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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.
20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)

|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2009
|- | -----------------------------------------------------------------------------------------------------------------------------------------



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
 TO
|- | ---------------------------------------------------------------------------------------------------------------------------

Commission File Number

1-9645

CLEAR CHANNEL COMMUNICATIONS, INC.

(Exact name of registrant as specified in its charter)



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Texas                                                          |  | 74-1787539                          
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)



|                                         |  |           
|---------------------------------------- |  | ----------
|200 East Basse Road San Antonio, Texas   |  | 78209     
|(Address of principal executive offices) |  | (Zip Code)

(210) 822-2828

(Registrants telephone number, including area code)

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).    Yes   ̈    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer or a smaller reporting company.
See definition of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.

Large accelerated filer   ̈    Accelerated filer   ̈    Non-accelerated filer  x    Smaller reporting company   ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).    Yes   ̈    No  x

Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.



|                              |  |  |  |                                
|----------------------------- |  |  |  | -------------------------------
|Class                         |  |  |  | Outstanding at November 9, 2009
|Common Stock, $.001 par value |  |  |  | 500,000,000                    





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CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES

Form 10-Q/A

Amendment No. 1

For the Quarterly Period Ended September 30, 2009

Explanatory Note

This Amendment No. 1
to the Quarterly Report on Form 10-Q/A (Amendment No. 1) is being filed to amend Clear Channel Communications, Inc.s (the Company) Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2009, previously filed on November 9, 2009 (the Original Filing), in order to correct the Companys disclosures in Part I Item 2, Managements Discussion and Analysis of Financial Condition and
Results of Operations and to correct the Employment Separation Agreement (the Employment Separation Agreement), dated October 19, 2009, by and between Clear Channel Communications, Inc. and Herbert W. Hill filed as Exhibit 10.10
herewith and to the Original Filing.

The Company erroneously disclosed the effects of foreign exchange movements to its results of operations
for the three and nine months ended September 30, 2009 in its Original Filing. The Company is filing this Amendment No. 1 to correct the disclosure of the effects of foreign exchange movements to its results of operations for the three and
nine months ended September 30, 2009.

This Amendment No. 1 includes only Item 2 of Part I and Item 6 of Part II of the
Original Filing and does not amend or update any other information contained in the Original Filing. This Amendment No. 1 should be read in conjunction with the Original Filing, which continues to speak as of the date of the Original Filing.
Accordingly, this Amendment No. 1 does not reflect events occurring after the filing of the Original Filing.



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CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES

INDEX



|                                                                                              |  |         
|--------------------------------------------------------------------------------------------- |  | --------
|                                                                                              |  | Page No.
|Part I  Financial Information                                                                |  |         
|                                                                                              | 
|Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 4       
|                                                                                              | 
|Part II  Other Information                                                                   |  |         
|                                                                                              | 
|Item 6. Exhibits                                                                              |  | 31      
|                                                                                              | 
|Signatures                                                                                    |  | 36      
|Exhibit 10.10                                                                                 |  |         
|Exhibit 31.1                                                                                  |  |         
|Exhibit 31.2                                                                                  |  |         
|Exhibit 32.1                                                                                  |  |         
|Exhibit 32.2                                                                                  |  |         



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PART I. FINANCIAL INFORMATION

Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

As
permitted by the rules and regulations of the SEC, the unaudited financial statements and related footnotes included in Item 1 of Part I of this Quarterly Report on Form 10-Q are those of Clear Channel Capital I, LLC, the direct parent of Clear
Channel Communications, Inc., a Texas corporation (Clear Channel or the Subsidiary Issuer), and contain certain footnote disclosures regarding the financial information of Clear Channel and Clear Channels domestic
wholly-owned subsidiaries that guarantee certain of Clear Channels outstanding indebtedness. All other financial information and other data and information contained in this Quarterly Report on Form 10-Q is that of Clear Channel, unless
otherwise indicated. Accordingly, all references in Item 2 through Item 4T in Part I and all references in Part II of this Quarterly Report on Form 10-Q to we, us, and our refer to Clear Channel and its
consolidated subsidiaries.

Consummation of Merger

CC Media Holdings, Inc. (CCMH) was formed in May 2007 by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (together, the Sponsors) for
the purpose of acquiring the business of Clear Channel. The acquisition was consummated on July 30, 2008 pursuant to the Merger Agreement. As a result of the merger, each issued and outstanding share of our common stock, other than shares held
by certain of our principals that were rolled over and exchanged for shares of CCMHs Class A common stock, was either exchanged for (i) $36.00 in cash consideration or (ii) one share of CCMHs Class A common stock.

CCMH accounted for the acquisition of Clear Channel as a purchase business combination in accordance with Statement of
Financial Accounting Standards No. 141, Business Combinations, and Emerging Issues Task Force Issue 88-16, Basis in Leveraged Buyout Transactions. CCMH allocated a portion of the consideration paid to the assets and liabilities
acquired at their respective fair values with the remaining portion recorded at the continuing shareholders basis. Excess consideration after this allocation was recorded as goodwill. The purchase price allocation was complete as of
July 30, 2009 in accordance with ASC 805-10-25, which requires that the allocation period not exceed one year from the date of acquisition.

During the first seven months of 2009, CCMH decreased the initial fair value estimate of our permits, contracts, site leases and other assets and liabilities primarily in our Americas segment by $116.1
million based on additional information received, which resulted in an increase to goodwill of $71.7 million and a decrease to deferred taxes of $44.4 million. During the third quarter of 2009, CCMH recorded a $45.0 million increase to goodwill in
our International outdoor segment related to the fair value of certain minority interests recorded pursuant to ASC 480-10-S99, which distinguishes liabilities from equity, and which had no related tax effect. In addition, during the third quarter of
2009, CCMH adjusted deferred taxes by $44.3 million to true-up our tax rates in certain jurisdictions that were estimated in the initial purchase price allocation.

Format of Presentation

Our consolidated statements of operations
and statements of cash flows are presented for two periods: post-merger and pre-merger. The merger resulted in a new basis of accounting beginning on July 31, 2008 and the financial reporting periods are presented as follows:



| |  |  | The three and nine month periods ended September 30, 2009 and the period from July 31 through September 30, 2008 reflect our post-merger
period. Subsequent to the acquisition, Clear Channel became an indirect, wholly-owned subsidiary of CCMH and the business of CCMH became that of Clear Channel and its subsidiaries.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The periods from January 1 through July 30, 2008 and July 1 through July 30, 2008 reflect our pre-merger period. The consolidated
financial statements for all pre-merger periods were prepared using the historical basis of accounting for Clear Channel. As a result of the merger and the associated purchase accounting, the consolidated financial statements of the post-merger
periods are not comparable to periods preceding the merger.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The discussion in this MD&A is presented on
a combined basis of the pre-merger and post-merger periods for 2008. The 2008 post-merger and pre-merger results are presented but are not discussed separately. We believe that the discussion on a combined basis is more meaningful as it allows the
results of operations to be analyzed to comparable periods in 2009.



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Managements discussion and analysis of our results of operations and financial
condition should be read in conjunction with the consolidated financial statements and related footnotes of Clear Channel Capital I, LLC included in this Quarterly Report on Form 10-Q. Our discussion is presented on both a consolidated and segmented
basis. Our reportable operating segments are radio broadcasting (radio or radio broadcasting), which includes our national syndication business, Americas outdoor advertising (Americas or Americas outdoor
advertising) and International outdoor advertising (International or International outdoor advertising). Included in the other segment are our media representation business, Katz Media, as well as other
general support services and initiatives.

We manage our operating segments primarily focusing on their operating income,
while Corporate expenses, Merger expenses, Impairment charge, Other operating income (expense)net, Interest expense, Gain (loss) on marketable securities, Equity in earnings (loss) of nonconsolidated affiliates, Other income (expense) 
net, Income tax benefit (expense), and Income (loss) from discontinued operations, net are managed on a total company basis and are, therefore, included only in our discussion of consolidated results.

Impairment Charges

Impairment to Definite-lived Intangibles

We review our definite-lived intangibles for impairment when
events and circumstances indicate that amortizable long-lived assets might be impaired and the undiscounted cash flows estimated to be generated from those assets are less than the carrying amount of those assets. When specific assets are determined
to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.

We use various
assumptions in determining the current fair market value of these assets, including future expected cash flows, industry growth rates and discount rates. Impairment loss calculations require management to apply judgment in estimating future cash
flows, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows.

During the second quarter of 2009, we recorded a $21.3 million impairment to taxi contracts in our Americas segment and a $17.5 million impairment primarily related to street furniture and billboard
contracts in our International segment. We determined fair values using a discounted cash flow model. The decline in fair value of the contracts was primarily driven by a decline in the revenue projections. The decline in revenue related to taxi
contracts and street furniture and billboard contracts was in the range of 10% to 15%. The balance of these taxi contracts and street furniture and billboard contracts after the impairment charges, for the contracts that were impaired, was $3.3
million and $16.0 million, respectively.

Impairment to FCC Licenses

FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the Act).
The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no serious violations of either the Communications Act of 1934 or the FCCs rules
and regulations by the licensee, and there have been no other serious violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost.

We performed an interim impairment test on our FCC licenses as of December 31, 2008, which resulted in a non-cash impairment charge of
$936.2 million. The industry cash flows forecast by BIA Financial Network, Inc. (BIA) during the first six months of 2009 were below the BIA forecast used in the discounted cash flow model used to calculate the impairment at
December 31, 2008. As a result, we performed an interim impairment test as of June 30, 2009 on our FCC licenses resulting in a non-cash impairment charge of $590.3 million.

The fair value of the FCC licenses was determined using the direct valuation method as prescribed in ASC 805-20-S99. Under the direct
valuation method, the fair value of the FCC licenses was calculated at the market level as prescribed by ASC 350-30-35. We engaged Mesirow Financial, a third-party valuation firm, to assist us in the development of the assumptions and our
determination of the fair value of our FCC licenses. Our impairment test consisted of a comparison of the fair value of the FCC licenses at the market level with their carrying amount. If the carrying amount of the FCC license exceeded its fair
value, an impairment loss was recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the FCC license is its new accounting basis.

Our application of the direct valuation method attempts to isolate the income that is properly attributable to the license alone (that is,
apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical greenfield build up to a normalized enterprise that, by design, lacks inherent goodwill and whose only other assets
have essentially been paid for (or



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added) as part of the build-up process. We forecasted revenue, expenses, and cash flows over a ten-year period for each of our markets in our application of the direct valuation method. We also
calculated a normalized residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the licenses in each market.

Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern
business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going
concern value. Initial capital costs are deducted from the discounted cash flows model which results in value that is directly attributable to the indefinite-lived intangible assets.

Our key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of
the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average FCC
license within a market.

Management uses publicly available information from BIA regarding the future revenue expectations
for the radio broadcasting industry.

The build-up period represents the time it takes for the hypothetical start-up operation
to reach normalized operations in terms of achieving a mature market share and profit margin. Management believes that a three-year build-up period is required for a start-up operation to obtain the necessary infrastructure and obtain advertisers.
It is estimated that a start-up operation would gradually obtain a mature market revenue share in three years. BIA forecasted industry revenue growth of negative 1.8% during the build-up period. The cost structure is expected to reach the normalized
level over three years due to the time required to establish operations and recognize the synergies and cost savings associated with the ownership of the FCC licenses within the market.

The estimated operating margin in the first year of operations was assumed to be 12.5% based on observable market data for an independent
start-up radio station. The estimated operating margin in the second year of operations was assumed to be the mid-point of the first-year operating margin and the normalized operating margin. The normalized operating margin in the third year was
assumed to be the industry average margin of 29% based on an analysis of comparable companies. The first and second-year expenses include the non-operating start-up costs necessary to build the operation (i.e. development of customers, workforce,
etc.).

In addition to cash flows during the projection period, a normalized residual cash flow was calculated
based upon industry-average growth of 2% beyond the discrete build-up projection period. The residual cash flow was then capitalized to arrive at the terminal value.

The present value of the cash flows is calculated using an estimated required rate of return based upon industry-average market conditions. In determining the estimated required rate of return, management
calculated a discount rate using both current and historical trends in the industry.

We calculated the discount rate as of
the valuation date and also one-year, two-year, and three-year historical quarterly averages. The discount rate was calculated by weighting the required returns on interest-bearing debt and common equity capital in proportion to their estimated
percentages in an expected capital structure. The capital structure was estimated based on the quarterly average of data for publicly traded companies in the radio broadcasting industry.

The calculation of the discount rate required the rate of return on debt, which was based on a review of the credit ratings for comparable
companies (i.e., market participants). We calculated the average yield on a Standard & Poors B and CCC rated corporate bond which was used for the pre-tax rate of return on debt and tax-effected such yield
based on applicable tax rates.

The rate of return on equity capital was estimated using a modified Capital Asset Pricing
Model (CAPM). Inputs to this model included the yield on long-term U.S. Treasury Bonds, forecast betas for comparable companies, calculation of a market risk premium based on research and empirical evidence and calculation of a size
premium derived from historical differences in returns between small companies and large companies using data published by Ibbotson Associates.

Our concluded discount rate used in the discounted cash flow models to determine the fair value of the licenses was 10% for our 13 largest markets and 10.5% for all of our other markets. Applying the
discount rate, the present value of cash flows during the discrete projection period and terminal value were added to estimate the fair value of the hypothetical start-up operation. The initial capital investment was subtracted to arrive at the
value of the permits. The initial capital investment represents the fixed assets needed to operate the radio station.



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The BIA forecast for 2009 declined 8.7% and declined between 13.8% and 15.7% through 2013
compared to the BIA forecasts used in the 2008 impairment test. Additionally, the industry profit margin declined 100 basis points from the 2008 impairment test. These market driven changes were primarily responsible for the decline in fair value of
the FCC licenses below their carrying value. As a result, we recognized a non-cash impairment charge in approximately one-quarter of our markets, which totaled $590.3 million. The fair value of our FCC licenses was $2.4 billion at June 30,
2009.

In calculating the fair value of our FCC licenses, we primarily relied on the discounted cash flow
models. However, we relied on the stick method for those markets where the discounted cash flow model resulted in a value less than the stick method indicated.

To estimate the stick values for our markets, we obtained historical radio station transaction data from BIA which involved sales of individual radio stations whereby the station format was immediately
abandoned after acquisition. These transactions are highly indicative of stick transactions in which the buyer does not assign value to any of the other acquired assets (i.e. tangible or intangible assets) and is only purchasing the FCC license.

In addition, we analyzed publicly available FCC license auction data involving radio broadcast licenses. Periodically,
the FCC will hold an auction for certain FCC licenses in various markets and these auction prices reflect the purchase of only the FCC radio license.

Based on this analysis, the stick values were estimated to be the minimum value of a radio license within each market. This value was considered to be the fair value of the license for those markets where
the present value of the cash flows and terminal value did not exceed the estimated stick value. Approximately 23% of the fair value of our FCC licenses at June 30, 2009 was determined using the stick method.

While we believe we have made reasonable estimates and utilized reasonable assumptions to calculate the fair value of our FCC licenses, it
is possible a material change could occur. If our future actual results are not consistent with our estimates, we could be exposed to future impairment losses that could be material to our results of operations. The following table shows the
resulting decline in the fair value of our FCC licenses of a 100 basis point decline in our discrete and terminal period revenue growth rate and profit margin assumptions and a 100 basis point increase in our discount rate assumption, respectively:



|                            |  |                     |         |               |   |                |  |   |        
|--------------------------- |  | ------------------- | ------- | ------------- | - | -------------- |  | - | -------
|(In thousands)              |  |                     |         |               |   |               
|Indefinite-lived intangible |  | Revenue growth rate |         | Profit margin |   | Discount rates
|FCC licenses                |  | $                   | 212,790 |               | $ | 103,500        |  | $ | 320,510

The following table shows the increase to the FCC license impairment that would have
occurred using hypothetical percentage reductions in fair value, had the hypothetical reductions in fair value existed at the time of our impairment testing:



|                             |  |                      |        
|---------------------------- |  | -------------------- | -------
|(In thousands)               |  |                     
|Percent change in fair value |  | Change to impairment
|5%                           |  | $                    | 118,877
|10%                          |  | $                    | 239,536
|15%                          |  | $                    | 360,279

Impairment to Billboard Permits

Our billboard permits are effectively issued in perpetuity by state and local governments as they are transferable or renewable at little or
no cost. Permits typically specify the locations at which we are allowed to operate an advertising structure. Due to significant differences in both business practices and regulations, billboards in our International segment are subject to
long-term, finite contracts versus permits in the United States and Canada. Accordingly, there are no indefinite-lived assets in our International segment.

