Exhibit 99.1

NEWS RELEASE
------------
For Immediate Release


Fox Television Stations and Clear Channel
Communications Announce Station Swaps

NEW YORK, NY, July 26, 2001 - News Corporation, Fox Television Stations, Inc.
and Clear Channel Communications Inc. today announced a binding agreement to
enter into an Asset Exchange Agreement. Under the agreement, Clear Channel will
exchange television station WFTC-TV in Minneapolis, Minnesota, the 13th largest
US television market, for two Fox television stations, KTVX-TV in Salt Lake
City, Utah and KMOL-TV in San Antonio, Texas, the 36th and 37th largest markets
respectively.

WFTC-TV is a FOX network affiliate; KMOL is an NBC affiliate and KTVX is an ABC
affiliate.

With this transaction, News Corp. and Fox Television Stations have quickly moved
to comply with the Department of Justice (DOJ) and Federal Communications
Commission (FCC) divestiture orders. The exchanges also reduce the national
audience reach of the Fox Television Stations.

The closing of the exchange under the Asset Exchange Agreement is subject to the
approval of the Department of Justice, the Federal Trade Commission and the FCC
and certain customary closing conditions.

The Fox stations will be acquired from Chris-Craft Industries, Inc. at a closing
that is expected to occur on Tuesday, July 31, 2001. Earlier this week, the FCC
approved the acquisition of the Chris-Craft stations by Fox Television Stations.

As part of the Chris-Craft acquisition, Fox is purchasing KMSP-TV, the UPN
affiliate in Minneapolis. The proposed acquisition of WFTC (which includes
satellite station KFTC-TV in Bemidji, Minnesota) would give Fox a permissible
duopoly in Minneapolis, and Fox has filed with the FCC to operate a duopoly in
that market.

Clear Channel's proposed acquisition of KMOL-TV would add an NBC affiliate to
the company's existing media operations in San Antonio. Clear Channel's
portfolio in the city will include seven radio stations and Clear Channel
Outdoor (formerly Eller Outdoor) advertising properties.

The applications for transfer of licenses have been filed with the FCC and
approval is anticipated before the end of calendar 2001.


Clear Channel Communications, Inc. (NYSE: CCU), headquartered in San Antonio,
Texas, is a global leader in the out-of home advertising industry with radio and
television stations, outdoor displays, and entertainment venues in 63 countries
around the world.  Including announced transactions, Clear Channel operates
approximately 1,180 radio and 18 television stations in the United States and
has equity interests in approximately 240 radio stations internationally.  Clear
Channel also operates approximately 750,000 outdoor advertising displays,
including billboards, street furniture and transit panels across the world.
Clear Channel Entertainment, part of the Clear Channel family, is one of the
world's leading


diversified promoters, producers and presenters of live entertainment events and
is a leading fully integrated sports marketing and management company.



The News Corporation Limited (NYSE: NWS, NWS.A; ASX: NCP, NCPDP; LSE: NEWCP) is
one of the world's largest media companies with total assets as of March 31,
2001 of approximately US$39 billion and total annual revenues of approximately
US$14 billion.  News Corporation's diversified global operations in the United
States, Canada, the United Kingdom, continental Europe, Australia, Latin America
and the Pacific Basin include the production and distribution of motion pictures
and television programming; television, satellite and cable broadcasting; the
publication of newspapers, magazines and books; the production and distribution
of promotional and advertising products and services; the development of digital
broadcasting; the development of conditional access and subscriber management
systems; and the creation and distribution of  popular on-line programming.