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): 5/10/2010

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:

¨ 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 (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Items to be Included in this Report

Item 2.02 Results of Operations and Financial Condition

On May 10, 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 ended March 31, 2010.

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 May 10, 2010.
99.2	Press Release of Clear Channel Outdoor Holdings, Inc. issued May 10, 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: May 10, 2010	By:	/S/ SCOTT D. HAMILTON
		Scott D. Hamilton
		Chief Accounting Officer

Index to Exhibits

99.1	Press Release of CC Media Holdings, Inc. issued May 10, 2010.
99.2	Press Release of Clear Channel Outdoor Holdings, Inc. issued May 10, 2010.

EX-99.1

Exhibit 99.1

CC Media Holdings, Inc. Reports First Quarter 2010 Results

-Revenues increase 5%

-OIBDAN increases 50% with increases across all divisions

San Antonio, Texas May 10, 2010…CC Media Holdings, Inc. (OTCBB: CCMO) today reported results for its first quarter March 31, 2010.

First Quarter 2010 Results

Mark Mays, President and CEO of CC Media Holdings, commented: “The advertising rebound continued in the first quarter, with business trends improving across many of our markets. As our top line returns to growth, we are demonstrating significant improvement in our operating margin due to the positive impact of our restructuring program.”

Mark Mays further noted, “Advertisers are increasingly recognizing the need to target their core audiences as consumer purchasing activity rebounds and brand competition increases. Our global platform is second to none in delivering highly effective and efficient advertising campaigns in the out-of-home media market. As the economic outlook continues to brighten, we believe we can maximize returns from our businesses as a result of the steps we have taken to strengthen our management team, execute our cost restructuring program and strategically build our digital infrastructure. Given our strategic position and evolving market dynamics, we remain optimistic about our outlook in the year ahead.”

CC Media Holdings reported revenues of $1.26 billion in the first quarter of 2010, an increase of 5% from the $1.21 billion reported for the first quarter of 2009, and revenues would have increased 2% excluding the effects of movements in foreign exchange rates.¹

The Company’s operating expenses decreased 5% during the first quarter of 2010 compared to the first quarter of 2009, and would have declined 7% excluding the effects of movements in foreign exchange rates.¹ Also included in the Company’s first quarter 2010 operating and corporate expenses are approximately $19.3 million of restructuring charges related to the Company’s restructuring program and $8.1 million of non-cash compensation expense.

The Company’s consolidated net loss in the first quarter of 2010 decreased to $179.6 million compared to a consolidated net loss of $428.0 million for the same period in 2009.

CC Media Holdings’ OIBDAN (defined as Operating income before Depreciation and amortization, Non-cash compensation expense, and Other operating income (expense) – net) was $260.8 million in the first quarter of 2010, a 50% increase from the first quarter of 2009.¹

Revenue, Operating Expenses, and OIBDAN by Division

(In thousands)	Three Months Ended March 31,						% Change
	2010			2009
Revenue1
Radio Broadcasting	$	623,199		$	603,622		3	%
Americas Outdoor		270,977			270,187		0	%
International Outdoor		337,791			312,029		8	%
Other		52,046			41,798		25	%
Eliminations		(20,235	)		(19,649	)
Consolidated revenue	$	1,263,778		$	1,207,987		5	%
Operating expenses 1,2
Radio Broadcasting	$	429,108		$	465,522		(8	%)
Americas Outdoor		181,755			191,551		(5	%)
International Outdoor		305,855			302,997		1	%
Other		45,778			50,569		(9	%)
Eliminations		(20,235	)		(19,649	)
Consolidated Operating expenses	$	942,261		$	990,990		(5	%)
OIBDAN1
Radio Broadcasting	$	194,091		$	138,100		41	%
Americas Outdoor		89,222			78,636		13	%
International Outdoor		31,936			9,032		254	%
Other		6,268			(8,771	)
Corporate		(60,763	)		(42,759	)
Consolidated OIBDAN	$	260,754		$	174,238		50	%

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 SG&A expenses, but exclude non-cash compensation expenses associated with the Company’s stock option grants and restricted stock awards.

