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 (Date of Earliest Event Reported): 3/11/2010

CLEAR CHANNEL COMMUNICATIONS, INC.

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 001-9645

Texas	74-1787539
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

200 E. Basse Road

San Antonio, TX 78209

(Address of Principal Executive Offices, Including Zip Code)

210-822-2828

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

Items to be Included in this Report

Item 2.02 Results of Operations and Financial Condition

On March 11, 2010, CC Media Holdings, Inc., our indirect parent, and Clear Channel Outdoor Holdings, Inc., our indirect 89%-owned subsidiary, issued press releases announcing their financial results for the quarter and year ended December 31, 2009.

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1	Press Release of CC Media Holdings, Inc. issued March 11, 2010.
99.2	Press Release of Clear Channel Outdoor Holdings, Inc. issued March 11, 2010.

Signature

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 11, 2010	By:	/s/    HERBERT W. HILL, JR.
		Herbert W. Hill, Jr.
		Sr. Vice President and Chief Accounting Officer

Index to Exhibits

99.1	Press Release of CC Media Holdings, Inc. issued March 11, 2010.
99.2	Press Release of Clear Channel Outdoor Holdings, Inc. issued March 11, 2010.

EX-99.1

Exhibit 99.1

CC Media Holdings, Inc. Reports Fourth Quarter and Full Year 2009 Results

San Antonio, Texas March 11, 2010…CC Media Holdings, Inc. (OTCBB: CCMO) today reported results for its fourth quarter and year ended December 31, 2009.

CC Media Holdings reported revenues of $5.6 billion for 2009, a decline of 17% as compared to 2008. The decline in the Company’s revenues resulted from the global economic downturn and related decrease in advertising spend worldwide. In 2009, CC Media Holdings undertook a restructuring of its businesses partly in response to the decline in advertising revenues, and reduced total operating expenses to $4.0 billion for 2009, a 14% decrease compared to 2008.

CC Media Holdings reported revenues of $1.5 billion for the fourth quarter of 2009, a decline of 6% compared to $1.6 billion for the fourth quarter of 2008. The fourth quarter decline, as compared to the same period of 2008, was an improvement over larger declines in each of the first three quarters of 2009 when compared to the same periods in 2008. Mark Mays, President and CEO of CC Media Holdings, commented: “We began to see encouraging trends in the global advertising environment during the fourth quarter, as our overall revenues demonstrated sequential improvement in the final three months of the year.”

Mark Mays further noted: “During the past year, we have implemented a concerted plan to achieve significant cost efficiencies across our operations. We have also strengthened our management team and sales organization and made considerable progress in developing our content distribution and advertising capabilities. These efforts will continue in 2010 as we seek to maximize our performance. We have a world-leading platform in the out-of-home media market, which enables us to deliver what we believe is an exceptional value proposition to advertisers. As we drive revenue growth across our operations, we believe we will increasingly benefit from our improved operating leverage, resulting in increased returns for our shareholders.”

Fourth Quarter 2009 Results

CC Media Holdings reported revenues of $1.5 billion in the fourth quarter of 2009, a decrease of 6% from the $1.6 billion reported for the fourth quarter of 2008, and revenues would have declined 8% excluding the effects of movements in foreign exchange rates.¹

The Company’s operating expenses decreased 12% to approximately $1.1 billion during the fourth quarter of 2009 compared to the fourth quarter of 2008, and would have declined 14% excluding the effects of movements in foreign exchange rates.¹ Also included in the Company’s fourth quarter 2009 operating and corporate expenses are approximately $51.1 million of restructuring and other non-recurring charges related to our restructuring program and $11.3 million of non-cash compensation expense.

The Company’s income before discontinued operations in the fourth quarter of 2009 increased to $149.7 million compared to a loss before discontinued operations of $5.0 billion for the same period in 2008.

CC Media Holdings’ OIBDAN (defined as Operating Income before Depreciation and amortization, Impairment charge, Non-cash compensation expense, Merger expenses and Other operating income (expense) – net) was $360.3 million in the fourth quarter of 2009, a 16% increase from the fourth quarter of 2008.¹

Full Year 2009 Results

For the full year, CC Media Holdings reported revenues of $5.6 billion, a decrease of 17% from the $6.7 billion reported for the same period in 2008. Excluding the effects of foreign exchange, the decline would have been 15%.¹

The Company’s operating expenses decreased 14% to $4.0 billion during the year compared to 2008, and excluding the effects of movements in foreign exchange rates the decline would have been 12%.¹ Also included in the Company’s 2009 operating and corporate expenses were approximately $39.8 million of non-cash compensation expense and approximately $164.4 million of restructuring charges.

The Company’s loss before discontinued operations for the full year 2009 was $4.0 billion compared to a loss before discontinued operations of $4.6 billion for 2008. CC Media Holdings’ OIBDAN was $1.3 billion in 2009, a 29% decrease from 2008.¹

Revenue, Operating Expenses, and OIBDAN by Division

The discussion of the Company’s 2008 results in this release is presented on a combined basis for the pre-merger and the post-merger period for 2008. The 2008 pre-merger and post-merger results are presented below in Table 1, but are not discussed separately in this release. The Company believes that the discussion on a combined basis is more meaningful as it allows the results of the operations to be analyzed and compared to comparable periods in 2009.

(In thousands)	Three Months Ended December 31,						%		Year Ended December 31,						%
	2009			2008			Change		2009			2008			Change
Revenue:
Radio Broadcasting	$	711,983		$	788,837		(10	)%	$	2,736,404		$	3,293,874		(17	)%
Americas Outdoor		339,894			342,188		(1	)%		1,238,171			1,430,258		(13	)%
International Outdoor		423,175			443,337		(5	)%		1,459,853			1,859,029		(21	)%
Other		58,660			59,385		(1	)%		200,467			209,965		(5	)%
Eliminations		(21,628	)		(24,942	)				(82,986	)		(104,443	)
Consolidated revenue	$	1,512,084		$	1,608,805		(6	)%	$	5,551,909		$	6,688,683		(17	)%
Operating expenses2:
Radio Broadcasting	$	468,228		$	585,034		(20	)%	$	1,827,028		$	2,124,146		(14	)%
Americas Outdoor		219,544			240,287		(9	)%		802,297			891,950		(10	)%
International Outdoor		368,718			383,769		(4	)%		1,296,801			1,585,924		(18	)%
Other		46,962			51,374		(9	)%		188,051			186,420		1	%
Eliminations		(21,628	)		(24,942	)				(82,986	)		(104,443	)
Consolidated Operating expenses	$	1,081,824		$	1,235,522		(12	)%	$	4,031,191		$	4,683,997		(14	)%
OIBDAN1:
Radio Broadcasting	$	243,755		$	203,803		20	%	$	909,376		$	1,169,728		(22	)%
Americas Outdoor		120,350			101,901		18	%		435,874			538,308		(19	)%
International Outdoor		54,457			59,568		(9	)%		163,052			273,105		(40	)%
Other		11,698			8,011					12,416			23,545
Corporate		(69,935	)		(63,912	)				(232,843	)		(199,004	)
Consolidated OIBDAN	$	360,325		$	309,371		16	%	$	1,287,875		$	1,805,682		(29	)%

In 2008 and 2009, the global economic downturn adversely affected advertising revenues across the Company’s businesses. In the fourth quarter of 2008, the Company initiated an ongoing, company-wide strategic review of its costs and organizational structure to identify opportunities to maximize efficiency and realign expenses with its current and long-term business outlook. As of December 31, 2009, the Company had incurred a total of $260.3 million of costs in conjunction with this restructuring program. The Company estimates the benefit of the restructuring program was an approximate $441.3 million aggregate reduction to fixed operating and corporate expenses in 2009 and that the benefit of these initiatives will be fully realized by 2011.

