0000739708-95-000017.txt : 19950811
0000739708-95-000017.hdr.sgml : 19950811
ACCESSION NUMBER: 0000739708-95-000017
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950810
SROS: NONE
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: CLEAR CHANNEL COMMUNICATIONS INC
CENTRAL INDEX KEY: 0000739708
STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832]
IRS NUMBER: 741787539
STATE OF INCORPORATION: TX
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-09645
FILM NUMBER: 95560288
BUSINESS ADDRESS:
STREET 1: 200 CONCORD PLAZA
STREET 2: SUITE 600
CITY: SAN ANTONIO
STATE: TX
ZIP: 78216
BUSINESS PHONE: 2108222828
MAIL ADDRESS:
STREET 2: 200 CONCORD PLAZA SUITE 600
CITY: SAN ANTONIO
STATE: TX
ZIP: 78216
10-Q
1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1995 Commission file number 1-9645
CLEAR CHANNEL COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Texas 200 Concord Plaza, Suite 600
(State of Incorporation) San Antonio, Texas 78216-6940
(210) 822-2828
74-1787539 (Address and telephone number
(I.R.S. Employer Identification No.) of principal executive offices)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 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 9, 1995
---------------------------- -----------------------------
Common Stock, $.10 par value 17,279,984
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
INDEX
Page No.
--------
Part I Financial Information
Item 1. Unaudited Financial Statements
Consolidated Balance Sheets at June 30, 1995
and December 31, 1994 1
Consolidated Statements of Operations for the three and six
months ended June 30, 1995 and 1994 3
Consolidated Statements of Cash Flows for the six
months ended June 30, 1995 and 1994 4
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Part II Other Information
Item 6. Exhibits and reports on Form 8-K 10
(a) Exhibits
(b) Reports on Form 8-K
Signatures 11
Exhibit Index 12
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, December 31,
1995 1994
(Unaudited) (*)
----------- ------------
Current Assets
Cash $ 8,394,229 $ 6,817,595
Accounts receivable, less allowance of
$5,032,076 in 1995 and $3,117,496 in 1994 41,735,015 38,280,518
Film rights - current 7,643,503 8,847,262
---------- ----------
Total Current Assets 57,772,747 53,945,375
Property, Plant and Equipment
Land 7,477,494 6,409,013
Buildings 12,620,582 10,642,563
Transmitter and studio equipment 96,589,342 93,530,635
Furniture and other equipment 13,848,115 13,514,125
Leasehold improvements 4,219,735 4,059,725
Construction in progress 1,102,987 784,850
---------- ----------
135,858,255 128,940,911
Less accumulated depreciation 50,288,104 43,623,032
---------- ----------
85,570,151 85,317,879
Intangible Assets
Leases 1,455,000 1,455,000
Fox television agreements 20,484,904 20,484,904
Licenses and goodwill 260,037,941 194,408,601
Covenants not-to-compete 22,771,938 22,271,938
Other intangible assets 3,020,812 2,858,436
---------- ----------
307,770,595 241,478,879
Less accumulated amortization 42,904,211 33,861,800
---------- ----------
264,866,384 207,617,079
Other
Restricted Cash 38,500,000
Film rights - noncurrent 9,912,401 12,653,817
Other assets 8,983,989 7,998,036
Equity in investments and advances
in nonconsolidated affiliates 95,381,374 4,079,761
Other investments 1,942,407 1,482,078
----------- -----------
$524,429,453 $411,594,025
=========== ===========
* From audited financial statements
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
June 30, December 31,
1995 1994
(Unaudited) (*)
----------- ------------
Current Liabilities
Accounts payable $ 4,435,182 $ 5,686,835
Accrued interest 1,225,141 741,490
Accrued expenses 3,703,156 3,928,738
Accrued income and other taxes 6,209,660 3,308,586
Current portion of long-term debt 4,518,068 4,584,335
Current portion of film rights liability 8,366,442 9,428,591
----------- ----------
Total Current Liabilities 28,457,649 27,678,575
Long-Term Debt 334,314,860 238,204,386
Film Rights Liability 9,811,727 12,578,636
Deferred Income Taxes 2,599,223 2,599,223
Shareholders' Equity
Minority Interests 6,610,762
Common Stock 1,728,393 1,723,041
Additional paid-in capital 92,881,528 92,535,139
Retained earnings 48,162,589 36,345,575
Cost of shares held in treasury (137,278) (70,550)
----------- -----------
149,245,994 130,533,205
----------- -----------
$524,429,453 $411,594,025
