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                                                                  EXHIBIT 10.9.2

                               FIRST AMENDMENT OF
                      THE 1998 CHANCELLOR MEDIA CORPORATION
                                STOCK OPTION PLAN


                  This First Amendment of the 1998 Chancellor Media Corporation
Stock Option Plan (the "Plan") is made effective as of the 13th day of July,
1999 by AMFM Inc. (formerly known as Chancellor Media Corporation), a Delaware
corporation (the "Company").

                  WHEREAS, each of the Board of Directors of the Company and the
stockholders of the Company have heretofore adopted and approved the Plan;

                  WHEREAS, as of the date hereof, the Company has changed its
name from Chancellor Media Corporation to AMFM Inc. pursuant to that certain
merger of July 13, 1999 (the "Merger") according to the Agreement and Plan of
Merger, dated as of August 26, 1998, and amended and restated as of April 29,
1999, by and among the Company, Capstar Broadcasting Corporation, a Delaware
corporation, CBC Acquisition Company, Inc., a Delaware corporation, and CMC
Merger Sub, Inc. a Delaware corporation and wholly-owned subsidiary of the
Company;

                  WHEREAS, the Company desires to amend the Plan to permit the
assignment and transfer of Options thereunder in certain circumstances.

                  NOW, THEREFORE, the Plan is amended as follows:

                  1. TITLE OF PLAN.

         The title of the Plan, as set forth on the first page of the Plan, is
hereby amended to read, in its entirety, as follows:

                               "THE 1998 AMFM INC.
                               STOCK OPTION PLAN"

                  2. SECTION 1.7.

         Section 1.7 is amended and restated to read, in its entirety, as
follows:

         "Company.  "Company" shall mean AMFM Inc., a Delaware corporation."

                  3. SECTION 1.20.

         Section 1.20 is amended and restated to read, in its entirety, as
follows:





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         "Plan. "Plan" shall mean this 1998 AMFM Inc. Stock Option Plan."

                  4. SECTION 7.1.

         Section 7.1 of the Plan is amended in its entirety as follows:

         "Not Transferable. Options under this Plan may not be sold, pledged,
assigned, or transferred in any manner other than by will or the laws of descent
and distribution or pursuant to a QDRO, unless and until such Options have been
exercised, or the shares underlying such Options have been issued, and all
restrictions applicable to such shares have lapsed; provided, however, that any
Optionee may, subject to the approval of the Committee, have an Option issued
directly in the name of, or assign or otherwise transfer an Option to, a trust
or limited partnership established for the benefit of such Optionee and his
spouse, siblings, parents, children and/or grandchildren. If an assignment or
other transfer if an Option is made to a trust or limited partnership with the
approval of the Committee, the same terms and conditions of the Option as would
have been applicable if the Optionee held the Option shall apply to such trust
or limited partnership, including, but not limited to, any limitations on the
vesting and exercisability of the Option by reason of the Optionee's termination
of employment. No Option or interest or right therein shall be liable for the
debts, contracts or engagements of the Optionee or his successors in interest or
shall be subject to disposition by transfer, alienation, anticipation, pledge,
encumbrance, assignment or any other means whether such disposition be voluntary
or involuntary or by operation of law by judgment, levy, attachment, garnishment
or any other legal or equitable proceedings (including bankruptcy), and any
attempted disposition thereof shall be null and void and of no effect, except to
the extent that such disposition is permitted by the preceding sentence."

                  In all other respects, the Plan is ratified and confirmed.

                                     AMFM INC. (formerly known as
                                     CHANCELLOR MEDIA CORPORATION)



                                     By: /s/ Kathy Archer
                                        ----------------------------------------
                                     Name:   Kathy Archer
                                     Title:  Vice President