No assurance can be given that the restructuring program will achieve all of the anticipated cost savings in the timeframe expected or at all, or that the cost savings will be sustainable. In addition, the Company may modify or terminate the restructuring program in response to economic conditions or otherwise.

¹ See reconciliations of revenue and operating and corporate expenses excluding the effects of foreign exchange to revenue and excluding foreign exchange and non-cash compensation expense to direct operating expenses, SG&A and corporate expenses and the reconciliation of OIBDAN to net income at the end of this press release.

² The Company’s operating expenses include Direct operating expenses and Selling, general and administrative expenses, but excludes non-cash compensation expenses associated with the Company’s stock option grants and restricted stock awards.

Radio Broadcasting

The Company’s radio broadcasting revenues declined approximately $557.5 million during 2009 compared to 2008, driven by decreases in local and national revenues of $388.5 million and $115.1 million, respectively. Local and national revenues were down across markets and advertising categories as a result of an overall weakness in advertising and the economy. The decline in advertising demand led to declines in total minutes sold and yield per minute in 2009 compared to 2008.

Direct operating and SG&A expenses declined approximately $326.6 million. Compensation expense declined approximately $55.0 million primarily as a result of cost savings from the Company’s restructuring program. Non-renewals of sports contracts resulted in a decrease in expense of $9.1 million. The Company also experienced a $43.3 million decline in marketing and promotional expenses, a $122.9 million decline in commission and compensation expenses related to the decline in revenue and cost savings from the restructuring program, and an $18.3 million decline in bad debt expense. The declines were partially offset by an increase of approximately $9.4 million in programming expenses primarily related to new contract talent payments in the Company’s national syndication business and an increase of $34.1 million in expense primarily associated with severance costs related to the restructuring program.

Americas Outdoor Advertising

The Company’s Americas revenue decreased approximately $192.1 million during 2009 compared to 2008. The decrease resulted primarily from declines in bulletin, poster and transit revenues due to cancellations and non-renewals from larger national advertisers as a result of the overall weakness in advertising and the economy. The decline in bulletin, poster and transit revenues was also impacted by a decline in rate compared to 2008.

Direct operating and SG&A expenses decreased $90.1 million during 2009 compared to 2008, primarily from a $25.3 million decrease in site-lease expenses associated with cost savings from the Company’s restructuring program, as well as a decline in variable expenses related to revenues. A $26.0 million decline in commissions associated with a decline in revenues and cost savings and a $16.2 million decline in bad debt expense as a result of accounts collected and an improvement in the aging of the Company’s accounts receivable in 2009 also contributed to the decrease.

International Outdoor Advertising

The Company’s International revenue decreased approximately $399.2 million in 2009 compared to 2008, with approximately $118.5 million from movements in foreign exchange rates. The revenue decline occurred across most countries, with the most significant decline in France of $75.5 million due to weak advertising demand. Other countries with significant declines included the U.K. and Italy, which declined $30.4 million and $28.3 million, respectively, due to weak advertising markets.

Direct operating and SG&A expenses decreased $288.9 million during 2009 compared to 2008, including a decrease of $109.3 million from movements in foreign exchange. In addition, cost savings from the restructuring program and decline in revenue resulted in a decrease of $146.4 million in site lease expenses, $34.3 million in compensation expense and $25.8 million in administrative expenses.

Conference Call

Clear Channel Outdoor Holdings, Inc., a publicly traded subsidiary of CC Media Holdings, will be hosting a teleconference to discuss its results today at 5:00 p.m. Eastern Time. The conference call number is 866-254-5934 and the pass code is 148441. Please call ten minutes in advance to ensure that you are connected prior to the presentation. The teleconference will also be available via a live audio cast on the investor section of the Clear Channel website, located at www.clearchannel.com/Investors/. A replay of the call will be available after the live conference call, beginning at 7:00 p.m. Eastern Time, for a period of one week. The replay numbers are 800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the pass code is 148441. The audio cast will also be archived on the website and will be available beginning 24 hours after the call for a period of one week.

TABLE 1 - Financial Highlights of CC Media Holdings, Inc. and Subsidiaries

The discussion in this release is presented on a combined basis of the pre-merger and post-merger periods for 2008. The 2008 combined post-merger and pre-merger results are presented below, but are not discussed separately. The Company believes that the discussion on a combined basis is more meaningful as it allows the results of the operations to be analyzed to comparable periods in 2009. See reconciliation of combined results below.

	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
(In thousands)	2009 Post-merger			2008 Post-merger					2009 Post-merger			2008 Combined
Revenue	$	1,512,084		$	1,608,805		(6	)%	$	5,551,909		$	6,688,683		(17	)%
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)		695,060			724,607					2,583,263			2,904,444
Selling, general and administrative expenses (excludes depreciation and amortization)		391,444			515,318					1,466,593			1,829,246
Depreciation and amortization		191,480			239,901					765,474			696,830
Corporate expenses (excludes depreciation and amortization)		76,519			68,881					253,964			227,945
Merger expenses		—			68,085					—			155,769
Impairment charge		77,672			5,268,858					4,118,924			5,268,858
Other operating income (expense) - net		(17,830	)		12,363					(50,837	)		28,032
Operating income (loss)		62,079			(5,264,482	)				(3,687,146	)		(4,366,377	)
Interest expense		359,874			434,289					1,500,866			928,978
Gain (loss) on marketable securities		7			(116,552	)				(13,371	)		(82,290	)
Equity in earnings (loss) of nonconsolidated affiliates		(8	)		3,707					(20,689	)		100,019
Other income – net		29,985			142,419					679,716			126,393
Loss before income taxes and discontinued operations		(267,811	)		(5,669,197	)				(4,542,356	)		(5,151,233	)
Income tax benefit:
Current		118,895			38,512					76,129			49,449
Deferred		298,583			624,902					417,191			474,591
Income tax benefit		417,478			663,414					493,320			524,040
Income (loss) before discontinued operations		149,667			(5,005,783	)				(4,049,036	)		(4,627,193	)
Income (loss) from discontinued operations, net		—			(832	)				—			638,391
Consolidated net income (loss)		149,667			(5,006,615	)				(4,049,036	)		(3,988,802	)
Amount attributable to noncontrolling interest		2,277			(9,349	)				(14,950	)		16,671
Net income (loss) attributable to the Company	$	147,390		$	(4,997,266	)			$	(4,034,086	)	$	(4,005,473	)

