<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): July 1, 1999
------------------------
Chancellor Media
Corporation of Los Angeles
----------------------------
(Exact Name of Registrant as
Specified in Charter)
333-32259
---------
(Commission File No.)
75-2451687
----------
(IRS Employer
Identification No.)
Delaware
--------
(State or Other Jurisdiction
of Incorporation)
1845 Woodall Rodgers Freeway
Suite 1300
Dallas, Texas 75201
-------------------
(Address of Principal
Executive Offices)
(214) 922-8700
--------------
(Registrant's telephone
number, including area code)
<PAGE> 2
ITEM 2. Acquisition or Disposition of Assets.
On July 13, 1999, stockholders of Chancellor Media Corporation, parent company
of Chancellor Media Corporation of Los Angeles ("CMCLA"), and Capstar
Broadcasting Corporation ("Capstar") voted to approve the merger of the two
companies (the "Capstar Merger"). Concurrent with the stockholders' approval of
the merger, stockholders also voted to re-name the new company AMFM Inc. The
merger and name change were completed on the same day. Pursuant to the terms of
the merger, Capstar stockholders will receive 0.4955 AMFM Inc. shares for each
Capstar share held in a tax-free exchange. Based on the number of shares of
Capstar Common Stock and options to purchase shares of Capstar Common Stock
outstanding, AMFM Inc. will issue approximately 53.5 million shares and assume
Capstar options and warrants representing the right to purchase approximately
3.3 million shares of AMFM Inc. Common Stock. AMFM Inc. is also assuming
approximately $2.1 billion of Capstar's debt and PIK preferred stock. Upon
consummation of the merger, AMFM Inc. had approximately 224.7 million fully
diluted shares outstanding.
On July 1, 1999, Chancellor Media/Shamrock Broadcasting, Inc., a wholly-owned
subsidiary of CMCLA, consummated the acquisition of KKFR-FM and KFYI-AM in
Phoenix from The Broadcast Group, Inc., for $90.0 million in cash plus various
other direct acquisition costs (the "Phoenix Acquisition"). The purchase price
of $90.0 million was determined as a result of an arms-length negotiation
between CMCLA and The Broadcast Group, Inc., which are unrelated parties. CMCLA
borrowed under its senior credit facility with a syndicate of commercial banks
and other institutional lenders to finance the Phoenix Acquisition. A copy of
CMCLA's senior credit facility, listing the commercial banks and other
institutional lenders thereto, has previously been filed with the Securities and
Exchange Commission as Exhibit 4.10 to the Current Report on Form 8-K of
Evergreen Media Corporation, dated April 1, 1997 and filed on May 9, 1997. The
assets acquired by CMCLA in the Phoenix Acquisition constitute broadcast
licenses and physical property used in the radio broadcasting business and will
continue to be utilized by CMCLA for such purposes.
ITEM 5. Other Events.
On July 13, 1999, pursuant to the terms of the merger agreement between
Chancellor Media Corporation and Capstar, R. Gerald Turner, formerly a director
of Capstar, was appointed to the Board of Directors of AMFM Inc. and CMCLA, with
a term expiring at the 2002 annual meeting of stockholders.
2
<PAGE> 3
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
7(a) Financial Statements of Businesses Acquired
The following historical financial statements have been previously
filed by AMFM Inc. pursuant to AMFM Inc.'s Registration Statement on
Form S-4, as amended (Reg. No. 333-80173) and thus, pursuant to General
Instruction B.3 of Form 8-K, are not required to be reported again in
the Current Report on Form 8-K: financial statements for The Broadcast
Group, Inc. as of December 31, 1998 and 1997 and for the years then
ended and combined financial statements for KFYI-AM and KKFR-FM as of
March 31, 1999 and for the three months ended March 31, 1999 and 1998.
7(b) Pro Forma Financial Information
Pro forma information required pursuant to Article 11 of Regulation S-X
as of March 31, 1999 and for the year ended December 31, 1998 and the
three months ended March 31, 1999 are filed herewith beginning on page
P-1.
