SEC FORM 4

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MAYS L LOWRY

(Last)

(First)

(Middle)

CLEAR CHANNEL COMMUNICATIONS

200 EAST BASSE ROAD

(Street)

SAN ANTONIO

78209

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CLEAR CHANNEL COMMUNICATIONS INC [ CCU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/11/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/06/2003		G⁽¹⁾	V	10,000,000	D	⁽¹⁾	7,548,291	D
Common Stock	05/06/2003		G⁽¹⁾	V	10,000,000	A	⁽¹⁾	10,000,000	I	By LLM Partners, Ltd.
Common Stock	07/01/2003		G⁽²⁾	V	45,000	D	⁽²⁾	0	I	By Ralph Maddox Family Trust
Common Stock	09/24/2003		G⁽¹⁾	V	586,822⁽³⁾	D	⁽¹⁾	0	I	By Spouse
Common Stock	09/24/2003		G⁽¹⁾	V	586,822	A	⁽¹⁾	10,586,822	I	by LLM Partners, Ltd.
Common Stock	09/29/2003		G	V	11,800	D	⁽⁴⁾	7,536,491	D
Common Stock	10/29/2003		G⁽¹⁾	V	6,111,743	D	⁽¹⁾	1,424,748	D
Common Stock	10/29/2003		G⁽¹⁾	V	6,111,743	A	⁽¹⁾	16,698,565	I	By LLM Partners, Ltd.
Common Stock	11/11/2003		S⁽⁵⁾		5,000	D	$42.16	1,419,748	D
Common Stock	11/11/2003		S⁽⁵⁾		7,200	D	$42.17	1,412,548	D
Common Stock	11/11/2003		S⁽⁵⁾		13,400	D	$42.18	1,399,148	D
Common Stock	11/11/2003		S⁽⁵⁾		1,200	D	$42.19	1,397,948	D
Common Stock	11/11/2003		S⁽⁵⁾		7,400	D	$42.2	1,490,548	D
Common Stock	11/11/2003		S⁽⁵⁾		1,800	D	$42.21	1,388,748	D
Common Stock	11/11/2003		S⁽⁵⁾		600	D	$42.22	1,388,148	D
Common Stock	11/11/2003		S⁽⁵⁾		600	D	$42.24	1,387,548	D
Common Stock	11/11/2003		S⁽⁵⁾		17,400	D	$42.25	1,370,148	D
Common Stock	11/11/2003		S⁽⁵⁾		5,000	D	$42.26	1,365,148	D
Common Stock	11/11/2003		S⁽⁵⁾		1,600	D	$42.27	1,363,548	D
Common Stock	11/11/2003		S⁽⁵⁾		1,300	D	$42.3	1,362,248⁽⁶⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Transfer of shares to LLM Partners, Ltd., a limited partnership of which the reporting person is the sole general partner and of which the reporting person and his wife were then the sole limited partners.

2. Transfer of shares from the Ralph Maddox Family Trust, of which the reporting person served as trustee for the benefit of the reporting person's children, upon termination of such trust and distribution of the assets of the trust to the trust beneficiaries.

3. These shares previously reported as indirectly beneficially owned through grantor retained annuity trusts but returned to the reporting person's spouse in the form of scheduled annuity payments under the terms of such grantor retained annuity trusts.

4. Gifts to various family members.

5. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 11, 2003.

6. Includes 586,823 shares previously reported as indirectly beneficially owned through grantor retained annuity trusts, but returned to the reporting person's direct beneficial ownership in the form of scheduled annuity payments under the terms of such grantor retained annuity trusts. Also, since the reporting person's last report, 8,000,000 shares previously owned directly have been contributed to grantor retained annuity trusts. As of the date of this report, the reporting person beneficially owns 1,362,248 shares directly and 27,057,877 shares indirectly through a family trust, a charitable lead annuity trust, various grantor retained annuity trusts and a family limited partnership.

Remarks:

	L. Lowry Mays	11/11/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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