In the fourth quarter of 2008, the Company initiated a 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 March 31, 2010, the Company had incurred a total of $279.6 million of costs in conjunction with this restructuring program. The results of this program were a contributing factor to the overall decline in the Company’s operating expenses which decreased 5% for the first quarter of 2010 compared to 2009 or 7% when excluding the effects of movements in foreign exchange rates.¹

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.

Radio Broadcasting

Radio broadcasting revenue increased $19.6 million during the first quarter of 2010 compared to the same period of 2009, driven primarily by increased national advertising. The increase in national advertising revenue was primarily a result of increased average rates. Increases in national advertising occurred across various markets and advertising categories including retail, automotive, food and beverage, and healthcare.

Operating expenses decreased $36.6 million primarily related to a $12.3 million decline in programming expenses and a $9.9 million decline in compensation expenses. The declines in programming and compensation expenses were primarily a result of cost savings from the Company’s restructuring plan. There was also a decrease of approximately $7.9 million in bad debt expense. During the first quarter of 2009, the Company recorded additional bad debt expense related to specific accounts considered at risk because of the economic environment at the time.

Radio broadcasting OIBDAN for the first quarter of 2010 increased 41% to $194.1 million from $138.1 million for the same period of 2009.

Americas Outdoor Advertising

The Company’s Americas revenues remained flat in the first quarter of 2010 compared to the same period of 2009. During the first quarter of 2010, revenue from posters increased $3.1 million, driven by an increase in occupancy. The Company also saw an increase in airport revenues of approximately $4.8 million as a result of the Vancouver Olympics. Digital displays also contributed to revenue growth. Partially offsetting the increase was a decrease in revenues related to Taxi Media (details regarding Taxi Media’s 2009 quarterly and annual revenues and expenses are provided at the end of the release).

Operating expenses decreased $10.0 million during the first quarter of 2010 compared to the same period of 2009. The decline in operating expenses was a result of the disposition of Taxi Media, partially offset by an increase in site-lease expenses associated with the increase in revenue from posters and airports.

The Company’s Americas OIBDAN for the first quarter of 2010 increased 13% to $89.2 million from $78.6 million for the first quarter of 2009. Excluding the effects of movements in foreign exchange rates¹ , the increase in OIBDAN was also 13%.

International Outdoor Advertising

International outdoor revenue increased approximately $25.8 million during the first quarter of 2010 compared to the same period of 2009, primarily as a result of a $25.1 million increase in foreign exchange. A stronger revenue performance from street furniture across countries as well as increased revenues from billboards in the UK were offset by revenue declines in Belgium, primarily due to a contract for a specific event in 2009, and the exit from businesses in Greece, India and the UK Taxi business.

Operating expenses increased $2.8 million primarily due to a $22.5 million increase from movements in foreign exchange. The Company saw a decline in operating expenses, excluding the impact of foreign currency, primarily as a result of lower site lease expense associated with cost savings from the Company’s restructuring program.

The Company’s International OIBDAN for the first quarter of 2010 increased 254% to $31.9 million from $9.0 million for the first quarter of 2009. Excluding the effects of movements in foreign exchange rates¹, the increase in OIBDAN was 225%.

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 800-260-0702 and the pass code is 155090. The teleconference will also be available via a live audio cast on the investor section of the Clear Channel Outdoor website, located at http://www.clearchanneloutdoor.com/corporate/investor_relations.htm. 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 155090. 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

(In thousands)	Three Months Ended March 31,
	2010			2009
Revenue	$	1,263,778		$	1,207,987
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)		597,347			618,349
Selling, general and administrative expenses (excludes depreciation and amortization)		349,296			377,536
Depreciation and amortization		181,334			175,559
Corporate expenses (excludes depreciation and amortization)		64,496			47,635
Other operating income (expense)—net		3,772			(2,894	)
Operating income (loss)		75,077			(13,986	)
Interest expense		385,795			387,053
Equity in earnings (loss) of nonconsolidated affiliates		1,871			(4,188	)
Other income (expense) – net		58,035			(3,180	)
Loss before income taxes		(250,812	)		(408,407	)
Income tax benefit (expense)		71,185			(19,592	)
Consolidated net loss		(179,627	)		(427,999	)
Amount attributable to noncontrolling interest		(4,213	)		(9,782	)
Net loss attributable to the Company	$	(175,414	)	$	(418,217	)

