EXHIBIT 99.1

                             CLEAR CHANNEL ANNOUNCES
                                BOND TRANSACTION


SAN ANTONIO, TEXAS, MARCH 12, 2003 - Clear Channel Communications announced
today that it will offer an additional $200 million in aggregate principal
amount of Senior Notes to be issued in the same series as the 4 5/8% Senior
Notes due 2008. Clear Channel had previously issued $300 million aggregate
principal amount of this series of Senior Notes on January 9, 2003. The proceeds
from the offering will be used to finance the redemption of the 4 3/4% Liquid
Yield Option Notes due 2018 (the "LYONs") that were assumed by Clear Channel
Communications as part of its merger with Jacor Communications in 1999. The
LYONs are being redeemed pursuant to the call provisions of those securities.
Bank of America, Barclays Capital and JPMorgan are lead managers for the
transaction.

A registration statement relating to the Senior Notes has been filed with and
declared effective by the Securities and Exchange Commission. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy,
and any offering of these securities shall be made only by means of a
prospectus.

For further information on Clear Channel Communications contact Randy Palmer,
Vice President of Investor Relations, at (210) 822-2828.