FORM 10-Q


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                QUARTERLY REPORT PURSUANT TO SECTION 13 AND 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarter ended June 30, 2000                Commission file number 1-9645


                       CLEAR CHANNEL COMMUNICATIONS, INC.

             (Exact name of registrant as specified in its charter)


            Texas                                          74-1787539
  (State of Incorporation)                  (I.R.S. Employer Identification No.)



                               200 East Basse Road
                            San Antonio, Texas 78209
                                 (210) 822-2828

                          (Address and telephone number
                         of principal executive offices)



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



            Class                               Outstanding at August 10, 2000
- - - - - - - - - - - - - - -                   - - - - -  - - - - - - - - - -
Common Stock, $.10 par value                                380,219,251


<PAGE>

               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES

                                      INDEX





                                                                      Page No.
                                                                      - - - - -

Part I -- Financial Information

     Item 1.  Unaudited Financial Statements

     Consolidated Balance Sheets at June 30, 2000 and                    3
     December 31, 1999

     Consolidated  Statements of  Operations  for the six and            5
     three months ended June 30, 2000 and 1999

     Consolidated  Statements  of Cash Flows for the six  months         6
     ended June 30, 2000 and 1999

     Notes to Consolidated Financial Statements                          8

     Item 2.  Management's Discussion and Analysis of                   11
              Financial Condition and Results of Operations

     Item 3.  Quantitative and Qualitative Disclosures About            15
              Market Risk


Part II -- Other Information

     Item 4.  Submission of Matters to a Vote of Security Holders       16

     Item 6.  Exhibits and reports on Form 8-K                          18

         (a)  Exhibits
         (b)  Reports on Form 8-K

     Signatures                                                         19

     Index to Exhibits                                                  20






<PAGE>



                                                                PART I

Item 1.  UNAUDITED FINANCIAL STATEMENTS

               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                     ASSETS
                            (In thousands of dollars)

                                             June 30,              December 31,
                                              2000                     1999
                                           (Unaudited)                 (*)
Current Assets
   Cash and cash equivalents              $     56,893           $     76,724
   Accounts receivable, less allowance of
     $36,731 at June 30, 2000 and
     $26,095 at December 31, 1999              844,366                724,900
   Other current assets                        143,313                123,485
     Total Current Assets                    1,044,572                925,109

Property, Plant and Equipment
   Land, buildings and improvements            367,349                338,764
   Structures and site leases                2,118,701              1,870,731
   Transmitter and studio equipment            451,163                427,063
   Furniture and other equipment               275,952                222,581
   Construction in progress                    125,901                 89,901
                                             3,339,066              2,949,040
Less accumulated depreciation                 (602,177)              (470,916)
                                             2,736,889              2,478,124
Intangible Assets
   Contracts                                   808,487                817,227
   Licenses and goodwill                    12,231,656             11,809,882
   Other intangible assets                      89,327                 80,102
                                            13,129,470             12,707,211
Less accumulated amortization               (1,052,133)              (758,889)
                                            12,077,337             11,948,322
Other Assets
   Restricted cash                                  --                  4,349
   Notes receivable                            129,675                 53,675
   Investments in, and advances to,
     nonconsolidated affiliates                386,918                380,918
   Other assets                                339,269                251,604
   Other investments                           933,400                779,411
Total Assets                              $ 17,648,060           $ 16,821,512

* From audited financial statements

                 See Notes to Consolidated Financial Statements



<PAGE>



               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      LIABILITIES AND SHAREHOLDERS' EQUITY
                            (In thousands of dollars)

                                            June 30,              December 31,
                                              2000                    1999
                                          (Unaudited)                  (*)
Current Liabilities
   Accounts payable                      $    211,902            $    196,222
   Accrued interest                            19,367                  16,449
   Accrued expenses                           264,798                 337,939
   Accrued income taxes                        87,894                  29,769
   Current portion of long-term debt           30,510                  30,361
   Other current liabilities                   77,094                  74,775
     Total Current Liabilities                691,565                 685,515

   Long-term debt                           4,875,879               4,093,543
   Liquid Yield Option Notes                  493,879                 490,809
   Deferred income taxes                    1,340,070               1,289,783
   Other long-term liabilities                129,256                 149,032

   Minority interest                           17,103                  28,793

Shareholders' Equity
   Common stock                                33,897                  33,861
   Additional paid-in capital               9,231,175               9,216,957
   Common stock warrants                      250,583                 252,862
   Retained earnings                          287,966                 296,132
   Other comprehensive income                 295,317                 282,745
   Other                                        2,304                   2,304
   Cost of shares held in treasury               (934)                   (824)
   Total shareholders  equity              10,100,308              10,084,037
Total Liabilities and
   Shareholders  Equity                  $ 17,648,060            $ 16,821,512

* From audited financial statements

                 See Notes to Consolidated Financial Statements




<PAGE>
               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
                (In thousands of dollars, except per share data)

<TABLE>
                                                       Six Months Ended          Three Months Ended
                                                     June 30,     June 30,        June 30,       June 30,
                                                      2000          1999            2000          1999

<S>                                               <C>          <C>              <C>           <C>
Gross revenue                                     $ 1,950,017  $ 1,117,737      $ 1,078,642   $   696,130
Less:  agency commissions                             201,603      123,259          112,767        78,439
                                                      -------      -------          -------        ------
Net revenue                                         1,748,414      994,478          965,875       617,691

Operating expenses                                  1,082,690      601,371          562,729       356,549
Depreciation and amortization                         448,741      265,027          228,687       154,379
Corporate expenses                                     52,445       28,331           27,867        15,884
                                                       ------       ------           ------        ------
Operating income                                      164,538       99,749          146,592        90,879

Interest expense                                      125,460       78,842           69,911        47,010
Gain on sale of stations                                   --      136,925               --       136,925
Other income (expense) - net                            1,624       14,967            1,226         4,048
                                                        -----       ------            -----         -----
Income before income taxes and equity
  in earnings of nonconsolidated affiliates            40,702      172,799           77,907       184,842
Income taxes                                           58,472       82,852           53,339        79,962
                                                       ------       ------           ------        ------
Income (loss) before equity in earnings
  of nonconsolidated affiliates                       (17,770)      89,947           24,568       104,880
Equity in earnings of nonconsolidated
  affiliates                                            9,603        3,817            6,667         1,620
                                                        -----        -----            -----         -----
Net income (loss)                                      (8,167)      93,764           31,235       106,500