The Company’s revenue and direct operating and SG&A expenses increased approximately $27.0 million and $23.9 million, respectively, due to the effects of foreign exchange movements during the first quarter of 2010 as compared to the same period of 2009.

TABLE 2—Selected Balance Sheet Information

Selected balance sheet information for March 31, 2010 and December 31, 2009 was:

(In millions)	March 31, 2010			December 31, 2009
Cash	$	1,482.3		$	1,884.0
Total Current Assets	$	3,168.4		$	3,658.8
Net Property, Plant and Equipment	$	3,259.7		$	3,332.4
Total Assets	$	17,400.0		$	18,047.1
Current Liabilities (excluding current portion of long-term debt)	$	1,089.0		$	1,145.4
Long-Term Debt (including current portion of long-term debt)	$	20,376.9		$	20,701.9
Shareholders’ Deficit	$	(7,054.8	)	$	(6,844.7	)

TABLE 3 – Restructuring Program Costs

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

(In millions)	Three Months  Ended March 31,
	2010		2009
Radio Broadcasting	$	12.5	$	12.9
Americas Outdoor		1.1		2.6
International Outdoor		1.7		3.2
Other		1.1		7.1
Corporate		2.9		7.8
Total	$	19.3	$	33.6

TABLE 4 – Total Debt

At March 31, 2010 and December 31, 2009, CC Media Holdings had total debt of:

(in millions)	March  31, 2010			December 31, 2009
Senior Secured Credit Facilities	$	13,941		$	13,928
Other secured debt		6			5
Total Consolidated Secured Debt		13,947			13,933
Senior Cash Pay and Senior Toggle Notes		1,580			1,711
Clear Channel Senior Notes		3,028			3,268
Subsidiary Senior Notes		2,500			2,500
Other long-term debt		70			78
Purchase accounting adjustments and original issue discount		(748	)		(788	)
Total long term debt (including current portion of long-term debt)	$	20,377		$	20,702

Liquidity and Financial Position

For the quarter ended March 31, 2010, cash flow provided by operating activities was $30.2 million, cash flow used for investing activities was $71.7 million, and cash flow used for financing activities was $360.3 million for a net decrease in cash of $401.7 million.

During the first quarter of 2010, Clear Channel Investments, Inc., the Company’s indirect wholly-owned subsidiary, repurchased $185.2 million aggregate principal amount of Clear Channel’s outstanding senior toggle notes through the open market for $125.0 million.

The senior secured credit facilities currently require Clear Channel to comply on a quarterly basis with a financial covenant limiting the ratio of Clear Channel’s consolidated secured debt, net of cash and cash equivalents, to Clear Channel’s consolidated adjusted EBITDA³ for the preceding four quarters. The maximum ratio under this covenant is currently set at 9.5:1. At March 31, 2010, the Company’s ratio was 7.3:1.

³ Clear Channel’s consolidated adjusted EBITDA for the preceding four quarters of $1.7 billion is calculated as operating income for the period 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 million; (ii) an increase of $22.8 million for cash received from nonconsolidated affiliates; (iii) an increase of $42.0 million for non-cash items; (iv) an increase of $150.1 million related to expenses incurred associated with our cost savings program; and (v) an increase of $22.7 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 (Expense) – Net (OIBDAN)

The following tables set forth the Company’s OIBDAN for the three months ended March 31, 2010 and 2009. 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; Interest expense; Other operating income (expense) – net; and D&A.