We performed an interim impairment test on our billboard permits as of December 31, 2008, which resulted in a non-cash impairment charge of $722.6 million. Our cash flows during the first six months
of 2009 were below those in the discounted cash flow model used to calculate the impairment at December 31, 2008. As a result, we performed an interim impairment test as of June 30, 2009 on our billboard permits resulting in a non-cash
impairment charge of $345.4 million.

The fair value of the billboard permits was determined using the direct valuation method
as prescribed in ASC 805-20-S99. Under the direct valuation method, the fair value of the billboard permits was calculated at the market level as prescribed by ASC 350-30-35.



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We engaged Mesirow Financial to assist us in the development of the assumptions and our determination of the fair value of our billboard permits. Our impairment test consisted of a comparison of
the fair value of the billboard permits at the market level with their carrying amount. If the carrying amount of the billboard permit exceeded its fair value, an impairment loss was recognized equal to that excess. After an impairment loss is
recognized, the adjusted carrying amount of the billboard permit is its new accounting basis.

Our application of the direct
valuation method utilized the greenfield approach as discussed above. Our key assumptions using the direct valuation method are market revenue growth rates, market share, profit margin, duration and profile of the build-up period,
estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average billboard permit within a
market.

Management uses its internal forecasts to estimate industry normalized information as it believes these forecasts are
similar to what a market participant would expect to generate. This is due to the pricing structure and demand for outdoor signage in a market being relatively constant regardless of the owner of the operation. Management also relied on its internal
forecasts because there is nominal public data available for each of its markets.

The build-up period represents the time it
takes for the hypothetical start-up operation to reach normalized operations in terms of achieving a mature market revenue share and profit margin. Management believes that a one-year build-up period is required for a start-up operation to erect the
necessary structures and obtain advertisers in order achieve mature market revenue share. It is estimated that a start-up operation would be able to obtain 10% of the potential revenues in the first year of operations and 100% in the second year.
Management assumed industry revenue growth of negative 16% during the build-up period. However, the cost structure is expected to reach the normalized level over three years due to the time required to recognize the synergies and cost savings
associated with the ownership of the permits within the market.

For the normalized operating margin in the third year,
management assumed a hypothetical business would operate at the lower of the operating margin for the specific market or the industry average margin of 45% based on an analysis of comparable companies. For the first and second year of operations,
the operating margin was assumed to be 50% of the normalized operating margin. The first and second-year expenses include the non-recurring start-up costs necessary to build the operation (i.e. development of customers, workforce, etc.).

In addition to cash flows during the projection period, a normalized residual cash flow was calculated based upon
industry-average growth of 3% beyond the discrete build-up projection period. The residual cash flow was then capitalized to arrive at the terminal value.

The present value of the cash flows is calculated using an estimated required rate of return based upon industry-average market conditions. In determining the estimated required rate of return, management
calculated a discount rate using both current and historical trends in the industry.

We calculated the discount rate as of
the valuation date and also one-year, two-year, and three-year historical quarterly averages. The discount rate was calculated by weighting the required returns on interest-bearing debt and common equity capital in proportion to their estimated
percentages in an expected capital structure. The capital structure was estimated based on the quarterly average of data for publicly traded companies in the outdoor advertising industry.

The calculation of the discount rate required the rate of return on debt, which was based on a review of the credit ratings for comparable
companies (i.e. market participants). We used the yield on a Standard & Poors B rated corporate bond for the pre-tax rate of return on debt and tax-effected such yield based on applicable tax rates.

The rate of return on equity capital was estimated using a modified CAPM. Inputs to this model included the yield on long-term U.S. Treasury
Bonds, forecast betas for comparable companies, calculation of a market risk premium based on research and empirical evidence and calculation of a size premium derived from historical differences in returns between small companies and large
companies using data published by Ibbotson Associates.

Our concluded discount rate used in the discounted cash flow models to
determine the fair value of the permits was 10%. Applying the discount rate, the present value of cash flows during the discrete projection period and terminal value were added to estimate the fair value of the hypothetical start-up operation. The
initial capital investment was subtracted to arrive at the value of the permits. The initial capital investment represents the fixed assets needed to erect the necessary advertising structures.

The discount rate used in the impairment model increased approximately 50 basis points over the discount rate used to value the permits at
December 31, 2008. Industry revenue forecasts declined 8% through 2013 compared to the forecasts used in the 2008



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impairment test. These market driven changes were primarily responsible for the decline in fair value of the billboard permits below their carrying value. As a result, we recognized a non-cash
impairment charge in all but five of our markets in the United States and Canada, which totaled $345.4 million. The fair value of our permits was $1.1 billion at June 30, 2009.

While we believe we have made reasonable estimates and utilized reasonable assumptions to calculate the fair value of our permits, it is
possible a material change could occur. If our future actual results are not consistent with our estimates, we could be exposed to future impairment losses that could be material to our results of operations. The following table shows the resulting
decline in the fair value of our billboard permits of a 100 basis point decline in our discrete and terminal period revenue growth rate and profit margin assumptions and a 100 basis point increase in our discount rate assumption, respectively:



|                            |  |                     |         |               |   |                |  |   |        
|--------------------------- |  | ------------------- | ------- | ------------- | - | -------------- |  | - | -------
|(In thousands)              |  |                     |         |               |   |               
|Indefinite-lived intangible |  | Revenue growth rate |         | Profit margin |   | Discount rates
|Billboard permits           |  | $                   | 386,700 |               | $ | 73,300         |  | $ | 408,300

The following table shows the increase to the billboard permit impairment that would
have occurred using hypothetical percentage reductions in fair value, had the hypothetical reductions in fair value existed at the time of our impairment testing:



|                             |  |                      |        
|---------------------------- |  | -------------------- | -------
|(In thousands)               |  |                     
|Percent change in fair value |  | Change to impairment
|5%                           |  | $                    | 55,776 
|10%                          |  | $                    | 111,782
|15%                          |  | $                    | 167,852

Impairment to Goodwill

We performed an interim impairment test as of December 31, 2008 which resulted in a non-cash impairment charge of $3.6 billion to reduce
our goodwill. Our goodwill impairment test is a two-step process. The first step, used to screen for potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. The second step, if applicable and
used to measure the amount of the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. We engaged Mesirow Financial to assist us in the development of the assumptions and our
determination of the fair value of our reporting units.

Each of our U.S. radio markets and outdoor advertising markets are
components. Our U.S. radio markets are aggregated into a single reporting unit and our U.S. outdoor advertising markets are aggregated into a single reporting unit for purposes of the goodwill impairment test using the guidance in ASC 350-20-55. We
also determined that in our Americas segment, Canada, Mexico, Peru, and Brazil constitute separate reporting units and each country in our International segment constitutes a separate reporting unit.

We test goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. Our cash flows during the
first six months of 2009 were below those used in the discounted cash flow model used to calculate the impairment at December 31, 2008. Additionally, the fair value of our debt and equity at June 30, 2009 was below the carrying amount of
our reporting units at June 30, 2009. As a result of these indicators, we performed an interim goodwill impairment test as of June 30, 2009 resulting in a non-cash impairment charge of $3.1 billion.

The discounted cash flow model indicated that we failed the first step of the impairment test for substantially all reporting units, which
required us to compare the implied fair value of each reporting units goodwill with its carrying value.

The discounted
cash flow approach we use for valuing goodwill involves estimating future cash flows expected to be generated from the related assets, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and
discounted to their present value.

We forecasted revenue, expenses, and cash flows over a ten-year period for each of our
reporting units. In projecting future cash flows, we consider a variety of factors including our historical growth rates, macroeconomic conditions, advertising sector and industry trends as well as company-specific information. Historically,
revenues in our industries have been highly correlated to economic cycles. Based on these considerations, our assumed 2009 revenue growth rates were negative followed by assumed revenue growth with an anticipated economic recovery in 2010. To arrive
at our projected cash flows and resulting growth rates, we evaluated our historical operating results, current management initiatives and both historical and anticipated industry results to assess the reasonableness of our operating margin
assumptions. We also calculated a normalized residual year which represents the perpetual cash flows of each reporting unit. The residual year cash flow was capitalized to arrive at the terminal value of the reporting unit.



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We calculated the weighted average cost of capital (WACC) as of June 30,
2009 and also one-year, two-year, and three-year historical quarterly averages for each of our reporting units. WACC is an overall rate based upon the individual rates of return for invested capital (equity and interest-bearing debt). The WACC is
calculated by weighting the required returns on interest-bearing debt and common equity capital in proportion to their estimated percentages in an expected capital structure. The capital structure was estimated based on the quarterly average data
for publicly traded companies in the radio and outdoor advertising industry. Our calculation of the WACC considered both current industry WACCs and historical trends in the industry.

The calculation of the WACC requires the rate of return on debt, which was based on a review of the credit ratings for comparable companies
(i.e. market participants) and the indicated yield on similarly rated bonds.

The rate of return on equity capital was
estimated using a modified CAPM. Inputs to this model included the yield on long-term U.S. Treasury Bonds, forecast betas for comparable companies, calculation of a market risk premium based on research and empirical evidence and calculation of a
size premium derived from historical differences in returns between small companies and large companies using data published by Ibbotson Associates.

In line with advertising industry trends, our operations and expected cash flow are subject to significant uncertainties about future developments, including timing and severity of the recessionary trends
and customers behaviors. To address these risks, we included company-specific risk premiums for each of our reporting units in the estimated WACC. Based on this analysis, company-specific risk premiums of 100 basis points, 250 basis points and
350 basis points were included for our Radio, Americas outdoor and International outdoor segments, respectively, resulting in WACCs of 11%, 12.5% and 13.5% for each of our reporting units in the Radio, Americas and International segments,
respectively. Applying these WACCs, the present value of cash flows during the discrete projection period and terminal value were added to estimate the fair value of the reporting units.

The discount rate utilized in the valuation of the FCC licenses and outdoor permits as of June 30, 2009 excludes the company-specific
risk premiums that were added to the industry WACCs used in the valuation of the reporting units. Management believes the exclusion of this premium is appropriate given the difference between the nature of the licenses and billboard permits and
reporting unit cash flow projections. The cash flow projections utilized under the direct valuation method for the licenses and permits are derived from utilizing industry normalized information for the existing portfolio of
licenses and permits. Given that the underlying cash flow projections are based on industry normalized information, application of an industry average discount rate is appropriate. Conversely, our cash flow projections for the overall
reporting unit are based on our internal forecasts for each business and incorporate future growth and initiatives unrelated to the existing license and permit portfolio. Additionally, the projections for the reporting unit include cash flows
related to non-FCC license and non-permit based assets. In the valuation of the reporting unit, the company-specific risk premiums were added to the industry WACCs due to the risks inherent in achieving the projected cash flows of the reporting
unit.

We also utilized the market approach to provide a test of reasonableness to the results of the discounted cash flow
model. The market approach indicates the fair value of the invested capital of a business based on a companys market capitalization (if publicly traded) and a comparison of the business to comparable publicly traded companies and transactions
in its industry. This approach can be estimated through the quoted market price method, the market comparable method, and the market transaction method.

One indication of the fair value of a business is the quoted market price in active markets for the debt and equity of the business. The quoted market price of equity multiplied by the number of shares
outstanding yields the fair value of the equity of a business on a marketable, noncontrolling basis. We then apply a premium for control and add the estimated fair value of interest-bearing debt to indicate the fair value of the invested capital of
the business on a marketable, controlling basis.

The market comparable method provides an indication of the fair value of the
invested capital of a business by comparing it to publicly traded companies in similar lines of business. The conditions and prospects of companies in similar lines of business depend on common factors such as overall demand for their products and
services. An analysis of the market multiples of companies engaged in similar lines of business yields insight into investor perceptions and, therefore, the value of the subject business. These multiples are then applied to the operating results of
the subject business to estimate the fair value of the invested capital on a marketable, noncontrolling basis. We then apply a premium for control to indicate the fair value of the business on a marketable, controlling basis.

The market transaction method estimates the fair value of the invested capital of a business based on exchange prices in actual transactions
and on asking prices for controlling interests in similar companies recently offered for sale. This process involves comparison and correlation of the subject business with other similar companies that have recently been purchased. Considerations
such as location, time of sale, physical characteristics, and conditions of sale are analyzed for comparable businesses.



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The three variations of the market approach indicated that the fair value determined by our
discounted cash flow model was within a reasonable range of outcomes.

Our revenue forecasts for 2009 declined 8%, 7% and 9%
for Radio, Americas outdoor and International outdoor, respectively, compared to the forecasts used in the 2008 impairment test primarily as a result of our revenues realized during the first six months of 2009. These market driven changes were
primarily responsible for the decline in fair value of our reporting units below their carrying value. As a result, we recognized a non-cash impairment charge to reduce our goodwill of $3.1 billion at June 30, 2009.

A rollforward of our goodwill balance from December 31, 2008 through September 30, 2009 by reporting unit is as follows:



|                                   |  |                                |           |              |   |              |  |   |                 |   |            |   |        |             |   |            |                                 |  |   |         |   |  |   |          
|---------------------------------- |  | ------------------------------ | --------- | ------------ | - | ------------ |  | - | --------------- | - | ---------- | - | ------ | ----------- | - | ---------- | ------------------------------- |  | - | ------- | - |  | - | ---------
|(In thousands)                     |  | Balances as ofDecember 31,2008 |           | Acquisitions |   | Dispositions |  |   | ForeignCurrency |   | Impairment |   |        | Adjustments |   |            | Balances as ofSeptember 30,2009
|United States Radio Markets        |  | $                              | 5,579,190 |              | $ | 10,681       |  | $ | (62,410         | ) |            | $ |       |             | $ | (2,426,597 | )                               |  | $ | 46,557  |   |  | $ | 3,147,421
|United States Outdoor Markets      |  |                                | 824,730   |              |   | 2,250        |  |   |                |   |            |   |       |             |   | (324,893   | )                               |  |   | 73,546  |   |  |   | 575,633  
|Switzerland                        |  |                                | 56,885    |              |   |             |  |   |                |   |            |   | 1,087  |             |   | (7,827     | )                               |  |   |        |   |  |   | 50,145   
|Ireland                            |  |                                | 14,285    |              |   |             |  |   |                |   |            |   | 302    |             |   | (10,360    | )                               |  |   |        |   |  |   | 4,227    
|Baltics                            |  |                                | 10,629    |              |   |             |  |   |                |   |            |   |       |             |   | (10,235    | )                               |  |   |        |   |  |   | 394      
|Americas Outdoor  Mexico          |  |                                | 8,729     |              |   |             |  |   |                |   |            |   | 7,220  |             |   | (10,085    | )                               |  |   | (442    | ) |  |   | 5,422    
|Americas Outdoor  Chile           |  |                                | 3,964     |              |   |             |  |   |                |   |            |   | 4,417  |             |   | (7,834     | )                               |  |   |        |   |  |   | 547      
|Americas Outdoor  Peru            |  |                                | 45,284    |              |   |             |  |   |                |   |            |   |       |             |   | (37,609    | )                               |  |   |        |   |  |   | 7,675    
|Americas Outdoor  Brazil          |  |                                | 4,971     |              |   |             |  |   |                |   |            |   | 4,436  |             |   | (9,407     | )                               |  |   |        |   |  |   |         
|All Others  International Outdoor |  |                                | 205,744   |              |   | 110          |  |   |                |   |            |   | 18,728 |             |   | (1,300     | )                               |  |   | 45,041  |   |  |   | 268,323  
|Other                              |  |                                | 331,290   |              |   |             |  |   | (2,276          | ) |            |   |       |             |   | (211,988   | )                               |  |   |        |   |  |   | 117,026  
|Americas Outdoor  Canada          |  |                                | 4,920     |              |   |             |  |   |                |   |            |   |       |             |   |           |                                 |  |   | (4,920  | ) |  |   |         
|                                   |  |                                |           |              |   |              |  |   |                 |   |            |   |        |             |   |            |                                 |  |   |         |   |  |   |          
|                                   |  | $                              | 7,090,621 |              | $ | 13,041       |  | $ | (64,686         | ) |            | $ | 36,190 |             | $ | (3,058,135 | )                               |  | $ | 159,782 |   |  | $ | 4,176,813
|                                   |  |                                |           |              |   |              |  |   |                 |   |            |   |        |             |   |            |                                 |  |   |         |   |  |   |          

While we believe we have made reasonable estimates and utilized appropriate
assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If future results are not consistent with our assumptions and estimates, we may be exposed to impairment charges in the future. The
following table shows the resulting decline in the fair value of each of our reportable segments of a 100 basis point decline in our discrete and terminal period revenue growth rate and profit margin assumptions and a 100 basis point increase in our
discount rate assumption, respectively:



|                      |  |                     |         |               |   |                |  |   |        
|--------------------- |  | ------------------- | ------- | ------------- | - | -------------- |  | - | -------
|(In thousands)        |  |                     |         |               |   |               
|Reportable segment    |  | Revenue growth rate |         | Profit margin |   | Discount rates
|Radio Broadcasting    |  | $                   | 670,000 |               | $ | 190,000        |  | $ | 650,000
|Americas Outdoor      |  | $                   | 320,000 |               | $ | 90,000         |  | $ | 300,000
|International Outdoor |  | $                   | 140,000 |               | $ | 100,000        |  | $ | 120,000

The following table shows the increase to the goodwill impairment that would have
occurred using hypothetical percentage reductions in fair value, had the hypothetical reduction in fair value existed at the time of our impairment testing:



|                      |  |    |         |     |   |         |  |   |          
|--------------------- |  | -- | ------- | --- | - | ------- |  | - | ---------
|(In thousands)        |  |    |         |     |   |        
|Reportable segment    |  | 5% |         | 10% |   | 15%    
|Radio Broadcasting    |  | $  | 353,000 |     | $ | 706,000 |  | $ | 1,059,000
|Americas Outdoor      |  | $  | 164,950 |     | $ | 329,465 |  | $ | 493,915  
|International Outdoor |  | $  | 7,207   |     | $ | 18,452  |  | $ | 33,774   

Restructuring Program

On January 20, 2009, CCMH announced that it commenced a restructuring program (the restructuring program) targeting a
reduction of fixed costs. For the three months ended September 30, 2009, we recognized approximately $3.6 million, $11.9 million and $7.6 million as components of direct operating expenses, selling, general and administrative expenses
(SG&A) and corporate expenses, respectively, related to the restructuring program. For the nine months ended September 30, 2009, we had recognized approximately $53.0 million, $31.7 million and $28.6 million as components of
direct operating expenses, SG&A expenses and corporate expenses, respectively, related to the restructuring program.