Other comprehensive income (loss), net of tax:
  Foreign currency translation adjustments            (60,544)     (52,946)         (48,039)      (25,954)
  Unrealized gains on securities:
    Unrealized holding gain (loss)
      arising during period                            73,116      (27,640)         (27,060)          840
    Less:  reclassification adjustment for gains
      included in net income                                -      (14,905)               -        (7,371)
                                                       ------      -------           ------        ------
Comprehensive income (loss)                      $     4,405   $    (1,727)     $   (43,864)  $    74,015

Net income (loss) per common share:
   Basic                                         $      (.02)  $       .33      $       .09   $       .35

   Diluted                                       $      (.02)  $       .32      $       .09   $       .33

                 See Notes to Consolidated Financial Statements

</TABLE>


<PAGE>


               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                            (In thousands of dollars)


                                                            Six Months Ended
                                                          June 30,     June 30,
                                                            2000         1999


Cash flows from operating activities:
   Net income (loss)                                  $    (8,167) $    93,764

Reconciling Items:
   Depreciation                                           143,141      106,747
   Amortization of intangibles                            305,600      158,280
   Deferred taxes                                          15,856       59,514
   Amortization of film rights                             11,180        8,514
   Amortization of deferred financing charges, bond
     premiums and accretion of note discounts               7,365        1,863
   Payments on film liabilities                           (10,646)      (8,395)
   (Recognition) deferral of deferred income                2,554        6,284
   (Gain) loss on disposal of assets                       (2,204)    (139,268)
   Gain on sale of other investments                           --      (22,930)
   Equity in earnings of nonconsolidated affiliates        (6,239)        (570)
   Increase (decrease) minority interest                        4         (308)

Changes in operating assets and liabilities:
   (Increase) decrease accounts receivable               (108,225)     (45,184)
   (Decrease) increase accounts payable, accrued
     expenses and other                                   (99,840)     (84,602)
   Increase (decrease) accrued interest                     2,918        2,820
   (Increase) decrease in federal income tax receivable    23,050           --
   Increase (decrease) accrued income and other taxes      38,300       (9,173)
                                                           ------       ------
   Net cash provided by operating activities              314,647      127,356




<PAGE>

               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                            (In thousands of dollars)


                                                          Six Months Ended
                                                        June 30,     June 30,
                                                          2000         1999

Cash flows from investing activities:


   Decrease (increase) in restricted cash            $     4,349   $  (142,061)
   Increase in notes receivable - net                    (76,000)           --
   Increase in investments in and advances to
      nonconsolidated affiliates - net                    (3,657)       (1,173)
   Purchases of investments                              (41,842)       (8,582)
   Proceeds from sale of investments                          --        29,659
   Purchases of property, plant and equipment           (201,602)      (75,932)
   Proceeds from disposal of assets                        3,377       207,294
   Acquisition of broadcasting assets                    (48,981)      (32,743)
   Acquisition of outdoor assets                        (772,148)     (401,597)
   Increase in other-net                                 (11,230)      (11,218)

   Net cash used in investing activities              (1,147,734)     (436,353)

Cash flows from financing activities:
   Proceeds from issuance of long-term debt            2,587,661     1,352,453
   Payments on long-term debt                         (1,782,801)   (1,578,416)
   Proceeds from exercise of stock options and
     stock purchase plan                                   6,187        51,948
   Proceeds from issuance of common stock                     --       512,916
   Proceeds from exercise of common stock warrants         2,209             -

   Net cash provided by financing activities             813,256       338,901

   Net (decrease) increase in cash and
     cash equivalents                                    (19,831)       29,904

   Cash and cash equivalents at beginning of period       76,724        36,498

   Cash and cash equivalents at end of period        $    56,893   $    66,402


                 See Notes to Consolidated Financial Statements


<PAGE>

               CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

Note 1:  PREPARATION OF INTERIM FINANCIAL STATEMENTS

     The consolidated  financial  statements have been prepared by Clear Channel
     Communications, Inc. (the Company) pursuant to the rules and regulations of
     the  Securities  and  Exchange  Commission  ("SEC")  and, in the opinion of
     management,  include all adjustments  (consisting  only of normal recurring
     accruals  and   adjustments   necessary  for  adoption  of  new  accounting
     standards)  necessary to present fairly the results of the interim  periods
     shown.  Certain information and footnote  disclosures  normally included in
     financial   statements  prepared  in  accordance  with  generally  accepted
     accounting  principles have been condensed or omitted  pursuant to such SEC
     rules and  regulations.  Management  believes that the disclosures made are
     adequate to make the information presented not misleading.  The results for
     the interim periods are not necessarily  indicative of results for the full
     year.  The  financial   statements  contained  herein  should  be  read  in
     conjunction  with the consolidated  financial  statements and notes thereto
     included in the Company's 1999 Annual Report on Form 10-K.

     The consolidated  financial  statements include the accounts of the Company
     and its subsidiaries,  the majority of which are wholly-owned.  Investments
     in  companies  in which the  Company  owns 20  percent to 50 percent of the
     voting  common  stock or otherwise  exercises  significant  influence  over
     operating and financial policies of the company are accounted for under the
     equity method. All significant intercompany  transactions are eliminated in
     the consolidation process. Certain  reclassifications have been made to the
     1999 consolidated financial statements to conform to the 2000 presentation.

Note 2:  RECENT ACCOUNTING PRONOUNCEMENTS

     In June 1998, the Financial  Accounting Standards Board issued Statement of
     Financial   Accounting   Standards  No.  133   Accounting   for  Derivative
     Instruments and Hedging Activities. Statement 133 establishes new rules for
     the  recognition  and  measurement of derivatives  and hedging  activities.
     Statement  133 is  amended  by  Statement  137  Accounting  for  Derivative
     Instruments and Hedging Activities - Deferral of the Effective Date of FASB
     Statement  No. 133, and is  effective  for years  beginning  after June 15,
     2000.  The  Company  plans to adopt  this  statement  in fiscal  year 2001.
     Management  does not believe  adoption of this  statement  will  materially
     impact the Companys financial position or results of operations.
     In December 1999,  the SEC issued Staff  Accounting  Bulletin 101,  Revenue
     Recognition in Financial  Statements,  (SAB 101). The bulletin summarizes
     certain of the SEC staffs views in applying generally accepted  accounting
     principles  to revenue  recognition.  SAB 101, as amended  through June 26,
     2000 is  required  to be  implemented  in the fourth  quarter of 2000.  The
     Company is currently  reviewing the  requirements  of SAB 101 and assessing
     its impact on the Companys financial position and results of operations.

