FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1996 Commission file number
1-9645
CLEAR CHANNEL COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Texas 200 Concord Plaza, Suite 600
(State of Incorporation) San Antonio, Texas 78216-6940
(210) 822-2828
74-1787539 (Address and telephone number
(I.R.S. Employer of principal executive offices)
Identification No.)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by section 15(d) of the
Securities 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 the number of shares outstanding of each class of the
issuer's classes of common stock, as of the latest practicable
date.
Class Outstanding at November 8, 1996
---------------------------- ---------------------------
Common Stock, $.10 par value 38,482,600
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
INDEX
Page No.
--------
Part I Financial Information
Item 1. Unaudited Financial Statements
Consolidated Balance Sheets at September 30, 1996
and December 31, 1995
3
Consolidated Statements of Earnings for the three and nine
months ended September 30, 1996 and 1995
5
Consolidated Statements of Cash Flows for the nine
months ended September 30, 1996 and 1995
6
Schedule Reconciling Earnings to Net Cash from
7
Operating Activities
Notes to Consolidated Financial Statements
8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
9
Part II Other Information
Item 6. Exhibits and reports on Form 8-K
11
(a) Exhibits
(b) Reports on Form 8-K
Signatures 12
Index to Exhibits 12
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, December 31,
1996
1995
(Unaudited) (*)
__________ __________
Current Assets
Cash and cash equivalents $17,910,407 $5,391,104
Accounts receivable, less
allowance of $8,413,726
in 1996 and $3,809,529 in 1995 64,035,440 52,920,450
Film rights - current 14,630,243 12,173,527
__________ __________
Total Current Assets 96,576,090 70,485,081
Property, Plant and Equipment
Land 10,695,750 7,821,899
Buildings 24,507,748 17,068,026
Transmitter and studio
equipment 142,273,159 109,517,279
Furniture and other equipment 18,869,679 13,996,987
Leasehold improvements 4,974,704 4,560,289
Construction in progress 9,892,583 5,079,864
__________ __________
211,213,623 158,044,344
Less accumulated depreciation 72,558,071 58,159,152
__________ ___________
138,655,552 99,885,192
Intangible Assets
Leases 1,455,000 1,455,000
Network affiliation agreements 33,726,904 23,422,904
Licenses and goodwill 687,907,120 286,406,955
Covenants not-to-compete 22,991,932 22,871,932
Other intangible assets 6,387,173 4,361,987
__________ ___________
752,468,129 338,518,778
Less accumulated amortization 70,092,032 52,192,327
__________ ___________
682,376,097 286,326,451
Other
Notes Receivable - Long Term 53,262,466 --
Film rights 15,483,831 15,968,502
Equity investments in, and
advances
to, nonconsolidated affiliates 222,575,111 81,911,343
Other assets 20,103,222 7,021,531
Other investments 1,929,090 1,412,704
___________ _________
Total Assets $1,230,961,459 $563,010,804
* From audited financial statements<PAGE>
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
September 30, December 31,
1996 1995
(Unaudited) (*)
__________ __________
Current Liabilities
Accounts payable $ 7,284,892 $ 5,314,716
Accrued interest 3,234,706 508,271
Accrued expenses 9,633,693 7,760,002
Accrued income and other taxes 1,058,105 5,906,580
Deferred income - current 1,460,000 --
Current portion of long-term
debt 3,478,497 3,406,297
Current portion of film rights
liability 16,566,213 13,109,024
__________ ___________
Total Current Liabilities 42,716,106 36,004,890
Long-Term Debt 651,879,590 334,163,729
Film Rights Liability 15,773,428 17,143,812
Deferred Income Taxes 5,552,835 5,552,835
Deferred Income - Long Term 11,455,000 --
Minority Interests 6,386,670 6,432,903
Shareholders' Equity
Common Stock 3,847,957 3,459,269
Additional paid-in capital 402,430,511 91,433,138
Retained earnings 90,194,298 68,359,190
Other equity 896,062 632,036
Cost of shares held in treasury (170,998) (170,998)
___________ ___________
Total Shareholders' Equity 497,197,830 163,712,635
___________ ___________
Total Liabilities and
Shareholders' Equity $1,230,961,459 $563,010,804
=========== ===========
* From audited financial statements
See Notes to Consolidated Financial Statements<PAGE>
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Nine Months Ended Three Months Ended
September 30, September 30,
____________________ ____________________
1996 1995 1996 1995
____ ____ ____ ____
Gross
broadcasting
revenue $269,735,560 $203,558,047 $107,189,144 $69,507,801
Less agency
commissions (31,319,386) (27,934,410) (12,349,686) (9,469,670)
__________ __________ __________ __________
Net broadcasting
revenue 238,416,174 175,623,637 94,839,458 60,038,131
Station operating
expenses 135,401,285 99,438,123 53,408,934 32,104,322
Depreciation and
amortization 32,364,748 24,583,103 13,022,189 8,018,075