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Radio Broadcasting

Our radio business has been adversely impacted and may continue to be adversely impacted by the difficult economic conditions currently
present in the United States. The weakening economy in the United States has, among other things, adversely affected our clients need for advertising and marketing services thereby reducing demand for our advertising spots. Continuing
weakening demand for these services could materially affect our business, financial condition and results of operations.

Our
revenue is derived from selling advertising time, or spots, on our radio stations, with advertising contracts typically less than one year in duration. The programming formats of our radio stations are designed to reach audiences with targeted
demographic characteristics that appeal to our advertisers. Management monitors average advertising rates, which are principally based on the length of the spot and how many people in a targeted audience listen to our stations, as measured by an
independent ratings service. The size of the market influences rates as well, with larger markets typically receiving higher rates than smaller markets. Also, our advertising rates are influenced by the time of day the advertisement airs, with
morning and evening drive-time hours typically the highest. Management monitors yield per available minute in addition to average rates because yield allows management to track revenue performance across our inventory. Yield is defined by management
as revenue earned divided by commercial capacity available.

Management monitors macro level indicators to assess our radio
operations performance. Due to the geographic diversity and autonomy of our markets, we have a multitude of market specific advertising rates and audience demographics. Therefore, management reviews average unit rates across all of our
stations.

Management looks at our radio operations overall revenue as well as local advertising, which is sold
predominately in a stations local market, and national advertising, which is sold across multiple markets. Local advertising is sold by each radio stations sales staff while national advertising is sold, for the most part, through our
national representation firm. Local advertising, which is our largest source of advertising revenue, and national advertising revenues are tracked separately, because these revenue streams have different sales forces and respond differently to
changes in the economic environment.

Management also looks at radio revenue by market size, as defined by Arbitron Inc.
Typically, larger markets can reach larger audiences with wider demographics than smaller markets. Additionally, management reviews our share of target demographics listening to the radio in an average quarter hour. This metric gauges how well our
formats are attracting and retaining listeners.

A portion of our radio segments expenses vary in connection with
changes in revenue. These variable expenses primarily relate to costs in our sales department, such as salaries, commissions and bad debt. Our programming and general and administrative departments incur most of our fixed costs, such as talent
costs, rights fees, utilities and office salaries. Lastly, our highly discretionary costs are in our marketing and promotions department, which we primarily incur to maintain and/or increase our audience share.

Americas and International Outdoor Advertising

Our outdoor advertising business has been, and may continue to be, adversely impacted by the difficult economic conditions currently present in the United States and other countries in which we operate.
The continuing weakening economy has, among other things, adversely affected our clients need for advertising and marketing services, resulting in increased cancellations and non-renewals by our clients, thereby reducing our occupancy levels,
and could require us to lower our rates in order to remain competitive, thereby reducing our yield, or affect our clients solvency. Any one or more of these effects could materially affect our business, financial condition and results of
operations.

Our revenue is derived from selling advertising space on the displays we own or operate in key markets worldwide
consisting primarily of billboards, street furniture and transit displays. We own the majority of our advertising displays, which typically are located on sites that we either lease or own or for which we have acquired permanent easements. Our
advertising contracts with clients typically outline the number of displays reserved, the duration of the advertising campaign and the unit price per display.

Our advertising rates are based on a number of different factors including location, competition, size of display, illumination, market and gross ratings points. Gross ratings points are the total number
of impressions delivered by a display or group of displays, expressed as a percentage of a market population. The number of impressions delivered by a display is measured by the number of people passing the site during a defined period of time and,
in some international markets, is weighted to account for such factors as illumination, proximity to other displays and the speed and viewing angle of approaching traffic. Management typically monitors our business by reviewing the average rates,
average revenue per display, or yield, occupancy, and inventory levels of each of our display types by market. In addition, because a significant portion of our advertising operations are conducted in foreign markets, the largest being France and
the United Kingdom, management reviews the operating results from our foreign operations on a constant dollar basis. A constant dollar basis allows for comparison of operations independent of foreign exchange movements.



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The significant expenses associated with our operations include (i) direct production,
maintenance and installation expenses, (ii) site-lease expenses for land under our displays and (iii) revenue-sharing or minimum guaranteed amounts payable under our billboard, street furniture and transit display contracts. Our direct
production, maintenance and installation expenses include costs for printing, transporting and changing the advertising copy on our displays, the related labor costs, the vinyl and paper costs and the costs for cleaning and maintaining our displays.
Vinyl and paper costs vary according to the complexity of the advertising copy and the quantity of displays. Our site-lease expenses include lease payments for use of the land under our displays, as well as any revenue-sharing arrangements or
minimum guaranteed amounts payable that we may have with the landlords. The terms of our site leases and revenue-sharing or minimum guaranteed contracts generally range from one to 20 years.

In our International business, normal market practice is to sell billboards and street furniture advertising as network packages with
contract terms typically ranging from one to two weeks, compared to contract terms typically ranging from four weeks to one year in the U.S. In addition, competitive bidding for street furniture and transit display contracts, which constitute a
larger portion of our International business, and a different regulatory environment for billboards, result in higher site-lease cost in our International business compared to our Americas business. As a result, our margins are typically less in our
International business than in the Americas.

Our street furniture and transit display contracts, the terms of which range
from three to 20 years, generally require us to make upfront investments in property, plant and equipment. These contracts may also include upfront lease payments and/or minimum annual guaranteed lease payments. We can give no assurance that our
cash flows from operations over the terms of these contracts will exceed the upfront and minimum required payments.

Share-Based
Payments

We do not have any compensation plans under which we grant stock awards to employees. Our employees receive
equity awards from CCMHs equity incentive plans. Prior to the merger, we granted options to purchase our common stock to our employees and directors and our affiliates under our various equity incentive plans typically at no less than the fair
value of the underlying stock on the date of grant.

As of September 30, 2009, there was $107.4 million of unrecognized
compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over three years. In addition, as of September 30,
2009, there was $80.2 million of unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation arrangements that will vest based on market, performance and service conditions. This cost will be recognized
when it becomes probable that the performance condition will be satisfied.

The following table details compensation costs
related to share-based payments for the three and nine months ended September 30, 2009 and 2008:



|                                  |  |                                 |     |                                |   |                 |  |              |      |  |   |     
|--------------------------------- |  | ------------------------------- | --- | ------------------------------ | - | --------------- |  | ------------ | ---- |  | - | ----
|                                  |  | Three Months EndedSeptember 30, |     | Nine Months EndedSeptember 30,
|(In millions)                     |  | 2009Post-Merger                 |     | 2008Combined                   |   | 2009Post-Merger |  | 2008Combined
|Radio Broadcasting                |  |                                 |     |                                |   |                 |  |              |      |  |   |     
|Direct Operating Expenses         |  | $                               | 0.9 |                                | $ | 12.5            |  | $            | 2.8  |  | $ | 16.8
|SG&A Expenses                     |  |                                 | 1.2 |                                |   | 15.1            |  |              | 3.4  |  |   | 20.1
|Americas Outdoor Advertising      |  |                                 |     |                                |   |                 |  |              |      |  |   |     
|Direct Operating Expenses         |  |                                 | 1.3 |                                |   | 1.9             |  |              | 4.3  |  |   | 5.0 
|SG&A Expenses                     |  |                                 | 0.5 |                                |   | 0.5             |  |              | 1.7  |  |   | 1.7 
|International Outdoor Advertising |  |                                 |     |                                |   |                 |  |              |      |  |   |     
|Direct Operating Expenses         |  |                                 | 0.4 |                                |   | 0.5             |  |              | 1.4  |  |   | 1.4 
|SG&A Expenses                     |  |                                 | 0.1 |                                |   | 0.1             |  |              | 0.4  |  |   | 0.3 
|Corporate                         |  |                                 | 4.8 |                                |   | 18.3            |  |              | 14.5 |  |   | 24.0
|                                  |  |                                 |     |                                |   |                 |  |              |      |  |   |     
|                                  |  |                                 |     |                                |   |                 |  |              |      |  |   |     
|Total                             |  | $                               | 9.2 |                                | $ | 48.9            |  | $            | 28.5 |  | $ | 69.3
|                                  |  |                                 |     |                                |   |                 |  |              |      |  |   |     



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RESULTS OF OPERATIONS

Consolidated Results of Operations

The comparison of the Three and
Nine Months Ended September 30, 2009 to the Three and Nine Months Ended September 30, 2008 is as follows:



|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|------------------------------------------------------------------------------------- |  | ------------------------------ | --------- | - | --------------------------------------- | - | --------- | --------------------------------- |  | - | ------------------------------ | - |  | -------- | --------- | - |  | -----
|(In thousands)                                                                        |  | Three MonthsEndedSeptember 30, |           |   | Period from July 31throughSeptember 30, |   |           | Period fromJuly 1through July 30, |  |   | Three MonthsEndedSeptember 30, |   |  | % Change
|                                                                                      |  | 2009Post-Merger                |           |   | 2008Post-Merger                         |   |           | 2008Pre-Merger                    |  |   | 2008Combined                   |   | 
|Revenue                                                                               |  | $                              | 1,393,973 |   |                                         | $ | 1,128,136 |                                   |  | $ | 556,457                        |   |  | $        | 1,684,593 |   |  | (17%)
|Operating expenses:                                                                   |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Direct operating expenses (excludes depreciation and amortization)                    |  |                                | 632,778   |   |                                         |   | 473,738   |                                   |  |   | 256,667                        |   |  |          | 730,405   |   |  | (13%)
|Selling, general and administrative expenses (excludes depreciation and amortization) |  |                                | 337,055   |   |                                         |   | 291,469   |                                   |  |   | 150,344                        |   |  |          | 441,813   |   |  | (24%)
|Depreciation and amortization                                                         |  |                                | 190,189   |   |                                         |   | 108,140   |                                   |  |   | 54,323                         |   |  |          | 162,463   |   |  | 17%  
|Corporate expenses (excludes depreciation and amortization)                           |  |                                | 79,723    |   |                                         |   | 33,395    |                                   |  |   | 31,392                         |   |  |          | 64,787    |   |  | 23%  
|Merger expenses                                                                       |  |                                |          |   |                                         |   |          |                                   |  |   | 79,839                         |   |  |          | 79,839    |   |  |      
|Impairment charge                                                                     |  |                                |          |   |                                         |   |          |                                   |  |   |                               |   |  |          |          |   |  |      
|Other operating income (expense) - net                                                |  |                                | 1,403     |   |                                         |   | 842       |                                   |  |   | (4,624                         | ) |  |          | (3,782    | ) |  |      
|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Operating income (loss)                                                               |  |                                | 155,631   |   |                                         |   | 222,236   |                                   |  |   | (20,732                        | ) |  |          | 201,504   |   |  |      
|Interest expense                                                                      |  |                                | 369,314   |   |                                         |   | 281,479   |                                   |  |   | 31,032                         |   |  |          | 312,511   |   |  |      
|Loss on marketable securities                                                         |  |                                | (13,378   | ) |                                         |   |          |                                   |  |   |                               |   |  |          |          |   |  |      
|Equity in earnings of nonconsolidated affiliates                                      |  |                                | 1,226     |   |                                         |   | 2,097     |                                   |  |   | 2,180                          |   |  |          | 4,277     |   |  |      
|Other income (expense)  net                                                          |  |                                | 222,282   |   |                                         |   | (10,914   | )                                 |  |   | (10,813                        | ) |  |          | (21,727   | ) |  |      
|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Loss before income taxes and discontinued operations                                  |  |                                | (3,553    | ) |                                         |   | (68,060   | )                                 |  |   | (60,397                        | ) |  |          | (128,457  | ) |  |      
|Income tax benefit (expense):                                                         |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Current                                                                               |  |                                | (12,735   | ) |                                         |   | 38,217    |                                   |  |   | 97,600                         |   |  |          | 135,817   |   |  |      
|Deferred                                                                              |  |                                | (76,383   | ) |                                         |   | (5,008    | )                                 |  |   | (78,465                        | ) |  |          | (83,473   | ) |  |      
|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Income tax benefit (expense)                                                          |  |                                | (89,118   | ) |                                         |   | 33,209    |                                   |  |   | 19,135                         |   |  |          | 52,344    |   |  |      
|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Loss before discontinued operations                                                   |  |                                | (92,671   | ) |                                         |   | (34,851   | )                                 |  |   | (41,262                        | ) |  |          | (76,113   | ) |  |      
|Loss from discontinued operations, net                                                |  |                                |          |   |                                         |   | (1,013    | )                                 |  |   | (3,058                         | ) |  |          | (4,071    | ) |  |      
|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      
|Consolidated net loss                                                                 |  | $                              | (92,671   | ) |                                         | $ | (35,864   | )                                 |  | $ | (44,320                        | ) |  | $        | (80,184   | ) |  |      
|                                                                                      |  |                                |           |   |                                         |   |           |                                   |  |   |                                |   |  |          |           |   |  |      