Note 3:  RECENT DEVELOPMENTS

     On  August  1,  2000,   the  Company   consummated   its  merger  with  SFX
     Entertainment,  Inc. (SFX). SFX is one of the worlds largest diversified
     promoter,  producer and venue operator for live entertainment  events. This
     merger  was a  tax-free,  stock-for-stock  transaction.  Each  SFX  Class A
     shareholder  received 0.6 shares of the Companys common stock for each SFX
     share and each SFX Class B shareholder  received one share of the Companys
     common stock for each SFX share,  on a fixed  exchange  basis.  The Company
     will issue an  aggregate  of  approximately  40.9  million  shares of Clear
     Channel  Common  Stock in  exchange  for  shares of SFX Class A and Class B
     common  stock,  valuing the merger at  approximately  $3.2 billion plus the
     assumption of SFXs debt of approximately $1.5 billion.

     On January 5, 2000,  the Company  closed the  acquisition  of the  Ackerley
     Group Inc.s South Florida outdoor  advertising  division  (Ackerley) for
     approximately  $300.2 million.  The acquisition  adds  approximately  3,500
     display faces and enhances the Companys position in Florida.

     On October 2, 1999, the Company entered into a definitive  merger agreement
     with AMFM Inc.  (AMFM).  Under the terms of the  merger  agreement,  AMFM
     stockholders  will  receive 0.94 shares of the  Companys  common stock for
     each  share  of  AMFM  common  stock  held  on  the  closing  date  of  the
     transaction,  on a fixed  exchange  basis,  valuing  the  merger,  based on
     average   share  value  at  the  signing  of  the  merger   agreement,   at
     approximately  $17.1 billion plus the assumption of AMFMs debt.  AMFM will
     become a  wholly-owned  subsidiary  of the  Company.  On April 26, 2000 and
     April 27, 2000, stockholders of both companies approved the merger. On July
     20, 2000, the U.S. Department of Justice  preliminarily  cleared the merger
     after the Company and AMFM agreed to divest 108  stations in 27 markets and
     also to  dispose  of  AMFMs  approximate  30%  equity  interest  in  Lamar
     Advertising  Company.  The Company and AMFM are currently  negotiating with
     the U.S.  Department of Justice to create appropriate  documentation of the
     agreement  reached.  To date,  the Company and AMFM have signed  definitive
     agreements  to  sell  101  radio   stations  for   aggregate   proceeds  of
     approximately $4.2 billion. Of these stations, 44 are owned and operated by
     the Company.  As the transaction is currently  structured,  a further seven
     stations  currently owned by AMFM will be put into trust until the eventual
     sale of these stations can be approved by the various regulatory  agencies.
     Completion  of these  sales is subject to the  completion  of this  merger,
     obtaining regulatory approvals and other closing conditions. It is expected
     that the merger will be  consummated  during the third quarter of 2000. The
     accompanying financial statements do not include any adjustments related to
     the merger and divestitures.

     The results of operations  for the six-month  periods  ending June 30, 2000
     and 1999 do not  include  the  operations  of AMFM or SFX.  The  results of
     operations  for the six  month  periods  ending  June 30,  2000 and 1999 do
     include the operations of Ackerley, Jacor Communications,  Inc., (Jacor),
     Dame Media, Inc., (Dame) and Dauphin OTA, (Dauphin) from the respective
     dates   of   acquisition   or   merger   as   appropriate.   Assuming   the
     mergers/acquisitions of Ackerley,  Jacor, Dame and Dauphin had all occurred
     at January 1, 1999,  unaudited pro forma consolidated results of operations
     for the six months ended June 30, 1999 would have been as follows:

                              Pro Forma (Unaudited)
                         Six Months Ended June 30, 1999
                       In thousands, except per share data

           Net revenue                                    $ 1,411,674
           Net income (loss)                              $  (155,268)
           Net income (loss) per share:
               Basic                                      $      (.49)
               Diluted                                    $      (.44)

     The pro forma  information  above is  presented  in response to  applicable
     accounting  rules relating to business  acquisitions and is not necessarily
     indicative  of the actual  results  that would have been  achieved  had the
     mergers/acquisitions  of Ackerley,  Jacor, Dame and Dauphin occurred at the
     beginning of 1999,  nor is it indicative of future  results of  operations.
     The Company had other acquisitions  during the first six months of 2000 and
     during 1999, the effects of which,  individually and in aggregate, were not
     material to the  Companys  consolidated  financial  position or results of
     operations.

     On June 14, 2000 the Company  completed a debt  offering of $250.0  million
     floating rate notes due June 15, 2002 and $750.0  million  7.875% Notes due
     June 15,  2005.  The net  proceeds to the Company of  approximately  $993.9
     million  were used to  reduce  the  outstanding  balance  on the  Companys
     domestic credit facility.

     On July 3, 2000 the Company completed a debt offering of Euro 650.0 million
     6.50% Notes due July 7, 2005.  Interest on the notes is payable annually in
     arrears  on July 7 of  each  year.  The  net  proceeds  to the  Company  of
     approximately $612.9 million were used to reduce the outstanding balance on
     the Companys domestic credit facility.

     To facilitate possible future acquisitions as well as public offerings, the
     Company  filed a  registration  statement  on Form  S-3 on  July  21,  2000
     covering a combined $3.0 billion of debt  securities,  junior  subordinated
     debt securities,  preferred stock, common stock,  warrants,  stock purchase
     contracts and stock  purchase units (the shelf  registration  statement).
     The shelf registration  statement also covers preferred securities that may
     be  issued  from time to time by the  Companys  three  Delaware  statutory
     business trusts and guarantees of such preferred securities by the Company.

