SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT OF THE ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
Commission file number 1-9645
CLEAR CHANNEL COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Texas 74-1787539
(State of Incorporation) (I.R.S. Employer Identification No.)
200 Concord Plaza, Suite 600, San Antonio, Texas 78216
(Address of Principal Executive Offices)
Registrant's Telephone Number, Including Area Code: (210) 822-2828
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class Name of Exchange on which registered
Common Stock $.10 par value New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securitie
Exchange Act of 1934 during the preceding 12 months (or for shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes __x___ No _____
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this
Form 10-K/A or any amendment to this Form 10-K/A.
Yes _____ No __x___
As of November 13, 1995, 17,283,890 shares of Clear Channel Communications, Inc.
Common Stock were outstanding including 6,298 held
on November 13, 1995) of the shares of Common Stock held by non-affiliates was
approximately $795,844,442. (For purposes of calculating the preceding amount
only, all directors and executive officers of the registrant are assumed
to be affiliates.)
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the following documents are incorporated by
reference in the Parts of this report indicated below:
Items 5, 6, 7 and 8 of Part II -- Clear Channel
Communications, Inc.'s 1994 Annual Report to Shareholders. ("Annual Report").
PART III
ITEM 10. Directors and Executive Officers of the Registrant
The information required by Item 10 with respect to the directors and
nominees for election to the Board of Directors of the Company is included in
the tables below, which list the directors and executive officers of the
Company.
DIRECTORS
Year
Principal First
Occupation Became
Name/Age/Address or Employment Director
L. Lowry Mays
(a)(5)/58 President & Chief 1972
400 Geneseo Road Executive Officer
San Antonio, TX of the Company
78209
Alan D. Feld(5)/57 Partner in the law 1984
4235 Bordeaux firm of Akin, Gump,
Dallas, TX 78205 Strauss, Hauer &
Feld, L.L.P.
B. J. McCombs Private Investor 1972
(a)(5)/67
825 Contour
San Antonio,TX 78212
Theodore H.Strauss Senior Managing 1984
(b)(5)/69 Director
5100 Park Lane Bear, Stearns,
Dallas, TX 75220 & Co., Inc.
John H. Williams Senior Vice 1984
(a)(b)(5)/61 President
7810 Glen Albens Kemper Securities,
Circle Inc.
Dallas, TX 75225
EXECUTIVE OFFICERS
Age on
December 31, Officer
Name 1994 Position Since
L. Lowry Mays 59 President/Chief Executive Officer 1972
Herbert W. Hill, Jr. 35 Vice President/Controller 1989
Mark P. Mays 31 Senior-Vice President/Operations 1989
Randall T. Mays 29 Vice President/Treasurer 1993
Kenneth E. Wyker 33 Vice President Legal Affairs 1993
James D. Smith 45 Regional Vice President, Oklahoma 1985
Stanley M. Shields 64 Vice President GM WELI-AM 1985
Ernest James 50 Vice President GM WYLD & WQUE AM/FM 1992
Stan Webb 51 Vice President GM KHFI KPEZ FM 1978
Robert T. Cohen 37 Vice President GM KAJA & KQXT FM 1990
Robert R. Scherer 53 Vice President GM WAMZ-FM, WHAS-AM 1986
Jere T. West 44 Vice President GM ONN 1987
Bill Hill 62 Vice President & Director of Trades 1987
Dave Ross 44 Vice President GM WHYI-FM, WBGG-FM 1994
Elizabeth Kocurek 43 Vice President GM WOAI & KSJL AM 1994
Jon Pinch 46 Vice President GM WMTX-AM/FM 1994
Miles Chandler 48 Vice President GM KJYO-FM 1990
Faith Zila 41 Vice President GM WKCI-FM,WAVZ-AM 1992
Walt Tiburski 47 Vice President GM WNCX-FM, WERE-AM 1994
Carl McNeill 43 Vice President GM WRVA & WRNL AM 1992
Linda Forem 42 Vice President GM WRVQ & WRXL FM 1993
David Manning 43 Vice President GM WRBQ-AM/FM 1993
Carl Hamilton 43 Vice President GM KBXX-FM 1994
J. Daniel Sullivan 43 President Clear Channel Television 1988
Andy Comegys 39 Vice President GM WPMI-TV 1994
Josh McGraw 44 Vice President GM WAWS-TV 1991
William A. Riordan 37 Vice President GM WFTC-TV 1990
Hal Capron 50 Vice President GM KOKI-TV 1993
Steve Spendlove 39 Vice President GM KSAS-TV 1993
David D'Antuono 35 Vice President GM WXXA-TV 1991
Jack Peck 38 Vice President GM WPTY-TV 1992
Jerry Whitener 53 Vice President GM KLRT-TV 1994
John Binkley 51 President Clear Channel Productions 1994
The officers named above serve until the next Board of Directors
meeting immediately following the Annual Meeting of Shareholders.
