Clear Channel Communications Announces Stock Purch

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Clear Channel Communications Announces Stock Purchase Program for Class A Common Stock of Clear Channel Outdoor and CC Media Holdings.
SAN ANTONIO -- Clear Channel Communications, Inc. announced todaythat its board of directors has approved a stock purchase program underwhich Clear Channel Communications or its subsidiaries may purchase upto an aggregate of $100 million of the Class A common stock of itsindirect subsidiary, Clear Channel Outdoor Holdings, Inc. (NYSE: CCO),and/or its indirect parent, CC Media Holdings, Inc. (OTCBB: CCMO).
Under the program, purchases may be made in amounts, at prices andat such times as Clear Channel Communications or its subsidiaries deemappropriate, all subject to market conditions and other considerations.The purchases may be made in the open market in accordance with Rule10b-18 under the Securities Exchange Act of 1934, as amended (theExchange Act), or in privately negotiated transactions,pursuant to a trading plan under Rule 10b5-1 of the Exchange Act orotherwise. Any purchases will be funded from available cash on hand. Theprogram does not obligate Clear Channel Communications or itssubsidiaries to acquire any particular amount of Clear ChannelOutdoors Class A common stock and/or CC Media Holdings ClassA common stock, and the program may be modified, suspended or terminatedat any time at Clear Channel Communications discretion.
Clear Channel Communications does not intend for purchases under theprogram to cause Clear Channel Outdoors Class A common stock to bedelisted from the NYSE or cause the Class A common stock of ClearChannel Outdoor or CC Media Holdings to be deregistered with theSecurities and Exchange Commission.
As of AugustChanel common 5, 2010, Clear Channel Outdoor had approximately40,931,673 shares of Class A common stock outstanding and CC MediaHoldings had approximately 23,418,287 shares of Class A common stockoutstanding. Clear Channel Communications, through one of itssubsidiaries, is the beneficial owner of 315,000,000 shares of ClearChannel Outdoors Class B common stock, representing approximately88.5% of the total outstanding shares of common stock and approximately99% of the voting power of Clear Channel Outdoor. CC Media Holdings,through its subsidiaries, is the beneficial owner of all of theoutstanding common stock of Clear Channel Communications.
About Clear Channel Communications
Clear Channel Communications, Inc. is a global media andentertainment company specializing in mobile and on-demand entertainmentand information services for local communities and premiereopportunities for advertisers. Based in San Antonio, Texas, thecompanys businesses include radio and outdoor displays. Moreinformation is available at
Forward Looking Statements
Certain statements in this release could constituteforward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such forward-lookingstatements involve known and unknown risks, uncertainties and othectors which may cause the actual results performance or achievementsof the Company to be materially different from any future results,performance or achievements expressed or implied by such forward-lookingstatements. Other key risks are described in the Clear ChannelCommunications reports filed with the Securities and ExchangeCommission. Except as otherwise stated in this news announcement, ClearChannel Communications does not undertake any obligation to publiclyupdate or revise any forward-looking statements because of newinformation, future events or otherwise.
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