	Post-merger			Pre-merger			Combined
(In thousands)	Period from July 31 through December 31, 2008			Period From January 1 through July 30, 2008			Twelve Months Ended December 31, 2008
Revenue	$	2,736,941		$	3,951,742		$	6,688,683
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)		1,198,345			1,706,099			2,904,444
Selling, general and administrative expenses (excludes depreciation and amortization)		806,787			1,022,459			1,829,246
Depreciation and amortization		348,041			348,789			696,830
Corporate expenses (excludes depreciation and amortization)		102,276			125,669			227,945
Merger expenses		68,085			87,684			155,769
Impairment charges		5,268,858			—			5,268,858
Other operating income (expense) - net		13,205			14,827			28,032
Operating income (loss)		(5,042,246	)		675,869			(4,366,377	)
Interest expense		715,768			213,210			928,978
Income (loss) on marketable securities		(116,552	)		34,262			(82,290	)
Equity in earnings of nonconsolidated affiliates		5,804			94,215			100,019
Other income (expense) – net		131,505			(5,112	)		126,393
Income (loss) before income taxes and discontinued operations		(5,737,257	)		586,024			(5,151,233	)
Income tax benefit (expense):
Current		76,729			(27,280	)		49,449
Deferred		619,894			(145,303	)		474,591
Income tax benefit (expense)		696,623			(172,583	)		524,040
Income (loss) before discontinued operations		(5,040,634	)		413,441			(4,627,193	)
Income (loss) from discontinued operations, net		(1,845	)		640,236			638,391
Consolidated net income (loss)		(5,042,479	)		1,053,677			(3,988,802	)
Amount attributable to noncontrolling interest		(481	)		17,152			16,671
Net income (loss) attributable to the Company	$	(5,041,998	)	$	1,036,525		$	(4,005,473	)

The Company was formed in May 2007 by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. for the purpose of acquiring the business of Clear Channel Communications, Inc. The acquisition was consummated on July 30, 2008.

The information in Table 1 is presented for two periods: post-merger and pre-merger. The financial reporting periods are presented as follows:

• The period from January 1, 2009 through December 31, 2009 and from July 31 through December 31, 2008 includes the post-merger period of the Company, reflecting the purchase accounting adjustments related to the merger.

• The period from January 1, 2008 through July 30, 2008 includes the pre-merger period of the Company. The consolidated financial statements for all pre-merger periods were prepared using Clear Channel’s historical basis of accounting. As a result of the merger and the associated preliminary purchase accounting, the consolidated financial statements of the post-merger periods are not comparable to periods preceding the merger.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for 2009 and 2008 was:

(In millions)	December 31, 2009			December 31, 2008
Cash	$	1,884.0		$	239.8
Total Current Assets	$	3,658.8		$	2,066.6
Net Property, Plant and Equipment	$	3,332.4		$	3,548.2
Total Assets	$	18,047.1		$	21,125.5
Current Liabilities (excluding current portion of long-term debt)	$	1,145.4		$	1,283.0
Long-Term Debt (including current portion of long-term debt)	$	20,701.9		$	19,503.6
Shareholders’ Deficit	$	(6,844.7	)	$	(2,916.2	)

TABLE 3 - Capital Expenditures

Capital expenditures for the full year of 2009 and 2008 were:

(In millions)	December 31, 2009		December 31, 2008
Non-revenue producing	$	95.0	$	157.6
Revenue producing		128.8		272.9
Total capital expenditures	$	223.8	$	430.5

The Company defines non-revenue producing capital expenditures as those expenditures that are required on a recurring basis. Revenue producing capital expenditures are discretionary capital investments for new revenue streams, similar to an acquisition.

TABLE 4 - Restructuring Program Costs

The Company incurred the following costs in conjunction with its restructuring program:

	Three Months Ended December 31,				Year Ended December 31,
(In millions)	2009		2008		2009		2008
Radio Broadcasting	$	13.5	$	53.7	$	67.8	$	53.7
Outdoor Advertising		28.5		34.0		48.4		34.0
Other		2.2		1.9		12.6		1.9
Corporate		6.9		6.3		35.6		6.3
Total	$	51.1	$	95.9	$	164.4	$	95.9

TABLE 5 – Total Debt

At December 31, 2009 and December 31, 2008, CC Media Holdings had total debt of:

(in thousands)	December 31, 2009			December 31, 2008
Senior Secured Credit Facilities	$	13,928,111		$	13,925,488
Other secured debt		5,225			6,604
Total Consolidated Secured Debt		13,933,336			13,932,092
Senior Cash Pay and Senior Toggle Notes		1,711,450			2,310,000
Clear Channel Senior Notes		3,267,549			4,306,440
Subsidiary Senior Notes		2,500,000			—
Other long-term debt		77,657			69,260
Purchase accounting adjustments and original issue (discount) premium		(788,087	)		(1,114,172	)
Total long term debt (including current portion of long-term debt)	$	20,701,905		$	19,503,620

Liquidity and Financial Position

For the year ended December 31, 2009, cash flow from operating activities was $181.2 million, cash flow used by investing activities was $141.7 million, and cash flow provided by financing activities was $1,604.7 million for a net increase in cash of $1,644.2 million.

The Company’s senior secured credit facilities currently require the Company to comply with a maximum consolidated senior secured net debt to adjusted EBITDA (as calculated in accordance with the senior secured credit facilities, maximum of 9.5:1) ratio. Secured Leverage, defined under the senior secured credit facilities as secured debt, net of cash, divided by the trailing 12-month consolidated adjusted EBITDA², was 7.4:1 at December 31, 2009.

² Clear Channel’s consolidated adjusted EBITDA of $1.6 billion is calculated as the trailing twelve months operating income before depreciation and amortization, impairment charge, other operating (expense)-net, all as shown on the consolidated statement of operations plus non-cash compensation, and is further adjusted for certain items, including: (i) an increase for expected cost savings (limited to $100.0 million in any twelve month period) of $100.0 million; (ii) an increase of $20.9 million for cash received from nonconsolidated affiliates; (iii) an increase of $24.6 million for non-cash items; (iv) an increase of $164.4 million related to expenses incurred associated with our cost savings program; and (v) an increase of $38.8 million for various other items.

Supplemental Disclosure Regarding Non-GAAP Financial Information

Operating Income (Loss) before Depreciation and Amortization (D&A), Non-cash Compensation Expense and Other Operating Income – Net (OIBDAN)

The following tables set forth the Company’s OIBDAN for the three months and years ended December 31, 2009 and 2008. The Company defines OIBDAN as consolidated net income (loss) adjusted to exclude non-cash compensation expense and the following line items presented in its Statement of Operations: Income (loss) from discontinued operations; Income tax benefit (expense); Other income (expense) - net; Equity in earnings (loss) of nonconsolidated affiliates; Gain (loss) on marketable securities; Interest expense; Other operating income (expense) – net; D&A; Impairment charge; and Merger expenses.

The Company uses OIBDAN, among other things, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. This measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between profitability and cash flows from operating activities. It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management. It helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures, stock option structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with operating income and net income (loss), the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.

In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets, principally the Euro area, the United Kingdom and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the 2009 actual foreign revenues and expenses at average 2008 foreign exchange rates) allows for comparison of operations independent of foreign exchange movements.

As required by the SEC, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) OIBDAN for each segment to consolidated operating income; (ii) Revenue excluding foreign exchange effects to revenue; (iii) Expense excluding foreign exchange effects to expenses; (iv) Expense excluding non-cash compensation expense to expenses; and (v) OIBDAN to net income.