__________ __________ __________ __________
Station operating
income 70,650,141 51,602,411 28,408,335 19,915,734
Corporate general and
administrative
expenses 5,647,710 4,724,465 2,170,128 1,608,243
__________ __________ __________ __________
Operating income 65,002,431 46,877,946 26,238,207 18,307,491
Interest expense(19,778,376) (15,221,397) (8,033,067) (5,559,145)
Other income
(expense) 665,802 (80,856) 479,345 (98,095)
__________ __________ __________ __________
Income before
income taxes 45,889,857 31,575,693 18,684,485 12,650,251
Income tax
expense 17,426,852 13,170,569 7,260,782 5,698,411
__________ ___________ __________ __________
Income before
equity in net
earnings of
nonconsolidated
affiliates 28,463,005 18,405,124 11,423,703 6,951,840
Equity in net earnings of
nonconsolidated affiliates (6,627,898) 1,525,294 (8,375,072)
1,161,568
_________ _________ _________ _________
Net income $ 21,835,107 $ 19,930,418 $ 3,048,631 $ 8,113,408
============ ============= ============ ============
Net income per common
share
$ .59 $ .57 $ .08 $ .23
======= ====== ======== ========
Weighted average
common shares and
common share equivalents
outstanding 36,778,928 35,079,762 39,120,499 35,102,456
See Notes to Consolidated Financial Statements<PAGE>
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
_______________
1996 1995
____ ____
Net cash from operating
activities $70,153,589 $48,118,030
Cash flows from investing activities:
(Increase) in notes
receivable (53,262,466) --
Decrease in restricted cash -- 38,500,000
Purchase of broadcasting assets (464,289,248) (65,300,000)
(Increase) in equity investments
in and advances to nonconsolidated
affiliates - net (140,399,742) (82,069,590)
Proceeds from disposal of
broadcasting assets 14,108 368,659
(Increase) in other investments (516,386) (2,000)
Purchases of property, plant and
equipment (14,986,565) (6,105,546)
(Increase) in other intangible
assets (2,025,186) (317,999)
(Increase) in goodwill -- (52,340)
(Increase) in other-net (11,266,924) (1,431,894)
___________ ____________
Net cash used by investing
activities (686,732,409) (116,410,710)
Cash flows from financing activities:
Proceeds from issuance of common
stock 311,165,837 --
Proceeds of long-term debt 634,875,000 124,500,000
Payments on short-term debt (262,939) (493,686)
Payments on long-term debt (316,900,000) (53,800,000)
Exercise of incentive stock options 220,225 309,953
___________ ___________
Net cash provided by financing
activities 629,098,123 70,516,267
___________ ___________
Net increase in cash 12,519,303 2,223,587
Cash at beginning of period 5,391,104 6,817,595
_________ __________
Cash at end of period $17,910,407 $9,041,182
========== ========== <PAGE>
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
SCHEDULE RECONCILING EARNINGS TO NET CASH
FROM OPERATING ACTIVITIES
(UNAUDITED)
Nine Months Ended
September 30,
_______________
1996 1995
____ ____
Net income $ 21,835,107 $ 19,930,418
Noncash expenses, revenues, losses
and gains included in net income:
Depreciation 14,465,043 11,252,819
Amortization of intangibles 17,899,705 13,330,284
Amortization of film rights 10,533,301 7,871,610
Payments on film rights (10,395,665) (7,447,021)
(Gain) on disposal of assets (23,627) (296,926)
Changes in operating assets and liabilities:
Decrease accounts receivable 1,982,898 1,089,773
Increase deferred income 12,915,000 --
Increase (decrease) accounts
payable 1,910,176 (1,391,250)
Increase accrued interest 2,726,435 278,073
Increase (decrease) accrued expenses1,153,691 (112,599)
Increase (decrease) accrued income
and other taxes (4,848,475) 3,612,849
__________ __________
Net cash from operating
activities $ 70,153,589 $48,118,030
========== ==========
See Notes to Consolidated Financial Statements
<PAGE>
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1: PREPARATION OF INTERIM FINANCIAL STATEMENTS
The consolidated financial statements have been prepared by Clear
Channel Communications, Inc. ("Company") pursuant to the rules and
regulations of the Securities and Exchange Commission ("SEC") and, in the
opinion of management, include all adjustments (consisting only of normal
recurring accruals and adjustments necessary for adoption of new accounting
standards) necessary to present fairly the results of the interim periods
shown. Certain information and footnote disclosures, normally included in
financial statements prepared in accordance with generally accepted
accounting principles, have been condensed or omitted pursuant to such SEC
rules and regulations. Management believes that the disclosures made are
adequate to make the information presented not misleading. The results for
the interim periods are not necessarily indicative of results for the full
year. The financial statements contained herein should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's 1995 Annual Report.