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 2010 actual foreign revenues and expenses at average 2009 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			OIBDAN
Three Months Ended March 31, 2010
Radio Broadcasting	$	128,410		$	1,749	$	63,932	$	—		$	194,091
Americas Outdoor		37,741			2,030		49,451		—			89,222
International Outdoor		(20,925	)		603		52,258		—			31,936
Other		(7,328	)		—		13,596		—			6,268
Other operating income (expense) – net		3,772			—		—		(3,772	)		—
Corporate		(66,593	)		3,733		2,097		—			(60,763	)
Consolidated	$	75,077		$	8,115	$	181,334	$	(3,772	)	$	260,754
Three Months Ended March 31, 2009
Radio Broadcasting	$	79,269		$	1,999	$	56,832	$	—		$	138,100
Americas Outdoor		29,818			2,168		46,650		—			78,636
International Outdoor		(46,882	)		656		55,258		—			9,032
Other		(23,690	)		72		14,847		—			(8,771	)
Other operating income (expense) – net		(2,894	)		—		—		2,894			—
Corporate		(49,607	)		4,876		1,972		—			(42,759	)
Consolidated	$	(13,986	)	$	9,771	$	175,559	$	2,894		$	174,238

Reconciliation of Revenue excluding Foreign Exchange Effects to Revenue

(In thousands)	Three Months Ended March 31,					% Change
	2010			2009
Consolidated Revenue	$	1,263,778		$	1,207,987	5	%
Excluding: Foreign exchange (increase) decrease		(27,032	)		—
Revenue excluding effects of foreign exchange	$	1,236,746		$	1,207,987	2	%
Americas Outdoor revenue	$	270,977		$	270,187	0	%
Excluding: Foreign exchange (increase) decrease		(1,974	)		—
Americas Outdoor revenue excluding effects of foreign exchange	$	269,003		$	270,187	0	%
International Outdoor revenue	$	337,791		$	312,029	8	%
Excluding: Foreign exchange (increase) decrease		(25,058	)		—
International Outdoor revenue excluding effects of foreign exchange	$	312,733		$	312,029	0	%

Reconciliation of Expense (Direct Operating and SG&A Expenses) excluding Foreign Exchange Effects to Expense

(In thousands)	Three Months Ended March 31,					% Change
	2010			2009
Consolidated expense	$	946,643		$	995,885	(5	%)
Excluding: Foreign exchange (increase) decrease		(23,879	)		—
Consolidated expense excluding effects of foreign exchange	$	922,764		$	995,885	(7	%)
Americas Outdoor expense	$	183,785		$	193,719	(5	%)
Excluding: Foreign exchange (increase) decrease		(1,385	)		—
Americas Outdoor expense excluding effects of foreign exchange	$	182,400		$	193,719	(6	%)
International Outdoor expense	$	306,458		$	303,653	1	%
Excluding: Foreign exchange (increase) decrease		(22,494	)		—
International Outdoor expense excluding effects of foreign exchange	$	283,964		$	303,653	(6	%)

Reconciliation of OIBDAN excluding Foreign Exchange Effects to OIBDAN

(In thousands)	Three Months Ended March 31,					% Change
	2010			2009
Consolidated OIBDAN	$	260,754		$	174,238	50	%
Excluding: Foreign exchange (increase) decrease		(3,153	)		—
Consolidated OIBDAN excluding effects of foreign exchange	$	257,601		$	174,238	48	%
Americas Outdoor OIBDAN	$	89,222		$	78,636	13	%
Excluding: Foreign exchange (increase) decrease		(589	)		—
Americas Outdoor OIBDAN excluding effects of foreign exchange	$	88,633		$	78,636	13	%
International Outdoor OIBDAN	$	31,936		$	9,032	254	%
Excluding: Foreign exchange (increase) decrease		(2,564	)		—
International Outdoor OIBDAN excluding effects of foreign exchange	$	29,372		$	9,032	225	%