Reconciliation of OIBDAN for each segment to Consolidated Operating Income (Loss)

(In thousands)	Operating income (loss)			Non-cash compensation expense		Depreciation and amortization		Other operating income (expense) – net, merger expenses and impairment charge			OIBDAN
Three Months Ended December 31, 2009
Radio Broadcasting	$	178,271		$	2,068	$	63,416	$	—		$	243,755
Americas Outdoor		66,676			2,006		51,668		—			120,350
International Outdoor		(6,359	)		606		60,210		—			54,457
Other		(2,263	)		—		13,961		—			11,698
Impairment		(77,672	)		—		—		77,672			—
Other operating expense – net		(17,830	)		—		—		17,830			—
Corporate and other		(78,744	)		6,584		2,225		—			(69,935	)
Consolidated	$	62,079		$	11,264	$	191,480	$	95,502		$	360,325
Three Months Ended December 31, 2008
Radio Broadcasting	$	128,407		$	2,101	$	73,295	$	—		$	203,803
Americas Outdoor		47,731			1,776		52,394		—			101,901
International Outdoor		(32,194	)		458		91,304		—			59,568
Other		(8,113	)		68		16,056		—			8,011
Impairment charge		(5,268,858	)		—		—		5,268,858			—
Other operating income – net		12,363			—		—		(12,363	)		—
Merger costs		(68,085	)		—		—		68,085			—
Corporate and other		(75,733	)		4,969		6,852		—			(63,912	)
Consolidated	$	(5,264,482	)	$	9,372	$	239,901	$	5,324,580		$	309,371
Year Ended December 31, 2009
Radio Broadcasting	$	639,854		$	8,276	$	261,246	$	—		$	909,376
Americas Outdoor		217,617			7,977		210,280		—			435,874
International Outdoor		(68,727	)		2,412		229,367		—			163,052
Other		(43,963	)		—		56,379		—			12,416
Impairment		(4,118,924	)		—		—		4,118,924			—
Other operating expense – net		(50,837	)		—		—		50,837			—
Corporate and other		(262,166	)		21,121		8,202		—			(232,843	)
Consolidated	$	(3,687,146	)	$	39,786	$	765,474	$	4,169,761		$	1,287,875
Year Ended December 31, 2008
Radio Broadcasting	$	979,121		$	37,785	$	152,822	$	—		$	1,169,728
Americas Outdoor		322,210			8,465		207,633		—			538,308
International Outdoor		6,221			2,167		264,717		—			273,105
Other		(31,419	)		1,276		53,688		—			23,545
Impairment charge		(5,268,858	)		—		—		5,268,858			—
Other operating income – net		28,032			—		—		(28,032	)		—
Merger costs		(155,769	)		—		—		155,769			—
Corporate and other		(245,915	)		28,941		17,970		—			(199,004	)
Consolidated	$	(4,366,377	)	$	78,634	$	696,830	$	5,396,595		$	1,805,682

Reconciliation of Revenue excluding Foreign Exchange Effects to Revenue

(In thousands)	Three Months Ended December 31,					% Change		Year Ended December 31,				% Change
	2009			2008				2009		2008
Consolidated Revenue	$	1,512,084		$	1,608,805	(6	)%	$	5,551,909	$	6,688,683	(17	)%
Excluding: Foreign exchange (increase) decrease		(27,442	)		—				124,886		—
Revenue excluding effects of foreign exchange	$	1,484,642		$	1,608,805	(8	)%	$	5,676,795	$	6,688,683	(15	)%
Americas Outdoor revenue	$	339,894		$	342,188	(1	)%	$	1,238,171	$	1,430,258	(13	)%
Excluding: Foreign exchange (increase) decrease		(243	)		—				6,377		—
Americas Outdoor revenue excluding effects of foreign exchange	$	339,651		$	342,188	(1	)%	$	1,244,548	$	1,430,258	(13	)%
International Outdoor revenue	$	423,175		$	443,337	(5	)%	$	1,459,853	$	1,859,029	(21	)%
Excluding: Foreign exchange (increase) decrease		(27,199	)		—				118,509		—
International Outdoor revenue excluding effects of foreign exchange	$	395,976		$	443,337	(11	)%	$	1,578,362	$	1,859,029	(15	)%

Reconciliation of Expense (Direct Operating and SG&A Expenses)

excluding Foreign Exchange Effects to Expense

(In thousands)	Three Months Ended December 31,					% Change		Year Ended December 31,				% Change
	2009			2008				2009		2008
Consolidated expense	$	1,086,504		$	1,239,925	(12	)%	$	4,049,856	$	4,733,690	(14	)%
Excluding: Foreign exchange (increase) decrease		(24,533	)		—				114,155		—
Consolidated expense excluding effects of foreign exchange	$	1,061,971		$	1,239,925	(14	)%	$	4,164,011	$	4,733,690	(12	)%
Americas Outdoor expense	$	221,550		$	242,063	(8	)%	$	810,274	$	900,415	(10	)%
Excluding: Foreign exchange (increase) decrease		(253	)		—				4,850		—
Americas Outdoor expense excluding effects of foreign exchange	$	221,297		$	242,063	(9	)%	$	815,124	$	900,415	(9	)%
International Outdoor expense	$	369,324		$	384,227	(4	)%	$	1,299,213	$	1,588,091	(18	)%
Excluding: Foreign exchange (increase) decrease		(24,280	)		—				109,305		—
International Outdoor expense excluding effects of foreign exchange	$	345,044		$	384,227	(10	)%	$	1,408,518	$	1,588,091	(11	)%

Reconciliation of Expense (Direct Operating and SG&A Expenses excluding Non-cash compensation expense to Expense)

(In thousands)	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
	2009			2008					2009			2008
Radio Broadcasting	$	470,296		$	587,135		(20	)%	$	1,835,304		$	2,161,931		(15	)%
Less: Non-cash compensation expense		(2,068	)		(2,101	)				(8,276	)		(37,785	)
		468,228			585,034		(20	)%		1,827,028			2,124,146		(14	)%
Americas Outdoor		221,550			242,063		(8	)%		810,274			900,415		(10	)%
Less: Non-cash compensation expense		(2,006	)		(1,776	)				(7,977	)		(8,465	)
		219,544			240,287		(9	)%		802,297			891,950		(10	)%
International Outdoor		369,324			384,227		(4	)%		1,299,213			1,588,091		(18	)%
Less: Non-cash compensation expense		(606	)		(458	)				(2,412	)		(2,167	)
		368,718			383,769		(4	)%		1,296,801			1,585,924		(18	)%
Other		46,962			51,442		(9	)%		188,051			187,696		—
Less: Non-cash compensation expense		—			(68	)				—			(1,276	)
		46,962			51,374		(9	)%		188,051			186,420		1	%
Eliminations		(21,628	)		(24,942	)				(82,986	)		(104,443	)
Plus: Non-cash compensation expense		4,680			4,403					18,665			49,693
Consolidated divisional operating expenses	$	1,086,504		$	1,239,925		(12	)%	$	4,049,856		$	4,733,690		(14	)%

Reconciliation of OIBDAN to Net income

(In thousands)	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
	2009			2008					2009			2008
OIBDAN	$	360,325		$	309,371		16	%	$	1,287,875		$	1,805,682		(29	)%
Non-cash compensation expense		11,264			9,372					39,786			78,634
Depreciation and amortization		191,480			239,901					765,474			696,830
Merger costs		—			68,085					—			155,769
Impairment charge		77,672			5,268,858					4,118,924			5,268,858
Other operating income (expense) – net		(17,830	)		12,363					(50,837	)		28,032
Operating income		62,079			(5,264,482	)				(3,687,146	)		(4,366,377	)
Interest expense		359,874			434,289					1,500,866			928,978
Gain (loss) on marketable securities		7			(116,552	)				(13,371	)		(82,290	)
Equity in earnings (loss) of nonconsolidated affiliates		(8	)		3,707					(20,689	)		100,019
Other income (expense) – net		29,985			142,419					679,716			126,393
Loss before income taxes and discontinued operations		(267,811	)		(5,669,197	)				(4,542,356	)		(5,151,233	)
Income tax (expense) benefit:
Current		118,895			38,512					76,129			49,449
Deferred		298,583			624,902					417,191			474,591
Income tax benefit (expense)		417,478			663,414					493,320			524,040
Income (loss) before discontinued operations		149,667			(5,005,783	)				(4,049,036	)		(4,627,193	)
Income (loss) from discontinued operations		—			(832	)				—			638,391
Consolidated net income (loss)		149,667			(5,006,615	)				(4,049,036	)		(3,988,802	)
Amount attributable to noncontrolling interest		2,277			(9,349	)				(14,950	)		16,671
Net Income (loss) attributable to the Company	$	147,390		$	(4,997,266	)			$	(4,034,086	)	$	(4,005,473	)

About CC Media Holdings, Inc.