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|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|------------------------------------------------------------------------------------- |  | ----------------------------- | ---------- | - | --------------------------------------- | - | --------- | ------------------------------------ |  | - | ----------------------------- | - |  | ------- | --------- | - |  | -----
|(In thousands)                                                                        |  | Nine MonthsEndedSeptember 30, |            |   | Period from July 31throughSeptember 30, |   |           | Period fromJanuary 1through July 30, |  |   | Nine MonthsEndedSeptember 30, |   |  |        
|                                                                                      |  | 2009Post-Merger               |            |   | 2008Post-Merger                         |   |           | 2008Pre-Merger                       |  |   | 2008Combined                  |   |  | %Change
|Revenue                                                                               |  | $                             | 4,039,825  |   |                                         | $ | 1,128,136 |                                      |  | $ | 3,951,742                     |   |  | $       | 5,079,878 |   |  | (20%)
|Operating expenses:                                                                   |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Direct operating expenses (excludes depreciation and amortization)                    |  |                               | 1,888,203  |   |                                         |   | 473,738   |                                      |  |   | 1,706,099                     |   |  |         | 2,179,837 |   |  | (13%)
|Selling, general and administrative expenses (excludes depreciation and amortization) |  |                               | 1,075,149  |   |                                         |   | 291,469   |                                      |  |   | 1,022,459                     |   |  |         | 1,313,928 |   |  | (18%)
|Depreciation and amortization                                                         |  |                               | 573,994    |   |                                         |   | 108,140   |                                      |  |   | 348,789                       |   |  |         | 456,929   |   |  | 26%  
|Corporate expenses (excludes depreciation and amortization)                           |  |                               | 177,445    |   |                                         |   | 33,395    |                                      |  |   | 125,669                       |   |  |         | 159,064   |   |  | 12%  
|Merger expenses                                                                       |  |                               |           |   |                                         |   |          |                                      |  |   | 87,684                        |   |  |         | 87,684    |   |  |      
|Impairment charge                                                                     |  |                               | 4,041,252  |   |                                         |   |          |                                      |  |   |                              |   |  |         |          |   |  |      
|Other operating income (expense)  net                                                |  |                               | (33,007    | ) |                                         |   | 842       |                                      |  |   | 14,827                        |   |  |         | 15,669    |   |  |      
|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Operating income (loss)                                                               |  |                               | (3,749,225 | ) |                                         |   | 222,236   |                                      |  |   | 675,869                       |   |  |         | 898,105   |   |  |      
|Interest expense                                                                      |  |                               | 1,140,992  |   |                                         |   | 281,479   |                                      |  |   | 213,210                       |   |  |         | 494,689   |   |  |      
|Gain (loss) on marketable securities                                                  |  |                               | (13,378    | ) |                                         |   |          |                                      |  |   | 34,262                        |   |  |         | 34,262    |   |  |      
|Equity in (loss) earnings of nonconsolidated affiliates                               |  |                               | (20,681    | ) |                                         |   | 2,097     |                                      |  |   | 94,215                        |   |  |         | 96,312    |   |  |      
|Other income (expense)  net                                                          |  |                               | 649,731    |   |                                         |   | (10,914   | )                                    |  |   | (5,112                        | ) |  |         | (16,026   | ) |  |      
|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Income (loss) before income taxes and discontinued operations                         |  |                               | (4,274,545 | ) |                                         |   | (68,060   | )                                    |  |   | 586,024                       |   |  |         | 517,964   |   |  |      
|Income tax benefit (expense):                                                         |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Current                                                                               |  |                               | (42,766    | ) |                                         |   | 38,217    |                                      |  |   | (27,280                       | ) |  |         | 10,937    |   |  |      
|Deferred                                                                              |  |                               | 118,608    |   |                                         |   | (5,008    | )                                    |  |   | (145,303                      | ) |  |         | (150,311  | ) |  |      
|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Income tax benefit (expense)                                                          |  |                               | 75,842     |   |                                         |   | 33,209    |                                      |  |   | (172,583                      | ) |  |         | (139,374  | ) |  |      
|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Income (loss) before discontinued operations                                          |  |                               | (4,198,703 | ) |                                         |   | (34,851   | )                                    |  |   | 413,441                       |   |  |         | 378,590   |   |  |      
|Income (loss) from discontinued operations, net                                       |  |                               |           |   |                                         |   | (1,013    | )                                    |  |   | 640,236                       |   |  |         | 639,223   |   |  |      
|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      
|Consolidated net income (loss)                                                        |  | $                             | (4,198,703 | ) |                                         | $ | (35,864   | )                                    |  | $ | 1,053,677                     |   |  | $       | 1,017,813 |   |  |      
|                                                                                      |  |                               |            |   |                                         |   |           |                                      |  |   |                               |   |  |         |           |   |  |      

Consolidated Revenue

Our consolidated revenue decreased $290.6 million during the third quarter of 2009 compared to the same period of 2008. Our radio
broadcasting revenue declined $140.7 million from decreases in both local and national advertising. Our International outdoor revenue declined $95.6 million, with approximately $25.9 million from movements in foreign exchange. Our Americas outdoor
revenue declined $57.2 million primarily from a decline in bulletin, poster and airport revenue.

Our consolidated revenue
decreased $1.0 billion during the first nine months of 2009 compared to the same period of 2008. Our radio broadcasting revenue declined $480.6 million from decreases in both local and national advertising. Our International outdoor revenue declined
$379.0 million, with approximately $145.7 million from movements in foreign exchange. Our Americas outdoor revenue declined $189.8 million primarily from a decline in bulletin, poster and airport revenue.

Consolidated Direct Operating Expenses

Direct operating expenses decreased $97.6 million during the third quarter of 2009 compared to the same period of 2008. Direct operating expenses in the third quarter of 2009 include $3.6 million related
to the restructuring program. Our International outdoor segment contributed $48.7 million of the overall decrease, of which $19.6 million related to movements in foreign exchange. Our Americas outdoor direct operating expenses decreased $15.6
million primarily driven by decreased site-lease expenses. Our radio broadcasting direct operating expenses decreased approximately $38.0 million primarily related to decreased compensation expense associated with cost savings from the restructuring
program.

Direct operating expenses decreased $291.6 million during the first nine months of 2009 compared to the same period
of 2008. Direct operating expenses in the first nine months of 2009 include $53.0 million related to the restructuring program. Our International outdoor segment contributed $214.3 million of the overall decrease, of which $104.2 million related to
movements in foreign exchange. Our Americas outdoor direct operating expenses decreased $39.2 million primarily driven by decreased site-lease expenses. Direct operating expenses in our radio broadcasting segment decreased approximately $53.1
million primarily related to decreased compensation expense associated with cost savings from the restructuring program.



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Consolidated Selling, General and Administrative (SG&A) Expenses

SG&A expenses decreased $104.8 million during the third quarter of 2009 compared to the same period of 2008. SG&A expenses in the
third quarter of 2009 include $11.9 million related to the restructuring program. Our radio broadcasting SG&A expenses declined $67.0 million primarily from decreases in commission and salary expenses and decreased marketing and promotional
expenses. Our International outdoor SG&A expenses decreased $21.4 million primarily attributable to $4.9 million related to movements in foreign exchange and a decline in compensation and administrative expenses. SG&A expenses decreased
$12.2 million in our Americas outdoor segment primarily related to a decline in commission expenses.

SG&A expenses
decreased $238.8 million during the first nine months of 2009 compared to the same period of 2008. SG&A expenses in the first nine months of 2009 include $31.7 million related to the restructuring program. Our radio broadcasting SG&A
expenses declined $156.7 million from decreases in commission and salary expenses and decreased marketing and promotional expenses. Our International outdoor SG&A expenses decreased $59.7 million primarily attributable to $29.4 million from
movements in foreign exchange as well as cost savings from the restructuring program. SG&A expenses decreased $30.4 million in our Americas outdoor segment primarily related to a decline in commission expenses.

Depreciation and Amortization

Depreciation and amortization increased $27.7 million during the third quarter of 2009 compared to the same period of 2008 primarily due to $42.9 million associated with the fair value adjustments to the
assets acquired in the merger. The increases were partially offset by $5.7 million in foreign exchange movements.

Depreciation and amortization increased $117.1 million during the first nine months of 2009 compared to the same period of 2008 primarily due to $157.3 million associated with the fair value adjustments to the assets acquired in the merger.
The increases were partially offset by $13.8 million in foreign exchange movements and a $6.9 million adjustment to amortization related to a change in the preliminary fair value adjustment of transit and street furniture contracts.

Corporate Expenses

Corporate expenses increased $14.9 million during the third quarter of 2009 compared to the same period of 2008. Corporate expenses in the third quarter of 2009 include approximately $7.6 million related to the restructuring program and a
$23.5 million accrual related to an unfavorable outcome of litigation concerning a breach of contract regarding internet advertising and our radio stations. The increase was partially offset by a $3.4 million reduction in bonus expense and a $13.5
million decrease in non-cash compensation related to accelerated expense taken on options that vested in the merger.

Corporate expenses increased $18.4 million during the first nine months of 2009 compared to the same period of 2008. Corporate expenses in the first nine months of 2009 include approximately $28.6 million related to the restructuring
program and the $23.5 million litigation accrual discussed above. The increase was partially offset by a $14.4 million reduction in bonus expense and a $9.4 million decrease in non-cash compensation related to options that vested in the merger.

Impairment Charge

The global economic downturn has adversely affected advertising revenues across our businesses in recent months. As discussed above, we performed an impairment test in the second quarter of 2009 and
recognized a non-cash impairment charge to our indefinite-lived intangible assets, definite-lived intangible assets, certain depreciable assets and goodwill of approximately $4.0 billion.

Other Operating Income (Expense)  Net

Other operating expense of $33.0 million in the first nine months of 2009 primarily relates to a $41.0 million loss on the sale and exchange of radio stations, partially offset by a $10.1 million gain on
the sale of Americas and International outdoor assets and a $2.2 million loss primarily related to the sale of corporate assets.

Other operating expense of $3.8 million in the third quarter of 2008 primarily relates to a loss of $10.1 million on the sale of radio stations in Washington D.C., partially offset by a $5.4 million gain on a swap of radio stations and a
$1.7 million gain on the sale of international street furniture assets. Other operating income of $15.7 million in the first nine months of 2008 consists of a gain of $3.3 million on the sale of sports broadcasting rights, a $7.0 million gain on the
disposition of a representation contract, a $4.0 million gain on the sale of property, plant and equipment and a $1.7 million gain on the sale of international street furniture.



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Interest Expense

Interest expense increased $56.8 million and $646.3 million during the third quarter and first nine months of 2009, respectively, compared to the same periods of 2008 primarily from an increase in
outstanding indebtedness due to the merger.

Gain (Loss) on Marketable Securities

The loss on marketable securities of $13.4 million during the three and nine months ended September 30, 2009 relates to an impairment to
certain available-for-sale securities and a loss on the sale of equity securities. The fair value of the available-for-sale securities was below cost for the nine months ended September 30, 2009. As a result, we considered the guidance in ASC
320-10-S99 and reviewed the length of the time and the extent to which the market value was less than cost and the financial condition and near-term prospects of the issuer. After this assessment, we concluded that the impairment was other than
temporary and recorded an $11.3 million non-cash impairment charge to our investment in Independent News & Media PLC (INM). In addition, we recognized a $1.8 million loss on the third quarter sale of our remaining interest in
Grupo ACIR Communicaciones (Grupo ACIR). Subsequent to the sale of 57% of our interest in Grupo ACIR in the first quarter of 2009, we no longer accounted for our investment as an equity method investment in accordance with the provisions
of ASC 323 and began accounting for the investment under the cost method.

The gain on marketable securities recorded for the
first nine months of 2008 of $34.3 million primarily relates to net gain of $27.0 million on the unwinding of our secured forward exchange contracts and the sale of our American Tower Corporation (AMT) shares. These contracts were
terminated and the underlying shares were sold in June 2008. The remaining increase is related to the change in value of the secured forward exchange contracts and the underlying AMT shares recognized during the first quarter of 2008.

Equity in Earnings (Loss) of Nonconsolidated Affiliates

Equity in loss of nonconsolidated affiliates during the first nine months of 2009 of $20.7 million primarily relates to a $19.7 million impairment of equity investments in our International outdoor
segment in addition to a $4.0 million loss on the sale of a portion of our remaining investment in Grupo ACIR.

Included in
equity in earnings of nonconsolidated affiliates in the first nine months of 2008 is a $75.6 million gain on the sale of our 50% interest in Clear Channel Independent, a South African outdoor advertising company.

Other Income (Expense)  Net

Other income of $222.3 million in the third quarter of 2009 primarily relates to an aggregate gain of $229.0 million on the third quarter open market repurchases of certain of our senior notes. Please
refer to the Sources and Uses section within this MD&A for additional discussion of the repurchases.

Other income of
$649.7 million during the first nine months of 2009 relates to the third quarter repurchases discussed above and an aggregate gain of $373.7 million on the second quarter repurchase of certain of our senior toggle notes and senior cash pay notes. In
addition, $66.6 million relates to the second quarter open market repurchase of certain of our senior notes.

Other expense of
$21.7 million recorded during the three months ended September 30, 2008 primarily relates to a $29.8 million loss on the tender for the AMFM Operating Inc. 8% senior notes due 2008 and our 7.65% senior notes due 2010, partially offset by a
dividend received of $5.5 million and a $3.1 million net foreign exchange gain related to translating short-term intercompany notes. Other expense of $16.0 million in the nine months ended September 30, 2008 consists primarily of the items
discussed above and a $4.7 million impairment of an investment in a radio partnership, partially offset by a $13.5 million foreign exchange gain.

Income Tax Benefit (Expense)

Current tax expense of $12.7 million was recorded for the third quarter of
2009 as compared to current tax benefits of $135.8 million recorded for the same period of 2008 primarily due to the valuation allowances recorded on the current period net losses in 2009. Due to the lack of earnings history as a merged company and
limitations on net operating loss carryback claims allowed, we cannot rely on future earnings and carryback claims as a means to realize deferred tax assets. Pursuant to the provision of ASC 740-10-30, deferred tax valuation allowances are required
on those deferred tax assets. The effective tax rate for the three months ended September 30, 2009 was (2,508.2%) compared to 40.7% for the same period of the prior year. The effective rate was primarily impacted by the items mentioned in
the above paragraph.

Current tax expense of $42.8 million was recorded in the first nine months of 2009 as compared to the
current tax benefits of $10.9 million recorded for the same period of 2008 primarily due to the valuation allowances recorded on the current period net losses in 2009. The effective tax rate for the nine months ended September 30, 2009 was 1.8%
compared to 26.9% for the same period of the prior year. The effective rate was primarily impacted by the items mentioned in the above paragraph.



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Deferred tax expense for the third quarter of 2009 decreased $7.1 million compared to the
same period of 2008 primarily due to additional deferred tax expense recorded in 2008 related to the termination of our cross currency swap and deductions related to certain equity awards. In 2009, deferred tax expense was recorded as a result of
the deferral of the discharge of certain indebtedness income, which results from the reacquisition of business indebtedness, as provided by the American Recovery and Reinvestment Act of 2009 signed into law on February 17, 2009.

Deferred tax benefits of $118.6 million were recorded in the first nine months of 2009 as compared to deferred tax expense of $150.3 million
for the same period of 2008 primarily as a result of the non-cash impairment charges related to certain indefinite-lived intangibles in 2009.

Income (Loss) from Discontinued Operations, Net

Income from discontinued operations of $639.2 million
recorded during the nine months ended September 30, 2008 primarily relates to a gain of $635.6 million, net of tax, related to the sale of our television business and the sale of radio stations.

Segment Revenue and Divisional Operating Expenses

Radio Broadcasting



|                                             |  |                                 |         |              |   |                                |  |                 |  |              |           |         |   |           |  |      
|-------------------------------------------- |  | ------------------------------- | ------- | ------------ | - | ------------------------------ |  | --------------- |  | ------------ | --------- | ------- | - | --------- |  | -----
|(In thousands)                               |  | Three Months EndedSeptember 30, |         |              |   | Nine Months EndedSeptember 30, |  |                
|                                             |  | 2009Post-Merger                 |         | 2008Combined |   | %Change                        |  | 2009Post-Merger |  | 2008Combined |           | %Change
|Revenue                                      |  | $                               | 703,232 |              | $ | 843,943                        |  | (17%)           |  | $            | 2,024,421 |         | $ | 2,505,037 |  | (19%)
|Direct operating expenses                    |  |                                 | 214,748 |              |   | 252,763                        |  | (15%)           |  |              | 676,515   |         |   | 729,589   |  | (7%) 
|Selling, general and administrative expenses |  |                                 | 222,927 |              |   | 289,964                        |  | (23%)           |  |              | 688,493   |         |   | 845,207   |  | (19%)
|Depreciation and amortization                |  |                                 | 63,008  |              |   | 27,025                         |  | 133%            |  |              | 197,830   |         |   | 79,527    |  | 149% 
|                                             |  |                                 |         |              |   |                                |  |                 |  |              |           |         |   |           |  |      
|Operating income                             |  | $                               | 202,549 |              | $ | 274,191                        |  | (26%)           |  | $            | 461,583   |         | $ | 850,714   |  | (46%)
|                                             |  |                                 |         |              |   |                                |  |                 |  |              |           |         |   |           |  |      

Three Months

Revenue declined approximately $140.7 million during the third quarter of 2009 compared to the same period of 2008, driven by decreases in local and national revenues. Local and national revenues were
down as a result of an overall weakness in advertising. Our radio revenue experienced declines across all markets of variable sizes and advertising categories including automotive, retail and telecommunications. During the third quarter of 2009, our
total minutes sold and our yield per minute decreased compared to the third quarter of 2008.

Direct operating expenses
decreased approximately $38.0 million during the third quarter of 2009 compared to the same period of 2008. Compensation expense in our radio markets declined approximately $13.1 million primarily as a result of cost savings from the restructuring
program. Non-cash compensation decreased $11.1 million as a result of accelerated expense on options that vested in the merger. SG&A expenses decreased approximately $67.0 million primarily from a $7.6 million decline in marketing and
promotional expenses, a $20.3 million decline in commission expenses and a $12.1 million decline in compensation expense related to cost savings from the restructuring program. Non-cash compensation decreased $13.2 million as a result of options
that vested in the merger. The decreases were partially offset by an increase of $5.8 million related to the restructuring program.

Depreciation and amortization increased $36.0 million primarily due to additional amortization associated with the purchase accounting adjustments to the acquired intangible assets.

Nine Months

Revenue
declined approximately $480.6 million during the nine months ended September 30, 2009 compared to the same period of 2008, driven by decreases in local and national revenues. Local and national revenues were down as a result of an overall
weakness in advertising. Our radio revenue experienced declines across all markets of variable sizes and advertising categories including automotive, retail and telecommunications.