<PAGE>

<TABLE>

Note 4   SEGMENT DATA

In thousands of dollars

                                       Six Months Ended                Three Months Ended
                                    June 30,       June 30,         June 30,      June 30,
                                      2000           1999             2000          1999
Net revenue
<S>                             <C>             <C>              <C>            <C>
   Broadcasting                 $     954,340   $     499,336    $     526,079  $     347,763
   Outdoor                            794,074         495,142          439,796        269,928
Consolidated                    $   1,748,414   $     994,478    $     965,875  $     617,691

Operating expenses
   Broadcasting                 $     580,948   $     298,940    $     303,644  $     200,627
   Outdoor                            501,742         302,431          259,085        155,922
Consolidated                    $   1,082,690   $     601,371    $     562,729  $     356,549

Depreciation and Amortization
   Broadcasting                 $     248,043   $     105,754    $     125,299  $      77,769
   Outdoor                            200,698         159,273          103,388         76,610
Consolidated                    $     448,741   $     265,027    $     228,687  $     154,379

Operating income
   Broadcasting                 $      91,319   $      78,426    $      77,777  $      59,452
   Outdoor                             73,219          21,323           68,815         31,427
Consolidated                    $     164,538   $      99,749    $     146,592  $      90,879

Total identifiable assets
   Broadcasting                 $  10,888,535   $   9,636,320    $  10,888,535  $   9,636,320
   Outdoor                          6,759,525       6,191,846        6,759,525     6,191,846
Consolidated                    $  17,648,060   $  15,828,166    $  17,648,060  $  15,828,166

</TABLE>


     Net revenue of $388,597  and  $215,664  for the six and three  months ended
     June 30, 2000,  respectively and $173,975 and $96,806 for the six and three
     months  ended  June 30,  1999,  respectively,  and  identifiable  assets of
     $2,226,769  and $1,643,391 as of June 30, 2000 and 1999,  respectively  are
     included  in the data  above and are  derived  from the  Companys  foreign
     operations.


<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

Results of Operations
Comparison of Three and Six Months Ended June 30, 2000 to Three and Six
Months Ended June 30, 1999.
<TABLE>

(In thousands of dollars, except per share data)
                           Six Months        As-Reported   Pro Forma         Three Months     As-Reported   Pro Forma
                         Ended June 30,      % Increase   % Increase        Ended June 30,    % Increase   % Increase
   Consolidated          2000       1999     (Decrease)   (Decrease)       2000       1999    (Decrease)   (Decrease)
<S>                 <C>          <C>            <C>          <C>         <C>        <C>            <C>        <C>
Net revenue         $ 1,748,414  $  994,478     75.8  %      23.9%       $ 965,874  $617,69156.4  %25.8%
Operating expenses    1,082,690     601,371     80.0  %      18.9%         562,729    356,549    57.8  %      20.4%
Depreciation and
  amortization          448,741     265,027     69.3  %      19.7%         228,687    154,379    48.1  %      21.6%
Operating income        164,538      99,749     65.0  %      85.4%         146,591     90,879    61.3  %      56.4%
Interest expense        125,460      78,842     59.1  %                     69,911     47,010    48.7  %
Net income (loss)       (8,167)      93,764    (108.7)%                     31,234    106,500    (70.7)%
Net income (loss) per share:
    Basic           $     (.03)  $      .33    (106.1)%                  $     .09  $     .35    (74.3)%
    Diluted         $     (.03)  $      .32    (106.3)%                  $     .09  $     .33    (72.7)%
</TABLE>

The majority of the growth

     The majority of the increase in as reported depreciation and amortization
     was primarily due to the acquisition of the tangible and intangible  assets
     associated  with  the  above-mentioned  business  combinations.   Corporate
     expenses  increased  85% for the first six months of 2000  versus the first
     six months of 1999 as a result of the expansion of the corporate operations
     of the Company related to the aforementioned acquisitions. Interest expense
     increased as a result of greater  average  borrowing  levels as a result of
     the aforementioned  acquisitions and higher average borrowing rates. During
     the six-months  ended June 30, 2000, the Company had  approximately  47% of
     its debt based on LIBOR.  LIBOR  rates  increased  24.8% from an average of
     4.96% in the first half of 1999 to an average  6.19%  during the first half
     of 2000. This increase in average  borrowing rates was partially  offset by
     the  issuance of  convertible  notes in the fourth  quarter of 1999 at 1.5%
     annual interest. Equity in earnings of nonconsolidated affiliates increased
     152%  primarily  from  the  improved  operating  results  from  our  equity
     investments  in China,  New  Zealand  and  Australia.  Income  tax  expense
     decreased  due to the  reduction in pre tax income.  The effective tax rate
     increased  from 48% in the first  half of 1999 to 144% in the first half of
     this year resulting from the increased nondeductible  amortization expenses
     associated  with  the  aforementioned  acquisitions.  The  majority  of the
     decrease in net income is due to a one time after tax gain of approximately
     $85 million  included the three and six-month  periods ended June 30, 1999,
     which  related to the sale of  stations  associated  with the  governmental
     directives  regarding  the  Jacor  merger.  The  Company  did not  sell any
     stations during the first six months of 2000.

     Pro Forma  presentation  referred to above assumes the  acquisition  and/or
     merger of Ackerley,  Jacor,  Dauphin and Dame  occurred on January 1, 1999.
     Pro Forma net revenue  increased due to improved  advertising  rates in the
     broadcasting  segment. In addition,  increased  advertising rates and other
     less significant  acquisitions  within the outdoor segment also contributed
     to the  increase in pro forma net  revenue.  Pro Forma  operating  expenses
     increased  primarily  from the  incremental  selling  costs  related to the
     additional  revenues.  The majority of the increase in pro forma  operating
     income  for  the  three  and six  month  periods  ended  June 30 was due to
     improved  operations during the second quarter within both the broadcasting
     and outdoor segments.