7(c) Exhibits
2.56(r) Asset Purchase Agreement, dated as of September 15, 1998, by
and between The Broadcast Group, Inc. and Chancellor
Media/Shamrock Broadcasting, Inc.
- ---------------------------
(r) Incorporated by reference to the identically-numbered exhibit to the
Quarterly Report on Form 10-Q of AMFM Inc. and Chancellor Media
Corporation of Los Angeles for the quarterly period ending March
31, 1999.
3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
of the registrants has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Chancellor Media Corporation of Los Angeles
By: /s/ W. Schuyler Hansen
--------------------------
W. Schuyler Hansen
Senior Vice President and
Chief Accounting Officer
Date: July 15, 1999
4
<PAGE> 5
Chancellor Media Corporation of Los Angeles
PRO FORMA FINANCIAL INFORMATION
The unaudited pro forma financial information of Chancellor Media
Corporation of Los Angeles (together with its subsidiaries, the "Company")
reflects the combination of consolidated historical financial data of the
Company and each of the significant radio station transactions completed by the
Company during 1998 and 1999. The unaudited pro forma balance sheet data at
March 31, 1999 presents adjustments for the significant transactions completed
subsequent to March 31, 1999 as if each such transaction had occurred at March
31, 1999. The unaudited pro forma statement of operations data for the twelve
months ended December 31, 1998 and for the three months ended March 31, 1999
excludes extraordinary items and presents adjustments for (a) the acquisition of
KKFR-FM and KFYI-AM in Phoenix from The Broadcast Group, Inc. (the "Phoenix
Acquisition") and (b) the disposition of WMVP-AM in Chicago to ABC. Inc., as if
each such transaction occurred on January 1, 1998. Pro forma adjustments
relating to the acquisitions of Martin Media L.P., Martin & MacFarlane, Inc. and
certain affiliated companies and the outdoor advertising division of Whiteco
Industries, Inc. have not been included in the pro forma financial statements
due to the pending sale of the Company's outdoor advertising division.
The purchase method of accounting has been used in the preparation of the
unaudited pro forma financial information. Under this method of accounting, the
aggregate purchase price is allocated to assets acquired and liabilities assumed
based on their estimated fair values. For purposes of the unaudited pro forma
financial information, the purchase prices of the assets acquired have been
allocated based primarily on publicly available information or information
furnished by management of the acquired or to be acquired assets. The final
allocation of the respective purchase prices of the assets acquired are
determined a reasonable time after consummation of such transactions and are
based on a complete evaluation of the assets acquired and liabilities assumed.
Accordingly, the information presented herein may differ from the final purchase
price allocation; however, such allocations are not expected to differ
materially from the preliminary amounts.
In the opinion of the Company's management, all adjustments have been made
that are necessary to present fairly the pro forma data.
The unaudited pro forma financial information should be read in conjunction
with the respective financial statements and related notes thereto of the
Company which have previously been reported. The unaudited pro forma financial
information is presented for illustrative purposes only and is not necessarily
indicative of the results of operations or financial position that would have
been achieved had the transactions reflected therein been consummated as of the
dates indicated, or of the results of operations or financial positions for any
future periods or dates.