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

(In thousands)	Three Months Ended March 31,						% Change
	2010			2009
Radio Broadcasting	$	430,857		$	467,521		(8	%)
Less: Non-cash compensation expense		(1,749	)		(1,999	)
		429,108			465,522		(8	%)
Americas Outdoor		183,785			193,719		(5	%)
Less: Non-cash compensation expense		(2,030	)		(2,168	)
		181,755			191,551		(5	%)
International Outdoor		306,458			303,653		1	%
Less: Non-cash compensation expense		(603	)		(656	)
		305,855			302,997		1	%
Other		45,778			50,641		(10	%)
Less: Non-cash compensation expense		—			(72	)
		45,778			50,569		(9	%)
Eliminations		(20,235	)		(19,649	)
Plus: Non-cash compensation expense		4,382			4,895
Consolidated divisional operating expenses	$	946,643		$	995,885		(5	%)

Reconciliation of OIBDAN to Net income

(In thousands)	Three Months Ended March 31,						% Change
	2010			2009
OIBDAN	$	260,754		$	174,238		50	%
Non-cash compensation expense		8,115			9,771
Depreciation and amortization		181,334			175,559
Other operating income (expense) – net		3,772			(2,894	)
Operating income (expense)		75,077			(13,986	)
Interest expense		385,795			387,053
Equity in earnings (loss) of nonconsolidated affiliates		1,871			(4,188	)
Other income (expense) – net		58,035			(3,180	)
Loss before income taxes		(250,812	)		(408,407	)
Income tax benefit (expense)		71,185			(19,592	)
Consolidated net loss		(179,627	)		(427,999	)
Amount attributable to noncontrolling interest		(4,213	)		(9,782	)
Net loss attributable to the Company	$	(175,414	)	$	(418,217	)

Disposition of Taxi Business

On December 31, 2009, the Company disposed of Clear Channel Taxi Media, LLC (“Taxis”), its taxi advertising business. 2009 quarterly revenues, Direct operating expenses and SG&A expenses associated with the divested business are provided below.

(in millions)	Three  Months Ending 3/31/09		Three  Months Ending 6/30/09		Three  Months Ending 9/30/09		Three  Months Ending 12/31/09		Full  Year 2009
Revenues	$	8.9	$	10.8	$	9.8	$	12.0	$	41.5
Direct Oper. Expenses	$	9.6	$	10.3	$	9.6	$	10.3	$	39.8
SG&A Expenses	$	2.6	$	2.7	$	2.4	$	2.8	$	10.5

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, 2009. 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 First Quarter 2010 Results

-Revenues increase 5%

-OIBDAN increases 36%

San Antonio, Texas May 10, 2010 Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported results for the first quarter ended March 31, 2010.

First Quarter 2010 Results

“Our first quarter results reflect the market leadership of our asset base in an improving advertising environment, as well as the positive impact of our restructuring initiatives,” said Mark Mays, CEO of Clear Channel Outdoor. “The full effect of the recovering ad market on our top line was offset in part by our divestiture of non-strategic and less profitable assets, which impacted our results in the prior year’s first quarter. Our restructuring plan is producing tangible results, as evidenced by the decrease to our cost structure and the subsequent improvement in our profit margins.”

Mark Mays further noted, “Given the scale and scope of our worldwide platform in connecting brands with millions of consumers, we believe our value proposition for advertisers is exceptional. Looking ahead, we remain focused on executing our plan to drive innovation across our platform, maximize our revenues and generate improved cash flows for our shareholders.”

The Company reported revenues of $608.8 million in the first quarter of 2010, a 5% increase from the $582.2 million reported for the first quarter of 2009, and excluding the effects of movements in foreign exchange rates, the revenue increase would have been relatively flat.¹

Clear Channel Outdoor’s operating expenses decreased 1% for the first quarter of 2010 compared to 2009. The decline in expenses would have been 6% 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 first quarter of 2010 are $4.0 million of restructuring charges and approximately $2.7 million of non-cash compensation expense.

Clear Channel Outdoor’s consolidated net loss was $48.8 million or $0.14 per diluted share during the first quarter of 2010. This compares to a consolidated net loss of $91.4 million, or $0.25 per diluted share, for the first quarter of 2009.