Direct operating expenses decreased approximately $53.1 million during the nine months ended September 30, 2009 compared to the same
period of 2008. Compensation expense declined approximately $35.9 million primarily as a result of cost



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savings from the restructuring program. Non-cash compensation decreased $13.5 million as a result of options that vested in the merger. These declines were partially offset by an increase of
approximately $19.7 million in programming expenses in our national syndication business mostly related to new contract talent payments. SG&A expenses decreased approximately $156.7 million primarily from a $35.1 million decline in marketing and
promotional expenses, a $65.9 million decline in commission expenses and a $31.6 million decline in compensation expense related to cost savings from the restructuring program. Non-cash compensation decreased $16.0 million as a result of accelerated
expense on options that vested in the merger.

Depreciation and amortization increased $118.3 million primarily due to
additional amortization associated with the purchase accounting adjustments to the acquired intangible assets.

Americas Outdoor
Advertising



|                                             |  |                                 |         |              |   |                                |  |                 |  |              |         |         |   |           |  |      
|-------------------------------------------- |  | ------------------------------- | ------- | ------------ | - | ------------------------------ |  | --------------- |  | ------------ | ------- | ------- | - | --------- |  | -----
|(In thousands)                               |  | Three Months EndedSeptember 30, |         |              |   | Nine Months EndedSeptember 30, |  |                
|                                             |  | 2009Post-Merger                 |         | 2008Combined |   | %Change                        |  | 2009Post-Merger |  | 2008Combined |         | %Change
|Revenue                                      |  | $                               | 312,537 |              | $ | 369,730                        |  | (15%)           |  | $            | 898,277 |         | $ | 1,088,070 |  | (17%)
|Direct operating expenses                    |  |                                 | 147,250 |              |   | 162,868                        |  | (10%)           |  |              | 440,885 |         |   | 480,133   |  | (8%) 
|Selling, general and administrative expenses |  |                                 | 47,602  |              |   | 59,787                         |  | (20%)           |  |              | 147,839 |         |   | 178,219   |  | (17%)
|Depreciation and amortization                |  |                                 | 54,102  |              |   | 55,867                         |  | (3%)            |  |              | 158,612 |         |   | 155,239   |  | 2%   
|                                             |  |                                 |         |              |   |                                |  |                 |  |              |         |         |   |           |  |      
|Operating income                             |  | $                               | 63,583  |              | $ | 91,208                         |  | (30%)           |  | $            | 150,941 |         | $ | 274,479   |  | (45%)
|                                             |  |                                 |         |              |   |                                |  |                 |  |              |         |         |   |           |  |      

Three Months

Our Americas revenues were impacted by weak demand for local and national advertising across most markets. Revenue declined approximately $57.2 million during the third quarter of 2009 compared to the
same period of 2008 driven by a decline in bulletin, poster and airport revenues. The decline in bulletin, poster and airport revenues was driven primarily by a decline in rate compared to the third quarter of 2008.

Direct operating expenses decreased $15.6 million during the third quarter of 2009 compared to the same period of 2008 primarily from a
$10.8 million decrease in site-lease expenses associated with cost savings from the restructuring program and the decline in revenues. This decrease was partially offset by $2.0 million related to the restructuring program. SG&A expenses
decreased $12.2 million during the third quarter of 2009 compared to the same period of 2008 primarily from a $2.8 million decline in commissions and a $3.0 million decline in compensation expense.

Depreciation and amortization remained relatively flat during the third quarter of 2009 compared to the same period of 2008.

Nine Months

Revenue
declined approximately $189.8 million during the nine months ended September 30, 2009 compared to the same period of 2008 driven by a decline in bulletin, poster and airport revenues. The decline in bulletin, poster and airport revenues was
driven primarily by a decline in rate compared to the first nine months of 2008.

Direct operating expenses decreased $39.2
million during the first nine months of 2009 compared to the same period of 2008 primarily from a $29.3 million decrease in site-lease expenses associated with cost savings from the restructuring program and the decline in revenues. This decrease
was partially offset by $6.5 million related to the restructuring program. SG&A expenses decreased $30.4 million during the first nine months of 2009 compared to the same period of 2008 primarily from a $9.6 million decline in commissions and a
$9.1 million decline in administrative expense.

Depreciation and amortization increased $3.4 million primarily due to a $15.2
million increase in accelerated depreciation on the removal of various structures, partially offset by a $6.9 million adjustment to amortization related to a change in the preliminary fair value adjustment of transit and street furniture contracts.



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##### Table of Contents

International Outdoor Advertising



|                                             |  |                                 |         |   |              |   |                                |         |  |                 |  |   |              |   |         |   |           |  |       
|-------------------------------------------- |  | ------------------------------- | ------- | - | ------------ | - | ------------------------------ | ------- |  | --------------- |  | - | ------------ | - | ------- | - | --------- |  | ------
|(In thousands)                               |  | Three Months EndedSeptember 30, |         |   |              |   | Nine Months EndedSeptember 30, |         | 
|                                             |  | 2009Post-Merger                 |         |   | 2008Combined |   |                                | %Change |  | 2009Post-Merger |  |   | 2008Combined |   | %Change
|Revenue                                      |  | $                               | 348,085 |   |              | $ | 443,645                        |         |  | (22%)           |  | $ | 1,036,678    |   |         | $ | 1,415,692 |  | (27%) 
|Direct operating expenses                    |  |                                 | 251,516 |   |              |   | 300,249                        |         |  | (16%)           |  |   | 729,798      |   |         |   | 944,062   |  | (23%) 
|Selling, general and administrative expenses |  |                                 | 61,222  |   |              |   | 82,590                         |         |  | (26%)           |  |   | 200,091      |   |         |   | 259,802   |  | (23%) 
|Depreciation and amortization                |  |                                 | 56,951  |   |              |   | 62,931                         |         |  | (10%)           |  |   | 169,157      |   |         |   | 173,413   |  | (2%)  
|                                             |  |                                 |         |   |              |   |                                |         |  |                 |  |   |              |   |         |   |           |  |       
|Operating income (loss)                      |  | $                               | (21,604 | ) |              | $ | (2,125                         | )       |  | (917%)          |  | $ | (62,368      | ) |         | $ | 38,415    |  | (262%)
|                                             |  |                                 |         |   |              |   |                                |         |  |                 |  |   |              |   |         |   |           |  |       

Three Months

Revenue decreased approximately $95.6 million during the third quarter of 2009 compared to the same period of 2008, including the negative impact of foreign exchange of $25.9 million. The revenue decline
occurred across most countries and was primarily driven by a decline in rate.

Direct operating expenses decreased $48.7
million primarily from $19.6 million in foreign exchange movements and a $23.9 million decline due to the impact of cost savings from the restructuring program and the decline in revenues. SG&A expenses decreased $21.4 million primarily from
$10.9 million related to a decline in compensation expense, a $3.5 million decrease in administrative expenses and a $4.9 million decrease related to movements in foreign exchange.

Nine Months

Revenue decreased approximately $379.0 million during the nine
months ended September 30, 2009 compared to the same period of 2008, including the negative impact of foreign exchange of $145.7 million. The revenue decline occurred across most countries, with the most significant decline in France of $61.8
million primarily from the loss of a contract for advertising on railway land. Revenues in Italy and the U.K. declined $23.0 million and $22.4 million, respectively, due to challenging advertising markets resulting in a decline in rate.

Direct operating expenses decreased $214.3 million primarily from a decrease of $104.2 million from movements in foreign exchange. The
remaining decline was primarily attributable to a $76.1 million decline in site-lease expenses partially as a result of the loss of the rail contract discussed above. SG&A expenses decreased $59.7 million primarily from $29.4 million related to
movements in foreign exchange, $24.1 million related to a decline in compensation expense and a $13.2 million decrease in administrative expenses.

Reconciliation of Segment Operating Income (Loss) to Consolidated Operating Income (Loss)



|                                       |  |                                 |         |   |                                |   |          |                 |  |   |              |   |  |   |          |  
|-------------------------------------- |  | ------------------------------- | ------- | - | ------------------------------ | - | -------- | --------------- |  | - | ------------ | - |  | - | -------- | -
|                                       |  | Three Months EndedSeptember 30, |         |   | Nine Months EndedSeptember 30, |  
|(In thousands)                         |  | 2009Post-Merger                 |         |   | 2008Combined                   |   |          | 2009Post-Merger |  |   | 2008Combined |  
|Radio Broadcasting                     |  | $                               | 202,549 |   |                                | $ | 274,191  |                 |  | $ | 461,583      |   |  | $ | 850,714  |  
|Americas Outdoor Advertising           |  |                                 | 63,583  |   |                                |   | 91,208   |                 |  |   | 150,941      |   |  |   | 274,479  |  
|International Outdoor Advertising      |  |                                 | (21,604 | ) |                                |   | (2,125   | )               |  |   | (62,368      | ) |  |   | 38,415   |  
|Other                                  |  |                                 | (8,535  | ) |                                |   | (10,049  | )               |  |   | (41,700      | ) |  |   | (23,306  | )
|Impairment charge                      |  |                                 |        |   |                                |   |         |                 |  |   | (4,041,252   | ) |  |   |         |  
|Other operating income (expense) - net |  |                                 | 1,403   |   |                                |   | (3,782   | )               |  |   | (33,007      | ) |  |   | 15,669   |  
|Corporate and merger expenses          |  |                                 | (81,765 | ) |                                |   | (147,939 | )               |  |   | (183,422     | ) |  |   | (257,866 | )
|                                       |  |                                 |         |   |                                |   |          |                 |  |   |              |   |  |   |          |  
|Consolidated operating income (loss)   |  | $                               | 155,631 |   |                                | $ | 201,504  |                 |  | $ | (3,749,225   | ) |  | $ | 898,105  |  
|                                       |  |                                 |         |   |                                |   |          |                 |  |   |              |   |  |   |          |  



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LIQUIDITY AND CAPITAL RESOURCES

Due to the merger, a greater portion of our resources are required to fund the interest expense resulting from our indebtedness incurred in
connection with the merger. The following discussion highlights our cash flow activities from continuing operations during the nine months ended September 30, 2009 and 2008.

Cash Flows



|                            |  |                                |           |   |              |   |             |  
|--------------------------- |  | ------------------------------ | --------- | - | ------------ | - | ----------- | -
|(In thousands)              |  | Nine Months EndedSeptember 30, |          
|                            |  | 2009Post-Merger                |           |   | 2008Combined |  
|Cash provided by (used in): |  |                                |           |   |              |   |             |  
|Operating activities        |  | $                              | 10,102    |   |              | $ | 1,080,549   |  
|Investing activities        |  | $                              | (67,019   | ) |              | $ | (17,924,452 | )
|Financing activities        |  | $                              | 1,191,841 |   |              | $ | 15,913,330  |  
|Discontinued operations     |  | $                              |          |   |              | $ | 1,029,174   |  

Operating Activities

Cash provided by operating activities for the first nine months of 2009 primarily reflects a consolidated loss before discontinued operations
of $4.2 billion adjusted for non-cash impairment charges of $4.0 billion related to goodwill and intangible assets, depreciation and amortization of $574.0 million and $176.9 million related to the amortization of debt issuance costs and accretion
of fair value adjustments from the debt issued to consummate the merger. In addition, we recorded a $669.3 million gain on the extinguishment of debt discussed further in the Sources and Uses section within this MD&A, deferred taxes of $118.6
million and a $20.7 million loss in equity of nonconsolidated affiliates primarily due to a $19.7 million impairment of equity investments in our International segment.

Cash provided by operating activities for the first nine months of 2008 primarily reflects income before discontinued operations of $378.6 million plus depreciation and amortization of $456.9 million and
deferred taxes of $150.3 million. In addition, we recorded $96.3 million in equity in earnings primarily related to a $75.6 million gain in equity in earnings of nonconsolidated affiliates related to the sale of our 50% interest in Clear Channel
Independent based on the fair value of the equity securities received. We also recorded a net gain of $27.0 million on the termination of our secured forward sales contracts and sale of our AMT shares.

Investing Activities

For the nine months ended September 30, 2009, we spent $33.5 million for non-revenue producing capital expenditures in our Radio segment. We spent $58.1 million in our Americas segment for the
purchase of property, plant and equipment mostly related to the construction of new billboards and $55.9 million in our International segment for the purchase of property, plant and equipment related to new billboard and street furniture contracts
and renewals of existing contracts. We received proceeds of $41.4 million primarily related to the sale of our remaining investment in Grupo ACIR. In addition, we received proceeds of $40.9 million primarily related to the disposition of radio
stations and an airplane.

Cash used in investing activities during the nine months ended September 30, 2008 principally
reflects cash used in the acquisition of $17.4 billion. For the nine months ended September 30, 2008, we spent $45.9 million for non-revenue producing capital expenditures in our Radio segment. We spent $106.0 million in our Americas segment
for the purchase of property, plant and equipment mostly related to the construction of new billboards and $131.9 million in our International segment for the purchase of property, plant and equipment related to new billboard and street furniture
contracts and renewals of existing contracts. We spent $174.1 million for the purchase of outdoor display faces and additional equity interest in international outdoor companies, representation contracts and two FCC licenses. In addition, we
received proceeds of $34.5 million primarily from the sale of radio stations and $40.0 million in proceeds primarily related to the sale of Americas and International assets.

Financing Activities

Cash provided by financing activities for the first nine months of 2009 principally reflects a draw of remaining availability of $1.7 billion under our $2.0 billion revolving credit facility. As discussed
the Sources and Uses section within this MD&A, we redeemed the remaining principal amount of our 4.25% senior notes at maturity with a draw under the $500.0 million delayed draw term loan facility that is specifically designated for this
purpose. Our wholly-owned subsidiaries, CC Finco and CC Finco II, LLC, together repurchased certain of our outstanding senior notes as discussed in Note 3 for $300.9 million. In addition, during the first nine months of 2009, our Americas outdoor
segment purchased the remaining 15% interest in our fully consolidated subsidiary, Paneles Napsa S.A., for $13.0 million and our International outdoor segment acquired an additional 5% interest in our fully consolidated subsidiary, Clear Channel
Jolly Pubblicita SPA, for $12.1 million.



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Cash used in financing activities for the first nine months of 2008 principally reflects
$15.4 billion in debt proceeds used to finance the acquisition and an equity contribution of $2.1 billion to finance the merger. Also included in financing activities are the redemption of our 4.625% senior notes due 2008 and 6.625% senior notes due
2008 at their maturity for $625.0 million plus accrued interest, $639.2 million related to the cash tender offer for AMFM Operating Inc.s 8% senior notes due 2008, $363.9 million related to the cash tender offer and consent solicitation for
our 7.65% senior notes due 2010 and $93.4 million in dividends paid.

Discontinued Operations

During the first nine months of 2008, we completed the sale of our television business to Newport Television, LLC for $1.0 billion and
completed the sales of certain radio stations for $110.5 million. The cash received from these sales was recorded as a component of cash flows from discontinued operations during the first quarter of 2008.

Anticipated Cash Requirements

Our primary source of liquidity is cash flow from operations, which has been adversely affected by the global economic downturn. The risks associated with our businesses become more acute in periods of a
slowing economy or recession, which may be accompanied by a decrease in advertising. Expenditures by advertisers tend to be cyclical, reflecting overall economic conditions and budgeting and buying patterns. The current global economic downturn has
resulted in a decline in advertising and marketing services among our customers, resulting in a decline in advertising revenues across our businesses. This reduction in advertising revenues has had an adverse effect on our revenue, profit margins,
cash flow and liquidity. The continuation of the global economic downturn may continue to adversely impact our revenue, profit margins, cash flow and liquidity.

Based on our current and anticipated levels of operations and conditions in our markets, we believe that cash flow from operations as well as cash on hand (including amounts drawn or available under our
senior secured credit facilities) will enable us to meet our working capital, capital expenditure, debt service and other funding requirements for at least the next 12 months. We borrowed the approximately $1.6 billion of remaining availability
under our $2.0 billion revolving credit facility in the first quarter of 2009. As of November 6, 2009, the outstanding balance on this facility was $1.8 billion and taking into account letters of credit of $177.5 million, $5.0 million was
available to be drawn.

Continuing adverse securities and credit market conditions could significantly affect the availability
of equity or credit financing. While there is no assurance in the current economic environment, we believe the lenders participating in our credit agreements will be willing and able to provide financing in accordance with the terms of their
agreements.

