Clear Channel Communications Confirms Settlement Talks

Clear Channel Communications, Inc. confirmed today that the court proceeding pending in San Antonio, Texas initiated by it and CC Media Holdings, Inc. against the banks issuing debt commitments in connection with the proposed acquisition of Clear Channel by CC Media Holdings, Inc. is postponed until 9 a.m. Central Time on Tuesday, May 13, 2008. The postponement is to allow the parties to continue settlement discussions that were recently initiated.

No settlement has been reached by the parties and there can be no assurance that any settlement will be reached. Clear Channel will not comment on any potential settlement terms or the likelihood that a settlement agreement will be reached.