SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   Form 8-K/A

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934
                Date of Report (Date of earliest event reported)
                                 March 23, 1998

                       Clear Channel Communications, Inc.
             (Exact name of registrant as specified in its charter)

                                      Texas
                            (State of Incorporation)

      1-9645                                           74-1787536
(Commission File Number)                 (I.R.S. Employer Identification No.)

                          200 Concord Plaza, Suite 600
                            San Antonio, Texas 78216
                                 (210) 822-2828
          (Address and telephone number of principal executive offices)





                       Clear Channel Communications, Inc.
                                   Form 8-K/A

Item 5        Other Events.

On March 12, 1998, Clear Channel Communications,  Inc., a Texas corporation (the
Company),  filed a current  report  on Form  8-K.  The  Company  is filing  this
amendment to include additional  information regarding the Company's market risk
with respect to interest rate, foreign currency and equity price.


Item 7 (c) Exhibits

EXHIBIT NO.                                 DESCRIPTION
- --------------------                        -----------------------

  99.1                  --       Quantitative and Qualitative Disclosures about
                                 Market Risk





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 hereunto duly authorized.

Clear Channel Communications, Inc.

Date    March 23, 1998                              By  s/L. LOWRY MAYS
                                                        L. Lowry Mays, Chairman/
                                                        Chief Executive Officer

Date    March 23, 1998                              By  /s/HERBERT W. HILL, JR.
                                                        Herbert W. Hill, Jr.
                                                        Senior Vice President/
                                                        Chief Accounting Officer





                                INDEX TO EXHIBITS

EXHIBIT NO.                                 DESCRIPTION
- --------------------                   -----------------------

  99.1                  --       Quantitative and Qualitative Disclosures about
                                 Market Risk





EX-99.1
Quantitative and Qualitative Disclosures about Market Risk





 EXHIBIT 99.1

           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk:

At December 31, 1997,  approximately  78% of the Company's  long-term debt bears
interest at variable rates. Accordingly,  the Company's net income and after tax
cash flow are affected by changes in interest rates.  Assuming the current level
of borrowings at variable  rates and assuming a two  percentage  point change in
the 1997 average interest rate under these borrowings,  it is estimated that the
Company's 1997 interest expense would have changed by $24.3 million resulting in
a change  in the  Company's  1997 net  income  and  after tax cash flow of $15.0
million.  In the event of an adverse change in interest rates,  management would
likely  take  actions to further  mitigate  its  exposure.  However,  due to the
uncertainty of the actions that would be taken and their possible effects,  this
analysis  assumes no such  actions.  Further this analysis does not consider the
effects of the change in the level of overall economic activity that could exist
in such an environment.

At  December  31,  1997,  the  Company  had  several  interest  rate  protection
agreements.  Originally, Eller Media, Inc. (Eller) put these agreements in force
to  mitigate  the  interest  rate  risk  on its  long-term  debt.  Subsequently,
ownership  of these  agreements  transferred  to the  Company as a result of its
acquisition of Eller on April 10th, 1997. The fair value of these agreements are
not material at December 31,  1997,  are not expected to become  material in the
near-term,  and have not been  considered  in the above  analysis as the Company
intends to terminate these agreements during 1998.


Foreign Currency Risk:

The  Company's  earnings are affected by  fluctuations  in the value of the U.S.
dollar as  compared  to foreign  currencies  as a result of its  investments  in
Australia  and New  Zealand,  both of which are  accounted  for under the equity
method. It is estimated that the result of a 10% fluctuation in the value of the
dollar  relative to theses foreign  currencies at December 31, 1997 would change
the  Company's  1997 net  income  and after tax cash flow by $0.5  million.  The
Company's  analysis does not consider the  implications  that such  fluctuations
could  have  on the  overall  economic  activity  that  could  exist  in such an
environment  in either the U.S.  or the foreign  countries  or on the results of
operations of these foreign entities.


Equity Price Risk:

The carrying  value of the  Company's  available-for-sale  equity  securities is
affected by changes in their quoted market  prices.  It is estimated  that a 20%
change in the market  prices of these  securities  would change  their  carrying
value at December 31, 1997 by $12.4 million.