8-K

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



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                                    FORM 8-K
                                 CURRENT REPORT

                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JANUARY 1, 2000


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                       CAPSTAR BROADCASTING PARTNERS, INC.
             (Exact name of Registrant as specified in its charter)



                                                          
           DELAWARE                       333-33015                    75-2672663
       (State or other             (Commission File Number)        (I.R.S. Employer
jurisdiction of incorporation)                                  Identification Number)

       600 CONGRESS AVE.
          SUITE 1400                                                      78701
         AUSTIN, TEXAS                                                  (Zip code)
     (Address of principal
       executive offices)



       Registrant's telephone number, including area code: (512) 340-7800

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)


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ITEM 5. OTHER EVENTS.

         In a press release dated January 3, 2000, a copy of which is filed as
Exhibit 99.1 hereto, Capstar Broadcasting Partners, Inc., an indirect subsidiary
of AMFM Inc., announced that it has exchanged its 12% Senior Exchangeable
Preferred Stock for its 12% Subordinated Exchange Debentures due 2009 effective
as of January 1, 2000.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

(c)      EXHIBITS.

         99.1     --        Press release, dated January 3, 2000.


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                                   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.


                                  CAPSTAR BROADCASTING PARTNERS, INC.
                                  (Registrant)



                                  By: /s/ W. Schuyler Hansen
                                      ------------------------------------------
                                          W. Schuyler Hansen
                                          Senior Vice President and Chief
                                            Accounting Officer


Date: January 3, 2000


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                                  EXHIBIT INDEX




    EXHIBIT
    NUMBER         DESCRIPTION
    -------        -----------
                
      99.1         Press release, dated January 3, 2000.




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EX-99.1

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                                  [AMFM LOGO]

FOR IMMEDIATE RELEASE                          NEWS ANNOUNCEMENT

CONTACT:
Kevin Mischnick                                Joseph N. Jaffoni, Stewart Lewack
AMFM Inc.                                      Jaffoni & Collins Incorporated
512/340-7800                                   212/835-8500; afm@jcir.com

CAPSTAR BROADCASTING PARTNERS, INC. COMPLETES EXCHANGE OF 12% SENIOR
EXCHANGEABLE PREFERRED STOCK FOR 12% SUBORDINATED EXCHANGE DEBENTURES DUE 2009



AUSTIN AND DALLAS, TEXAS, JANUARY 3, 2000 -- Capstar Broadcasting Partners, Inc.
(the "Company"), an indirect subsidiary of AMFM Inc. (NYSE:AFM) ("AMFM"'),
announced today that it has completed the exchange of its 12% Senior
Exchangeable Preferred Stock (the "Preferred Stock") for the Company's 12%
Subordinated Exchange Debentures due 2009 (the "Debentures"), effective as of
January 1, 2000 (the "Exchange Date").

On the Exchange Date, each holder of record of Preferred Stock received $100
principal amount of Debentures for each share of Preferred Stock exchanged, and
all accrued and unpaid dividends on the Preferred Stock up to, but not
including, the Exchange Date. Interest on the Debentures began to accrue from,
and including, the Exchange Date.

Capstar Broadcasting Partners, Inc. is an indirect subsidiary of AMFM, the
nation's largest radio broadcasting entity, consisting of the AMFM Radio Group,
including The AMFM Radio Networks and the Chancellor Marketing Group, and the
AMFM New Media Group, including Katz Media and AMFM's Internet operations.
Reflecting announced transactions, AMFM Radio Group with over 440 stations in
100 markets reaches a weekly listener base of approximately 64 million people.
The AMFM Radio Networks offers syndicated programming nationwide. Chancellor
Marketing Group is a full-service sales promotion firm developing integrated
marketing programs for Fortune 1000 companies. Katz Media is the only
full-service media representation firm in the United States serving multiple
types of electronic media. AMFM's Internet operations focus on developing AMFM's
e-commerce web sites, streaming online broadcasts of AMFM's on-air programming
and other media, and promoting emerging Internet and new media concerns.

AMFM has entered into a merger agreement with Clear Channel Communications, Inc.
pursuant to which, if completed, AMFM's stockholders will receive 0.94 shares of
Clear Channel common stock for each share of AMFM common stock held on the
record date of the transaction and AMFM will become a wholly owned subsidiary of
Clear Channel. The merger with Clear Channel is not expected to be consummated
until the second half of 2000.