CC Media Holdings, the parent company of Clear Channel Communications, is a global media and entertainment company specializing in mobile and on-demand entertainment and information services for local communities and premier opportunities for advertisers. The company’s businesses include radio and outdoor displays.

For further information contact: Lisa Dollinger, Chief Communications Officer, (210) 832-3474, or visit the Company’s web site at www.clearchannel.com.

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 CC Media Holdings and its subsidiaries, including Clear Channel Communications, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates” and “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements.

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in business, political and economic conditions in the U.S. and in other countries in which the Company currently does business (both general and relative to the advertising industry); fluctuations in interest rates; changes in operating performance; shifts in population and other demographics; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in governmental regulations and policies and actions of regulatory bodies; fluctuations in exchange rates and currency values; changes in tax rates; and changes in capital expenditure requirements; access to capital markets and changes in credit ratings. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this document. Other key risks are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of CC Media Holdings’ Annual Report on Form 10-K for the period ended December 31, 2008. Except as otherwise stated in this release, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

EX-99.2

Exhibit 99.2

Clear Channel Outdoor Reports Fourth Quarter and Full Year 2009

Results

San Antonio, Texas March 11, 2010 Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported results for the fourth quarter and year ended December 31, 2009.

Clear Channel Outdoor reported revenues of $2.7 billion for 2009, a decrease of 18%, as compared to 2008. In 2009, revenues in the outdoor and overall advertising industries decreased as a result of the global economic downturn. During 2009, the Company undertook a restructuring program to maximize efficiency and realign expenses with its current and long-term business outlook.

Mark Mays, CEO of Clear Channel Outdoor, commented: “During the global recession, we have focused on investing in our digital assets, strengthening our management team and improving the effectiveness of our sales functions, while aggressively realigning our cost structure. These efforts have put us in a solid position to execute our plan as an economic rebound takes hold.”

Clear Channel Outdoor reported a 3% decrease in revenues with a 6% decrease in operating expenses for the fourth quarter of 2009 as compared to the fourth quarter of 2008. Mark Mays further noted: “Our fourth quarter results reflect a recovering advertising climate across many of our markets, as well as the positive impact of our cost restructuring initiatives. We achieved a significant gain in operating profitability during the quarter, capitalizing on improved revenue trends and a more efficient operating structure. As we look to 2010, we remain focused on driving innovation across our worldwide platform, maximizing our revenues and fully capitalizing on the operating leverage in our business model.”

Fourth Quarter 2009 Results

The Company reported revenues of $763.1 million in the fourth quarter of 2009, a 3% decrease from the $785.5 million reported for the fourth quarter of 2008, and excluding the effects of movements in foreign exchange rates, the revenue decline would have been 6%.¹

Clear Channel Outdoor’s operating expenses decreased 6%, to $590.9 million for the fourth quarter of 2009 compared to 2008; the decline in expenses would have been 10% excluding the effects of movements in foreign exchange rates. ¹ Also included in the Company’s direct operating expenses, SG&A expenses and corporate expenses for the fourth quarter of 2009 are $29.6 million of restructuring charges and approximately $3.7 million of non-cash compensation expense.

Clear Channel Outdoor’s consolidated net loss was $57.8 million or $0.18 per diluted share, respectively, during the fourth quarter of 2009. This compares to a net loss of $3.0 billion, or $8.53 per diluted share, for the fourth quarter of 2008.

The Company’s OIBDAN was $156.1 million for the fourth quarter of 2009, an 11% increase from the fourth quarter of 2008. The Company defines OIBDAN, a non-GAAP financial measure, as Operating income before Depreciation and amortization, Non-cash compensation expense, Impairment charges and Other operating income (expense) – net.

Full Year 2009 Results

For the full year, Clear Channel Outdoor reported revenues of $2.7 billion, a decrease of 18% when compared to revenues of $3.3 billion in 2008. Excluding the effects of movements in foreign exchange rates, revenue would have declined 14%.¹

Clear Channel Outdoor’s operating expenses decreased 15% from 2008 to $2.1 billion during 2009. The decline in expenses would have been 11% excluding the effects of movements in foreign exchange rates.¹ Also included in the Company’s direct operating expenses, SG&A expenses and corporate expenses for 2009 are $53.2 million of restructuring charges and approximately $12.1 million of non-cash compensation expense.

The Company’s consolidated net loss and diluted loss per share were $872.5 million and $2.46, respectively, during 2009, as compared to net loss and diluted loss per share of $2.9 billion and $8.03, respectively, during 2008.

Clear Channel Outdoor’s OIBDAN was $535.4 million for 2009, a 28% decrease from 2008.

Revenue, Operating Expenses and OIBDAN by Segment

The discussion of the Company’s 2008 results in this release is presented on a combined basis for the periods in 2008 before and after the merger of one of the Company’s indirect parent companies, Clear Channel Communications, Inc., with a subsidiary of CC Media Holdings, Inc. The 2008 pre-merger and post-merger results are presented below in Table 1, but are not discussed separately in this release. The Company believes that the discussion on a combined basis is more meaningful as it allows the results of the operations to be analyzed and compared to comparable periods in 2009.

The Company’s operating expenses include Direct operating expenses and Selling, general and administrative expenses but exclude non-cash compensation expense associated with the Company’s stock option grants.

(In thousands)	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
	2009			2008					2009			2008
Revenue
Americas	$	339,894		$	342,188		(1	)%	$	1,238,171		$	1,430,258		(13	)%
International		423,175			443,337		(5	)%		1,459,853			1,859,029		(21	)%
Consolidated revenue	$	763,069		$	785,525		(3	)%	$	2,698,024		$	3,289,287		(18	)%
Operating Expenses1
Americas	$	219,544		$	240,287		(9	)%	$	802,297		$	891,950		(10	)%
International		368,718			383,769		(4	)%		1,296,801			1,585,924		(18	)%
Consolidated operating expenses	$	588,262		$	624,056		(6	)%	$	2,099,098		$	2,477,874		(15	)%
OIBDAN1
Americas	$	120,350		$	101,901		18	%	$	435,874		$	538,308		(19	)%
International		54,457			59,568		(9	)%		163,052			273,105		(40	)%
Corporate		(18,697	)		(20,230	)				(63,532	)		(70,088	)
Consolidated OIBDAN	$	156,110		$	141,239		11	%	$	535,394		$	741,325		(28	)%

¹ See reconciliations of revenue and operating and corporate expenses excluding the effects of foreign exchange and excluding non-cash compensation expense to revenue, direct operating expenses, SG&A and corporate expenses and the reconciliation of OIBDAN to net income at the end of this press release.