<PAGE>

Liquidity and Capital Resources

     The major  sources  of  capital  for the  Company  have been cash flow from
     operations,  advances on its domestic  revolving  long-term  line of credit
     (the  domestic  credit  facility),  and funds  provided by various stock,
     convertible and other bond offerings, and other borrowings.  As of June 30,
     2000 and December 31, 1999, the Company had the following debt outstanding:

         (In millions of dollars)
                                           June 30, 2000     December 31, 1999
         Credit facility - domestic         $   1,040.0          $   743.8
         Credit facility - multi-currency         537.2              483.9
         Credit facility - international          107.6              120.4
         Senior convertible notes               1,575.0            1,575.0
         Liquid Yield Option Notes                493.9              490.8
         Long-term bonds                        1,601.2            1,171.4
         Other borrowings                          45.4               29.4
         Total                              $   5,400.3          $ 4,614.7

     In addition,  the Company had $56.9 million in  unrestricted  cash and cash
     equivalents on hand at June 30, 2000.

     The Board of Directors  approved an increase to the number of the Companys
     authorized  shares of common stock from 900 million to 1.5 billion in order
     to have  additional  shares  available for possible  future  acquisition or
     financing transactions,  stock splits, stock dividends and other issuances,
     or to satisfy requirements for additional  reservations of shares by reason
     of future  transactions  which might require  increased  reservations.  The
     Company  currently  has no plans to issue any of the  additional  shares of
     common stock.

     On July 21, 2000 the Company  filed a  registration  statement  on Form S-3
     covering a combined $3.0 billion of debt  securities,  junior  subordinated
     debt securities,  preferred stock, common stock,  warrants,  stock purchase
     contracts and stock  purchase units (the shelf  registration  statement).
     The shelf registration  statement also covers preferred securities that may
     be  issued  from time to time by the  Companys  three  Delaware  statutory
     business trusts and guarantees of such preferred securities by the Company.

Credit Facility:

     Domestic:  The Company has a revolving credit facility for $2.0 billion, of
     which at June 30,  2000,  $1.0 billion is  outstanding  and $1.0 billion is
     available  for future  borrowings.  The  credit  facility  converts  into a
     reducing  revolving  line of credit on the last  business  day of September
     2000,  with quarterly  repayment of the  outstanding  principal  balance to
     begin the last  business  day of  September  2000 and  continue  during the
     subsequent  five year period,  with the entire  balance to be repaid by the
     last  business  day of June 2005.  During the first six months of the year,
     the Company made principal  payments on the credit  facility  totaling $1.1
     billion and drew down $1.4 billion.

     Multi-Currency:  The Company has a 364-day multi-currency  revolving credit
     facility for $1 billion.  This credit facility matures on September 7, 2000
     at which time the  Company  has the option to convert  this  facility  to a
     four-year term loan.  This credit facility allows for borrowings in various
     foreign currencies, which are used to hedge net assets in those currencies.
     At June 30,  2000,  the Company had Euro 478.9  million,  or  approximately
     $457.2  million  plus  additional  U.S.  dollar  borrowings  for a total of
     approximately  $537.2 million outstanding and approximately  $462.8 million
     available for future borrowings under this facility.

     International:  The Company has an Lira88 million, or approximately  $133.2
     million,  revolving  credit facility with a group of  international  banks.
     This international credit facility allows for borrowings in various foreign
     currencies, which are used to hedge net assets in those currencies. At June
     30, 2000,  approximately $25.6 million, was available for future borrowings
     and $107.6 million, was outstanding.  This credit facility converted into a
     reducing  revolving facility on January 10, 2000 with an initial payment of
     Lira12  million  made in  January  2000.  An  additional  payment of Lira12
     million is due on January 10, 2001. The credit facility  expires on January
     10, 2002. At June 30, 2000, interest rates varied from 4.00% to 7.22%.

<PAGE>

Liquid Yield Option Notes:
     The Company  assumed  Liquid Yield  Option  Notes  (LYONs) as a part of the
     merger with Jacor.  The Company  assumed  4-3/4%  LYONs due 2018 and 5-1/2%
     LYONs due 2011 with an aggregated fair value of $490.1  million.  Each LYON
     has a principal  amount at maturity  of $1,000 and is  convertible,  at the
     option  of the  holder,  at any  time on or  prior  to  maturity,  into the
     Companys  common stock at a  conversion  rate of 7.227 shares per LYON and
     15.522  shares  per LYON for the 2018 and 2011  issues,  respectively.  The
     LYONs aggregated balance, net of conversions to common stock,  amortization
     of premium, and accretion of interest, at June 30, 2000 was $493.9 million.

Long Term Bonds:
     On December  14, 1999 the Company  completed a tender offer for the 10.125%
     Senior  Subordinated  Notes due June 15, 2006;  9.75%  Senior  Subordinated
     Notes due December 15, 2006; 8.75% Senior  Subordinated  Notes due June 15,
     2007;  and 8.0% Senior  Subordinated  Notes due  February 15, 2010 of Jacor
     Communications Company, an indirect wholly owned subsidiary of the Company.
     An agent  acting on the  Companys  behalf  redeemed  notes with a value of
     approximately  $571.4  million.  Cash  settlement  of the amount due to the
     agent was completed on January 14, 2000.  After  redemption,  approximately
     $1.2 million face value of the notes remain outstanding.

     On June 14, 2000 the Company  completed a debt  offering of $250.0  million
     floating rate notes due June 15, 2002 and $750.0  million  7.875% Notes due
     June 15, 2005. On June 14, 2000 the Company entered into interest rate swap
     agreements that effectively float the interest on $750.0 million based upon
     LIBOR. The net proceeds to the Company of approximately $993.9 million were
     used to reduce the  outstanding  balance on the Companys  domestic  credit
     facility.

     On July 3, 2000 the Company completed a debt offering of Euro 650.0 million
     6.50% Notes due July 7, 2005.  Interest on the notes is payable annually in
     arrears  on July 7 of  each  year.  The  net  proceeds  to the  Company  of
     approximately $612.9 million were used to reduce the outstanding balance on
     the Companys domestic credit facility.

USES OF FUNDS AND CAPITAL RESOURCES

Ackerley Acquisition:
     On January 5, 2000, the Company closed the  acquisition of the Ackerley for
     approximately  $300.2 million.  The acquisition  adds  approximately  3,500
     display faces and enhances the Companys position in Florida.