P-1
<PAGE> 6
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES
UNAUDITED PRO FORMA BALANCE SHEET
AT MARCH 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
PRO FORMA COMPANY PRO FORMA
ADJUSTMENTS AS ADJUSTED ADJUSTMENTS
COMPANY FOR THE FOR THE FOR OTHER
HISTORICAL PHOENIX PHOENIX COMPLETED COMPANY
AT 3/31/99 ACQUISITION(1) ACQUISITION TRANSACTIONS(2) PRO FORMA
---------- -------------- ------------ --------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Current assets............................... $ 388,262 $ -- $ 388,262 $ -- $ 388,262
Property and equipment, net.................. 1,395,898 1,750 1,397,648 (2,067) 1,395,581
Intangible assets, net....................... 5,286,435 88,250 5,374,685 (4,467) 5,370,218
Other assets................................. 369,269 -- 369,269 -- 369,269
---------- -------- ---------- ---------- -----------
Total assets......................... $7,439,864 $ 90,000 $7,529,864 $ (6,534) $ 7,523,330
========== ======== ========== ========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable and accrued expenses........ $ 275,865 $ -- $ 275,865 $ -- $ 275,865
Long-term debt, excluding current portion.... 4,378,000 90,000 4,468,000 (21,000) 4,447,000
Deferred tax liabilities..................... 459,062 -- 459,062 5,063 464,125
Other liabilities............................ 52,518 -- 52,518 -- 52,518
---------- -------- ---------- ---------- -----------
Total liabilities.................... 5,165,445 90,000 5,255,445 (15,937) 5,239,508
STOCKHOLDERS' EQUITY:
Common stock................................. 1 -- 1 1
Additional paid-in capital................... 2,653,485 -- 2,653,485 -- 2,653,485
Accumulated deficit.......................... (379,067) -- (379,067) 9,403 (369,664)
---------- -------- ---------- ---------- -----------
Total stockholders' equity........... 2,274,419 -- 2,274,419 9,403 2,283,822
---------- -------- ---------- ---------- -----------
Total liabilities and stockholders'
equity............................. $7,439,864 $ 90,000 $7,529,864 $ (6,534) $ 7,523,330
========== ======== ========== ========== ===========
</TABLE>
See accompanying notes to Unaudited Pro Forma Financial Information
P-2
<PAGE> 7
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
<TABLE>
<CAPTION>
PRO FORMA COMPANY AS
THE ADJUSTMENTS ADJUSTED
BROADCAST FOR THE FOR THE OTHER
YEAR ENDED COMPANY GROUP, INC. PHOENIX PHOENIX COMPLETED COMPANY
DECEMBER 31, 1998 HISTORICAL (3) HISTORICAL ACQUISITION ACQUISITION TRANSACTION(8) PRO FORMA
- ----------------- ------------- ------------ ------------ ------------ --------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Gross revenues ...................... $ 1,440,357 $ 13,101 $ (1,049)(4) $ 1,452,409 (11,530) $ 1,440,879
Less: agency commissions ............ (166,501) (1,329) -- (167,830) 1,221 (166,609)
------------ ------------ ------------ ------------ ------------ ------------
Net revenues ........................ 1,273,856 11,772 (1,049) 1,284,579 (10,309) 1,274,270
Operating expenses excluding
depreciation and amortization ...... 682,061 6,149 -- 688,210 (13,271) 674,939
Depreciation and amortization ....... 446,338 188 5,780(5) 452,306 (592) 451,714
Corporate general and
administrative ..................... 36,722 -- -- 36,722 -- 36,722
Merger, nonrecurring and systems
development expense ................ 63,661 -- 63,661 -- 63,661
------------ ------------ ------------ ------------ ------------ ------------
Operating income (loss) ............. 45,074 5,435 (6,829) 43,680 3,554 47,234
Interest expense .................... 217,136 332 5,968(6) 223,436 (1,470) 221,966
Interest income ..................... (15,650) -- -- (15,650) -- (15,650)
Gain on disposition of assets ....... (123,845) -- -- (123,845) -- (123,845)
Gain on disposition of
representation contracts ........... (32,198) -- -- (32,198) -- (32,198)
Other (income) expense .............. (3,221) -- -- (3,221) -- (3,221)
------------ ------------ ------------ ------------ ------------ ------------
Other (income) expense, net ......... 42,222 332 5,968 (48,522) (1,470) 47,052
