Clear Channel Announces Modified Dutch Auction

Sr. Notes Auctioned

CLEAR CHANNEL COMMUNICATIONS is commencing a cash tender offer to purchase its outstanding 7.65% Senior Notes due 2010, at a purchase price per $1,000 principal amount determined in accordance with a modified "Dutch auction" procedure dated NOVEMBER 24th.

CLEAR CHANNEL also announced that its indirect wholly-owned subsidiary, CC FINCO, LLC, is commencing a cash tender offer for CLEAR CHANNEL’s outstanding 6.25% Senior Notes due 2011 and CLEAR CHANNEL’s outstanding 4.40% Senior Notes due 2011.

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