SFX Merger:
     On  August  1,  2000,   the  Company   consummated   its  merger  with  SFX
     Entertainment,  Inc. (SFX). SFX is one of the worlds largest diversified
     promoter,  producer and venue operator for live entertainment  events. This
     merger  was a  tax-free,  stock-for-stock  transaction.  Each  SFX  Class A
     shareholder  received 0.6 shares of the Companys common stock for each SFX
     share and each SFX Class B shareholder  received one share of the Companys
     common stock for each SFX share,  on a fixed  exchange  basis.  The Company
     will issue an  aggregate  of  approximately  40.9  million  shares of Clear
     Channel  Common  Stock in  exchange  for  shares of SFX Class A and Class B
     common  stock,  valuing the merger at $3.2 billion plus the  assumption  of
     SFXs debt of approximately $1.5 billion.

Other:
     During the first six months of 2000,  in  addition  to the  acquisition  of
     Ackerley,  the Company has acquired  approximately 2,400 additional outdoor
     faces in 39 domestic  markets and in malls  throughout  the U.S. and 20,600
     additional display faces in 23 international  markets for a total of $471.9
     million.  The Company also  acquired 12 radio  stations in five markets and
     acquired the remaining 20% minority  interest in two radio  stations in one
     market for a total of $47.5 million during the first six months of 2000. In
     addition,  the Company  acquired a software  company,  which is  developing
     broadcasting software for $1.5 million.

     During the first six months of 2000,  the Company had capital  expenditures
     of $201.6  million,  of which,  $94.1  million was within the  broadcasting
     segment  and  $107.5  million  was  within  the  outdoor  segment.  Capital
     expenditures  included  $73.3 million for one-time  expenditures  primarily
     related to facility  consolidations  and a one-time capital  expenditure in
     conjunction with the long-term  extension of certain  operating  contracts.
     Construction of new  revenue-producing  advertising  displays totaled $63.3
     million.

     Future   acquisitions  of  broadcasting   stations,   outdoor   advertising
     facilities and other  media-related  properties affected in connection with
     the implementation of the Companys acquisition strategy are expected to be
     financed from increased  borrowings  under the existing credit  facilities,
     additional  public equity and debt offerings and cash flow from operations.
     The Company believes that cash flow from operations as well as the proceeds
     from securities offerings made from time to time will be sufficient to make
     all  required  future  interest  and  principal   payments  on  the  credit
     facilities,  senior  convertible notes and bonds, and will be sufficient to
     fund all anticipated capital expenditures.

Pending Transactions:

AMFM Merger:
     On October 2, 1999, the Company entered into a definitive  merger agreement
     with AMFM Inc.  (AMFM).  Under the terms of the  merger  agreement,  AMFM
     stockholders  will  receive 0.94 shares of the  Companys  common stock for
     each  share  of  AMFM  common  stock  held  on  the  closing  date  of  the
     transaction,  on a fixed  exchange  basis,  valuing  the  merger,  based on
     average   share  value  at  the  signing  of  the  merger   agreement,   at
     approximately  $17.1 billion plus the assumption of AMFMs debt.  AMFM will
     become a  wholly-owned  subsidiary  of the  Company.  On April 26, 2000 and
     April 27, 2000, stockholders of both companies approved the merger. On July
     20, 2000, the U.S. Department of Justice  preliminarily  cleared the merger
     after the Company and AMFM agreed to divest 108  stations in 27 markets and
     also to  dispose  of  AMFMs  approximate  30%  equity  interest  in  Lamar
     Advertising  Company.  The Company and AMFM are currently  negotiating with
     the U.S.  Department of Justice to create appropriate  documentation of the
     agreement  reached.  To date,  the Company and AMFM have signed  definitive
     agreements  to  sell  101  radio   stations  for   aggregate   proceeds  of
     approximately $4.2 billion. Of these stations, 44 are owned and operated by
     the Company.  As the transaction is currently  structured,  a further seven
     stations  currently owned by AMFM will be put into trust until the eventual
     sale of these stations can be approved by the various regulatory  agencies.
     Completion  of these  sales is subject to the  completion  of this  merger,
     obtaining regulatory approvals and other closing conditions. It is expected
     that the merger will be  consummated  during the third quarter of 2000. The
     accompanying financial statements do not include any adjustments related to
     the merger and divestitures.

Ratio:
The ratio of earnings to fixed charges is as follows:

  6 Months ended
     June 30,                              Year Ended
  2000      1999         1999      1998       1997       1996       1995
  1.25      3.06         2.04      1.83       2.32       3.63       3.32

     The  ratio of  earnings  to fixed  charges  has  been  computed  on a total
     enterprise  basis.  Earnings  represent  income from continuing  operations
     before  income  taxes less  equity in  earnings  (loss) of  nonconsolidated
     affiliates   plus  fixed  charges.   Fixed  charges   represent   interest,
     amortization  of debt  discount and  expense,  and the  estimated  interest
     portion of rental charges.  The Company had no preferred stock  outstanding
     and paid no dividends thereon for any period presented.

Risks Regarding Forward Looking Statements

     Except  for  the  historical  information,  this  report  contains  various
     forward-looking  statements  which represent the Companys  expectations or
     beliefs concerning future events,  including the future levels of cash flow
     from operations. The Company cautions that these forward-looking statements
     involve  a number  of  risks  and  uncertainties  and are  subject  to many
     variables  which could have an adverse effect upon the Companys  financial
     performance.  These variables include economic  conditions,  the ability of
     the Company to integrate the operations of Jacor, Dame,  Dauphin,  Ackerley
     and SFX the ability of the Company to  consummate  the pending  merger with
     AMFM, shifts in population and other demographics, level of competition for
     advertising dollars, fluctuations in operating costs, technological changes
     and  innovations,  changes in labor  conditions,  changes  in  governmental
     regulations  and  policies  and  certain  other  factors  set  forth in the
     Companys SEC filings. Actual results in the future could differ materially
     from those described in the forward-looking statements.

<PAGE>

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

Interest Rate Risk

     At June 30, 2000,  approximately  47.8% of the  Companys  long-term  debt,
     including  fixed rate debt on which the Company has entered  interest  rate
     swap  agreements,  bears  interest  at  variable  rates.  Accordingly,  the
     Companys  earnings  and after tax cash flow are  affected  by  changes  in
     interest rates.  Assuming the current level of borrowings at variable rates
     and assuming a two percentage  point change in the first six months of 2000
     average  interest  rate under these  borrowings,  it is estimated  that the
     Companys  first six months of 2000 interest  expense would have changed by
     $51.5  million and that the  Companys  first six months of 2000 net income
     would have changed by $30.9  million.  In the event of an adverse change in
     interest rates,  management  would likely take actions to further  mitigate
     its exposure.  However, due to the uncertainty of the actions that would be
     taken and their  possible  effects,  the 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.