The Company’s revenue and direct operating and SG&A expenses increased approximately $27.4 million and $24.5 million, respectively, due to the effects of foreign exchange movements during the fourth quarter of 2009 as compared to the same period of 2008. The Company’s 2009 revenue and direct operating and SG&A expenses decreased approximately $124.9 million and $114.2 million, respectively, due to the effects of foreign exchange movements as compared to 2008.

In 2008 and 2009, the global economic downturn adversely affected advertising revenues across the Company’s businesses. In the fourth quarter of 2008, the Company initiated an ongoing, company-wide strategic review of its costs and organizational structure to identify opportunities to maximize efficiency and realign expenses with the Company’s current and long-term business outlook. As of December 31, 2009, the Company incurred a total of $88.7 million of costs in conjunction with the restructuring program. The Company estimates that the benefit of the restructuring program was an approximate $170.6 million aggregate reduction to fixed operating and corporate expenses in 2009 and that the benefit of these initiatives will be fully realized by 2011.

No assurance can be given that the restructuring program will achieve all of the anticipated cost savings in the timeframe expected or at all, or that the cost savings will be sustainable. In addition, the Company may modify or terminate the restructuring program in response to economic conditions or otherwise.

Americas

The Company’s Americas revenue decreased approximately $192.1 million during 2009 compared to 2008. The decrease resulted primarily from declines in bulletin, poster and transit revenues due to cancellations and non-renewals from larger national advertisers as a result of the overall weakness in advertising and the economy. The decline in bulletin, poster and transit revenues was also impacted by a decline in rate compared to 2008.

Direct operating and SG&A expenses decreased $90.1 million during 2009 compared to 2008, primarily from a $25.3 million decrease in site-lease expenses associated with cost savings from the Company’s restructuring program, as well as a decline in variable expenses related to revenues. A $26.0 million decline in commissions associated with a decline in revenues and cost savings and a $16.2 million decline in bad debt expense as a result of accounts collected and an improvement in the aging of the Company’s accounts receivable in 2009 also contributed to the decrease.

• Digital Displays

As of December 31, 2009, the Company had deployed 457 digital displays in 33 U.S. markets. This includes approximately 120 digital displays that were rolled out during 2009.

International

The Company’s International revenue decreased approximately $399.2 million in 2009 compared to 2008, with approximately $118.5 million from movements in foreign exchange rates. The revenue decline occurred across most countries, with the most significant decline in France of $75.5 million due to weak advertising demand. Other countries with significant declines included the U.K. and Italy, which declined $30.4 million and $28.3 million, respectively, due to weak advertising markets.

Direct operating and SG&A expenses decreased $288.9 million during 2009 compared to 2008, including a decrease of approximately $109.3 million from movements in foreign exchange. In addition, cost savings from the restructuring program and the decline in revenue resulted in a decrease of $146.4 million in site lease expenses, $34.3 million in compensation expense and $25.8 million in administrative expenses.

Conference Call

The Company will host a teleconference to discuss results today at 5:00 p.m. Eastern Time. The conference call number is 866-254-5934 and the pass code is 148441. Please call ten minutes in advance to ensure that you are connected prior to the presentation. The teleconference will also be available via a live audio cast on the investor section of the Clear Channel website, located at www.clearchannel.com/Investors/. A replay of the call will be available after the live conference call, beginning at 7:00 p.m. Eastern Time, for a period of one week. The replay numbers are 800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the pass code is 148441. The audio cast will also be archived on the website and will be available beginning 24 hours after the call for a period of one week.

TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc. and Subsidiaries

The discussion in this release is presented on a combined basis of the pre-merger and post-merger periods for 2008. The 2008 combined post-merger and pre-merger results are presented below, but are not discussed separately. The Company believes that the discussion on a combined basis is more meaningful as it allows the results of operations to be analyzed to comparable periods in 2009. See reconciliation of combined results below.

	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
(In thousands, except per share data)	2009 Post-Merger			2008 Post-Merger					2009 Post-Merger			2008 Combined
Revenue	$	763,069		$	785,525		(3	)%	$	2,698,024		$	3,289,287		(18	)%
Direct operating expenses		454,400			457,941					1,625,083			1,882,136
Selling, general and administrative expenses		136,474			168,349					484,404			606,370
Corporate expenses		19,801			20,450					65,247			71,045
Depreciation and amortization		111,878			143,698					439,647			472,350
Impairment charge		78,347			3,217,649					890,737			3,217,649
Other operating income (expense) – net		(18,356	)		3,342					(8,231	)		15,848
Operating income		(56,187	)		(3,219,220	)				(815,325	)		(2,944,415	)
Interest expense - net		39,561			43,223					154,195			161,650
Loss on marketable securities		—			59,842					11,315			59,842
Equity in earnings (loss) of nonconsolidated affiliates		(5,348	)		(1,162	)				(31,442	)		68,733
Other income (expense) – net		(4,080	)		13,091					(9,368	)		25,479
Income (loss) before income taxes		(105,176	)		(3,310,356	)				(1,021,645	)		(3,071,695	)
Income tax benefit (expense):
Current		42,944			8,077					16,769			(27,126	)
Deferred		4,464			268,932					132,341			247,445
Income tax expense		47,408			277,009					149,110			220,319
Consolidated net income (loss)		(57,768	)		(3,033,347	)				(872,535	)		(2,851,376	)
Amount attributable to noncontrolling interest		(933	)		(3,896	)				(4,346	)		(293	)
Net income (loss) attributable to the Company	$	(56,835	)	$	(3,029,451	)			$	(868,189	)	$	(2,851,083	)
Diluted net earnings (loss) per share	$	(0.18	)	$	(8.53	)			$	(2.46	)	$	(8.03	)
Weighted average shares outstanding – Diluted		355,416			355,318					355,377			355,233

	Post-Merger			Pre-Merger			Combined
(In thousands, except per share data)	Period from July 31 through December 31,			Period from January 1 through July 30,			Year Ended December 31,
	2008			2008			2008
Revenue	$	1,327,224		$	1,962,063		$	3,289,287
Operating expenses:
Direct operating expenses		762,704			1,119,432			1,882,136
Selling, general and administrative expenses		261,524			344,846			606,370
Depreciation and amortization		224,713			247,637			472,350
Corporate expenses		31,681			39,364			71,045
Impairment charge		3,217,649			—			3,217,649
Other operating income— net		4,870			10,978			15,848
Operating income		(3,166,177	)		221,762			(2,944,415	)
Interest expense - net		72,863			88,787			161,650
Loss on marketable securities		59,842			—			59,842
Equity in earnings (loss) of nonconsolidated affiliates		(2,109	)		70,842			68,733
Other income — net		12,114			13,365			25,479
Income before income taxes		(3,288,877	)		217,182			(3,071,695	)
Income tax (expense) benefit:
Current		3,045			(30,171	)		(27,126	)
Deferred		268,850			(21,405	)		247,445
Income tax (expense) benefit		271,895			(51,576	)		220,319
Consolidated net income (loss)		(3,016,982	)		165,606			(2,851,376	)
Amount attributable to noncontrolling interest		1,655			(1,948	)		(293	)
Net income (loss) attributable to the Company	$	(3,018,637	)	$	167,554		$	(2,851,083	)
Diluted net earnings (loss) per share	$	(8.50	)	$	0.47		$	(8.03	)
Weighted average shares outstanding – Diluted		355,308			355,741			355,233

The information in Table 1 is presented for two periods: post-merger and pre-merger. One of the Company’s indirect parent companies, Clear Channel Communications, Inc., consummated its merger with a wholly-owned subsidiary of CC Media Holdings, Inc. on July 30, 2008. Purchase accounting adjustments were pushed down to the opening balance sheet of the Company on July 31, 2008 as the merger occurred at the close of business on July 30, 2008 and the results of operations subsequent to this date reflect the impact of the new basis of accounting. The financial reporting periods are presented as follows:

• The three and twelve month periods ended December 31, 2009 and the period from July 31 through December 31, 2008 reflect the Company’s post-merger period, including the purchase accounting adjustments related to the merger that were pushed down to the Company.