Mr. L. Mays is the founder of the Company and has been the President and
Chief Executive Officer of the Company and its predecesor since 1972. He has
been a director of the Company since its inception.
Mr. H. Hill has been the Vice President/Controller of the Company since
January, 1989. He has been the Principal Financial Officer of the Company
since June 1991.
Mr. M. Mays has been Senior Vice President of Operations since 1993 prior
thereto he was Vice President and Treasurer of the Company for the remainder
of the relevant five-year period.
Mr. R. Mays, prior to his election as an officer in 1993, was an
associate for Goldman Sachs. Prior thereto he was a graduate student at
Harvard University for the remainder of the relevant five year period.
Mr. K. Wyker, prior to his election as an officer in 1993 was Corporate
Counsel at Greater Media for the remainder of the relevant five-year period.
Mr. J. Smith has been an officer of the Company and Regional Vice
President, Oklahoma for the relevant five year period. Currently, he is
serving as General Manager of KMOD-FM and KAKC-AM.
Mr. S. Shields has been an officer of the Company serving as General
Manager of WELI-AM for the relevant five year period. Mr.
Mr. E. James, prior to his election as an officer in 1994, was a loan
officer for the small business administration disaster loan program, prior
thereto, Mr. James was a business and radio broadcast consultant for the
remainder of the relevant five-year period.
Mr. S. Webb has been a Vice President and an officer of the Company since
1978. During the previous five years, Mr. Webb has served as Vice President
and General Manager of KAJA-FM, KHFI-FM and KPEZ-FM.
Mr. R. Cohen has been a Vice President and an officer of the Company
since 1990. He has served as General Manager of KAJA-FM and KQXT-FM for the
relevant five-year period.
Mr. R. Scherer has been a Vice President and officer of the Company for the
relevant five year period serving as General Manager of WHAS-AM, WAMZ-FM and
the Kentucky State Network.
Mr. J. West has been a Vice President and officer of the Company for the
relevant five year period serving as General Manager of the Oklahoma News
Network.
Mr. B. Hill has been a Vice President and officer for the Company for the
relevant five year period. Currently, he is serving in the capacity of
Director of Corporate Trades.
Mr. D. Ross, prior to his election as an officer of the Company in 1994,
was Executive Vice President and General Manager of WHYI-FM under Metroplex
Communications, Inc. for the remainder of the relevant five-year period.
Ms. E. Kocurek, prior to her election as an officer of the Company in 1994,
was employed as General Sales Manager of WOAI-AM for the remainder of the
relevant five-year period.
Mr. J. Pinch, prior to his election as an officer of the Company in 1994,
was employed as General Manager of WMTX-AM/FM under Metroplex
Communications, Inc. for the remainder of the relevant five year period.
Mr. M. Chandler has been a Vice President and an officer of the Company
for the relevant five year period. Currently, he is General Manager of KTOK-AM,
KJYO-FM, and KEBC-FM.
Ms. F. Zila, prior to her election as an officer of the Company in 1992,
was employed as General Manager of WKCI-FM and WAVZ-AM for the
remainder of the relevant five year period.
Mr. W. Tiburski, prior to his election as an officer of the Company in
1994, was employed as General Manager of WNCX-FM and WENZ-AM, prior thereto,
he owned and operated his own broadcasting brokerage and consulting firm for
the remainder of the relevant five year period.
Mr. C. McNeill, prior to his election as an officer of the Company in 1992,
was employed as the General Sales Manager of WRVA-AM of the relevant five year
period.
Ms. L. Forem, prior to her election as an officer of the Company in 993,
was employed as General Sales Manager of WRVQ-FM for the remainder of the
relevant five-year period.
Mr. D. Manning, prior to his election as an officer of the Company in
1993, was President of Five Star Communications, prior thereto, he was Chief
Operations Officer for Capstar Communications for the remainder of
the relevant five-year period.