     The  Company  currently  hedges a  portion  of its  outstanding  debt  with
     interest rate swap  agreements  that  effectively fix the interest at rates
     from  4.5%  to 8.0% on  $68.7  million  of its  current  borrowings.  These
     agreements  expire from  October 2000 to December  2000.  The fair value of
     these  agreements at June 30, 2000 and  settlements of interest  during the
     first six months of 2000 were not material.

Equity Price Risk

     The carrying value of the Companys 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 June  30,  2000 by  $178.5  million  and  would  change
     comprehensive income by $116.0 million.

Foreign Currency

     The Company has  operations  in 42 countries  throughout  Europe,  Asia and
     South  America.   All  foreign  operations  are  measured  in  their  local

     by  factors  such as changes in  foreign  currency  exchange  rates or weak
     economic  conditions  in the  foreign  markets  in which  the  Company  has
     operations.  To  mitigate a portion  of the  exposure  to risk of  currency
     fluctuations  throughout  Europe and Asia to the British pound, the Company
     has  a  natural  hedge  through   borrowings  in  some  other   currencies.
     Additionally,  the Company has a natural hedge through  borrowings in Euros
     to mitigate a portion of the exposure to risk of currency  fluctuations  in
     Western  Europe.  This hedge  position  is  reviewed  monthly.  The Company
     maintains no derivative instruments to mitigate the exposure to translation
     and/or  transaction risk.  However,  this does not preclude the adoption of
     specific hedging strategies in the future. The Companys foreign operations
     reported a loss of $27.5  million  for the first six months of 2000.  It is
     estimated  that a 5% change in the value of the U.S.  dollar to the British
     pound  would  change  net loss for the  first  six  months  of 2000 by $1.4
     million.

     The Companys  earnings are also affected by  fluctuations  in the value of
     the U.S.  dollar  as  compared  to  foreign  currencies  as a result of our
     investments  in  Australia,  New  Zealand  and  Mexico,  all of  which  are
     accounted for under the equity method. It is estimated that the result of a
     10%  fluctuation  in the  value of the  dollar  relative  to these  foreign
     currencies  at June 30,  2000  would  change  net  income for the first six
     months of 2000 by approximately  $223,500.  This analysis does not consider
     the implications that such 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.


<PAGE>

Part II -- OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders

     An annual  meeting of  shareholders  of the  Company  was held on April 27,
     2000.  The  shareholders  approved the issuance of shares of the  Companys
     common  stock in the  merger  with  AMFM.  The  shareholders  approved  the
     election of Robert L.  Crandall,  Thomas O. Hicks,  Vernon E. Jordan,  Jr.,
     Michael J. Levitt and Perry J. Lewis as directors  to fill five  additional
     seats to be created on the  Companys  board upon  completion of the merger
     with AMFM. L. Lowry Mays, Karl Eller,  Mark P. Mays,  Randall T. Mays, Alan
     D. Feld,  B. J.  McCombs,  Theodore H.  Strauss and John H.  Williams  were
     elected as  directors  of the  Company,  each to hold office until the next
     annual meeting of  shareholders or until his successor has been elected and
     qualified,  subject to earlier  resignation and removal.  The  shareholders
     approved  the adoption of the Clear  Channel  Communications,  Inc.  Annual
     Incentive  Plan.  The  shareholders  approved an amendment to the Companys
     Articles of  Incorporation  increasing  the number of authorized  shares of
     Common Stock from 900 million to 1.5 billion. The shareholders approved the
     selection of Ernst & Young LLP as independent  auditors for the year ending
     December 31, 2000.

The results of voting at the annual meeting of the shareholders were as follows:

                                 Proposal No. 1
           (approval of issuance of common shares in merger with AMFM)


         For                   Withhold/Against        Exceptions/Abstain

     277,353,732                   951,517                  1,191,234


                                 Proposal No. 2
                        (Election of Five New Directors)

        Nominee                        For                     Withheld

  Robert L. Crandall               256,643,491                22,852,992
     Thomas O. Hicks               256,677,508                22,818,975
Vernon E. Jordan Jr.               256,466,048                23,030,435
   Michael J. Levitt               256,655,761                22,840,722
      Perry J. Lewis               256,660,843                22,835,640


                                 Proposal No. 3
                             (Election of Directors)

        Nominee                       For                     Withheld

      L. Lowry Mays               256,670,995                22,825,488
         Karl Eller               256,649,375                22,847,108
       Mark P. Mays               256,659,690                22,836,793
    Randall T. Mays               256,651,140                22,845,343
       Alan D. Feld               249,589,409                29,907,074
       B.J. McCombs               256,662,079                22,834,404
Theodore H. Strauss               257,110,768                22,385,715
   John H. Williams               257,124,257                22,372,226



                                 Proposal No. 4
                        (Adoption of the Incentive Plan)

         For                  Withhold/Against        Exceptions/Abstain

     295,868,990                 5,572,267                 1,122,691


                                 Proposal No. 5
   (Amendment of the Articles of Incorporation to Increase Common Stock
                                     to 1.5 billion)

         For                  Withhold/Against        Exceptions/Abstain

     287,342,604                14,579,626                   641,918


   Proposal No. 6 (Selection of Ernst & Young LLP as Independent Auditors for
                       the year ending December 31, 2000)

         For                  Withhold/Against        Exceptions/Abstain

     301,888,681                    57,364                   618,103



<PAGE>

Item 6.  Exhibits and Reports on Form 8-K

   (a)  Exhibits.  See Exhibit Index on Page 20
   (b)      Reports on Form 8-K
            Filing    Date    Items Reported             Financial Statements
                                                               Reported

             8-K    5/11/00   Item 5.  Announce            None
                              merger of Jacor Com-
                              munications, Inc. into
                              Clear Channel Com-
                              munications, Inc.

             8-K     6/9/00   Item 5.  Announce            None
                              the intent to issue debt
                              denominated in Euros

             8-K    6/14/00   Item 5.  Make public         December 31, 1999 for
                              the financial information    AMFM Inc. March 31,
                              of pending merger targets,   2000 for AMFM Inc.
                              AMFM Inc. and SFX            December 31, 1999 for
                              Entertainment, Inc.

