in the 2010 Offer to Purchase.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 0px solid #000000"><B>2011 Notes Tender Offer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Early</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Consideration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Participation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(Acceptable Bid</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Series of Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CUSIP No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payment</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Price Range)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.25% Senior Notes due 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">184502AY8
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">750,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>$270.00 &#150; $320.00</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.40% Senior Notes due 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">184502AR3
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">250,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>$200.00 &#150; $250.00</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Per $1,000 principal amount of 2011 Notes that are accepted for purchase.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes the $10.00 Early Participation Payment.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total consideration payable pursuant to the 2011 Notes Tender Offer per $1,000 principal amount
of 2011 Notes validly tendered and accepted for purchase by CC Finco will be determined based on a
formula consisting of a base price equal to, in the case of the 6.25% Notes, $270.00 and, in the
case of the 4.40% Notes, $200.00, plus, in each case, a clearing premium not to exceed $50.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The clearing premium with respect to the 2011 Notes will be the lowest single premium at which CC
Finco will be able to purchase the 2011 Notes Maximum Payment Amount by accepting all validly
tendered 2011 Notes with bid premiums equal to or lower than the clearing premium. If the
aggregate amount of 2011 Notes validly tendered at or below the clearing premium would cause CC
Finco to purchase more than the 2011 Notes Maximum Payment Amount, then holders of each series of
the 2011 Notes tendered at the clearing premium will be subject to proration on the terms and
conditions set forth in the 2011 Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2011 Notes Maximum Payment Amount may be increased by an amount (not to exceed $25,000,000) by
which the 2012/2013 Tender Offer is undersubscribed as described in the 2011 Notes Offer to
Purchase.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="13" style="border-bottom: 0px solid #000000"><B>2012/2013 Notes Tender Offer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Early</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Total Consideration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Participation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(Acceptable Bid</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Series of Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>CUSIP No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payment</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Price Range)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.00% Senior Notes due 2012
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">184502AU6
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">300,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>$150.00 &#150; $200.00</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.75% Senior Notes due 2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">184502AP7
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">500,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">10.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$125.00 &#150; $175.00</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Per $1,000 principal amount of 2012/2013 Notes that are accepted for purchase.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes the $10.00 Early Participation Payment.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total consideration payable pursuant to the 2012/2013 Notes Tender Offer per $1,000 principal
amount of 2012/2013 Notes validly tendered and accepted for purchase by CC Finco will be determined
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">based on a formula consisting of a base price equal to, in the case of the 5.00% Notes, $150.00
and, in the case of the 5.75% Notes, $125.00, plus, in each case, a clearing premium not to exceed
$50.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The clearing premium with respect to the 2012/2013 Notes will be the lowest single premium at which
CC Finco will be able to purchase the 2012/2013 Notes Maximum Payment Amount by accepting all
validly tendered 2012/2013 Notes with bid premiums equal to or lower than the clearing premium. If
the aggregate amount of 2012/2013 Notes validly tendered at or below the clearing premium would
cause CC Finco to purchase more than the 2012/2013 Notes Maximum Payment Amount, then holders of
each series of the 2012/2013 Notes tendered at the clearing premium will be subject to proration on
the terms and conditions set forth in the 2012/2013 Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2012/2013 Notes Maximum Payment Amount may be increased by an amount by which the 2011 Tender
Offer is undersubscribed as described in the 2012/2013 Notes Offer to Purchase.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Provisions Subject to All Tender Offers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel or CC Finco, as the case may be, will pay accrued and unpaid interest on all Notes
tendered and accepted for payment in the Tender Offers from the last interest payment date to, but
not including, the date on which the Notes are purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each holder of Notes who validly tenders (and does not withdraw) his or her Notes on or prior to
5:00 p.m., New York City time, on December&nbsp;8, 2008, unless extended (the &#147;Early Participation
Date&#148;), will receive an early participation payment of $10.00 per 1,000 principal amount of Notes
tendered (the &#147;Early Participation Payment&#148;). Holders tendering their Notes after the Early
Participation Date will not be eligible to receive the Early Participation Payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Tender Offers are scheduled to expire at 8:00 a.m., New York City time, on December&nbsp;23, 2008,
unless extended or earlier terminated (the &#147;Expiration Date&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tendered Notes may be withdrawn at any time on or prior to 5:00 p.m., New York City time, on
December&nbsp;8, 2008, unless extended (the &#147;Withdrawal Date&#148;). Holders of Notes who tender their Notes
after the Withdrawal Date, but on or prior to the Expiration Date, may not withdraw their tendered
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Tender Offers are conditioned on the satisfaction of certain customary conditions. The Tender
Offers are not conditioned on financing. Subject to applicable law, each of Clear Channel or CC
Finco, as the case may be, may also terminate the Tender Offers at any time before the Expiration
Date in its sole discretion.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel and CC Finco have retained Citi to act as the dealer manager for the Tender Offers.
Global Bondholder Services Corporation is the Information Agent and Depositary for the Tender
Offers. Questions regarding the Tender Offers should be directed to Citi at (800)&nbsp;558-3745
(toll-free) or (212)&nbsp;723-6106 (collect). Requests for documentation should be directed to Global
Bondholder Services Corporation at (212)&nbsp;430-3774 (for banks and brokers only) or (866)&nbsp;873-7700
(for all others toll-free). This announcement is for informational purposes only. This
announcement is not an offer to purchase or a solicitation of an offer to purchase with respect to
any Notes. The Tender Offers are being made solely pursuant to the applicable Offer to Purchase
and related documents. The Tender Offers are not being made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the
securities laws or blue sky laws require the Tender Offers to be made by a licensed broker or
dealer,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Tender Offers will be deemed to be made on behalf of Clear Channel or CC Finco, as the case may
be, by the dealer manager, or one or more registered brokers or dealers that are licensed under the
laws of such jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel Communications, Inc., headquartered in San Antonio, Texas, is a global leader in the
out-of-home advertising industry with radio stations and outdoor displays in various countries
around the world. CC Finco, LLC, headquartered in San Antonio, Texas, is a newly-formed, indirect
wholly-owned subsidiary of Clear Channel.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cautionary Note Regarding Forward-Looking Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release contains forward-looking statements based on current Clear Channel management
expectations. Those forward-looking statements include all statements other than those made solely
with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual
results to differ materially from those expressed in any forward-looking statements. Many of the
factors that will determine the outcome of the subject matter of this press release are beyond
Clear Channel&#146;s or CC Finco&#146;s ability to control or predict. Neither Clear Channel nor CC Finco
undertakes any obligation to revise or update any forward-looking statements, or to make any other
forward-looking statements, whether as a result of new information, future events or<BR>
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Contact</B><BR>
Clear Channel Communications, Inc.<BR>
Investor Relations Department, 210-822-2828

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