=========== ===========
See Notes to Consolidated Financial Statements
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Six Months Ended Three months ended
June 30, June 30,
---------------- ------------------
1995 1994 1995 1994
---- ---- ---- ----
Gross broadcasting
revenue $130,988,483 $86,981,715 $72,342,267 $48,110,302
Less: agency and
national representative
commissions (18,464,740) (11,619,810) (10,294,903) (6,665,586)
----------- ----------- ----------- ----------
Net broadcasting revenue 112,523,743 75,361,905 62,047,364 41,444,716
Station operating
expenses 64,272,038 45,710,255 32,471,374 23,690,102
Depreciation and
amortization 16,565,028 11,264,765 8,165,573 5,785,149
----------- ---------- ---------- ----------
Station operating income 31,686,677 18,386,885 21,410,417 11,969,465
Corporate general and
administrative expenses 3,116,222 2,293,061 1,585,898 1,061,724
---------- ---------- ---------- ----------
Operating income 28,570,455 16,093,824 19,824,519 10,907,741
Interest expense (9,662,252) (2,915,918) (5,214,279) (1,712,075)
Other income (expense) 17,239 241,123 (241,341) 697,066
Equity in earnings of non-
consolidated affiliates 478,186 478,186
--------- --------- --------- ---------
Income before
income taxes 19,403,628 13,419,029 14,847,085 9,892,732
Income tax expense 7,586,619 5,300,591 5,709,243 3,821,243
---------- --------- ---------- ---------
Net income $11,817,009 $ 8,118,438 $ 9,137,842 $ 6,071,489
========== ========== ========== ==========
Per common share:
Net income $ .67 $ .47 $ .52 $ .35
========== ========== ========== ==========
Weighted average common
shares outstanding 17,521,950 17,209,411 17,527,984 17,212,944
========== ========== ========== ==========
See Notes to Consolidated Financial Statements
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
----------------
1995 1994
---- ----
Net Cash From Operating Activities $ 29,273,797 $19,789,056
Cash flows from investing activities:
Decrease in restricted cash 38,500,000
Purchase of broadcasting assets (65,300,000) (39,752,049)
Purchase of equity in and advances to
nonconsolidated affiliates (91,301,613)
Proceeds from disposal of broadcasting assets 367,050 2,025,000
(Increase) in investments (460,329) (14,260)
Purchases of property, plant and equipment (4,601,593) (1,580,943)
Proceeds from disposals of property, plant
and equipment 25,000
(Increase) in other intangible assets (218,376) (73,402)
(Increase) in goodwill (7,665) (65,000)
(Increase) in other-net (1,003,858) (5,081,214)
------------ -----------
Net cash used by investing activities (124,026,384) (44,516,868)
Cash flows from financing activities:
Payments on short-term debt (255,792) (6,016)
Payments on long-term debt (28,200,000) (17,300,000)
Exercise of incentive stock options 285,013 3,817
Proceeds of long-term debt 124,500,000 40,400,000
----------- ----------
96,329,221 23,097,801
Net increase (decrease) in cash 1,576,634 (1,630,011)
Cash at beginning of period 6,817,595 5,516,850
----------- ----------
Cash at end of period $ 8,394,229 $ 3,886,839
=========== ==========
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six months ended
June 30,
----------------
1995 1994
---- ----
Schedule reconciling earnings to net cash
flow from operating activities:
Net income $11,817,009 $ 8,118,438
Noncash expenses, revenues, losses and
gains included in net income
Depreciation 7,464,094 6,111,145
Amortization of intangibles 9,100,935 5,153,620
Amortization of film rights 5,200,962 4,542,657
Payments on film rights (5,076,718) (5,391,795)
(Gain) on disposal of assets (296,242) (701,949)
(Increase) accounts receivable (754,497) (439,774)
(Decrease) accounts payable (1,251,653) (1,216,338)
Increase accrued interest 483,651 179,640
Increase (decrease) accrued expenses (314,818) 108,698
Increase accrued income
and other taxes 2,901,074 3,324,714
---------- ---------
Net cash from operating activities $29,273,797 $19,789,056
========== ==========
See Notes to Consolidated Financial Statements
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1: BASIS OF PRESENTATION
The financial information included herein is unaudited; however, such
information reflects all adjustments (consisting solely of normal recurring
adjustments) which are, in the opinion of management, necessary for a fair
statement of results for the interim periods.