The consolidated financial statements include the accounts of the
Company and its subsidiaries, the majority of which are wholly-owned
investments in companies in which the Company owns 20 percent to 50 percent
of the voting common stock or otherwise exercises significant influence over
operating, and financial policies of the company are accounted for under the
equity method. All significant intercompany transactions are eliminated in
the consolidation process. Certain reclassifications have been made to the
1995 consolidated financial statements to conform with the 1996 presentation.
<PAGE>
CLEAR CHANNEL COMMUNICATIONS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Comparison of Three Months Ended September 30, 1996 to Three Months Ended
September 30, 1995
Consolidated net broadcasting revenue for the three months ended
September 30, 1996 increased 58% to $94,839,000 from $60,038,000 for the same
quarter of 1995. Station operating expenses increased 66% to $53,409,000
from $32,104,000. Depreciation and amortization increased 62% from
$8,018,000 to $13,022,000 in the third quarter of 1996. Station operating
income increased $8,492,000 or 43% to $28,408,000, compared to $19,916,000
for the third quarter of 1995. Interest expense increased 45% from
$5,559,000 to $8,033,000 in the third quarter of 1996. Net income decreased
62% from $8,113,000, or $.23 per share, to $3,049,000, or $.08 per share.
The majority of the growth in net broadcasting revenue and operating
expenses was due to the improved operating results of the Company's radio
stations in Houston, along with the operating results of the following
significant radio and television stations acquired and/or operated under
local marketing agreements (LMAs) and joint sales agreements (JSAs):
Date Description
_________________________________________________________________
August 1996 Acquired 41.8% of Heftel Broadcasting Corporation
(Heftel) -- 16 Spanish language stations in the United
States
August 1996 Acquired fourteen stations from Radio Equity Partners -
Springfield, MA;Winston-Salem/Greensboro, NC; Columbia, SC; Fort Meyers, FL;
New Orleans, LA; and Oklahoma City, OK
July 1996 Acquired WPRI-TV - Providence, RI; LMA of WNAC-TV -
Providence, RI
July 1996 Acquired 33.3% of Radio New Zealand with 41 radio
stations throughout New Zealand
May 1996 Acquired sixteen radio stations from US Radio, Inc.
Houston, TX; Little Rock, AR; Raleigh, NC; Norfolk, VA; Reading, PA; El
Paso, TX; Milwaukee, WI; Memphis, TN
May 1996 Acquired WTVR-AM/FM -- Richmond, VA
May 1996 LMA of WCUZ-AM/FM in Grand Rapids, MI; JSA of KQLL-AM/FM
and KOAS-FM in Tulsa, OK
February 1996 Acquired WOOD-AM/FM and WBCT-FM - Grand Rapids, MI
October 1995 Acquired WHP-TV - Harrisburg, PA
October 1995 LMA of WLYH-TV - Harrisburg, PA
May 1995 Acquired 50% of Australian Radio Network (ARN) -- serving
8 markets in Australia
May 1995 Acquired 21.4% of Heftel
The majority of the increase in depreciation and amortization was due to the
above-mentioned acquisitions. Interest expense increased primarily due to an
increase in the average amount of debt outstanding -- which resulted from the
above-mentioned acquisitions and was partially offset by the paydown of debt
with the majority of the proceeds from the Company's secondary offering of
3,850,000 additional shares of its common stock in June 1996.
The Company's investments in ARN and Heftel are accounted for under the
equity method. Together they contributed $1,215,000 to net earnings in the
third quarter of 1996, however this was offset by a one time charge of
$9,590,000, which represents the Company's equity interest in certain
employment contract payments, severance costs and other write-offs related to
the change of control of Heftel. The majority of the decrease in net income
was primarily due to the one time charge discussed above and by an increase
of $562,000 in corporate general and administrative expenses attributable to
the Company's growth.