Mr. C. Hamilton, prior to his election as an officer of the Company in
1994, was employed as the Vice President and General Manager of KBXX-FM for the
remainder of the relevant five-year period.
Mr. D. Sullivan has been an officer of the Company and President of Clear
Channel Television the for the relevant five year period.
Mr. A. Comegys, prior to his election as an officer of the Company in 1994
was the General Sales Manager for WFTC-TV from October 1993 to November 1994,
prior thereto, he was General Sales Manager of WAWS-TV for the remainder of the
relevant five year period.
Mr. J. McGraw, prior to his election as an officer of the Company in 1991,
was employed as the Vice President and General Manager of WPXC-TV in Portland,
Maine for the remainder of the relevant five-year period.
Mr. W. Riordan, has been an officer of the Company for the relevant five
year period. Mr. Riordan served as General Manager of KSAS-TV from 1990 to
1993. Currently, he is General Manager of WFTC-TV.
Mr. H. Capron, prior to his election as an officer of the Company in 1993,
was the General Sales Manager for KOKI-TV from August 1991 to February 1993,
prior thereto, he was General Sales Manager of KOFY-TV in San Francisco, CA for
the remainder of the relevant five-year period.
Mr. S. Spendlove, prior to his election as an officer of the Company in
1993, was the General Sales Manager of KSAS-TV from May 1992 through
September 1993, prior thereto, Mr. Spendlove was employed by KICU-TV in San
Jose, CA as the National Sales Manager for the remainder of the relevant five-
year period.
Mr. D. D'Antuono, prior to his election as an officer of the Company in
1992, served as General Sales Manager for WPMI-TV for the remainder of the
relevant five-year period. Currently, he is General Manager of WXXA-TV.
Mr. J. Peck, prior to his election as an officer of the Company in 1992,
was employed as General Sales Manager for WPTY-TV for the remainder of the
relevant five-year period.
Mr. J. Whitener, prior to his election as an officer of the Company in
1994, was employed as General Manager for KLRT-TV since August 1991, prior
thereto, Mr. Whitener was the General Sales Manager of KOKI-TV for the remainder
of the relevant five year period.
Mr. J. Binkley, prior to his election as an officer of the Company in 1994,
was President and CEO of B&G Communications, Inc. for the remainder of the
relevant five-year period.
There is no family relationship between any of the executive officers of
the Company except that Mark P. Mays, Senior Vice President Operations, and
Randall T. Mays, Vice President and Treasurer, are the sons of the President
Chief Executive Officer, L. Lowry Mays.
ITEM 11. Executive Compensation
The information required by Item 11 is set forth below.
Cash Compensation excludes personal benefits and other forms of
non-cash compensation, the aggregate value of which did not exceed
the lesser of $25,000 or 10% of the cash compensation shown for
each officer. Directors who are not also officers of the Company
receive $5,000 for each meeting of the Board of Directors they
attend and are reimbursed for travel expenses. Those Board members
on the Compensation Committee receive $500 for each meeting they
attend.
The Company's executive compensation program is administered
by the Compensation Committee of the Board which is composed of two
independent, nonemployee directors and L. Lowry Mays, the Chief
Executive Officer ("CEO") of the Company, as indicated above. The
Compensation Committee (the "Committee") which met once in 1993,
recommends to the Board compensation arrangements for all officers
and directors of the Company and for other key personnel of its
subsidiaries. Mr. Mays does not participate in the Committee's
evaluation and recommendation of the CEO's compensation. The
Committee annually evaluates the Company's corporate performance,
actual compensation and share ownership compared with both our own
industry and a broader group of companies such as the S&P 500.
Please see the attached Board Compensation Committee Report which
details the basis by which the Compensation Committee determines
executive compensation.
The Company believes that compensation of its executive
officers and others should be directly and materially linked to
operating performance. For Fiscal 1993, the executive compensation
program consisted of the base salary, a bonus plan based on company
profitability and individual performance and stock options that
generally become exercisable over a five year period. Mr. Mays,
the Company's CEO, has an employment contract with the Company
expiring February 1, 1996 providing a base salary of $600,000 per
year and a bonus as may be determined by the Compensation Committee
and approved by the Board of Directors. In 1994 Mr. Mays' bonus
totaled $650,000. The compensation levels of the remaining four
executives were based primarily on achievement of specific
quantitative and qualitative goals set at the beginning of the
period.