The consolidated financial statements include the accounts of the
Company and its wholly-owned subsidiaries. Significant intercompany
accounts have been eliminated in consolidation. Certain prior year amounts
have been reclassified for comparative purposes.
The results of operations for the three and six months ended
June 30, 1995 are not necessarily indicative of the results to be expected
for the full year.
Note 2: PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated on the basis of cost.
Depreciation is computed principally by the straight-line method at rates
which, in the opinion of management, are adequate to allocate the cost of
such assets over their estimated useful lives (generally three to thirty
years). Expenditures for maintenance and repairs are charged to operations
as incurred, whereas expenditures for renewals and betterments are
capitalized.
Note 3: INTANGIBLES
Intangibles are stated on the basis of cost and are amortized by the
straight-line method. Goodwill (acquired subsequent to 1992) and licenses
are being amortized over 25 years. Goodwill acquired prior to 1993 is being
amortized over 40 years. Other intangible assets are being amortized over
their useful lives.
The period of amortization is evaluated annually to determine whether
circumstances warrant revision. In the opinion of management, none of the
intangible assets have diminished in value.
Note 4: FILM RIGHTS
The capitalized costs of film rights are recorded when the license
periods begin and the rights are available for use. The rights are
amortized based on the number of showings or license periods.
Unamortized film rights are classified as current or noncurrent based
on estimated usage. Amortization of film rights is included in station
operating expenses.
Note 5: BARTER TRANSACTIONS
Revenue from barter transactions is recognized when advertisements are
broadcast, while merchandise or services are charged to expense when
received or used.
Note 6: INCOME TAXES
Effective January 1, 1993, the Company adopted Statement of Financial
Accounting Standards No. 109 ("SFAS 109"). Under SFAS 109, income taxes for
financial reporting purposes are determined using the liability method.
Under this method, deferred tax assets and liabilities are determined based
on differences between financial reporting bases and tax bases of assets and
liabilities and are measured using the enacted tax rates expected to apply
to taxable income in the periods in which the deferred tax asset or
liability is expected to be realized or settled. Prior to the adoption of
SFAS 109, income tax expense was determined using the deferred method
prescribed by APB 11. Among other changes, SFAS 109 changes the recognition
and measurement criteria for deferred tax assets. As permitted under the
new rules, prior years' financial statements have not been restated. The
cumulative effect of adopting SFAS 109 as of January 1, 1993 was not
material.
Note 7: CASH AND CASH EQUIVALENTS
The Company considers all highly liquid debt instruments purchased with
a maturity of three months or less to be cash equivalents.
Note 8: FINANCIAL INSTRUMENTS
The carrying amounts of the Company's financial instruments approximate
their fair value.