Comparison of Nine Months Ended September 30, 1996 to Nine Months Ended
September 30, 1995
Consolidated net broadcasting revenue for the nine months ended
September 30, 1996 increased 36% to $238,416,000 from $175,624,000 for the
same period in 1995. Station operating expenses increased 36% to
$135,401,000 from $99,438,000. Depreciation and amortization increased 32%
from $24,583,000 to $32,365,000 for the first nine months of 1996. Station
operating income increased $19,048,000 or 37% to $70,650,000, compared to
$51,602,000 for the first nine months of 1995. Interest expense increased
30% from $15,221,000 to $19,778,000. Net income increased to $21,835,000,or
$.59 per share, from $19,930,000, or $.57 per share, for the same period in
1995.
The majority of the revenue growth, increases in operating expenses,
depreciation and amortization were due to the above mentioned acquisitions.
Interest expense increased due to an increase in the Company's average amount
of debt outstanding resulting from the above mentioned acquisitions. The
increase in net income also was attributable to the factors stated above, but
was offset by the one time charge of $9,590,000 related to the change of
control of Heftel discussed above.
Liquidity and Capital Resources
The major sources of capital for the Company have historically been cash
flow from operations, advances on its revolving long-term line of credit
facility (the "credit facility") and funds supplied by the Company's initial
stock offering in April 1984 and subsequent stock offerings in July 1991,
October 1993 and June 1996. In August 1996, the Company and its
Administrative Lender expanded its credit facility from a maximum principal
amount of $600,000,000 to $1,040,000,000, which will facilitate the Company's
acquisition of additional broadcast properties. As of September 30, 1996,
the Company had $642,975,000 outstanding under the credit facility, a
$9,500,000 guarantee to a third party, $8,400,000 in letters of credit and
a $3,000,000 suretyship, leaving $376,125,000 available for future borrowings
under the credit facility. In addition, the Company had $17,910,000 in
unrestricted cash and cash equivalents on hand at September 30, 1996. In July
1996, the Company and its Administrative Lender expanded its revolving credit
facility from a maximum of $600,000,000 to $1.3 billion. This facilitates the
Company's ability to acquire additional broadcast properties now and in the
future.
The credit facility will convert to a reducing revolving line of
credit on the last business day of September 1998, with quarterly repayment
of the outstanding principal balance to begin the last business day of
December 1998 and continue during the subsequent five year period, with the
entire balance to be repaid by the last business day of September 2003.
The Company believes that cash flow from operations will be sufficient
to make all required future interest and principal payments on the credit
facility and will be sufficient to fund all anticipated capital expenditures.
During the first nine months of 1996, the Company made principal
payments on the credit facility totaling $316,900,000 (primarily from funds
provided from the stock offering in June 1996) and purchased capital
equipment totaling $14,987,000. In addition, the Company purchased the
broadcasting assets of WOOD-AM/FM and WBCT-FM in Grand Rapids, MI; WTVR-FM in
Richmond, VA; WENZ-FM in Cleveland, OH; KEYI-FM and KFON-AM in Austin, TX and
WPRI-TV in Providence, RI for $43,050,000; $17,925,000; $1,039,000;
$3,167,000 and $68,000,000, respectively. Also, the Company acquired US
Radio, Inc., and the 16 stations which it owned and or operated in eight
different markets, for $145,108,000, and the broadcasting assets of 14 radio
stations in six different markets from Radio Equity Partners, L.P. (REP) for
$186,000,000. The company's acquisition of the broadcast assets of additional
REP stations in Memphis and Providence for approximately $54,000,000 is
dependant upon FCC approval , however the Company anticipates to close the
acquisition of these properties in the fourth quarter of 1996.
Finally, the Company made two equity investments. First, in July 1996
the Company acquired a one-third interest in Radio New Zealand, which owns
and operates 41 radio stations throughout New Zealand, for approximately
$20,500,000. Second, in August 1996 the Company executed its stock purchase
agreement and tender offer for the purchase of 5,141,022 shares of common
stock of Heftel Broadcasting Corporation for $23.00 per share for a total of
$118,244,000. This raises the Company's investment in Heftel to 7,297,821
shares or 63.2% of the total number of Heftel Class A common shares
outstanding. Heftel has no more Class B common shares outstanding after this
tender offer.
In addition to these acquisitions, the Company loaned $52,975,000 to
third parties in order to facilitate the purchase of certain broadcasting
assets. The loans have been recorded as notes receivable while the interest
income related to these loans is being recorded in other income. The Company
anticipates repayment of these loans during the first half of 1997.