Our ability to fund our working capital needs, debt service and other obligations, and to comply with the
financial covenants under our financing agreements depends on our future operating performance and cash flow, which are in turn subject to prevailing economic conditions and other factors, many of which are beyond our control. If our future
operating performance does not meet our expectation or our plans materially change in an adverse manner or prove to be materially inaccurate, we may need additional financing. Continuing adverse securities and credit market conditions could
significantly affect the availability of equity or credit financing. Consequently, there can be no assurance that such financing, if permitted under the terms of our financing agreements, will be available on terms acceptable to us or at all. The
inability to obtain additional financing in such circumstances could have a material adverse effect on our financial condition and on our ability to meet our obligations.

We expect to be in compliance with the covenants under our senior secured credit facilities in 2009. However, our anticipated results are subject to significant uncertainty and there can be no assurance
that actual results will be in compliance with the covenants. In addition, our ability to comply with the covenants in our financing agreements may be affected by events beyond our control, including prevailing economic, financial and industry
conditions. The breach of any covenants set forth in our financing agreements would result in a default thereunder. An event of default would permit the lenders under a defaulted financing agreement to declare all indebtedness thereunder to be due
and payable prior to maturity. Moreover, the lenders under the revolving credit facility under our senior secured credit facilities would have the option to terminate their commitments to make further extensions of revolving credit thereunder. If we
are unable to repay our obligations under any senior secured credit facilities or the receivables based credit facility, the lenders under such senior secured credit facilities or receivables based credit facility could proceed against any assets
that were pledged to secure such senior secured credit facilities or receivables based credit facility. In addition, a default or acceleration under any of our financing agreements could cause a default under other obligations that are subject to
cross-default and cross-acceleration provisions.



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CCMHs and our corporate credit and issue-level ratings were downgraded on June 8,
2009 by Standard & Poors Ratings Services. CCMHs and our corporate credit ratings were lowered from B- to CCC, where they currently remain. The downgrade had no impact on our borrowing costs under
the credit agreements.

SOURCES OF CAPITAL

As of September 30, 2009 and December 31, 2008, we had the following debt outstanding:



|                                  |  |                   |          |                  |   |         
|--------------------------------- |  | ----------------- | -------- | ---------------- | - | --------
|(In millions)                     |  | September 30,2009 |          | December 31,2008
|Term Loan A Facility              |  | $                 | 1,331.5  |                  | $ | 1,331.5 
|Term Loan B Facility              |  |                   | 10,700.0 |                  |   | 10,700.0
|Term Loan C - Asset Sale Facility |  |                   | 695.9    |                  |   | 695.9   
|Revolving Credit Facility         |  |                   | 1,817.5  |                  |   | 220.0   
|Delayed Draw Term Loan Facilities |  |                   | 1,032.5  |                  |   | 532.5   
|Receivables Based Credit Facility |  |                   | 332.2    |                  |   | 445.6   
|Secured Subsidiary Debt           |  |                   | 5.4      |                  |   | 6.6     
|                                  |  |                   |          |                  |   |         
|Total Secured Debt                |  |                   | 15,915.0 |                  |   | 13,932.1
|Senior Cash Pay Notes             |  |                   | 796.3    |                  |   | 980.0   
|Senior Toggle Notes               |  |                   | 1,027.7  |                  |   | 1,330.0 
|Clear Channel Senior Notes(a)     |  |                   | 2,444.9  |                  |   | 3,192.2 
|Clear Channel Subsidiary Debt     |  |                   | 79.9     |                  |   | 69.3    
|                                  |  |                   |          |                  |   |         
|Total Debt                        |  |                   | 20,263.8 |                  |   | 19,503.6
|Less: Cash and cash equivalents   |  |                   | 1,374.8  |                  |   | 239.8   
|                                  |  |                   |          |                  |   |         
|                                  |  | $                 | 18,889.0 |                  | $ | 19,263.8
|                                  |  |                   |          |                  |   |         

(a) Includes $831.6 million and $1.1 billion at September 30, 2009 and December 31, 2008,
respectively, in unamortized fair value purchase accounting discounts related to the merger.

We and our subsidiaries have
repurchased and may in the future pursue various financing alternatives, including retiring or purchasing our outstanding indebtedness through cash purchases, prepayments and/or exchanges for newly issued debt or equity securities or obligations, in
open market purchases, privately negotiated transactions or otherwise. We may also sell certain assets or properties and use the proceeds to reduce our indebtedness or the indebtedness of our subsidiaries. Such repurchases, prepayments, exchanges or
sales, if any, could have a material positive or negative impact on our liquidity available to repay outstanding debt obligations or on our consolidated results of operations. These transactions could also require or result in amendments to the
agreements governing outstanding debt obligations or changes in our leverage or other financial ratios which could have a material positive or negative impact on our ability to comply with the covenants contained in our debt agreements. Such
purchases, prepayments, exchanges or sales, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Senior Secured Credit Facilities

Borrowings under the senior secured credit facilities bear interest at a rate equal to an applicable margin plus, at our option, either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly
announced by the administrative agent and (B) the federal funds effective rate from time to time plus 0.50%, or (ii) a Eurocurrency rate determined by reference to the costs of funds for deposits for the interest period relevant to such
borrowing adjusted for certain additional costs.

The margin percentages applicable to the term loan facilities and revolving
credit facility are the following percentages per annum:



| |  |  | with respect to loans under the term loan A facility and the revolving credit facility, (i) 2.40% in the case of base rate loans and
(ii) 3.40% in the case of Eurocurrency rate loans, subject to downward adjustments if our leverage ratio of total debt to EBITDA (as calculated in accordance with the senior secured credit facilities) decreases below 7 to 1; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | with respect to loans under the term loan B facility, term loan C - asset sale facility and delayed draw term loan facilities, (i) 2.65% in the
case of base rate loans and (ii) 3.65% in the case of Eurocurrency rate loans, subject to downward adjustments if our leverage ratio of total debt to EBITDA decreases below 7 to 1.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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We are required to pay each revolving credit lender a commitment fee in respect of any
unused commitments under the revolving credit facility, which is 0.50% per annum, subject to downward adjustments if our leverage ratio of total debt to EBITDA decreases below 4 to 1. We are required to pay each delayed draw term loan facility
lender a commitment fee in respect of any undrawn commitments under the delayed draw term loan facilities, which initially is 1.825% per annum until the delayed draw term loan facilities are fully drawn or commitments thereunder are terminated.

The senior secured credit facilities require us to comply on a quarterly basis with a maximum consolidated senior secured net
debt to adjusted EBITDA ratio (maximum of 9.5:1). This financial covenant becomes more restrictive over time beginning in the second quarter of 2013. Our secured debt consists of the senior secured credit facilities, the receivables based credit
facility and certain other secured subsidiary debt. Secured leverage, defined as secured debt, net of cash, divided by the trailing 12-month consolidated EBITDA was 8.8:1 at September 30, 2009. Our consolidated EBITDA is calculated as its
trailing 12-month operating income before depreciation, amortization, impairment charge, non-cash compensation, other operating incomenet and merger expenses of $1.7 billion adjusted for certain items, including: (i) an increase for
expected cost savings (limited to $100.0 million in any 12-month period) of $100.0 million; (ii) an increase of $18.1 million for cash received from nonconsolidated affiliates; (iii) an increase of $28.4 million for non-cash items;
(iv) an increase of $209.2 million related to expenses incurred associated with our cost savings program; and (v) an increase of $65.3 million for various other items.

Receivables Based Credit Facility

The receivables based credit facility of
$783.5 million provides revolving credit commitments in an amount equal to the initial borrowing of $533.5 million on the closing date, subject to a borrowing base. The borrowing base at any time equals 85% of the eligible accounts receivable for
certain of our subsidiaries.

Borrowings, excluding the initial borrowing, under the receivables based credit facility are
subject to compliance with a minimum fixed charge coverage ratio of 1.0:1.0 if at any time excess availability under the receivables based credit facility is less than $50 million, or if aggregate excess availability under the receivables based
credit facility and revolving credit facility is less than 10% of the borrowing base.

Borrowings under the receivables based
credit facility bear interest at a rate equal to an applicable margin plus, at our option, either (i) a base rate determined by reference to the higher of (A) the prime lending rate publicly announced by the administrative agent and
(B) the federal funds effective rate from time to time plus 0.50%, or (ii) a Eurocurrency rate determined by reference to the costs of funds for deposits for the interest period relevant to such borrowing adjusted for certain additional
costs.

The margin percentage applicable to the receivables based credit facility is (i) 1.40% in the case of base rate
loans and (ii) 2.40% in the case of Eurocurrency rate loans, subject to downward adjustments if our leverage ratio of total debt to EBITDA decreases below 7 to 1.

We are required to pay each lender a commitment fee in respect of any unused commitments under the receivables based credit facility, which is 0.375% per annum, subject to downward adjustments if our
leverage ratio of total debt to EBITDA decreases below 6 to 1.

Senior Cash Pay Notes and Senior Toggle Notes

We have outstanding $796.3 million aggregate principal amount of 10.75% senior cash pay notes due 2016 and $1.0 billion aggregate principal
amount of 11.00%/11.75% senior toggle notes due 2016.

We may elect on each interest election date to pay all or 50% of such
interest on the senior toggle notes in cash or by increasing the principal amount of the senior toggle notes or by issuing new senior toggle notes. Interest on the senior toggle notes payable in cash accrues at a rate of 11.00% per annum and
PIK Interest accrues at a rate of 11.75% per annum. Interest on the senior cash pay notes accrues at a rate of 10.75% per annum.

On January 15, 2009, we made a permitted election under the indenture governing the senior toggle notes to pay PIK Interest with respect to 100% of the senior toggle notes for the semi-annual
interest period commencing February 1, 2009. For subsequent interest periods, we must make an election regarding whether the applicable interest payment on the senior toggle notes will be made entirely in cash, entirely through PIK Interest or
50% in cash and 50% in PIK Interest. In the absence of such an election for any interest period, interest on the senior toggle notes will be payable according to the election for the immediately preceding interest period. As a result, we are deemed
to have made the PIK Interest election for future interest periods unless and until we elect otherwise.



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Debt Maturities and Other

During 2009, our indirect wholly-owned subsidiaries, CC Finco, LLC, and CC Finco II, LLC, repurchased certain of our outstanding senior notes
shown in the table below.



|                                             |  |                                                |          |   |                                               |   |          |  
|-------------------------------------------- |  | ---------------------------------------------- | -------- | - | --------------------------------------------- | - | -------- | -
|(In thousands)                               |  | Three Months EndedSeptember 30,2009Post-Merger |          |   | Nine Months EndedSeptember 30,2009Post-Merger |  
|CC Finco, LLC                                |  |                                                |          |   |                                               |   |          |  
|4.25% Senior Notes Due 2009                  |  | $                                              |         |   |                                               | $ | 33,500   |  
|4.5% Senior Notes Due 2010                   |  |                                                |         |   |                                               |   | 10,025   |  
|7.65% Senior Notes Due 2010                  |  |                                                |         |   |                                               |   | 17,500   |  
|6.25% Senior Notes Due 2011                  |  |                                                | 20,204   |   |                                               |   | 30,204   |  
|4.4% Senior Notes Due 2011                   |  |                                                | 56,038   |   |                                               |   | 83,038   |  
|5.0% Senior Notes Due 2012                   |  |                                                | 19,949   |   |                                               |   | 25,949   |  
|5.75% Senior Notes Due 2013                  |  |                                                | 116,395  |   |                                               |   | 163,630  |  
|5.5% Senior Notes Due 2014                   |  |                                                | 199,545  |   |                                               |   | 199,545  |  
|Senior Toggle Notes                          |  |                                                | 116,411  |   |                                               |   | 116,411  |  
|                                             |  |                                                |          |   |                                               |   |          |  
|Principal amount of debt repurchased         |  |                                                | 528,542  |   |                                               |   | 679,802  |  
|                                             |  |                                                |          |   |                                               |   |          |  
|Purchase accounting adjustments(1)           |  |                                                | (118,834 | ) |                                               |   | (141,844 | )
|Gain recorded in Other income (expense)(2) |  |                                                | (228,994 | ) |                                               |   | (295,558 | )
|                                             |  |                                                |          |   |                                               |   |          |  
|Cash paid for repurchases of long-term debt  |  | $                                              | 180,714  |   |                                               | $ | 242,400  |  
|                                             |  |                                                |          |   |                                               |   |          |  
|                                             |  |                                               
|CC Finco II, LLC                             |  |                                                |          |   |                                               |   |          |  
|Senior Cash Pay Notes                        |  | $                                              |         |   |                                               | $ | 183,750  |  
|Senior Toggle Notes                          |  |                                                |         |   |                                               |   | 249,375  |  
|                                             |  |                                                |          |   |                                               |   |          |  
|Principal amount of debt repurchased         |  |                                                |         |   |                                               |   | 433,125  |  
|Deferred loan costs and other                |  |                                                |         |   |                                               |   | (813     | )
|Gain recorded in Other income (expense)(2) |  |                                                |         |   |                                               |   | (373,775 | )
|                                             |  |                                                |          |   |                                               |   |          |  
|Cash paid for repurchases of long-term debt  |  | $                                              |         |   |                                               | $ | 58,537   |  
|                                             |  |                                                |          |   |                                               |   |          |  



|(1) | Represents unamortized fair value purchase accounting discounts recorded as a result of the merger.
|--- | ---------------------------------------------------------------------------------------------------

|(2) | CC Finco, LLC, and CC Finco II, LLC, repurchased certain of our legacy notes, senior cash pay notes and senior toggle notes at a discount, resulting in a gain on the
extinguishment of debt.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

During the second quarter of 2009, we redeemed the remaining principal amount of our
4.25% senior notes at maturity with a draw under the $500.0 million delayed draw term loan facility that is specifically designated for this purpose.

During October of 2009, CC Finco, LLC, our indirect wholly-owned subsidiary, repurchased certain of our outstanding 5.5% senior notes due 2014 (5.5% Notes) and our outstanding senior toggle
notes for $42.5 million. The aggregate principal amounts of the 5.5% Notes and senior toggle notes repurchased were $9.0 million and $112.5 million, respectively.

Dispositions and Other

During the nine months ended
September 30, 2009, we sold six radio stations for approximately $12.0 million and recorded a loss of $12.7 million in Other operating income  net. In addition, we exchanged radio stations in our radio markets for assets
located in a different market and recognized a loss of $26.9 million in Other operating income  net.

During
the first nine months of 2009, we sold international assets for $5.5 million resulting in a gain of $4.4 million. In addition, we sold assets for $5.2 million in our Americas outdoor segment and recorded a gain of $3.7 million in Other
operating income  net. We also received proceeds of $18.3 million from the sale of corporate assets in the first nine months of 2009 and recorded a loss of $2.2 million in Other operating income  net.

We sold our remaining interest in Grupo ACIR for approximately $40.5 million and recorded a loss of approximately $5.8 million during the
nine months ended September 30, 2009.

We received proceeds of $110.5 million related to the sale of radio stations
recorded as investing cash flows from discontinued operations and recorded a gain of $29.1 million as a component of Income from discontinued operations, net during



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the pre-merger period ended July 30, 2008. We received proceeds of $1.0 billion related to the sale of our television business recorded as investing cash flows from discontinued operations
and recorded a gain of $666.7 million as a component of Income from discontinued operations, net during the pre-merger period ended July 30, 2008.

In addition, during the pre-merger period ended July 30, 2008, we sold our 50% interest in Clear Channel Independent, a South African outdoor advertising company, and recognized a gain of $75.6
million in Equity in earnings of nonconsolidated affiliates based on the fair value of the equity securities received.

We sold a portion of our investment in Grupo ACIR for approximately $47.0 million on July 1, 2008 and recorded a gain of $9.2 million in Equity in earnings of nonconsolidated affiliates during the pre-merger period ended
July 30, 2008.

USES OF CAPITAL

Capital Expenditures

Capital expenditures were $150.8 million and $289.1 million in the nine months
ended September 30, 2009 and 2008, respectively.



|                      |  |                                                           |      |                            |   |                                 |  |                    |      |       |   |     |  |   |      
|--------------------- |  | --------------------------------------------------------- | ---- | -------------------------- | - | ------------------------------- |  | ------------------ | ---- | ----- | - | --- |  | - | -----
|(In millions)         |  | Nine Months Ended September 30, 2009 Capital Expenditures
|                      |  | Radio                                                     |      | AmericasOutdoorAdvertising |   | InternationalOutdoorAdvertising |  | Corporateand Other |      | Total
|Non-revenue producing |  | $                                                         | 33.5 |                            | $ | 12.2                            |  | $                  | 15.6 |       | $ | 3.3 |  | $ | 64.6 
|Revenue producing     |  |                                                           |     |                            |   | 45.9                            |  |                    | 40.3 |       |   |    |  |   | 86.2 
|                      |  |                                                           |      |                            |   |                                 |  |                    |      |       |   |     |  |   |      
|                      |  | $                                                         | 33.5 |                            | $ | 58.1                            |  | $                  | 55.9 |       | $ | 3.3 |  | $ | 150.8
|                      |  |                                                           |      |                            |   |                                 |  |                    |      |       |   |     |  |   |      

We define non-revenue producing capital expenditures as those expenditures required
on a recurring basis. Revenue producing capital expenditures are discretionary capital investments for new revenue streams, similar to an acquisition.

