8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


                          Date of report: July 23, 2003


                       CLEAR CHANNEL COMMUNICATIONS, INC.
             (Exact Name of Registrant as Specified in Its Charter)

           TEXAS                     1-9645                  74-1787539
(State or other jurisdiction      (Commission              (IRS Employer
      of incorporation)           File Number)           Identification No.)


    200 East Basse Road, San Antonio, Texas                       78209
   (Address of principal executive offices)                     (Zip Code)


Registrant's telephone number, including area code            (210) 822-2828






ITEM 5. OTHER EVENTS.

         On July 23, 2003, Clear Channel Communications, Inc., a Texas
corporation (the "Company"), issued a press release announcing that its Board of
Directors has declared a quarterly cash dividend of $0.10 per share on its
common stock.

         Reference is made to the press release filed as Exhibit 99.1 hereto.
The information set forth in Exhibit 99.1 is hereby incorporated by reference
herein.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

         (c) Exhibits

              99.1  Press Release of Clear Channel Communications, Inc. issued
                    July 23, 2003.


                                   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: July 23, 2003              By: /s/ HERBERT W. HILL JR.
                                    --------------------------------------------
                                    Herbert W. Hill, Jr.:
                                    Sr. Vice President/Chief Accounting Officer:





                                INDEX TO EXHIBITS


Exhibit No.                        Description
- -----------                        -----------
             
   99.1         Press Release of Clear Channel Communications, Inc. issued
                July 23, 2003.

EX-99.1

                                                                    EXHIBIT 99.1

              CLEAR CHANNEL DECLARES CASH DIVIDEND ON COMMON STOCK



San Antonio, Texas - July 23, 2003 - Clear Channel Communications, Inc. (NYSE:
CCU) announced today that its Board of Directors has declared a quarterly cash
dividend of $0.10 per share on its Common stock. The dividend is payable on
October 15, 2003 to shareholders of record at the close of business on September
30, 2003.

Lowry Mays, Chairman and Chief Executive Officer said, "Declaring a dividend
demonstrates the board's confidence in the company's long-term growth
opportunities and financial strength. The company's balance sheet has been
strengthened considerably through the repayment of more than $3.0 billion in
debt since the beginning of 2001. We believe that it is appropriate, given the
significant amount of free cash flow that the company generates, that we return
a portion of those profits to our shareholders, particularly in light of
recently improved federal tax laws on dividends. The board is committed to
maintaining our bias for improving the leverage ratios of the company, while
continuing to balance that with strategic acquisitions and long-term capital
requirements."


ABOUT CLEAR CHANNEL COMMUNICATIONS, INC.
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 65 countries
around the world.


Certain statements in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Visit our
website at www.clearchannel.com.