All of these acquisitions and loans were funded by the Company's credit
facility and cash flow from operations.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. See Exhibit Index on Page 12
(b) Reports on Form 8-K
DESCRIPTION OF THE TWO REPORTS ON FORM 8-K FILED DURING 3RD QTR
A report on Form 8-K dated July 10, 1996 was filed with respect to the
Registrant's proposal to the Board of Directors of Heftel Broadcasting
Corporation (Heftel) to merge Heftel with Tichenor Media System, Inc.,
another Spanish language broadcaster based in Dallas, Texas. No financial
statements were included with this filing.
A report on Form 8-K dated August 20, 1996 was filed with respect to the
Registrant's August 5, 1996 acquisition of 5,141,002 shares of Class A Common
Stock of Heftel Broadcasting Corporation (Heftel) and was amended by the
Registrant's Form 8-K/A dated October 18, 1996. Audited and unaudited
financial statements of Heftel were incorporated into the Registrant's Form
8-K/A dated October 18, 1996 by reference to Heftel's Form 8-K/A dated
October 15, 1996.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
Date: November 12, 1996 /s/L. LOWRY MAYS
(L. Lowry Mays - President and
Chief Executive Officer)
(Duly Authorized Officer)
Date: November 12, 1996 /s/HERBERT W. HILL, JR.
(Herbert W. Hill, Jr. -
Vice President and
Principal Financial Officer)
Index to Exhibits
(a) 3.1 -- Articles of Incorporation, as amended, of Registrant
(m) 3.11 -- Articles of Amendment to the Articles of Incorporation of
Clear Channel Communications, Inc.
(a) 3.2 -- Amended and Restated Bylaws of Registrant
(a) 4 -- Buy-Sell Agreement among Clear Channel Communications, Inc.,
L. Lowry Mays, B. J. McCombs, John M. Schaefer and John W. Barger
dated May 31, 1977.
(a)10.1 -- Incentive Stock Option Plan of Clear Channel Communications,
Inc. as of January 1, 1984.
(b)10.2 -- Television Asset Purchase Agreement dated January 27, 1992, by
and between Chase Broadcasting of Memphis, Inc. and Clear Channel
Television, Inc.
(b)10.3 -- Radio Asset Purchase Agreement dated January 31, 1992, by and
between Noble Broadcasting of Connecticut, Inc. and Clear Channel
Radio, Inc.
(b)10.4 -- Radio Asset Purchase Agreement dated April 19, 1992, by and
between Edens Broadcasting, Inc. and Clear Channel Radio, Inc.
(k)10.33 -- Radio Asset Purchase Agreement dated January 31, 1993, by and
between KHFI Venture, LTD. and Clear Channel Radio, Inc.
(l)10.34 -- Radio Asset Purchase Agreement dated December 28, 1992, by and
between Westinghouse Broadcasting Company, Inc. and Clear Channel
Radio, Inc.
(c)10.5 -- Radio Asset Purchase Agreement dated December 23, 1992, by and
between Inter-Urban Broadcasting of New Orleans Partnership and
Snowden Broadcasting, Inc.
(d)10.6 -- Television Asset Purchase Agreement dated August 19, 1993, by
and between Television Marketing Group of Memphis, Inc. and Clear
Channel Television, Inc.
(e)10.7 -- Radio Asset Purchase Agreement April 1, 1993, by and Capital
Broadcasting of Virginia, Inc. and Clear Channel Radio, Inc.
(f)10.8 -- Television Asset Purchase Agreement dated August 31, 1993, by
and between Nationwide Communications, Inc. and Clear Channel
Television, Inc.
(g)10.9 -- Radio Asset Merger Agreement dated March 22, 1994, by and
between Metroplex Communications, Inc. and Clear Channel Radio,
Inc.
(h)10.10 -- Radio Partnership Interest Purchase Agreement dated April 5,
1994, by and between Cook Inlet Communications, Inc. and WCC
Associates and Clear Channel Radio, Inc.
(i)10.11 -- Television Asset Purchase Agreement September 12,1994, by and
between Heritage Broadcasting Company of New York, Inc. and Clear
Channel Television, Inc. and Clear Channel Television Licenses,
Inc.
(j)10.12 -- Radio Asset Purchase Agreement dated November 17,1994, by and
between Noble Broadcast of Houston, Inc. and Clear Channel Radio,
Inc.