<PAGE>


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.




August 11, 2000                               /s/  Herbert W. Hill, Jr.
                                                   Herbert W. Hill, Jr.
                                                   Senior Vice President and
                                                   Chief Accounting Officer

<PAGE>

                                INDEX TO EXHIBITS
Exhibit
Number                                Description

 2.1     Agreement and Plan of Merger dated as of October 8, 1998, as amended on
         November 11, 1998,  among Clear Channel  Communications,  Inc.,  CCU
         Merger Sub,  Inc. and Jacor  Communications,  Inc.  (incorporated  by
         reference to Annex A to the  Companys  Registration  Statement  on
         Form S-4  (Reg.  No. 333-72839) dated February 23, 1999).

2.2      Agreement and Plan of Merger dated as of October 2, 1999, among Clear
         Channel, CCU Merger Sub, Inc. and AMFM Inc. (incorporated by reference
         to the exhibits of the Companys  Current  Report on Form 8-K filed
         October 5, 1999.)

2.3      Agreement and Plan of Merger dated as of February 28, 2000, among Clear
         Channel, CCU II Merger Sub, Inc. and SFX Entertainment, Inc.
         (incorporated by reference to the exhibits of the Companys Current
         Report on Form 8-K filed February 29, 2000.)

3.1      Current Articles of Incorporation of the Company (incorporated by
         reference to the exhibits of the Companys Registration Statement on
         Form S-3 (Reg. No. 333-33371) dated September 9, 1997).

3.2      Second Amended and Restated Bylaws of the Company (incorporated by
         reference to the exhibits of the Companys Registration Statement on
         Form S-3 (Reg. No. 333-33371) dated September 9, 1997).

3.3      Amendment to the Companys Articles of Incorporation (incorporated by
         reference to the exhibits to the Companys Quarterly Report on Form
         10-Q for the quarter ended September 30, 1998).

3.4      Second Amendment to the Companys Articles of Incorporation
         (incorporated by reference to the exhibits to the Companys Quarterly
         Report on Form 10-Q for the quarter ended March 31, 1999)

3.5      Third Amendment to the Companys Articles of Incorporation.
         (incorporated by reference to the exhibits to the Companys
         Quarterly Report on Form 10-Q for the quarter ended March 31, 2000)

4.1      Buy-Sell Agreement by and between Clear Channel Communications, Inc.,
         L. Lowry Mays, B. J. McCombs, John M. Schaefer and John W. Barger,
         dated May 31, 1977 (incorporated by reference to the exhibits of the
         Companys Registration Statement on Form S-1 (Reg. No. 33-289161) dated
         April 19, 1984).

4.2      Senior Indenture dated October 1, 1997, by and between Clear Channel
         Communications, Inc. and The Bank of New York as Trustee (incorporated
         by reference to exhibit 4.2 of the Companys Quarterly Report on Form
         10-Q for the quarter ended September 30, 1997).

4.3      First Supplemental Indenture dated March 30, 1998 to Senior Indenture
         dated October 1, 1997, by and between the Company and The Bank of New
         York, as Trustee (incorporated by reference to the exhibits to the
         Companys Quarterly Report on Form 10-Q for the quarter ended March 31,
         1998).

4.4      Second Supplemental Indenture dated June 16, 1998 to Senior Indenture
         dated October 1, 1997, by and between Clear Channel Communications,
         Inc. and the Bank of New York, as Trustee (incorporated by reference to
         the exhibits to the Companys Current Report on Form 8-K dated August
         27, 1998).

4.5      Third Supplemental Indenture dated June 16, 1998 to Senior Indenture
         dated October 1, 1997, by and between Clear Channel Communications,
         Inc. and the Bank of New York, as Trustee (incorporated by reference to
         the exhibits to the Companys Current Report on Form 8-K dated August
         27, 1998).

4.6      Fourth Supplement Indenture dated November 24, 1999 to Senior Indenture
         dated October 1, 1997, by the between Clear Channel and The Bank of New
         York as Trustee (incorporated by reference to the exhibits of the
         Companys Annual Report on Form 10-K for the year ended December 31,
         1999).

4.7      Fifth Supplemental  Indenture dated June 21, 2000, to Senior Indenture
         dated October 1, 1997, by and between Clear Channel  Communications,
         Inc. and The Bank of New York, as Trustee  (incorporated  by reference
         to the  exhibits  of  Clear  Channels  registration  statement  on
         Form  S-3  (Reg.  No. 333-42028) dated July 21, 2000).

4.8      Sixth Supplemental  Indenture dated June 21, 2000, to Senior Indenture
         dated October 1, 1997, by and between Clear Channel  Communications,
         Inc. and The Bank of New York, as Trustee  (incorporated  by reference
         to the  exhibits  of  Clear  Channels  registration  statement  on
         Form  S-3  (Reg.  No. 333-42028) dated July 21, 2000).

4.9      Seventh  Supplemental  Indenture  dated July 7, 2000, to Senior
         Indenture dated October 1, 1997, by and between Clear Channel
         Communications,  Inc. and The Bank of New York, as Trustee
         (incorporated by  reference  to the  exhibits of Clear  Channels
         registration  statement  on Form S-3 (Reg.  No. 333-42028) dated July
         21, 2000).

4.10     Fourth Amended and Restated Credit Agreement by and among Clear Channel
         Communications,  Inc., Bank of America,  N.A., as administrative agent,
         Fleet National Bank, as documentation agent, the Bank of Montreal and
         Toronto Dominion  (Texas),  Inc., as co-syndication  agents,  and
         certain other lenders dated June 15, 2000  (incorporated  by  reference
         to the  exhibits of Clear  Channels  registration statement on Form
         S-3 (Reg. No. 333-42028) dated July 21, 2000).

11       Statement re: Computation of Earnings Per Share.

12       Statement re: Computation of Ratios.

27.1     Financial Data Schedule at June 30, 2000

27.2     Financial Data Schedule at June 30, 1999 (incorporated by reference to
         exhibit 27.1 of the Companys Quarterly Report on Form 10-Q for the
         quarter ended June 30, 1999).