The Company’s OIBDAN was $100.5 million for the first quarter of 2010, a 36% increase from the first quarter of 2009. The Company defines OIBDAN, a non-GAAP financial measure, as Operating income before Depreciation and amortization, Non-cash compensation expense, and Other operating income (expense) – net.

Revenue, Operating Expenses and OIBDAN by Segment

(In thousands)
	Three Months Ended March 31,						% Change
	2010			2009
Revenue1
Americas	$	270,977		$	270,187		0	%
International		337,791			312,029		8	%
Consolidated revenue	$	608,768		$	582,216		5	%
Operating Expenses1 ,2
Americas	$	181,755		$	191,551		(5	%)
International		305,855			302,997		1	%
Consolidated operating expenses	$	487,610		$	494,548		(1	%)
OIBDAN1
Americas	$	89,222		$	78,636		13	%
International		31,936			9,032		254	%
Corporate		(20,688	)		(14,024	)
Consolidated OIBDAN	$	100,470		$	73,644		36	%

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.

² The Company’s operating expenses include Direct operating expenses and SG&A expenses but exclude non-cash compensation expense associated with the Company’s stock option grants.

In the fourth quarter of 2008, the Company initiated a 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 March 31, 2010, the Company had incurred a total of $92.7 million of costs in conjunction with the restructuring program. The results of this program were a contributing factor to the overall decline in the Company’s operating expenses which decreased 1% for the first quarter of 2010 compared to 2009 or 6% when excluding the effects of movements in foreign exchange rates.¹

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 revenues remained flat in the first quarter of 2010 compared to the same period of 2009. During the first quarter of 2010, revenue from posters increased $3.1 million, driven by an increase in occupancy. The Company also saw an increase in airport revenues of approximately $4.8 million as a result of the Vancouver Olympics. Digital displays also contributed to revenue growth. Partially offsetting the increase was a decrease in revenues related to Taxi Media (details regarding Taxi Media’s 2009 quarterly and annual revenues and expenses are provided at the end of the release).

Operating expenses decreased $10.0 million during the first quarter of 2010 compared to the same period of 2009. The decline in operating expenses was a result of the disposition of Taxi Media, partially offset by an increase in site-lease expenses associated with the increase in revenue from posters and airports.

The Company’s Americas OIBDAN for the first quarter of 2010 increased 13% to $89.2 million from $78.6 million for the first quarter of 2009. Excluding the effects of movements in foreign exchange rates¹, the increase in OIBDAN was also 13%.

As of March 31, 2010, the Company had deployed a total of 485 digital displays in 34 U.S. markets. This includes 28 digital displays that were installed during the first quarter of 2010.

International

International outdoor revenue increased approximately $25.8 million during the first quarter of 2010 compared to the same period of 2009, primarily as a result of a $25.1 million increase in foreign exchange. A stronger revenue performance from street furniture across countries as well as increased revenues from billboards in the UK were offset by revenue declines in Belgium, primarily due to a contract for a specific event in 2009, and the exit from businesses in Greece, India and the UK Taxi business.

Operating expenses increased $2.8 million primarily due to a $22.5 million increase from movements in foreign exchange. The Company saw a decline in operating expenses, excluding the impact of foreign currency, primarily as a result of lower site lease expense associated with cost savings from the Company’s restructuring program.

The Company’s International OIBDAN for the first quarter of 2010 increased 254% to $31.9 million from $9.0 million for the first quarter of 2009. Excluding the effects of movements in foreign exchange rates¹, the increase in OIBDAN was 225%.

Conference Call

The Company will host a teleconference to discuss results today at 5:00 p.m. Eastern Time. The conference call number is 800-260-0702 and the pass code is 155090. The teleconference will also be available via a live audio cast on the investor section of the Clear Channel Outdoor website, located at http://www.clearchanneloutdoor.com/corporate/investor_relations.htm. 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 155090. 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