------------ ------------ ------------ ------------ ------------ ------------
Income (loss) before income
taxes .............................. 2,852 5,103 (12,797) (4,842) 5,024 182
Income tax expense (benefit) ........ 33,751 1,850 (4,543)(7) 31,058 1,758 32,816
------------ ------------ ------------ ------------ ------------ ------------
Income (loss) ....................... (30,899) 3,253 (8,254) (35,900) 3,266 (32,634)
Preferred stock dividends ........... 17,601 -- -- 17,601 -- 17,601
------------ ------------ ------------ ------------ ------------ ------------
Net income (loss) attributable to
common stock ....................... $ (48,500) $ 3,253 $ (8,254) $ (53,501) 3,266 $ (50,235)
============ ============ ============ ============ ============ ============
</TABLE>
See accompanying notes to Unaudited Pro Forma Financial Information
P-3
<PAGE> 8
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
<TABLE>
<CAPTION>
PRO FORMA COMPANY AS
ADJUSTMENTS ADJUSTED
FOR THE FOR THE OTHER
THREE MONTHS ENDED COMPANY PHOENIX PHOENIX COMPLETED COMPANY
MARCH 31, 1999 HISTORICAL(3) ACQUISITION ACQUISITION TRANSACTION(8) PRO FORMA
- ------------------ ------------ ------------ ------------ --------------- ------------
<S> <C> <C> <C> <C> <C>
Gross revenues .............................. $ 394,123 $ -- $ 394,123 $ -- $ 394,123
Less: agency commissions .................... (43,858) -- (43,858) -- (43,858)
------------ ------------ ------------ ------------ ------------
Net revenues ................................ 350,265 -- 350,265 -- 350,265
Operating expenses excluding
depreciation and amortization .............. 208,510 -- 208,510 -- 208,510
Depreciation and amortization ............... 147,744 1,471(5) 149,215 -- 149,215
Corporate general and
administrative ............................. 17,814 -- 17,814 -- 17,814
Merger, nonrecurring and systems
development expense ........................ 16,344 -- 16,344 -- 16,344
------------ ------------ ------------ ------------ ------------
Operating income (loss) ..................... (40,147) (1,471) (41,618) -- (41,618)
Interest expense ............................ 89,023 1,575(6) 90,598 (368) 90,230
Interest income ............................. (4,631) -- (4,631) -- (4,631)
Gain on disposition of
representation contracts ................... (3,603) -- (3,603) -- (3,603)
------------ ------------ ------------ ------------ ------------
Other (income) expense net .................. 80,789 1,575 82,364 (368) 81,996
------------ ------------ ------------ ------------ ------------
Income (loss) before income
taxes ...................................... (120,936) (3,046) (123,982) 368 (123,614)
Income tax expense (benefit) ................ (26,967) (1,066)(7) (28,033) 129 (27,904)
------------ ------------ ------------ ------------ ------------
Net income (loss)
attributable to common stock............... (93,969) (1,980) (95,949) 239 (95,710)
============ ============ ============ ============ ============
</TABLE>
See accompanying notes to Unaudited Pro Forma Financial Information
P-4
<PAGE> 9
NOTES TO UNAUDITED PRO FORMA FINANCIAL INFORMATION
ADJUSTMENTS TO UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET RELATED TO
THE PHOENIX ACQUISITION
(1) Reflects the Phoenix Acquisition as follows:
<TABLE>
<CAPTION>
PURCHASE PRICE ALLOCATION FINANCING
------------------------------------ ----------
PROPERTY INCREASE
AND INTANGIBLE IN
PURCHASE EQUIPMENT, ASSETS, LONG-TERM
PRICE NET(a) NET(b) DEBT
---------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
Phoenix Acquisition... $90,000 $1,750 $88,250 $90,000
</TABLE>
- -------------------------
(a) The Company has assumed that historical balances of net property and
equipment approximate fair value for the preliminary allocation of the
purchase price. Such amounts are based primarily on information provided by
management of the company acquired.
(b) The Company, on a preliminary basis, has allocated the intangible assets to
broadcast licenses with an estimated average life of 15 years. The amounts
allocated to net intangible assets are preliminary and are based upon
historical information from prior acquisitions.
