EXHIBIT 4.2


                     AGREEMENT CONCERNING BUY-SELL AGREEMENT

         The undersigned were all of the parties to that certain Buy-Sell
Agreement executed May 31, 1977, relating to shares of Clear Channel
Communications, Inc. (the "Agreement"). For the mutual consideration expressed
in this agreement, the undersigned agree as follows:

         1.       Terms defined in the Agreement shall have the same meaning in
                  this agreement.

         2.       John M. Schaefer and John W. Barger are hereby released from
                  all obligations and rights under the Agreement and for all
                  purposes shall cease to be parties to the Agreement.

         3.       If any remaining shareholder sells all of his stock (other
                  than stock acquired through a broker in a transaction on the
                  New York Stock Exchange or on another market open to sales and
                  purchases by members of the general public), that Shareholder
                  shall be then released from all obligations and rights under
                  the Agreement and for all purposes shall cease to be a party
                  to the Agreement.

         Executed as of August 3, 1998.

CLEAR CHANNEL COMMUNICATIONS, INC.



        /s/ L. LOWRY MAYS
-------------------------------------
L. Lowry Mays, CEO and Chairman


        /s/ L. LOWRY MAYS
-------------------------------------
L. Lowry Mays


        /s/ B.J. MCCOMBS
-------------------------------------
B.J. McCombs


        /s/ JOHN M. SCHAEFER
-------------------------------------
John M. Schaefer


        /s/ JOHN W. BARGER
-------------------------------------
John W. Barger