The following table sets forth the compensation earned or
paid by the Company to the CEO and each of its other four highest
compensated executive officers whose total cash compensation
exceeded $100,000 for services rendered in all capacities for the
years ended December 31, 1994, December 31, 1993 and December 31,
1992.
<TABLE>
<CAPTION>
SUMMARY COMPENSATION TABLE
Annual Compensation Long Term Compensation
Other All
Annual Restricted Other
Compen- Stock Options/ LTIP Compen-
Name/Title Year Salary Bonus sation Awards SARs Payout sation
($) ($) ($) ($) (#) ($) ($)(1)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
L. Lowry Mays 1994 577,396 650,000 0 0 62,500 0 3,313
President 1993 351,153 500,000 0 0 62,500 0 2,282
and CEO 1992 348,020 400,000 0 0 29,296 0 0
Daniel Sullivan 1994 246,647 100,000 0 0 3,095 0 0
President Clear 1993 173,314 75,000 0 0 6,010 0 0
Channel TV 1992 185,051 50,000 0 0 0 0 0
Jim Smith 1994 137,645 31,000 0 0 0 0 0
Vice President 1993 136,644 2,500 0 0 0 0 0
1992 126,888 2,500 0 0 3,906 0 0
William Riordan 1994 157,845 45,000 0 0 1,250 0 0
Vice President 1993 128,615 27,500 0 0 0 0 0
1992 98,102 25,000 0 0 0 0 0
Jack Peck 1994 132,174 50,000 0 0 1,250 0 0
Vice President 1993 117,295 35,000 0 0 0 0 0
1992 81,052 11,000 0 0 0 0 0
(1) Represents the total of certain insurance premiums paid by the Company with respect to term life insurance.
</TABLE>
Options Granted During the 1994 Fiscal Year
The following table discloses, for the CEO and other named
executives, information on Common Stock options of the Company
("Options") granted during the 1994 Fiscal Year.
<TABLE>
<CAPTION>
OPTIONS/SAR GRANTS TABLE
Individual Grants Option Value
____________________________________________ ___________________________
% of Potential Realizable Value
Total at Assumed Annual Rates of
Options/ Stock Price Appreciation
SARs for Option Term
Options/ Granted to Exercise
SARs Employees or Base Expira- 0% 5% 10%
Granted in Fiscal Price tion
Name/Title (#) Year ($/Sh) Date ($) ($) ($)
<S> <C> <C> <C> <C> <C> <C> <C>
L. Lowry Mays 62,500 67% 32.30 02-Feb-99 0 557,500 1,232,500
President and CEO
Daniel Sullivan 3,095 3% 32.30 02-Feb-99 0 27,607 61,033
President Clear Channel TV
Jim Smith 0 --- --- --- 0 0 0
Vice President
William Riordan 1,250 1% 32.30 02-Feb-99 0 11,150 24,650
Vice President
Jack Peck 1,250 1% 32.30 02-Feb-99 0 11,150 24,650
Vice President
</TABLE>
Options Exercised During the 1994 Fiscal Year and Fiscal Year End
Option Values. The following table discloses, for the CEO and other
named executives, individual exercises of Options in the last
fiscal year and the number and value of Options held by such named
executive at December 31, 1994.
<TABLE>
<CAPTION>
OPTION/SAR EXERCISES AND YEAR-END VALUE TABLE
Value of
Number of Unexercised
Unexercised In-the-Money
Option/ Options/
Shares SARs at SARs at
Acquired Share FY-End (#)(1) FY-End($)
on Option Price Value
Exercise Price at Realized Non Non
Name/Title (#) per Share Exercise ($) Vested Vested Vested Vested
<S> <C> <C> <C> <C> <C> <C> <C> <C>
L. Lowry Mays -- -- -- -- 148,918 5,379 4,323,883 172,989
President
and CEO
Daniel Sullivan -- -- -- -- -- 9,104 0 262,070
President Clear
Channel TV
Jim Smith -- -- -- -- 3,906 0 167,997 0
Vice President
William Riordan -- -- -- -- 1,250 23,063
Vice President
Jack Peck -- -- -- -- 1,250 23,063
Vice President
</TABLE>
ITEM 12. Security Ownership of Certain Beneficial Owners and Management
The information required by Item 12 is set forth below in the
tables titled "Security Ownership" and "Directors' Security Ownership."