ADJUSTMENTS TO THE UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET RELATED
TO THE OTHER COMPLETED TRANSACTIONS
(2) Reflects the other completed transaction that was completed after
March 31, 1999 as follows:
<TABLE>
<CAPTION>
PURCHASE PRICE ALLOCATION FINANCING
-------------------------------------------------------------------- -------------
OTHER PROPERTY AND INTANGIBLE DEFERRED DECREASE IN
COMPLETED EQUIPMENT, ASSETS, TAX ACCUMULATED LONG-TERM
TRANSACTION SALES PRICE NET NET LIABILITIES DEFICIT DEBT
- ----------- ----------- ------------- ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Chicago Disposition(a).... $(21,000) $(2,067) $(4,467) $(5,063) $(9,403) $(21,000)
</TABLE>
- -------------------------
(a) On April 16, 1999, the Company sold WMVP-AM in Chicago to ABC, Inc.
for $21,000 in cash and recognized a gain of $14,466. The Company had
previously entered into a time brokerage agreement effective
September 10, 1998 to sell substantially all of the broadcast time of
WMVP-AM pending completion of the sale. The amounts allocated to
accumulated deficit and deferred tax liabilities represent the gain
on the disposition of WMVP-AM net of taxes of $5,063.
P-5
<PAGE> 10
ADJUSTMENTS TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
RELATED TO THE PHOENIX ACQUISITION
(3) The Company began operating KKFR-FM and KFYI-AM in Phoenix uner a time
brokerage agreement effective November 5, 1998. Therefore, the results of
operations of KKFR-FM and KFYI-AM are included in the Company's historical
operations subsequent to this date during 1998 and for the three months
ended March 31, 1999.
(4) Reflects the elimination of revenue related to the time brokerage agreement
between The Broadcast Group Inc. and the Company. The Company began
operating KKFR-FM and KFYI-AM in Phoenix under the time brokerage agreement
effective November 5, 1998.
(5) Reflects incremental amortization related to the assets acquired in the
Phoenix Acquisition and is based on the allocation of the total
consideration as follows:
<TABLE>
<CAPTION>
INCREMENTAL INTANGIBLE HISTORICAL ADJUSTMENT
YEAR ENDED AMORTIZATION ASSETS, AMORTIZATION AMORTIZATION FOR NET
DECEMBER 31, 1998 PERIOD(i) NET EXPENSE(i) EXPENSE INCREASE
- ------------------- ------------ ---------- ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
Phoenix Acquisition........... 1/1-12/31 $88,250 $5,883 $103 $5,780
======= ====== ==== ======
</TABLE>
<TABLE>
<CAPTION>
INCREMENTAL INTANGIBLE HISTORICAL ADJUSTMENT
THREE MONTHS ENDED AMORTIZATION ASSETS, AMORTIZATION AMORTIZATION FOR NET
MARCH 31, 1999 PERIOD(i) NET EXPENSE(i) EXPENSE INCREASE
- ------------------- ------------ ---------- ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
Phoenix Acquisition........... 1/1-3/31 $88,250 $1,471 $-- $1,471
======= ====== === ======
</TABLE>
- -------------------------
(i) Intangible assets are amortized on a straight-line basis over an
estimated average 15 year life. The incremental amortization period
represents the period of the year that the acquisition was not
completed.
Historical depreciation expense of the Phoenix Acquisition is assumed to
approximate depreciation expense on a pro forma basis. Actual depreciation
and amortization may differ based upon final purchase price allocations.
(6) Reflects the adjustment to interest expense in connection with the
consummation of the Phoenix Acquisition:
<TABLE>
<CAPTION>
THREE MONTHS
YEAR ENDED ENDED
DECEMBER 31, MARCH 31,
1998 1999
------------ ------------
<S> <C> <C>
Interest expense on additional bank borrowings of $90,000
related to the Phoenix Acquisition at 7.0%.............. $ 6,300 $ 1,575
Less: historical interest expense recognized by the
acquired company........................................ (332) --
------- --------
Net increase in interest expense.......................... $ 5,968 $ 1,575
======= ========
</TABLE>
(7) Reflects the tax effect of the pro forma adjustments.