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Comparison of Three Months Ended June 30, 1995 to Three Months Ended June
30, 1994
Consolidated net broadcasting revenue for the three months ended June
30, 1995 increased 50% to $62,047,000 from $41,445,000 for the same quarter
of 1994. Station operating expenses increased 37% to $32,471,000 from
$23,690,000. Depreciation and amortization increased 41% from $5,785,000 to
$8,166,000 in the second quarter of 1995. Station operating income
increased $9,441,000 or 79% to $21,410,000, compared to $11,969,000 for the
second quarter of 1994. Interest expense increased 205% from $1,712,000
to $5,214,000 in the second quarter of 1995. Net income increased from
$6,071,000 or $.35 per share to $9,138,000 or $.52 per share. The majority
of the revenue growth, increase in operating expenses and increases in
depreciation and amortization were due to the acquisitions of KBXX-FM, on
August 15, 1994, Metroplex Communications Inc. on October 12, 1994, WXXA-TV
on December 1, 1994, KMJQ-FM on January 1, 1995, and 80% of a partnership
which owns and operates KPRC-AM and KSEV-AM on January 1, 1995. Interest
expense increase was primarily due to an increase in the average amount of
debt outstanding as a result of the above acquisitions. The majority of the
increase in net income also was primarily due to the factors stated above.
Comparison of Six Months Ended June 30, 1995 to Six Months Ended June 30,
1994
Consolidated net broadcasting revenue for the six months ended June 30,
1995 increased 49% to $112,524,000 from $75,362,000 for the same period in
1994. Station operating expenses increased 41% to $64,272,000 from
$45,710,000. Depreciation and amortization increased 47% from $11,265,000 to
$16,565,000 in the first half of 1995. Station operating income increased
$13,300,000 or 72% to $31,687,000, compared to $18,387,000 for the first
half of 1994. Interest expense increased 231% from $2,916,000 to
$9,662,000. Net income increased to $11,817,000 or $.67 per share from
$8,118,000 or $.47 per share for the same period in 1994. The majority of
the revenue growth, increases in operating expenses and increases in
depreciation and amortization was due to the above mentioned acquisitions as
well as the inclusion of a full six months of operations from KLRT-TV, KASN-
TV and WAXY-FM all acquired in the first quarter of 1994. Interest expense
increased due to an increase in the Company's average amount of debt
outstanding due to the above stated aquisitions. The increase in net income
also was due to the factors stated above but was partially offset with an
increase of $823,000 in corporate related expenses.
Liquidity and Capital Resources
The major sources of capital for the Company have historically been
cash flow from operations and proceeds of long-term borrowing under the
Company's bank credit facilities, together with the funds supplied by the
Company's initial stock offering in April 1984 and subsequent stock
offerings in July 1991 and October 1993. Currently, the Company has a
$350,000,000 credit facility, which will convert to a term loan on June 30,
1996. As of June 30, 1995, the Company had $323,500,000 outstanding under
the facility, a $2,000,000 guarantee to a third party, $6,000,000 in other
debt and a $7,000,000 letter of credit reducing the amount available for
future borrowings under the facility to $11,500,000. In addition, the
Company had $8,394,000 in cash on hand.
During the first six months of the year the Company made principal
payments on the credit facility totaling $28,200,000 and purchased capital
equipment totaling $1,845,000 and a building in Tampa, FL for $2,757,000.
In addition, the Company purchased the broadcasting assets of KMJQ-FM and
KYOK-AM in Houston, Texas for $38,500,000 and immediately divested itself of
KYOK-AM along with KALO-AM and KHYS-FM for $2,475,000, $450,000 and
$10,000,000, respectively. The Company received $350,000 in cash with the
remainder in notes receivable from the sale of these stations. Also,
effective January 1, the Company purchased an 80% interest in a partnership
that owns and operates KPRC-AM and KSEV-AM in Houston, Texas for
$26,800,000.
In addition, the Company acquired a 50% interest in a newly created
entity, Australian Radio Network, Ltd. (ARN), for approximately $75,000,000.
ARN owns and operates eight radio stations in five different markets
including Sydney and Melbourne, Australia's largest markets. Finally, the
Company purchased a 20% interest or 2,156,799 shares of Heftel Broadcasting,
Inc. Common Stock for appoximately $20,500,000. Heftel is a publicly traded
company whose shares are trading on NASDAQ. All of these transactions were
financed via the Company's credit facility.
