EXHIBIT 11  COMPUTATION OF EARNINGS PER SHARE



|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|----------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------- | ------- | - | -------------------------------------- | - | --------- | -
|(In thousands, except per share data)                                                                             |  | Three MonthsEnded June 30,2008Pre-merger |         |   | Six MonthsEnded June 30,2008Pre-merger |  
|Basic and diluted Numerator:                                                                                      |  |                                          |         |   |                                        |   |           |  
|Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.  Common Shares   |  | $                                        | 275,739 | * |                                        | $ | 436,068   | *
|Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.  Unvested Shares |  |                                          | 1,556   | * |                                        |   | 2,618     | *
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Income (loss) before discontinued operations attributable to Clear Channel Communications, Inc.                   |  |                                          | 277,295 |   |                                        |   | 438,686   |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Income (loss) from discontinued operations, net                                                                   |  |                                          | 5,032   |   |                                        |   | 643,294   |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Net income (loss) attributable to Clear Channel Communications, Inc.  basic and diluted                          |  | $                                        | 282,327 |   |                                        | $ | 1,081,980 |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|                                                                                                                  |  |                                         
|Denominator:                                                                                                      |  |                                          |         |   |                                        |   |           |  
|Weighted average common shares - basic                                                                            |  |                                          | 495,201 | * |                                        |   | 494,975   | *
|Effect of dilutive securities:                                                                                    |  |                                          |         |   |                                        |   |           |  
|Stock options and restricted stock                                                                                |  |                                          | 1,686   | * |                                        |   | 1,662     |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Weighted average common shares - diluted                                                                          |  |                                          | 496,887 | * |                                        |   | 496,637   |  
|                                                                                                                  |  |                                         
|Net income (loss) per basic common share:                                                                         |  |                                          |         |   |                                        |   |           |  
|Income (loss) before discontinued operations                                                                      |  | $                                        | .56     | * |                                        | $ | .88       | *
|Income (loss) from discontinued operations, net                                                                   |  |                                          | .01     |   |                                        |   | 1.30      |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Basic                                                                                                             |  | $                                        | .57     |   |                                        | $ | 2.18      |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Net income (loss) per diluted common share:                                                                       |  |                                          |         |   |                                        |   |           |  
|Income (loss) before discontinued operations                                                                      |  | $                                        | .56     | * |                                        | $ | .88       | *
|Income (loss) from discontinued operations, net                                                                   |  |                                          | .01     |   |                                        |   | 1.30      |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  
|Diluted                                                                                                           |  | $                                        | .57     |   |                                        | $ | 2.18      |  
|                                                                                                                  |  |                                          |         |   |                                        |   |           |  



|* | Reflects implementation of 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 (ASC 260-10-45). See Note 1 to the unaudited financial statements of Clear Channel Capital I, LLC included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for additional information.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------