Except as described therein, no other individual owns 5% or more of the
outstanding Common Stock.
The table below sets forth certain information about the
persons and entities known to the Company to own beneficially more
than 5% of the Company's outstanding stock. Such information is
based upon required notices previously filed with the Company.
Such shares are held in each shareholder's name or in a nominee
account.
SECURITY OWNERSHIP
Shares of
Common Stock
Beneficially Owned Percent of
Name at February 15, 1995(1) Class (1)
L. Lowry Mays 3,792,057(2) 22%
400 Geneseo Road
San Antonio, TX 78209
B. J. McCombs 2,851,734(3) 17%
825 Contour
San Antonio, TX 78212
Putman Investments 1,306,000 8%
One Post Office Square
Boston, MA 02019
Pilgram Baxter Associates 1,035,025 6%
1255 Grummers Lane, #300
Wayne, PA 19087-1590
(1) Shares and percentage ownership of Common Stock, both
beneficial and disclaimed, based on 17,256,766 shares
outstanding.
(2) Includes nonqualified options to acquire 148,918 shares
and 29,130 shares held bytrusts of which he is Trustee,
but not beneficiary. Mr. Mays disclaims ownership of
302,205 shares of Common Stock owned by his wife,
children and grandchildren.
(3) Includes nonqualified options to acquire 4,375 shares.
The table below reflects the number of shares
of Common Stock beneficially owned by each director of the Company
as of February 15, 1995, and the number of shares beneficially
owned by each of the named executive officers and the number of
shares beneficially owned by all directors and executive officers
of the Company as a group.
<TABLE>
<CAPTION>
DIRECTORS' AND EXECUTIVE MANAGEMENT'S SECURITY OWNERSHIP
Shares of
Common Stock
Year Beneficially
Principal First Owned at Percent
Occupation Became February 15, of
Name Age or Employment Director 1995(1) Class(1)
<S> <C> <C> <C> <C> <C>
L. Lowry Mays(a)(5) 58 President & Chief 1972 3,792,057(2) 22%
400 Geneseo Road Executive Officer
San Antonio, TX 78209 of the Company
Alan D. Feld(5) 57 Partner in the law 1984 6,375(4)(3) ***
4235 Bordeaux firm of Akin, Gump,
Dallas, TX 78205 Strauss, Hauer &
Feld, L.L.P.
B. J. McCombs(a)(5) 67 Private Investor 1972 2,851,734(4) 17%
825 Contour
San Antonio,TX 78212
Theodore H. Strauss(b)(5) 69 Senior Managing 1984 27,407(4) ***
5100 Park Lane Director
Dallas, TX 75220 Bear, Stearns,
& Co., Inc.
John H. Williams(a)(b)(5) 61 Senior Vice 1984 8,775(4) ***
7810 Glen Albens Circle President
Dallas, TX 75225 Kemper Securities, Inc.
Daniel Sullivan 43 President n/a 119,248 ***
4431 Dyke Bennett Road Clear Channel Television
Franklin, TN 37064
Jim Smith 46 Vice-President n/a 3,906 ***
5401 E. 41st St. Clear Channel Radio
Tulsa, OK 74135
William Riordan 37 Vice-President N/A 3,728 ***
1701 Broadway Street N.E.
Minneapolis, MN 55413
Jack Peck 38 Vice-President N/A 1,778 ***
2225 Union Ave.
Memphis, TN 38104
All officers and directors as a group (41 persons) 7,113,354 41%
(a) Members of Compensation Committee
(b) Members of Audit Committee
* Percentage of shares beneficially owned by such persons does not exceed one percent of the class so
owned.
(1) Shares and percentage ownership of Common Stock, both beneficial and disclaimed, based on 17,256,766
shares outstanding.
(2) Includes nonqualified options to acquire 148,918 shares and 29,130 shares held by trusts of which he is
Trustee, but not beneficiary. Mr. Mays disclaims ownership of 302,205 shares of Common Stock owned by
his wife, children and grandchildren.
(3) Mr. Feld disclaims ownership of 8,120 shares of Common Stock owned by his wife.
(4) Includes nonqualified options to acquire 4,375 shares.
(5) Nominee for Director
</TABLE>
ITEM 13. Certain Relationships and Related Transactions
The information required by Item 13 is set forth below.