Finally, on June 30, 1995, the Company entered into a definitive
agreement to acquire WHP-TV, the CBS affiliate in Harrisburg, PA for
approximately $30,000,000. The Company expects to consumate this
transaction by the end of the third quarter. Funding for this acquisition
has been obtained from sources outside the credit facilty. The Company
believes that cash flow from operations will be sufficient to make all
required interest and principal payments on the credit facility.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. See Exhibit Index on Page 11
(b) Reports on Form 8-K
A report on Form 8-K dated May 26, 1995 was filed during the second
quarter of 1995 with respect to the acquisition of a 50% interest in the
Australian Radio Network (ARN). Audited financial statements of the entity
were not available at that time, however they were filed on July 26, 1995
consisting of audited balance sheets and related statements of operations
and cash flows for the year ended June 30, 1994 and six months ended
December 31, 1994.
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.
Date August 9, 1995 L. Lowry Mays
------------------------- -------------------------
(L. Lowry Mays, President and
Chief Executive Officer)
(Duly Authorized Officer)
Date August 9, 1995 Herbert W. Hill, Jr.
------------------------ -----------------------------
(Herbert W. Hill, Jr.)
(Vice President/Controller and
Principal Financial Officer)
Index to Exhibits
(a) 3.1 -- Articles of Incorporation, as amended, of Registrant
(a) 3.2 -- Amended and Restated Bylaws of Registrant
(a) 4 -- Buy-Sell Agreement among Clear Channel Communications, Inc.,
L. Lowry Mays, B. J. McCombs, John M. Schaefer and John W.
Barger dated May 31, 1977.
(i) 4.1 -- Revolving Credit and Term Loan Agreement, dated as of October 1,
1984, by and among Clear Channel Communications, Inc., The
Signatory Banks Hereto, and The Bank of New York, as Agent.
4.3 -- Amendment No. 1, dated as of August 25, 1986, to the Revolving
Credit and Term Loan Agreement, dated as of October 1, 1984, by
and among Clear Channel Communications, Inc., The Signatory
Banks thereto and The Bank of New York as Agent.
(i) 4.4 -- Amended and Restated Credit Agreement by and among Clear Channel
Television, Inc., NCNB Texas National Bank, Texas Commerce Bank
and NCNB Texas National Bank as administrative lender.
(i) 4.5 -- Amendment No. 2, dated as of December 31, 1986, to the Revolving
Credit and Term Loan Agreement, dated as of October 1, 1984, by
and among Clear Channel Communications, Inc., the Signatory
Banks thereto and The Bank of New York, as Agent, as amended by
Amendment No. 1, dated as of August 25, 1986.
(i) 4.6 -- Amendment No. 3, dated as of December 27, 1988, to the Revolving
Credit and Term Loan Agreement, dated as of October 1, 1984, by
and among Clear Channel Communications, Inc., the Signatory
Banks and The Bank of New York, as Agent, as amended by
Amendment No. 1, dated as of August 25, 1986, and Amendment No.
2, dated as of December 31, 1986.
(i) 4.7 -- Amendment No. 4, dated as of December 31, 1988, to the Revolving
Credit and Term Loan Agreement, dated as of October 1, 1984, by
and among Clear Channel Communications, Inc., the Signatory
Banks and The Bank of New York, as Agent, as amended by
Amendment No. 1, dated as of August 25, 1986, Amendment No. 2,
dated as of December 31, 1986, and Amendment No. 3, dated as of
December 27, 1988.
(i) 4.8 -- Amendment No. 5, dated as of July 14, 1989, to the Revolving
Credit and Term Loan Agreement, dated as of October 1, 1984, by
and among Clear Channel Communications, Inc., the Signatory
Banks thereto and The Bank of New York, as Agent, as amended by
Amendment No. 1, dated as of August 25, 1986, Amendment No. 2,
dated as of December 31, 1986, Amendment No. 3, dated as of
December 27, 1988, and Amendment No. 4, dated as of December 31,
1988.