(k)10.13 -- Australian Radio Network Shareholders Agreement dated
February, 1995, by and between APN Broadcasting Investments Pty
Ltd, Australian Provincial Newspapers Holdings Limited, APN
Broadcasting Pty Ltd and Clear Channel Radio, Inc. and Clear
Channel Communications, Inc.
(l)10.14 -- $600,000,000 Amended and Restated Credit Agreement Among Clear
Channel Communications, Inc., Certain Lenders, and NationsBank of
Texas, N.A., as Administrative Lender, dated October 19, 1995.
(m)10.15 -- Clear Channel Communications, Inc. 1994 Incentive Stock Option
Plan.
(m)10.16 -- Clear Channel Communications, Inc. 1994 Nonqualified Stock
Option Plan.
(m)10.17 -- Clear Channel Communications, Inc. Directors' Nonqualified
Stock Option Plan.
(m)10.18 -- Option Agreement for Officer
(n)10.19 -- Employment Agreement between Clear Channel Communications,
Inc. and L. Lowry Mays
(o) 10.20 -- Stock Purchase Agreement dated as of March 4, 1996 by and
among US Radio Stations, L.P., Blackstone USR Capital Partners
L.P., Blackstone USR Offshore Capital Partners L.P.,
Blackstone Family Investment Partnership II L.P., BCP Radio
L.P., BCP Offshore Radio L.P., US Radio Inc., Clear Channel
Communications of Memphis, Inc. and Clear Channel
Communications, Inc.
(p) 10-21 -- Asset Purchase Agreement, dated as of May 9, 1996, by and
among REP New England G.P., REP Southeast G.P., REP Ft. Myers
G.P., REP Rhode Island G.P., REP Florida G.P., REP WHYN G.P.,
REP WWBB G.P., S.E. Licensee G.P., REP WCKT G.P. and RI
Licensee G.P., Radio Station Management, Inc., Clear Channel
Radio, Inc., and Clear Channel Radio Licenses, Inc.
(q) 10.22 -- Tender Offer between Clear Channel Radio, Inc. and Heftel
Broadcasting Corporation dated June 1, 1996
(q) 10.23 -- Stock Purchase Agreement between Clear Channel Radio, Inc. and
Certain Shareholders of Heftel Broadcasting Corporation dated
June 1, 1996
(r) 10.24 -- Agreement and Plan of Merger Between Clear Channel
Communications, Inc. ("PARENT") and Tichenor Media System,
Inc. ("TICHENOR") dated July 9, 1996
(s) 10.25 -- Second Amended and Restated Credit Agreement among Clear
Channel Communications, Inc., certain Lenders and NationsBank,
N.A., as Administrative Lender (dated August 1, 1996).
(a) -- Incorporated by reference to the exhibits of the Company's
Registration Statement on Form S-1(Reg. No. 289161) dated April 19,
1984.
(b) -- Incorporated by reference to the Registrant's Form 8-K dated July
14, 1992.
(c) -- Incorporated by reference to the Registrant's Form 10-Q dated May
12, 1993.
(d) -- Incorporated by reference to the Registrant's Form 8-K dated
September 2, 1993.
(e) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 1, 1993.
(f) -- Incorporated by reference to the Registrant's Form 8-K dated
October 27, 1993.
(g) -- Incorporated by reference to the Registrant's Form 8-K dated
October 26, 1994.
(h) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 14 1994.
(i) -- Incorporated by reference to the Registrant's Form 8-K dated
December 14, 1994.
(j) -- Incorporated by reference to the Registrant's Form 8-K dated
January 13, 1995.
(k) -- Incorporated by reference to the Registrant's Form 8-K dated May
26, 1995.
(l) -- Incorporated by reference to the Registrant's Form 10-Q dated
November 14, 1995.
(m) -- Incorporated by reference to the Registrant's Form S-8 dated
November 20, 1995.
(n) -- Incorporated by reference to the Registrant's Form 10-K dated March
29, 1996.
(o) -- Incorporated by reference to the Registrant's Form 8-K dated
May 24, 1996.
(p) -- Incorporated by reference to the Registrant's Form 8-K dated June
5, 1996.
(q) -- Incorporated by reference to the Registrant's Form S-3 dated June
14, 1996.
(r) -- Incorporated by reference to Heftel Broadcasting Corporation's
Amendment 2 to Form SC 14D1/A dated July 9, 1996.
(s) -- Incorporated by reference to Heftel Broadcasting Corporation's
Amendment 4 to Form SC 14D1/A dated August 5, 1996.
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0
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