CERTAIN RELATIONSHIPS
Clear Channel Television, Inc. ("CCTV") and J. Daniel
Sullivan, President of CCTV, entered into a stock option agreement
(the "Sullivan Stock Option Agreement") providing for the grant to
Mr. Sullivan, effective as of January 1, 1989, of options to
purchase an aggregate of 100,000 shares of common stock, $1.00 par
value ("CCTV Common Stock") of CCTV. The exercise price of the
nonqualifed stock options granted to Mr. Sullivan under the
Sullivan Stock Option Agreement was One Dollar ($1.00) per share.
Such options provided that they would become exercisable on January
1, 1999 (or earlier in the event Mr. Sullivan died or his
employment with CCTV was terminated other than for cause). In
January of 1994, CCTV agreed to allow Mr. Sullivan to exercise the
option immediately, and Mr. Sullivan purchased all 100,000 shares
of CCTV Common Stock subject to the options for the exercise price
of One Dollar ($1.00) per share. In July, 1994, the Company
purchased 100,000 shares of CCTV Common Stock held by Mr. Sullivan
for a purchase price of $8,000,000 in cash and shares of Common
Stock in the Company. The purchase price paid by the Company was
based on an appraisal of Mr. Sullivan's CCTV Common Stock by an
independent appraiser. Of the purchase price, $4,000,000 was paid
to Mr. Sullivan in cash and the balance was paid by the transfer to
Mr. Sullivan of 119,048 shares of Common Stock of the Company
previously held as treasury shares by the Company. The number of
the Company's shares of Common Stock issued to Mr. Sullivan was
determined by dividing $4,000,000 by the $42.00 per share closing
price for the Company's shares on the NYSE on January 6, 1994, the
date the Company received notice from Mr. Sullivan of the exercise
of his options.
Clear Channel Television of Little Rock, Inc. ("CCTV-LR")
was formerly owned 51% by L. Lowry Mays, a director and officer of
the Company, and 49% by the Company's wholly-owned subsidiary,
Clear Channel Television, Inc. Clear Channel Television, Inc. had
an option to purchase the 510 shares of Mr. Mays' stock of CCTV-LR
for $1.00 per share, which it exercised in February, 1994. On
October 1, 1994, CCTV-LR was merged with and into Clear Channel
Television, Inc.
The Company paid fees in 1994 to the law firm of Akin, Gump,
Strauss, Hauer & Feld, L.L.P. Alan D. Feld, a director of the
Company, is the sole shareholder of a professional corporation
which is a partner of such firm. The Company purchased in 1994
various forms of insurance from Primera Insurance Company
("Primera"). B. J. McCombs, a director of the Company, owns 75% of
Primera. The Company believes such insurance is purchased at
competitive rates.
As part of its operations, the Company leases certain
office space in San Antonio, Texas from the trusts of the children
of L. Lowry Mays and B.J. McCombs. This lease expires on December
31, 1997 with current monthly rentals of $16,486.
The Company's wholly owned subsidiary Clear Channel
Television Inc. exercised its option to purchase the 510 shares of
Clear Channel Television of Little Rock, Inc. owned by L. Lowry
Mays, a director and officer of the Company. As consideration the
Company paid Mr. Mays $510 for his stock.
CCTV adopted its 1991 nonqualified stock option plan (the
"CCTV Nonqualified Stock Option Plan") providing for the grant to
eligible CCTV employees of options to purchase up to 50,000 shares
of CCTV Common Stock. The CCTV Nonqualified Stock Option Plan is
currently administered by the Stock Option Committee of the Board
of Directors of CCTV. Under the terms of the CCTV Nonqualified
Stock Option Plan, the CCTV Stock Option Committee is authorized to
determine the date upon which options granted thereunder become
exercisable, exercise price of such options and other terms and
conditions thereof. At December 31, 1994, options to purchase
9,500 shares of CCTV Common Stock had been granted under the CCTV
Nonqualified Stock Option Plan. The exercise price of such options
is $1.00 per share. Pursuant to the CCTV Nonqualified Stock Option
Plan, each participant therein will be required to enter into a
Buy-Sell Agreement with CCTV with respect to the shares of CCTV
Common Stock acquired by such participant upon the exercise of any
options granted thereunder.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on November 14, 1995,
thereunto duly authorized.
Clear Channel Communications, Inc.
(Registrant)
By:
Herbert W. Hill, Jr.
- ----------------------------- Vice President/Controller
Herbert W. Hill, Jr. (Principal Financial Officer)