(i) 4.9 -- Amendment No. 6 and Waiver No. 1, dated as of September 30,
1989, to the Revolving Credit and Term Loan Agreement, dated as
of October 1, 1984, by and among Clear Channel Communications,
Inc. The Signatory Banks thereto and The Bank of New York, as
Agent, as amended by Amendment No. 1, dated as of August 25,
1986, Amendment No. 2, dated as of December 31, 1986, Amendment
No. 3, dated as of December 27, 1988, Amendment No. 4, dated as
of December 31, 1988, and Amendment No. 5, dated as of July 14,
1989.
(i) 4.10 -- Amendment No. 7, dated as of March 31, 1990, to the Revolving
Credit and Term Loan Agreement, dated as of October 1, 1984, by
and among Clear Channel Communications, Inc., The Signatory
Banks thereto and The Bank of New York, as Agent, amended by
Amendment No. 1, dated as of August 25, 1986, Amendment No. 2,
dated as of December 31, 1986, Amendment No. 3, dated as of
December 27, 1988, Amendment No. 4, dated as of December 31,
1988, Amendment No. 5, dated as of July 14, 1989, and Amendment
No. 6 and Waiver No. 1, dated as of September 30, 1989.
(a)10.16 -- Incentive Stock Option Plan of Clear Channel Communications,
Inc. dated as of January 1, 1984.
(c)10.18 -- Radio Asset Purchase Agreement dated June 9, 1986, by and
between WHAS, Inc. and Clear Channel Communications, Inc.
(c)10.19 -- Letter from George N. Gill, dated September 1, 1986, amending
the Radio Asset Purchase Agreement dated June 9, 1986, by and
between WHAS, Inc. and Clear Channel Communications, Inc.
(d)10.20 -- Television Asset Purchase Agreement dated December 30, 1988, by
and between Michigan Energy, Inc. and Clear Channel Television,
Inc.
(f)10.22 -- Television Asset Purchase Agreement dated January 31, 1989, as
amended by and between the Roman Catholic Diocese of Tucson and
Clear Channel Television, Inc.
(g)10.23 -- Television Asset Purchase Agreement dated August 25, 1989, by
and between Malrite of Jacksonville, Inc. and Clear Channel
Television, Inc.
(h)10.25 -- Television Asset Purchase Agreement dated July 31, 1990, by and
between Channel 24, Ltd., Debtor in Possession and Clear Channel
Television, Inc.
(i)10.26 -- Station Affiliation Agreement between Fox Broadcasting Company
and Clear Channel Television, Inc. for the carriage of
programming over WPMI-TV, Mobile, Alabama, dated June 13, 1989.
(i)10.27 -- Station Affiliation Agreement between Fox Broadcasting Company
and Clear Channel Television, Inc. for the carriage of
programming over WAWS-TV, Jacksonville, Florida, dated August
16, 1989.
(i)10.28 -- Station Affiliation Agreement between Fox Broadcasting Company
and Clear Channel Television, Inc. for the carriage of
programming over KOKI-TV, Tulsa, Oklahoma, dated December 28,
1989.
(i)10.29 -- Station Affiliation Agreement between Fox Broadcasting Company
and Clear Channel Television, Inc. for the carriage of
programming over KSAS-TV, Wichita, Kansas, dated July 10, 1989.
(j)10.30 -- Television Asset Purchase Agreement dated January 27, 1992,
by and between Chase Broadcasting of Memphis, Inc. and
Clear Channel Television, Inc.
(j)10.31 -- Radio Asset Purchase Agreement dated January 31, 1992, by
and between Noble Broadcasting of Connecticut, Inc. and Clear
Channel Radio, Inc.
(j)10.32 -- Radio Asset Purchase Agreement dated April 19, 1992, by and
between Edens Broadcasting, Inc. and Clear Channel Radio, Inc.
(k)10.33 -- Radio Asset Purchase Agreement dated January 31, 1993,
by and between KHFI Venture, LTD. and Clear Channel Radio, Inc.