P-6
<PAGE> 11
ADJUSTMENTS TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
RELATED TO THE OTHER COMPLETED TRANSACTION
(8) The condensed combined statement of operations for the other completed
transaction for the year ended December 31, 1998 and for the three months
ended March 31, 1999 are summarized below:
<TABLE>
<CAPTION>
CHICAGO PRO FORMA
DISPOSITION ADJUSTMENTS FOR COMPANY
YEAR ENDED HISTORICAL THE OTHER COMPLETED COMPLETED
DECEMBER 31, 1998 1/1-12/31 (a) TRANSACTION TRANSACTION
- ----------------- ------------ ------------------- ------------
<S> <C> <C> <C>
Gross revenues .............................. $ (11,530) $ -- $ (11,530)
Less: agency commissions .................... 1,221 -- 1,221
------------ ------------ ------------
Net revenues ................................ (10,309) -- (10,309)
Operating expenses excluding
depreciation and amortization ............. (13,271) -- (13,271)
Depreciation and amortization ............... (592) -- (592)
Corporate general and
administrative ............................ -- -- --
------------ ------------ ------------
Operating income (loss) ..................... 3,554 -- 3,554
Interest expense ............................ -- (1,470)(b) (1,470)
Interest income ............................. -- -- --
Other (income) expense ...................... -- -- --
------------ ------------ ------------
Income (loss) before income
taxes ..................................... 3,554 1,470 5,024
Income tax expense .......................... -- 1,758(c) 1,758
Dividends and accretion on
preferred stock of subsidiary ............. -- -- --
------------ ------------ ------------
Net income (loss) ........................... 3,554 (288) 3,266
Preferred stock dividends ................... -- -- --
------------ ------------ ------------
Income (loss) attributable to
common stockholders ....................... $ 3,554 $ (288) 3,266
============ ============ ============
</TABLE>
P-7
<PAGE> 12
<TABLE>
<CAPTION>
PRO FORMA
ADJUSTMENTS
THREE MONTHS ENDED FOR THE OTHER
MARCH 31, 1999 COMPLETED TRANSACTION
------------------ ---------------------
<S> <C>
Gross revenues .................................. $ --
Less: agency commissions ........................ --
----------
Net revenues .................................... --
Operating expenses excluding depreciation and
amortization .................................. --
Depreciation and amortization ................... --
----------
Operating income (loss) ......................... --
Interest expense ................................ (368)(b)
----------
Income (loss) before income taxes ............... 368
Income tax expense .............................. 129(c)
----------
Net income (loss) ............................... 239
Preferred stock dividends ....................... --
----------
Income (loss) attributable to common
stockholders .................................. $ 239
==========
</TABLE>
- ---------------
(a) On April 16, 1999, the Company sold WMVP-AM in Chicago to ABC, Inc. for
$21,000 in cash. The Company entered into a time brokerage agreement to
sell substantially all of the broadcast time of WMVP-AM effective September
10, 1998. Therefore, the results of operations for WMVP-AM are excluded
from the Company's historical operations subsequent to this date during
1998 and for the three months ended March 31, 1999.
P-8
<PAGE> 13
(b) Reflects the adjustment to interest expense as follows:
<TABLE>
<CAPTION>
THREE MONTHS
YEAR ENDED ENDED
DECEMBER 31, MARCH 31,
1998 1999
------------ ------------
<S> <C> <C>
Completed disposition....................................... $(21,000) $(21,000)
-------- --------
Interest expense at 7.0%.................................... $ (1,470) $ (368)
======== ========
</TABLE>
(c) Reflects the tax effect of the pro forma adjustments.
P-9
<PAGE> 14
INDEX TO EXHIBITS
<TABLE>
<S> <C> <C>
2.56(r) Asset Purchase Agreement, dated as of September 15, 1998, by
and between The Broadcast Group, Inc. and Chancellor
Media/Shamrock Broadcasting, Inc.
</TABLE>
- ---------------------------
(r) Incorporated by reference to the identically-numbered exhibit to the
Quarterly Report on Form 10-Q of AMFM Inc. and Chancellor Media
Corporation of Los Angeles for the quarterly period ending March
31, 1999.