(In thousands, except per share data)	Three Months Ended March 31,
	2010			2009
Revenue	$	608,768		$	582,216
Direct operating expenses		378,886			379,608
Selling, general and administrative expenses		111,357			117,764
Corporate expenses		20,772			14,246
Depreciation and amortization		101,709			101,908
Other operating income (expense) – net		1,018			4,612
Operating loss		(2,938	)		(26,698	)
Interest expense – net		54,905			38,773
Equity in loss of nonconsolidated affiliates		(803	)		(2,293	)
Other expense – net		(837	)		(3,168	)
Loss before income taxes		(59,483	)		(70,932	)
Income tax benefit (expense)		10,704			(20,423	)
Consolidated net loss		(48,779	)		(91,355	)
Amount attributable to noncontrolling interest		(997	)		(3,475	)
Net loss attributable to the Company	$	(47,782	)	$	(87,880	)
Diluted net loss per share	$	(0.14	)	$	(0.25	)
Weighted average shares outstanding – Diluted		355,461			355,331

The Company’s revenue and direct operating and SG&A expenses increased approximately $27.0 million and $23.9 million, respectively, due to the effects of foreign exchange movements during the first quarter of 2010 as compared to the same period of 2009.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for March 31, 2010 and December 31, 2009 was:

(In millions)	March 31, 2010		December 31, 2009
Cash	$	588.6	$	609.4
Total Current Assets	$	1,554.3	$	1,640.5
Net Property, Plant and Equipment	$	2,385.0	$	2,440.6
Due from Clear Channel Communications	$	160.5	$	123.3
Total Assets	$	7,051.7	$	7,192.4
Current Liabilities (excluding current portion of long-term debt)	$	723.2	$	724.0
Long-Term Debt (including current portion of long-term debt)	$	2,577.1	$	2,608.9
Shareholders’ Equity	$	2,673.2	$	2,761.4

TABLE 3 – 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 March 31,
	2010		2009
Americas	$	1.1	$	2.6
International		1.7		3.2
Corporate		1.2		1.1
Total	$	4.0	$	6.9

TABLE 4 - Total Debt

At March 31, 2010, Clear Channel Outdoor had total debt of:

(In millions)	March 31, 2010		December 31, 2009
Bank Credit Facility	$	5.0	$	30.0
Clear Channel Worldwide Holdings Senior Notes:
9.25% Series A Senior Notes Due 2017		500.0		500.0
9.25% Series B Senior Notes Due 2017		2,000.0		2,000.0
Other Debt		72.1		78.9
Total		2,577.1		2,608.9
Cash		588.6		609.4
Net Debt	$	1,988.5	$	1,999.5

The current portion of long-term debt, which is included in Other Debt, was $43.0 million as of March 31, 2010.

Liquidity and Financial Position

For the quarter ended March 31, 2010, cash flow provided by operating activities was $111.1 million, cash flow used for investing activities was $58.0 million, cash flow used for financing activities was $70.5 million, and the effect of exchange rate changes on cash was $3.5 million for a net decrease in cash of $20.8 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 3.7:1 at March 31, 2010, and senior leverage, defined as senior debt divided by the trailing twelve month EBITDA was also 3.7:1 at March 31, 2010. The Company’s adjusted EBITDA of $690.6 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 $33.8 million; (ii) an increase of $29.3 million for non-cash items; (iii) an increase of $50.2 million related to expenses incurred associated with our cost savings program; and (iv) an increase of $15.1 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 months ended March 31, 2010 and 2009. 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; Interest expense; Other operating income (expense) – net; and D&A. 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 2010 actual foreign revenues and expenses at average 2009 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 – net			OIBDAN
Three Months Ended March 31, 2010
Americas	$	37,741		$	2,030	$	49,451	$	—		$	89,222
International		(20,925	)		603		52,258		—			31,936
Corporate		(20,772	)		84		—		—			(20,688	)
Other operating income – net		1,018			—		—		(1,018	)		—
Consolidated	$	(2,938	)	$	2,717	$	101,709	$	(1,018	)	$	100,470
Three Months Ended March 31, 2009
Americas	$	29,818		$	2,168	$	46,650	$	—		$	78,636
International		(46,882	)		656		55,258		—			9,032
Corporate		(14,246	)		222		—		—			(14,024	)
Other operating income – net		4,612			—		—		(4,612	)		—
Consolidated	$	(26,698	)	$	3,046	$	101,908	$	(4,612	)	$	73,644