Certain Relationships with the Sponsors

We are party to a management agreement with certain affiliates
of the Sponsors and certain other parties pursuant to which such affiliates of the Sponsors will provide management and financial advisory services until 2018. These arrangements require management fees to be paid to such affiliates of the Sponsors
for such services at a rate not greater than $15.0 million per year plus expenses. During the three and nine months ended September 30, 2009, we recognized management fees of $3.8 million and $11.3 million, respectively.

In addition, we reimbursed the Sponsors for additional expenses in the amount of $2.3 million and $4.4 million for the three and nine months
ended September 30, 2009, respectively.

Commitments, Contingencies and Guarantees

We are currently involved in certain legal proceedings. Based on current assumptions, we have accrued an estimate of the probable costs for
the resolution of these claims. Future results of operations could be materially affected by changes in these assumptions.

Certain agreements relating to acquisitions provide for purchase price adjustments and other future contingent payments based on the financial performance of the acquired companies generally over a one to five-year period. We will continue
to accrue additional amounts related to such contingent payments if and when it is determinable that the applicable financial performance targets will be met. The aggregate of these contingent payments, if performance targets are met, would not
significantly impact our financial position or results of operations.



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MARKET RISK

We are exposed to market risks arising from changes in market rates and prices, including movements in interest rates, equity security prices and foreign currency exchange rates.

Interest Rate Risk

A significant amount of our long-term debt bears interest at variable rates. Accordingly, our earnings will be affected by changes in interest rates. At September 30, 2009, we had interest rate swap agreements with a $6.0 billion
aggregate notional amount that effectively fixes interest rates on a portion of our floating rate debt. The fair value of these agreements at September 30, 2009 was a liability of $266.2 million. At September 30, 2009, approximately 46% of
our aggregate principal amount of long-term debt, taking into consideration debt for which we have entered into pay-fixed rate receive floating rate swap agreements, bears interest at floating rates.

Assuming the current level of borrowings and interest rate swap contracts and assuming a 12.5 basis point change in LIBOR, it is estimated
that our interest expense for the nine months ended September 30, 2009 would have changed by approximately $9.3 million.

In the event of an adverse change in interest rates, management may take actions to further mitigate its exposure. However, due to the uncertainty of the actions that would be taken and their possible effects, this interest rate analysis
assumes no such actions. Further, the analysis does not consider the effects of the change in the level of overall economic activity that could exist in such an environment.

Equity Price Risk

The carrying value of our available-for-sale equity securities is affected by changes in their quoted market prices. It is estimated that a 20% change in the market prices of these securities would change their carrying value at
September 30, 2009 by $7.1 million and would change comprehensive income by $3.0 million. At September 30, 2009, we also held $5.3 million of investments that do not have a quoted market price, but are subject to fluctuations in their
value.

Foreign Currency Exchange Rate Risk

We have operations in countries throughout the world. The financial results for our foreign operations are measured in their local currencies
except in hyper-inflationary countries in which we operate. As a result, our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in the foreign markets in which we have
operations. We believe we mitigate a small portion of our exposure to foreign currency fluctuations with a natural hedge through borrowings in currencies other than the U.S. dollar. Our foreign operations reported a net loss of approximately $221.8
million for the nine months ended September 30, 2009. We estimate a 10% change in the value of the U.S. dollar relative to foreign currencies would have changed our net loss for the nine months ended September 30, 2009 by approximately
$22.2 million.

Our earnings are also affected by fluctuations in the value of the U.S. dollar as compared to foreign
currencies as a result of our equity method investments in various countries. It is estimated that the result of a 10% fluctuation in the value of the dollar relative to these foreign currencies at September 30, 2009 would change our equity in
earnings of nonconsolidated affiliates by $2.1 million and would change our net loss by approximately $1.3 million for the nine months ended September 30, 2009.

This analysis does not consider the implications such currency fluctuations could have on the overall economic activity that could exist in such an environment in the U.S. or the foreign countries or on
the results of operations of these foreign entities.

New Accounting Pronouncements

In August 2009, the Financial Accounting Standards Board (FASB) issued ASC Update No. 2009-05, Measuring Liabilities at
Fair Value. The update is to ASC Subtopic 820-10, Fair Value Measurements and Disclosures-Overall, for the fair value measurement of liabilities. The purpose of this update is to reduce ambiguity in financial reporting when measuring the
fair value of liabilities. The guidance provided in this update is effective for the first reporting period beginning after the date of issuance. We will adopt the amendment on October 1, 2009 and do not anticipate the adoption to have a
material impact on our financial position or results of operations.

Statement of Financial Accounting
Standards No. 168, The FASB Accounting Standards CodificationTMand the Hierarchy of Generally Accepted Accounting Principles, codified in ASC 105-10, was issued in June 2009. ASC 105-10 identifies the sources of accounting principles and
the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States. ASC 105-10 establishes the ASC as the



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source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Following this statement, the FASB will issue new standards in the form of ASUs. ASC 105-10 is
effective for financial statements issued for interim and annual periods ending after September 15, 2009. We adopted the provisions of ASC 105-10 on July 1, 2009.

Statement of Financial Accounting Standards No. 167, Amendments to FASB Interpretation No. 46(R)(Statement
No. 167), which is not yet codified, was issued in June 2009. Statement No. 167 shall be effective as of the beginning of each reporting entitys first annual reporting period that begins after November 15, 2009, for
interim periods within that first annual reporting period, and for interim and annual reporting periods thereafter. Earlier application is prohibited. Statement No. 167 amends Financial Accounting Standards Board Interpretation No. 46(R),
Consolidation of Variable Interest Entities, codified in ASC 810-10-25, to replace the quantitative-based risks and rewards calculation for determining which enterprise, if any, has a controlling financial interest in a variable interest
entity with an approach focused on identifying which enterprise has the power to direct the activities of a variable interest entity that most significantly impact the entitys economic performance and (1) the obligation to absorb losses
of the entity or (2) the right to receive benefits from the entity. An approach that is expected to be primarily qualitative will be more effective for identifying which enterprise has a controlling financial interest in a variable interest
entity. Statement No. 167 requires an additional reconsideration event when determining whether an entity is a variable interest entity when any changes in facts and circumstances occur such that the holders of the equity investment at risk, as
a group, lose the power from voting rights or similar rights of those investments to direct the activities of the entity that most significantly impact the entitys economic performance. It also requires ongoing assessments of whether an
enterprise is the primary beneficiary of a variable interest entity. These requirements will provide more relevant and timely information to users of financial statements. Statement No. 167 amends ASC 810-10-25 to require additional disclosures
about an enterprises involvement in variable interest entities, which will enhance the information provided to users of financial statements. We will adopt Statement No. 167 on January 1, 2010 and are currently evaluating the impact
of adoption.

Statement of Financial Accounting Standards No. 165, Subsequent Events, codified in ASC 855-10, was
issued in May 2009. The provisions of ASC 855-10 are effective for interim and annual periods ending after June 15, 2009 and are intended to establish general standards of accounting for and disclosure of events that occur after the balance
sheet date but before financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that datethat is, whether that date
represents the date the financial statements were issued or were available to be issued. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial
statements being presented. In accordance with the provisions of ASC 855-10, we are currently evaluating subsequent events through the date the financial statements are issued.

Financial Accounting Standards Board Staff Position Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in
Share-Based Payment Transactions Are Participating Securities, codified in ASC 260-10-45, was issued in June 2008. ASC 260-10-45 clarifies that unvested share-based payment awards with a right to receive nonforfeitable dividends are
participating securities. Guidance is also provided on how to allocate earnings to participating securities and compute basic earnings per share using the two-class method. All prior-period earnings per share data presented shall be adjusted
retrospectively (including interim financial statements, summaries of earnings, and selected financial data) to conform with the provisions of ASC 260-10-45. We retrospectively adopted the provisions of ASC 260-10-45 on January 1, 2009. There
was no impact of adopting ASC 260-10-45 to previously reported earnings per share for the periods July 31 through September 30, 2008, July 1 through July 30, 2008, and January 1 through July 30, 2008.

Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statementsan
amendment of ARB No. 51, codified in ASC 810-10-45, was issued in December 2007. ASC 810-10-45 clarifies the classification of noncontrolling interests in consolidated statements of financial position and the accounting for and reporting of
transactions between the reporting entity and holders of such noncontrolling interests. Under this guidance, noncontrolling interests are considered equity and should be reported as an element of consolidated equity, net income will encompass the
total income of all consolidated subsidiaries and there will be separate disclosure on the face of the income statement of the attribution of that income between the controlling and noncontrolling interests, and increases and decreases in the
noncontrolling ownership interest amount will be accounted for as equity transactions. The provisions of ASC 810-10-45 are effective for the first annual reporting period beginning on or after December 15, 2008, and earlier application is
prohibited. Guidance is required to be adopted prospectively, except for reclassifying noncontrolling interests to equity, separate from the parents equity, in the consolidated statement of financial position and recasting consolidated net
income (loss) to include net income (loss) attributable to both the controlling and noncontrolling interests, both of which are required to be adopted retrospectively. We adopted the provisions of ASC 810-10-45 on January 1, 2009, which
resulted in a reclassification of approximately $426.2 million of noncontrolling interests to members deficit.

Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities, codified in ASC 815-10-50, was issued in March 2008. ASC 815-10-50 requires additional disclosures about how
and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for and how derivative instruments



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and related hedged items effect an entitys financial position, results of operations and cash flows. We adopted the provisions of ASC 815-10-50 on January 1, 2009. Please refer to Note
4 in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for disclosure required by ASC 815-10-50.

Financial
Accounting Standards Board Staff Position No. FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, codified in ASC
820-10-35), was issued in April 2009. ASC 820-10-35 provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. ASC 820-10-35 also includes guidance on
identifying circumstances that indicate a transaction is not orderly. This guidance is effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. Early adoption is permitted for periods
ending after March 15, 2009. Earlier adoption for periods ending before March 15, 2009 is not permitted. We adopted the provisions of ASC 820-10-35 on April 1, 2009 with no material impact to our financial position or results of
operations.

Financial Accounting Standards Board Staff Position No. FAS 115-2 and FAS 124-2, Recognition and
Presentation of Other-Than-Temporary Impairments, codified in ASC 320-10, was issued in April 2009. It amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to
improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. ASC 320-10 does not amend existing recognition and measurement guidance related to other-than-temporary
impairments of equity securities. This guidance is effective for interim and annual reporting periods ending after June 15, 2009, with early adoption permitted for periods ending after March 15, 2009. Earlier adoption for periods ending
before March 15, 2009 is not permitted. We adopted the provisions of ASC 320-10 on April 1, 2009 with no material impact to our financial position or results of operations.

Financial Accounting Standards Board Staff Position No. FAS 141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in a
Business Combination That Arise from Contingencies, codified in ASC 805-20, was issued in April 2009. ASC 805-20 addresses application issues raised by preparers, auditors, and members of the legal profession on initial recognition and
measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This guidance is effective for assets or liabilities arising from contingencies in business
combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. The impact of ASC 805-20 on accounting for contingencies in a business combination is
dependent upon the nature of future acquisitions.

Financial Accounting Standards Board Staff Position No. FAS 107-1 and APB
28-1, Interim Disclosures about Fair Value of Financial Instruments, codified in ASC 825-10, was issued in April 2009. ASC 825-10 amends prior authoritative guidance to require disclosures about fair value of financial instruments for interim
reporting periods of publicly traded companies as well as in annual financial statements. The provisions of ASC 825-10 are effective for interim reporting periods ending after June 15, 2009, with early adoption permitted for periods ending
after March 15, 2009. We adopted the disclosure requirements of ASC 825-10 on April 1, 2009.

Financial Accounting
Standards Board Staff Position Emerging Issues Task Force 08-6, Equity Method Investment Accounting Considerations, codified in ASC 323-10-35, was issued in November 2008. ASC 323-10-35 clarifies the accounting for certain transactions and
impairment considerations involving equity method investments. This guidance is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years and shall be applied prospectively. We adopted the
provisions of ASC 323-10-35 on January 1, 2009 with no material impact to our financial position or results of operations.

Inflation

Inflation is a factor in the economies in which we do business and we continue to seek ways
to mitigate its effect. Although the exact impact of inflation is indeterminable, to the extent permitted by competition, we pass increased costs on to our customers by increasing our effective advertising rates over time.

Risks Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Except for the historical information, this report contains various
forward-looking statements which represent our expectations or beliefs concerning future events, including, without limitation, the future levels of cash flow from operations. Management believes that all statements that express expectations and
projections with respect to future matters, including our ability to negotiate contracts having more favorable terms and the availability of capital resources, are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We caution that these forward-looking statements involve a number of risks and uncertainties and are subject to many variables which could impact our financial performance. These statements are made on the basis of
managements views and assumptions as of the time the statements are made, regarding future events and business performance. There can be no assurance, however, that managements expectations will necessarily come to pass. We do not
intend, nor do we undertake any duty, to update any forward-looking statements.



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A wide range of factors could materially affect future developments and performance,
including:



| |  |  | the impact of the substantial indebtedness incurred to finance the consummation of the merger;
| | - |  | ----------------------------------------------------------------------------------------------

| |  |  | risks associated with the global economic crisis and its impact on capital markets and liquidity;
| | - |  | -------------------------------------------------------------------------------------------------

| |  |  | the impact of the global economic downturn, which has adversely affected advertising revenues across our businesses and other general economic and
political conditions in the United States. and in other countries in which we currently do business, including those resulting from recessions, political events and acts or threats of terrorism or military conflicts;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | the need to allocate significant amounts of our cash flow to make payments on our indebtedness, which in turn could reduce our financial flexibility
and ability to fund other activities;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | our restructuring program may not be entirely successful;
| | - |  | ---------------------------------------------------------

| |  |  | the effect of leverage on our financial position and earnings;
| | - |  | --------------------------------------------------------------

| |  |  | access to capital markets and borrowed indebtedness;
| | - |  | ----------------------------------------------------

| |  |  | the impact of the geopolitical environment;
| | - |  | -------------------------------------------

| |  |  | shifts in population and other demographics;
| | - |  | --------------------------------------------

| |  |  | industry conditions, including competition;
| | - |  | -------------------------------------------

| |  |  | fluctuations in operating costs;
| | - |  | --------------------------------

| |  |  | technological changes and innovations;
| | - |  | --------------------------------------

| |  |  | changes in labor conditions;
| | - |  | ----------------------------

| |  |  | fluctuations in exchange rates and currency values;
| | - |  | ---------------------------------------------------

| |  |  | capital expenditure requirements;
| | - |  | ---------------------------------

| |  |  | the outcome of pending and future litigation settlements;
| | - |  | ---------------------------------------------------------

| |  |  | legislative or regulatory requirements;
| | - |  | ---------------------------------------

| |  |  | changes in interest rates;
| | - |  | --------------------------

| |  |  | taxes;
| | - |  | ------

| |  |  | our ability to integrate the operations of recently acquired companies;
| | - |  | -----------------------------------------------------------------------

| |  |  | the impact of planned divestitures; and
| | - |  | ---------------------------------------

| |  |  | certain other factors set forth in our filings with the SEC.
| | - |  | ------------------------------------------------------------

This list of factors that may affect future performance and the accuracy of forward-looking statements are illustrative and are not intended
to be exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.



