Contacts:
Randy Palmer SVP of Investor Relations Clear Channel Communications (210) 832-3315	Lisa Dollinger Chief Communications Officer Clear Channel Communications (210) 832-3474

Clear Channel Declares Cash Dividend on Common Stock and Provides Further Details on Pending Merger

San Antonio, Texas – December 4, 2007….Clear Channel Communications, Inc. (NYSE: CCU) announced today that yesterday its Board of Directors declared a quarterly cash dividend of $0.1875 per share on its Common Stock.  The dividend is payable on or before January 15, 2008 to shareholders of record at the close of business on December 31, 2007. 

The Company also provided an update on the status of its merger with an affiliate of a private equity group co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. (the “Sponsors”).  Clear Channel and the Sponsors continue to actively pursue the satisfaction of the conditions to closing of the merger.  The remaining material conditions to be satisfied are obtaining the requisite FCC consent and the expiration or termination of the waiting period under the Hart Scott Rodino Act. 

Clear Channel is confident that the necessary regulatory conditions will ultimately be satisfied.  However, it is not expected that these conditions can be satisfied in time to allow for a closing of the merger prior to the end of 2007. 

Clear Channel intends to exercise its right to extend the Termination Date on December 12, 2007 in accordance with the provisions of the Merger Agreement.  Once extended, the new Termination Date will be June 12, 2008.

Subject to the receipt of the requisite regulatory approvals and customary closing conditions, Clear Channel expects the closing of the merger will occur during the first quarter 2008. 

Certain statements in this document constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clear Channel Communications to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates” and “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements.  The Company cannot provide any assurance that the proposed merger transaction announced on November 16, 2006, and amended April 18, 2007 and May 17, 2007 will be completed, or the terms on which the transaction will be consummated. 

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this document include, but are not limited to: changes in business, political and economic conditions in the U.S. and in other countries in which Clear Channel Communications currently does business (both general and relative to the advertising industry); fluctuations in interest rates; changes in operating performance; shifts in population and other demographics; changes in the level of competition for advertising dollars; fluctuations in operating costs; techn