Reconciliation of Revenue excluding Foreign Exchange Effects to Revenue

(In thousands)	Three Months Ended March 31,					% Change
	2010			2009
Revenue	$	608,768		$	582,216	5	%
Excluding: Foreign exchange decrease (increase)		(27,032	)		—
Revenue excluding effects of foreign exchange	$	581,736		$	582,216	0	%
International revenue	$	337,791		$	312,029	8	%
Excluding: Foreign exchange decrease (increase)		(25,058	)		—
International revenue excluding effects of foreign exchange	$	312,733		$	312,029	0	%

Reconciliation of Expense (Direct Operating and SG&A Expenses) excluding Foreign Exchange Effects to Expense

(In thousands)	Three Months Ended March 31,					% Change
	2010			2009
Expense	$	490,243		$	497,372	(1	%)
Excluding: Foreign exchange decrease (increase)		(23,879	)		—
Expense excluding effects of foreign exchange	$	466,364		$	497,372	(6	%)
International expense	$	306,458		$	303,653	1	%
Excluding: Foreign exchange decrease (increase)		(22,494	)		—
International expense excluding effects of foreign exchange	$	283,964		$	303,653	(6	%)

Reconciliation of OIBDAN excluding Foreign Exchange Effects to OIBDAN

(In thousands)	Three Months Ended March 31,					% Change
	2010			2009
OIBDAN	$	100,470		$	73,644	36	%
Excluding: Foreign exchange decrease (increase)		(3,153	)		—
OIBDAN excluding effects of foreign exchange	$	97,317		$	73,644	32	%
International OIBDAN	$	31,936		$	9,032	254	%
Excluding: Foreign exchange decrease (increase)		(2,564	)		—
International OIBDAN excluding effects of foreign exchange	$	29,372		$	9,032	225	%

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

(In thousands)	Three Months Ended March 31,						% Change
	2010			2009
Americas Outdoor		183,785			193,719		(5	%)
Less: Non-cash compensation expense		(2,030	)		(2,168	)
		181,755			191,551		(5	%)
International Outdoor		306,458			303,653		1	%
Less: Non-cash compensation expense		(603	)		(656	)
		305,855			302,997		1	%
Plus: Non-cash compensation expense		2,633			2,824
Consolidated divisional operating expenses	$	490,243		$	497,372		(1	%)

Reconciliation of OIBDAN to Net income (loss)

(In thousands)	Three Months Ended March 31,						% Change
	2010			2009
OIBDAN	$	100,470		$	73,644		36	%
Non-cash compensation expense		2,717			3,046
Depreciation and amortization		101,709			101,908
Other operating income – net		1,018			4,612
Operating loss		(2,938	)		(26,698	)
Interest expense – net		54,905			38,773
Equity in loss of nonconsolidated affiliates		(803	)		(2,293	)
Other expense – net		(837	)		(3,168	)
Loss before income taxes		(59,483	)		(70,932	)
Income tax benefit (expense)		10,704			(20,423	)
Consolidated net loss		(48,779	)		(91,355	)
Amount attributable to noncontrolling interest		(997	)		(3,475	)
Net loss attributable to the Company	$	(47,782	)	$	(87,880	)

Disposition of Taxi Business

On December 31, 2009, the Company disposed of Clear Channel Taxi Media, LLC (“Taxis”), its taxi advertising business. 2009 quarterly revenues and operating expenses associated with the divested business are provided below.

(in millions)	Three Months Ending 3/31/09		Three Months Ending 6/30/09		Three Months Ending 9/30/09		Three Months Ending 12/31/09		Full Year 2009
Revenues	$	8.9	$	10.8	$	9.8	$	12.0	$	41.5
Direct Oper. Expenses	$	9.6	$	10.3	$	9.6	$	10.3	$	39.8
SG&A Expenses	$	2.6	$	2.7	$	2.4	$	2.8	$	10.5

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, 2009. 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.