(l)10.34 -- Radio Asset Purchase Agreement dated December 28, 1992, by
and between Westinghouse Broadcasting Company, Inc. and Clear
Channel Radio, Inc.
(l)10.35 -- Radio Asset Purchase Agreement dated December 23, 1992, by and
between Inter-Urban Broadcasting of New Orleans Partnership and
Snowden Broadcasting, Inc.
(m)10.36 -- Television Asset Purchase Agreement dated August 19, 1993,
by and between Television Marketing Group of Memphis, Inc. and
Clear Channel Television, Inc.
(n)10.37 -- Radio Asset Purchase Agreement April 1, 1993, by and
Capital Broadcasting of Virginia, Inc. and Clear Channel Radio,
Inc.
(o)10.38 -- Television Asset Purchase Agreement dated August 31, 1993,
by and between Nationwide Communications, Inc. and Clear
Channel Television, Inc.
(p)10.39 -- Radio Asset Merger Agreement dated March 22, 1994, by and
between Metroplex Communications, Inc. and Clear Channel
Radio, Inc.
(q)10.40 -- Radio Partnership Interest Purchase Agreement dated April 5,
1994, by and between Cook Inlet communications, Inc. and WCC
Associates and Clear Channel Radio, Inc.
(r)10.41 -- Television Asset Purchase Agreement September 12, 1994, by and
between Heritage Broadcasting Company of New York, Inc. and
Clear Channel Television, Inc.
(s)10.42 -- Radio Asset Purchase Agreement dated November 17, 1994,
by and between Noble Broadcast of Houston, Inc. and Clear
Channel Radio, Inc.
(t)10.43 -- Australian Radio Network Sharelholders Agreement dated February
1995, by and between APN Broadcasting Investments PTY Limited,
Australian ProvincialNewspapers Holdings Limited, APN
Broadcasting PTY LTD and Clear Channel Radio, Inc and Clear
Channel Communications, Inc.
(a) -- Incorporated by reference to the similarly numbered exhibits of
the Company's Registration Statement on Form S-1 (Reg. No.
2-89161) dated April 19, 1984.
(b) -- Incorporated by reference to the Registrant's Form 8-K dated
October 15, 1984.
(c) -- Incorporated by reference to the Registrant's Form 8-K dated
September 10, 1986.
(d) -- Incorporated by reference to the Registrant's Form 8-K dated
January 11, 1989
(e) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 14, 1989
(f) -- Incorporated by reference to Registrant's Form 10-Q dated
March 31, 1989.
(g) -- Incorporated by reference to the Registrant's Form 8-K dated
October 11, 1989
(h) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 7, 1990.
(i) -- Incorporated by reference to the Company's registration
statement on Form S-2 dated July 30, 1991.
(j) -- Incorporated by reference to the Registrant's Form 8-K dated
July 14, 1992.
(k) -- Incorporated by reference to the Registrant's Form 8-K dated
March 23, 1993.
(l) -- Incorporated by reference to the Registrant's Form 10-Q dated
May 12, 1993.
(m) -- Incorporated by reference to the Registrant's Form 8-K dated
September 2, 1993.
(n) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 1, 1993.
(o) -- Incorporated by reference to the Registrant's Form 8-K dated
October 27, 1993.
(p) -- Incorporated by reference to the Registrant's Form 8-K dated
October 26, 1994.
(q) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 14 1994.
(r) -- Incorporated by reference to the Registrant's Form 8-K dated
December 14, 1994.
(s) -- Incorporated by reference to the Registrant's Form 8-K dated
January 13, 1995.
(t) -- Incorporated by reference to the Registrant's Form 8-K dated
May 26, 1995.
EX-27
2
5
1,000
6-MOS
DEC-31-1995
JUN-30-1995
8,394
0
46,767
5,032
0
57,773
135,858
50,288
524,429
28,458
334,315
1,728
0
0
147,518
524,429
0
112,524
0
64,272
16,565
0
9,662
19,404
7,587
11,817
0
0
0
11,817
0.67
0.67