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PART II. FINANCIAL INFORMATION

Item 6. Exhibits



|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|               | 
|2.1            |  | Agreement and Plan of Merger, dated as of November 16, 2006, by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and Clear Channel
Communications, Inc. Incorporated by reference from Exhibit 2.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on November 16, 2006.                                                                                                                                                                                                                                                          
|               | 
|2.2            |  | Amendment No. 1, dated as of April 18, 2007, to the Agreement and Plan of Merger, dated as of November 16, 2006, by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco,
LLC, T Triple Crown Finco, LLC and Clear Channel Communications, Inc. Incorporated by reference from Exhibit 2.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on April 19,
2007.                                                                                                                                                                                                         
|               | 
|2.3            |  | Amendment No. 2, dated as of May 17, 2007, to the Agreement and Plan of Merger, dated as of November 16, 2006, by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco,
LLC, T Triple Crown Finco, LLC, BT Triple Crown Holdings III, Inc. and Clear Channel Communications, Inc. Incorporated by reference from Exhibit 2.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities
and Exchange Commission on May 18, 2007.                                                                                                                                                                         
|               | 
|2.4            |  | Amendment No. 3, dated as of May 13, 2008, to the Agreement and Plan of Merger, dated as of November 16, 2006, by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco,
LLC, T Triple Crown Finco, LLC, CC Media Holdings, Inc. and Clear Channel Communications, Inc. Incorporated by reference from Exhibit 2.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange
Commission on May 14, 2008.                                                                                                                                                                                    
|               | 
|2.5            |  | Asset Purchase Agreement, dated as of April 20, 2007, between Clear Channel Broadcasting, Inc., ABO Broadcasting Operations, LLC, Ackerley Broadcasting Fresno, LLC, AK Mobile
Television, Inc., Bel Meade Broadcasting, Inc., Capstar Radio Operating Company, Capstar TX Limited Partnership, CCB Texas Licenses, L.P., Central NY News, Inc., Citicasters Co., Clear Channel Broadcasting Licenses, Inc., Clear Channel Investments,
Inc. and TV Acquisition LLC. Incorporated by reference from Exhibit 2.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on April 26, 2007.
|               | 
|3.1            |  | Restated Articles of Incorporation of Clear Channel Communications, Inc., as amended. Incorporated by reference from Exhibit 3.1.1 to the Registration Statement on Form S-4
(Registration No. 333-158279) filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on March 30, 2009 and declared effective by the Securities and Exchange Commission on April 20, 2009.                                                                                                                                                                                                                                                    
|               | 
|3.2            |  | Amended and Restated By-laws of Clear Channel Communications, Inc. Incorporated by reference from Exhibit 3.2.1 to the Registration Statement on Form S-4 (Registration
No. 333-158279) filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on March 30, 2009 and declared effective by the Securities and Exchange Commission on April 20, 2009.                                                                                                                                                                                                                                                                       
|               | 
|4.1            |  | Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of New York as Trustee. Incorporated by reference from Exhibit 4.2 the
Quarterly Report on Form 10-Q filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on November 6, 1997.                                                                                                                                                                                                                                                                                                                             
|               | 
|4.2            |  | Third Supplemental Indenture, dated as of June 16, 1998 to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and the Bank of New York,
as Trustee. Incorporated by reference from Exhibit 4.2 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on August 28, 1998.                                                                                                                                                                                                                                                                  



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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | 
|4.3            |  | Ninth Supplemental Indenture, dated as of September 12, 2000, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of New
York, as Trustee. Incorporated by reference from Exhibit 4.11 to the Quarterly Report on Form 10-Q filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on November 14, 2000.                                                                                               
|               | 
|4.4            |  | Eleventh Supplemental Indenture, dated as of January 9, 2003, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of New
York as Trustee. Incorporated by reference from Exhibit 4.17 the Annual Report on Form 10-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on March 11, 2003.                                                                                                         
|               | 
|4.5            |  | Fourteenth Supplemental Indenture, dated as of May 21, 2003, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of New
York, as Trustee. Incorporated by reference from Exhibit 99.3 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on May 22, 2003.                                                                                                        
|               | 
|4.6            |  | Sixteenth Supplemental Indenture, dated as of December 9, 2003, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of
New York, as Trustee. Incorporated by reference from Exhibit 99.3 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on December 10, 2003.                                                                                                
|               | 
|4.7            |  | Seventeenth Supplemental Indenture, dated as of September 15, 2004, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank
of New York, as Trustee. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on September 21, 2004.                                                                                           
|               | 
|4.8            |  | Eighteenth Supplemental Indenture, dated as of November 22, 2004, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of
New York, as Trustee. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on November 23, 2004.                                                                                              
|               | 
|4.9            |  | Nineteenth Supplemental Indenture, dated as of December 13, 2004, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of
New York, as Trustee. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on December 17, 2004.                                                                                              
|               | 
|4.10           |  | Twentieth Supplemental Indenture, dated as of March 21, 2006, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of New
York, as Trustee. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on March 24, 2006.                                                                                                     
|               | 
|4.11           |  | Twenty-first Supplemental Indenture, dated as of August 15, 2006, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank of
New York, as Trustee. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on August 16, 2006.                                                                                                
|               | 
|4.12           |  | Twenty-Second Supplemental Indenture, dated as of January 2, 2008, to Senior Indenture, dated as of October 1, 1997, by and between Clear Channel Communications, Inc. and The Bank
of New York, as Trustee. Incorporated by reference from Exhibit 4.1 to the Current Report on Form 8-K filed by Clear Channel Communications, Inc. with the Securities and Exchange Commission on January 4, 2008.                                                                                                
|               | 
|4.13           |  | Indenture, dated as of July 30, 2008, by and among BT Triple Crown Merger Co., Inc., Law Debenture Trust Company of New York, Deutsche Bank Trust Company Americas and Clear Channel
Communications, Inc. (as the successor-in-interest to BT Triple Crown Merger Co., Inc. following the effectiveness of the merger). Incorporated by reference from Exhibit 10.16 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with
the Securities and Exchange Commission on July 30, 2008.
|               | 
|4.14           |  | Supplemental Indenture, dated as of July 30, 2008, by and among Clear Channel Capital I, LLC, certain subsidiaries of Clear Channel Communications, Inc. party thereto and Law
Debenture Trust Company of New York. Incorporated by reference from Exhibit 10.17 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 30, 2008.                                                                                                    



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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|               | 
|4.15           |  | Supplemental Indenture, dated as of December 9, 2008, by and between CC Finco Holdings, LLC and Law Debenture Trust Company of New York. Incorporated by reference from Exhibit 10.24
to the Form 10-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on March 2, 2009.                                                                                                                                                                                                                                                                     
|               | 
|4.16           |  | Registration Rights Agreement, dated as of July 30, 2008, by and among Clear Channel Communications, Inc., certain subsidiaries of Clear Channel Communications, Inc. party thereto,
Deutsche Bank Securities Inc., Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Greenwich Capital Markets, Inc. and Wachovia Capital Markets, LLC. Incorporated by reference from Exhibit 10.18
to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 30, 2008.
|               | 
|10.1           |  | First Amended and Restated Management Agreement, dated as of July 28, 2008, by and among CC Media Holdings, Inc., Clear Channel Communications, Inc. (as the successor-in-interest to
BT Triple Crown Merger Co., Inc. following the effectiveness of the merger), B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, THL Managers VI, LLC and Bain Capital Partners, LLC. Incorporated by reference from Exhibit 10.1 to the Current Report
on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 30, 2008.                
|               | 
|10.2           |  | Affiliate Transactions Agreement, dated as of July 30, 2008, by and among CC Media Holdings, Inc., Bain Capital Fund IX, L.P., Thomas H. Lee Equity Fund VI, L.P. and BT Triple Crown
Merger Co., Inc. Incorporated by reference from Exhibit 6 to the Form 8-A Registration Statement filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 30, 2008.                                                                                                                                                                                     
|               | 
|10.3           |  | Amended and Restated Employment Agreement, dated July 28, 2008, by and between CC Media Holdings, Inc., Clear Channel Communications, Inc. (as the successor-in-interest to BT Triple
Crown Merger Co., Inc. following the effectiveness of the merger) and Randall T. Mays. Incorporated by reference from Exhibit 10.5 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July
30, 2008.                                                                                                                 
|               | 
|10.4           |  | Amendment to Amended and Restated Employment Agreement, dated January 20, 2009, by and between CC Media Holdings, Inc., Clear Channel Communications, Inc. (as the
successor-in-interest to BT Triple Crown Merger Co., Inc. following the effectiveness of the merger) and Randall T. Mays. Incorporated by reference from Exhibit 10.2 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the
Securities and Exchange Commission on January 21, 2009.                                                                                              
|               | 
|10.5           |  | Amended and Restated Employment Agreement, dated July 28, 2008, by and between CC Media Holdings, Inc., Clear Channel Communications, Inc. (as the successor-in-interest to BT Triple
Crown Merger Co., Inc. following the effectiveness of the merger) and Mark P. Mays. Incorporated by reference from Exhibit 10.6 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July
30, 2008.                                                                                                                    
|               | 
|10.6           |  | Amendment to Amended and Restated Employment Agreement, dated January 20, 2009, by and between CC Media Holdings, Inc., Clear Channel Communications, Inc. (as the
successor-in-interest to BT Triple Crown Merger Co., Inc. following the effectiveness of the merger) and Mark P. Mays. Incorporated by reference from Exhibit 10.1 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities
and Exchange Commission on January 21, 2009.                                                                                                 
|               | 
|10.7           |  | Amended and Restated Employment Agreement, dated July 28, 2008, by and between CC Media Holdings, Inc., Clear Channel Communications, Inc. (as the successor-in-interest to BT Triple
Crown Merger Co., Inc. following the effectiveness of the merger) and L. Lowry Mays. Incorporated by reference from Exhibit 10.7 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July
30, 2008.                                                                                                                   
|               | 
|10.8           |  | Employment Agreement, dated June 29, 2008, by and between Clear Channel Broadcasting, Inc. and John E. Hogan. Incorporated by reference from Exhibit 10.8 to the Current Report on
Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 30, 2008.                                                                                                                                                                                                                                                                                



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|               | 
|10.9           |  | Employment Separation Agreement, dated July 13, 2009, by and between CC Media Holdings, Inc. and Andrew W. Levin. Incorporated by reference from Exhibit 10.1 to the Current Report
on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 16, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|               | 
|10.10*         |  | Employment Separation Agreement, dated October 19, 2009, by and between Clear Channel Communications, Inc. and Herbert W. Hill.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|               | 
|10.11          |  | Credit Agreement, dated as of May 13, 2008, by and among Clear Channel Communications, Inc. (as the successor-in-interest to BT Triple Crown Merger Co., Inc. following the
effectiveness of the merger), the subsidiary borrowers of Clear Channel Communications, Inc. party thereto (following the effectiveness of the merger), Clear Channel Capital I, LLC (following the effectiveness of the merger), the lenders party
thereto, Citibank, N.A., as Administrative Agent, and the other agents party thereto. Incorporated by reference from Exhibit 10.2 to the Registration Statement on Form S-4 (Registration No. 333-151345) filed by CC Media Holdings, Inc. with the
Securities and Exchange Commission on June 2, 2008 and declared effective by the Securities and Exchange Commission on June 17, 2008.
|               | 
|10.12          |  | Amendment No. 1, dated as of July 9, 2008, to the Credit Agreement, dated as of May 13, 2008, by and among Clear Channel Communications, Inc. (as the successor-in-interest to BT
Triple Crown Merger Co., Inc. following the effectiveness of the merger), the subsidiary borrowers of Clear Channel Communications, Inc. party thereto (following the effectiveness of the merger), Clear Channel Capital I, LLC (following the
effectiveness of the merger), the lenders party thereto, Citibank, N.A., as Administrative Agent, and the other agents party thereto. Incorporated by reference from Exhibit 10.10 to the Current Report on Form 8-K filed by CC Media Holdings, Inc.
with the Securities and Exchange Commission on July 30, 2008.                                                                    
|               | 
|10.13          |  | Amendment No. 2, dated as of July 28, 2008, to the Credit Agreement, dated as of May 13, 2008, by and among Clear Channel Communications, Inc. (as the successor-in-interest to BT
Triple Crown Merger Co., Inc. following the effectiveness of the merger), the subsidiary borrowers of Clear Channel Communications, Inc. party thereto (following the effectiveness of the merger), Clear Channel Capital I, LLC (following the
effectiveness of the merger), the lenders party thereto, Citibank, N.A., as Administrative Agent, and the other agents party thereto. Incorporated by reference from Exhibit 10.11 to the Current Report on Form 8-K filed by CC Media Holdings, Inc.
with the Securities and Exchange Commission on July 30, 2008.                                                                   
|               | 
|10.14          |  | Credit Agreement, dated as of May 13, 2008, by and among Clear Channel Communications, Inc. (as the successor-in-interest to BT Triple Crown Merger Co., Inc. following the
effectiveness of the merger), the subsidiary borrowers of Clear Channel Communications, Inc. party thereto (following the effectiveness of the merger), Clear Channel Capital I, LLC (following the effectiveness of the merger), the lenders party
thereto, Citibank, N.A., as Administrative Agent, and the other agents party thereto. Incorporated by reference from Exhibit 10.3 to the Registration Statement on Form S-4 (Registration No. 333-151345) filed by CC Media Holdings, Inc. with the
Securities and Exchange Commission on June 2, 2008 and declared effective by the Securities and Exchange Commission on June 17, 2008.
|               | 
|10.15          |  | Amendment No. 1, dated as of July 9, 2008, to the Credit Agreement, dated as of May 13, 2008, by and among Clear Channel Communications, Inc. (as the successor-in-interest to BT
Triple Crown Merger Co., Inc. following the effectiveness of the merger), the subsidiary borrowers of Clear Channel Communications, Inc. party thereto (following the effectiveness of the merger), Clear Channel Capital I, LLC (following the
effectiveness of the merger), the lenders party thereto, Citibank, N.A., as Administrative Agent, and the other agents party thereto. Incorporated by reference from Exhibit 10.13 to the Current Report on Form 8-K filed by CC Media Holdings, Inc.
with the Securities and Exchange Commission on July 30, 2008.                                                                    
|               | 
|10.16          |  | Amendment No. 2, dated as of July 28, 2008, to the Credit Agreement, dated as of May 13, 2008, by and among Clear Channel Communications, Inc. (as the successor-in-interest to BT
Triple Crown Merger Co., Inc. following the effectiveness of the merger), the subsidiary borrowers of Clear Channel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   



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##### Table of Contents

|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|               | 
|               |  | Communications, Inc. party thereto (following the effectiveness of the merger), Clear Channel Capital I, LLC (following the effectiveness of the merger), the lenders party thereto,
Citibank, N.A., as Administrative Agent, and the other agents party thereto. Incorporated by reference from Exhibit 10.14 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on July 30,
2008.                                                                                                                                                                                 
|               | 
|10.17          |  | Purchase Agreement, dated May 13, 2008, by and among BT Triple Crown Merger Co., Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. Incorporated, Citigroup Global Markets
Inc., Credit Suisse Securities (USA) LLC, Greenwich Capital Markets, Inc. and Wachovia Capital Markets, LLC Incorporated by reference from Exhibit 10.4 to the Registration Statement on Form S-4 (Registration No. 333-151345) filed by CC Media
Holdings, Inc. with the Securities and Exchange Commission on June 2, 2008 and declared effective by the Securities and Exchange Commission on June 17, 2008.                               
|               | 
|10.18          |  | Form of Indemnification Agreement. Incorporated by reference from Exhibit 10.26 to the Current Report on Form 8-K filed by CC Media Holdings, Inc. with the Securities and Exchange
Commission on July 30, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                
|               | 
|10.19          |  | Amended and Restated Voting Agreement dated as of May 13, 2008 by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, CC Media
Holdings, Inc., Highfields Capital I LP, Highfields Capital II LP, Highfields Capital III LP and Highfields Capital Management LP. Incorporated by reference from Annex E to the Registration Statement on Form S-4 (Registration No. 333-151345) filed
by CC Media Holdings, Inc. with the Securities and Exchange Commission on June 2, 2008 and declared effective by the Securities and Exchange Commission on June 17, 2008.                  
|               | 
|10.20          |  | Voting Agreement dated as of May 13, 2008 by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, CC Media Holdings, Inc., Abrams
Capital Partners I, LP, Abrams Capital Partners II, LP, Whitecrest Partners, LP, Abrams Capital International, Ltd. and Riva Capital Partners, LP. Incorporated by reference from Annex F to the Registration Statement on Form S-4 (Registration No.
333-151345) filed by CC Media Holdings, Inc. with the Securities and Exchange Commission on June 2, 2008 and declared effective by the Securities and Exchange Commission on June 17, 2008.
|               | 
|11             |  | Statement re: Computation of Per Share Earnings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|               | 
|31.1*          |  | Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                             
|               | 
|31.2*          |  | Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                             
|               | 
|32.1**         |  | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|               | 
|32.2**         |  | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              





* Filed herewith.

** Furnished herewith.



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##### Table of Contents

Signatures

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 thereunto duly authorized.



|                  |  |                                   
|----------------- |  | ----------------------------------
|                  |  | CLEAR CHANNEL COMMUNICATIONS, INC.
|                  | 
|November 11, 2009 |  | /s/ Randall T. Mays               
|                  |  | Randall T. Mays                   
|                  |  | President and                     
|                  |  | Chief Financial Officer           
|                  | 
|November 11, 2009 |  | /s/ Herbert W. Hill, Jr.          
|                  |  | Herbert W. Hill, Jr.              
|                  |  | Senior Vice President and         
|                  |  | Chief Accounting Officer          



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