• The period from January 1 through July 30, 2008 reflect the Company’s pre-merger period. The consolidated financial statements for all pre-merger periods were prepared using the historical basis of accounting for Clear Channel Communications. As a result of the merger and the associated purchase accounting, the consolidated financial statements of the post-merger periods are not comparable to periods preceding the merger.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for 2009 and 2008 was:

(In millions)	December 31, 2009		December 31, 2008
Cash	$	609.4	$	94.8
Total Current Assets	$	1,640.5	$	1,554.7
Net Property, Plant and Equipment	$	2,440.6	$	2,586.7
Due from Clear Channel Communications	$	123.3	$	431.6
Total Assets	$	7,192.4	$	8,050.8
Current Liabilities (excluding current portion of long-term debt)	$	724.0	$	722.3
Long-Term Debt (including current portion of long-term debt)	$	2,608.9	$	101.9
Debt with Clear Channel Communications	$	—	$	2,500.0
Shareholders’ Equity	$	2,761.4	$	3,543.8

TABLE 3 - Capital Expenditures

Capital expenditures for the full year of 2009 and 2008 were:

(In millions)	December 31, 2009		December 31, 2008
Non-revenue producing	$	47.2	$	85.4
Revenue producing		128.8		272.9
Total capital expenditures	$	176.0	$	358.3

The Company defines non-revenue producing capital expenditures as those expenditures that are required on a recurring basis. Revenue producing capital expenditures are discretionary capital investments for new revenue streams, similar to an acquisition.

TABLE 4 - Restructuring Costs

The Company incurred the following costs, included in Direct operating, SG&A and Corporate expenses, in conjunction with its restructuring program:

(In millions)	Three Months Ended December 31,				Year Ended December 31,
	2009		2008		2009		2008
Americas	$	2.0	$	7.4	$	10.0	$	7.4
International		26.5		26.6		38.4		26.6
Corporate		1.1		1.5		4.8		1.5
Total	$	29.6	$	35.5	$	53.2	$	35.5

TABLE 5 - Total Debt

At December 31, 2009, Clear Channel Outdoor had total debt of:

(In millions)	December 31, 2009
Bank Credit Facility	$	30.0
Clear Channel Worldwide Holdings Senior Notes:
9.25% Series A Senior Notes Due 2017		500.0
9.25% Series B Senior Notes Due 2017		2,000.0
Other Debt		78.9
Total		2,608.9
Cash		609.4
Net Debt	$	1,999.5

The current portion of long-term debt, which is included in Other Debt, was $47.1 million as of December 31, 2009.

In December 2009, the Company’s wholly-owned subsidiary Clear Channel Worldwide Holdings, Inc., issued $500.0 million aggregate principal amount of Series A Senior Notes due 2017 and $2.0 billion aggregate principal amount of Series B Senior Notes due 2017. The Notes are guaranteed by the Company, Clear Channel Outdoor, Inc., the Company’s wholly-owned subsidiary, and certain other existing domestic subsidiaries of the Company.

The Notes are senior unsecured obligations that rank pari passu in right of payment to all unsubordinated indebtedness of Clear Channel Worldwide Holdings, Inc. and the guarantees of the Notes will rank pari passu in right of payment to all unsubordinated indebtedness of the guarantors there under.

Liquidity and Financial Position

For the year ended December 31, 2009, cash flow from operating activities was $441.2 million, cash flow used by investing activities was $162.9 million, cash flow provided by financing activities was $231.7 million, and the effect of exchange rate changes on cash was $4.6 million for a net increase in cash of $514.6 million.

The Clear Channel Worldwide Holdings, Inc. Notes indenture restricts the Company’s ability to incur additional indebtedness and pay dividends based on an incurrence test. In order to incur additional indebtedness, the Company’s debt to adjusted EBITDA ratios (as defined by the indenture) must be lower than 6.5:1 and 3.25:1 for total debt and senior debt, respectively. Similarly, in order for the Company to pay dividends from the proceeds of indebtedness or the proceeds from asset sales, the Company’s debt to adjusted EBITDA ratios (as defined by the indenture) must be lower than 6.0:1 and 3.0:1 for total debt and senior debt, respectively. If these ratios are not met, the Company has certain exceptions that allow the Company to incur additional indebtedness and pay dividends, such as a $500 million exception for the payment of dividends.

Consolidated leverage, defined as total debt divided by the trailing 12-month EBITDA was 3.8:1 at December 31, 2009, and senior leverage, defined as senior debt divided by the trailing twelve month EBITDA was also 3.8:1 at December 31, 2009. The Company’s adjusted EBITDA of $684 million is calculated as the trailing twelve months operating income before depreciation and amortization, impairment charge, other operating income – net, plus non-cash compensation, and is further adjusted for certain items, including: (i) an increase for expected cost savings (limited to $58.8 million in any twelve month period) of $53.0 million; (ii) an increase of $20.7 million for non-cash items; (iii) an increase of $53.2 million related to expenses incurred associated with our cost savings program; and (iv) an increase of $21.8 million for various other items.

Supplemental Disclosure Regarding Non-GAAP Financial Information

Operating Income (Loss) before Depreciation and Amortization (D&A), Non-cash Compensation Expense and Other Operating Income - Net (OIBDAN)

The following tables set forth Clear Channel Outdoor’s OIBDAN for the three and twelve months ended December 31, 2009 and 2008. The Company defines OIBDAN as consolidated net income (loss) adjusted to exclude non-cash compensation expense and the following line items presented in its Statement of Operations: Income tax benefit (expense); Other income (expense) – net; Equity in earnings (loss) of nonconsolidated affiliates; Loss on marketable securities; Interest expense; Other operating income (expense) – net; D&A; and Impairment Charge.

The Company uses OIBDAN, among other things, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. This measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between profitability and cash flows from operating activities. It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management. The Company believes it helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures, stock option structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with operating income and net income (loss), the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions that are excluded.

In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets, principally the Euro area, the United Kingdom and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the 2009 actual foreign revenues and expenses at average 2008 foreign exchange rates) allows for comparison of operations independent of foreign exchange movements.

As required by the SEC, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including: (i) OIBDAN for each segment to consolidated operating income; (ii) Revenue excluding foreign exchange effects to revenue; (iii) Expense excluding foreign exchange effects to expense; (iv) Expense excluding non-cash compensation expense to expenses and (v) OIBDAN to net income.

