Clear Channel Announces Extensions to its Offer Expiration Date and Consent Payment Deadline in Tender Offers and Consent Solicitations for Senior Notes

In connection with Clear Channel Communications, Inc.'s ("Clear Channel") previously announced tender offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No. 184502AK8) (the "CCU Notes") and Clear Channel's subsidiary AMFM Operating Inc.'s ("AMFM") previously announced tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP No. 158916AL0) (the "AMFM Notes" and, collectively with the CCU Notes, the "Notes"), Clear Channel announced today that it has extended the date on which the tender offers are scheduled to expire (the "Offer Expiration Date") from 8:00 a.m. New York City time on June 27, 2008 to 8:00 a.m. New York City time on July 3, 2008 and the consent payment deadline for the Notes (the "Consent Payment Deadline") from 8:00 a.m. New York City time on June 27, 2008 to 8:00 a.m. New York City time on July 3, 2008. The Offer Expiration Date and the Consent Payment Deadline are subject to extension by Clear Channel, with respect to the CCU Notes, and AMFM, with respect to the AMFM Notes, in their sole discretion, including in connection with the terms of the settlement agreement and the amendment to the merger agreement described below. The completion of the tender offers and consent solicitations for the Notes is conditioned upon the satisfaction or waiver of all of the conditions precedent to the Agreement and Plan of Merger (the "Merger Agreement”) by and among Clear Channel, CC Media Holdings, Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and BT Triple Crown Merger Co., Inc., dated November 16, 2006, as amended by Amendment No. 1, dated April 18, 2007, and Amendment No. 2, dated May 17, 2007 and the closing of the merger contemplated by the Merger Agreement (the "Merger”). The closing of the Merger has not occurred. On March 26, 2008, Clear Channel, joined by CC Media Holdings, Inc., filed a lawsuit in the Texas State Court in Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, The Royal Bank of Scotland, and Wachovia, the banks who had committed to provide the debt financing for the Merger. Clear Channel intends to complete the tender offers and consent solicitations for the CCU Notes, and AMFM intends to complete the tender offers and consent solicitations for the AMFM Notes, upon consummation of the Merger. On May 13, 2008, Clear Channel announced that the company, entities sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P., and a bank syndicate have entered into a settlement agreement in connection with the lawsuits previously filed in the Texas and in New York. Pursuant to the terms of the settlement agreement, the parties have agreed to enter into a third amendment to the previously-announced merger agreement. While the merger is expected to close by the end of the third quarter 2008 pending shareholder approval, the parties to the settlement agreement have agreed to extend the outside date for completion of the merger to December 31, 2008. Clear Channel previously announced on January 2, 2008 that it had received, pursuant to its previously announced tender offer and consent solicitation for the CCU Notes, the requisite consents to adopt the proposed amendments to the CCU Notes and the indenture governing the CCU Notes applicable to the CCU Notes, and that AMFM had received, pursuant to its previously announced tender offer and consent solicitation for the AMFM Notes, the requisite consents to adopt the proposed amendments to the AMFM Notes and the indenture governing the AMFM Notes. As of today’s date, approximately 99 percent of the AMFM Notes have been validly tendered and not withdrawn and approximately 99 percent of the CCU Notes have been validly tendered and not withdrawn. The Clear Channel tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the Clear Channel Offer to Purchase and Consent Solicitation Statement for the CCU Notes dated December 17, 2007 (the "Clear Channel Offer to Purchase”), and the related Letter of Transmittal and Consent. The AMFM tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the AMFM Offer to Purchase and Consent Solicitation Statement for the AMFM Notes dated December 17, 2007 (the "AMFM Offer to Purchase” and together with the Clear Channel Offer to Purchase, the "Offers to Purchase”), and the related Letter of Transmittal and Consent. Further details about the terms and conditions of the tender offers and consent solicitations are set forth in the Offers to Purchase and the related documents. Clear Channel has retained Citi to act as the lead dealer manager for the tender offers and lead solicitation agent for the consent solicitations and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offers and co-solicitation agents for the consent solicitations. Global Bondholder Services Corporation is the Information Agent for the tender offers and the consent solicitations. Questions regarding the tender offers should be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). This announcement is for informational purposes only. This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any Notes. The tender offers and consent solicitation are being made solely pursuant to the Offers to Purchase and related documents. The tender offers and consent solicitations 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 and consent solicitations to be made by a licensed broker or dealer, the tender offers and consent solicitations will be deemed to be made on behalf of Clear Channel by one or more of the dealer managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. Clear Channel Communications, Inc. (NYSE: CCU), 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. 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. These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (2) the outcome of any legal proceedings that have been or may be instituted by or against Clear Channel and others relating to the merger agreement; (3) the inability to complete the Merger due to the failure to satisfy conditions to consummation of the Merger; (4) the failure to obtain the necessary debt financing arrangements contemplated in debt financing commitment letters received in connection with the Merger; (5) the failure of the Merger to close for any other reason; (6) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (7) the effect of the Merger on our customer relationships, operating results and business generally; (8) the ability to recognize the benefits of the Merger; (9) the amount of the costs, fees, expenses and charges related to the Merger and the actual terms of the financings that will be obtained for the Merger; and (10) the impact of the substantial indebtedness incurred to finance the consummation of the Merger. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Clear Channel’s ability to control or predict. Clear Channel undertakes no 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 otherwise.