Reconciliation of OIBDAN for each segment to Consolidated Operating Income (Loss)

(In thousands)	Operating Income (loss)			Non-cash compensation expense		Depreciation and amortization		Other operating income (expense) – net and Impairment charge			OIBDAN
Three Months Ended December 31, 2009
Americas	$	66,676		$	2,006	$	51,668	$	—		$	120,350
International		(6,359	)		606		60,210		—			54,457
Corporate		(19,801	)		1,104		—		—			(18,697	)
Impairment charge		(78,347	)		—		—		78,347			—
Other operating income (expense) – net		(18,356	)		—		—		18,356			—
Consolidated	$	(56,187	)	$	3,716	$	111,878	$	96,703		$	156,110
Three Months Ended December 31, 2008
Americas	$	47,731		$	1,776	$	52,394	$	—		$	101,901
International		(32,194	)		458		91,304		—			59,568
Corporate		(20,450	)		220		—		—			(20,230	)
Impairment charge		(3,217,649	)		—		—		3,217,649			—
Other operating income – net		3,342			—		—		(3,342	)		—
Consolidated	$	(3,219,220	)	$	2,454	$	143,698	$	3,214,307		$	141,239
Year Ended December 31, 2009
Americas	$	217,617		$	7,977	$	210,280	$	—		$	435,874
International		(68,727	)		2,412		229,367		—			163,052
Corporate		(65,247	)		1,715		—		—			(63,532	)
Impairment charge		(890,737	)		—		—		890,737			—
Other operating income (expense) – net		(8,231	)		—		—		8,231			—
Consolidated	$	(815,325	)	$	12,104	$	439,647	$	898,968		$	535,394
Year Ended December 31, 2008
Americas	$	322,210		$	8,465	$	207,633	$	—		$	538,308
International		6,221			2,167		264,717		—			273,105
Corporate		(71,045	)		957		—		—			(70,088	)
Impairment charge		(3,217,649	)		—		—		3,217,649			—
Other operating income – net		15,848			—		—		(15,848	)		—
Consolidated	$	(2,944,415	)	$	11,589	$	472,350	$	3,201,801		$	741,325

Reconciliation of Revenue excluding Foreign Exchange Effects to Revenue

(In thousands)	Three Months Ended December 31,						%		Year Ended December 31,						%
	2009			2008			Change		2009			2008			Change
Revenue	$	763,069		$	785,525		(3	)%	$	2,698,024		$	3,289,287		(18	)%
Excluding: Foreign exchange decrease (increase)		(27,442	)		—					124,886			—
Revenue excluding effects of foreign exchange	$	735,627		$	785,525		(6	)%	$	2,822,910		$	3,289,287		(14	)%
International revenue	$	423,175		$	443,337		(5	)%	$	1,459,853		$	1,859,029		(21	)%
Excluding: Foreign exchange decrease (increase)		(27,199	)		—					118,509			—
International revenue excluding effects of foreign exchange	$	395,976		$	443,337		(11	)%	$	1,578,362		$	1,859,029		(15	)%
Reconciliation of Expense (Direct Operating and SG&A Expenses) Excluding Foreign Exchange Effects to Expense
(In thousands)	Three Months Ended December 31,						%		Year Ended December 31,						%
	2009			2008			Change		2009			2008			Change
Expense	$	590,874		$	626,290		(6	)%	$	2,109,487		$	2,488,506		(15	)%
Excluding: Foreign exchange decrease (increase)		(24,533	)		—					114,155			—
Expense excluding effects of foreign exchange	$	566,341		$	626,290		(10	)%	$	2,223,642		$	2,488,506		(11	)%
International expense	$	369,324		$	384,227		(4	)%	$	1,299,213		$	1,588,091		(18	)%
Excluding: Foreign exchange decrease (increase)		(24,280	)		—					109,305			—
International expense excluding effects of foreign exchange	$	345,044		$	384,227		(10	)%	$	1,408,518		$	1,588,091		(11	)%
Reconciliation of Expense (Direct Operating and SG&A Expenses) Excluding Non-cash compensation expense
(In thousands)	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
	2009			2008					2009			2008
Americas Outdoor		221,550			242,063		(8	)%		810,274			900,415		(10	)%
Less: Non-cash compensation expense		(2,006	)		(1,776	)				(7,977	)		(8,465	)
		219,544			240,287		(9	)%		802,297			891,950		(10	)%
International Outdoor		369,324			384,227		(4	)%		1,299,213			1,588,091		(18	)%
Less: Non-cash compensation expense		(606	)		(458	)				(2,412	)		(2,167	)
		368,718			383,769		(4	)%		1,296,801			1,585,924		(18	)%
Plus: Non-cash compensation expense		2,612			2,234					10,389			10,632
Consolidated divisional operating expenses	$	590,874		$	626,290		(6	)%	$	2,109,487		$	2,488,506		(15	)%

Reconciliation of OIBDAN to Net income

(In thousands)	Three Months Ended December 31,						% Change		Year Ended December 31,						% Change
	2009			2008					2009			2008
OIBDAN	$	156,110		$	141,239		11	%	$	535,394		$	741,325		(28	)%
Non-cash compensation expense		3,716			2,454					12,104			11,589
Depreciation and amortization		111,878			143,698					439,647			472,350
Impairment charge		78,347			3,217,649					890,737			3,217,649
Other operating income (expense) – net		(18,356	)		3,342					(8,231	)		15,848
Operating loss		(56,187	)		(3,219,220	)				(815,325	)		(2,944,415	)
Interest expense		39,561			43,223					154,195			161,650
Loss on marketable securities		—			59,842					11,315			59,842
Equity in earnings (loss) of nonconsolidated affiliates		(5,348	)		(1,162	)				(31,442	)		68,733
Other income (expense) – net		(4,080	)		13,091					(9,368	)		25,479
Loss before income taxes		(105,176	)		(3,310,356	)				(1,021,645	)		(3,071,695	)
Income tax benefit (expense):
Current		42,944			8,077					16,769			(27,126	)
Deferred		4,464			268,932					132,341			247,445
Income tax benefit (expense)		47,408			277,009					149,110			220,319
Consolidated net loss		(57,768	)		(3,033,347	)				(872,535	)		(2,851,376	)
Amount attributable to noncontrolling interest		(933	)		(3,896	)				(4,346	)		(293	)
Net loss attributable to the Company	$	(56,835	)	$	(3,029,451	)			$	(868,189	)	$	(2,851,083	)

About Clear Channel Outdoor Holdings

Clear Channel Outdoor, headquartered in San Antonio, Texas, is a global leader in the outdoor advertising industry providing clients with advertising opportunities through billboards, street furniture displays, transit displays, and other out-of-home advertising displays.

For further information contact: Lisa Dollinger, Chief Communications Officer, (210) 832-3474, or visit the Company’s web site at www.clearchanneloutdoor.com.

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 Clear Channel Outdoor to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates” and “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements.

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in business, political and economic conditions in the U.S. and in other countries in which Clear Channel Outdoor currently does business (both general and relative to the advertising industry);

fluctuations in interest rates; changes in operating performance; shifts in population and other demographics; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in governmental regulations and policies and actions of regulatory bodies; fluctuations in exchange rates and currency values; changes in tax rates; and changes in capital expenditure requirements and access to capital markets. Other unknown or unpredictable factors also could have material adverse effects on Clear Channel Outdoor’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release. Other key risks are described in Clear Channel Outdoor’s reports and other documents filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the period ended December 31, 2008. Except as otherwise stated in this document, Clear Channel Outdoor does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.