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):
September 11, 1998
(Septebmer 10, 1998)
CLEAR CHANNEL COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Texas 1-9645 74-1787536
(State or other jurisdiction (Commission File Number) (IRS Employer
incorporation) Identification No.)
200 Concord Plaza, Suite 600
San Antonio, Texas 78216
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (210) 822-2828
<PAGE>
ITEM 5. OTHER EVENTS.
On September 10, 1998, Clear Channel Communications, Inc., a Texas
corporation (the "Company"), issued a press release announcing that the
Company's Board of Directors had authorized the repurchase of up to $500 million
of the Company's Common Stock over the next 12 months. Such repurchase will be
effected through open market purchases pursuant to Rule 10b-18 of the
Securities Exchange Act of 1934, as amended, or in privately negotiated
transactions.
Reference is made to the press release filed as Exhibit 99.1 hereto.
The information set forth in Exhibit 99.1 is hereby incorporated by reference
herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release of Clear Channel Communications, Inc. issued
September 10, 1998.
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.
CLEAR CHANNEL COMMUNICATIONS, INC.
By: /S/Herbert W. Hill, Jr.
Herbert W. Hill, Jr.
Chief Accounting Officer
Dated: September 11, 1998
<PAGE>
Index To Exhibits
99.1 Press Release of Clear Channel Communications, Inc. issued September
10, 1998.
EXHIBIT 99.1
Clear Channel Announces
Stock Repurchase Program
San Antonio, Texas, September 10, 1998...Lowry Mays, Chairman and CEO of Clear
Channel Communications, Inc., announced today that its Board of Directors has
authorized the repurchase of up to $500 million of the Company's common stock.
The stock repurchase program will be conducted over the next 12 months.
Clear Channel said it would repurchase its common stock, from time to time,
through open market purchases or in negotiated private transactions. Clear
Channel Communications will base its decisions on repurchases and their timing
on such factors as the stock price, general economic and market conditions and
the status of the Company's ongoing acquisition strategy. The repurchase program
may be suspended or discontinued at any time.
Lowry Mays, Chairman and CEO of Clear Channel Communications declared "This
action underscores our Board's optimism about the Company's continued success
and commitment to the Company's future prospects. We believe the purchase of our
common stock represents an attractive opportunity to benefit the long term
interests of the Company and its shareholders."
Clear Channel Communications, Inc. is a global diversified media company. The
Company operates, or is affiliated with, 441 radio stations, 18 television
stations and approximately 200,000 outdoor advertising displays in 25 countries
worldwide. The Company also owns 29% of Heftel Broadcasting Corporation
(NASDAQ:HBCCA), the largest Spanish-language radio broadcaster in the United
States. The Company's stock is traded on the New York Stock Exchange under the
symbol "CCU."
For further information contact: Houston Lane or Lanita Edwards at (210)
822-2828 All recent press releases are posted on the Company's website:
www.clearchannel.com If you would like to receive future press releases by
E-mail, send your request to [email protected]
This press release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. Those statements appear in a
number of places in this press release, and include statements regarding the
intent, belief or current expectations of the Company. Investors are cautioned
that any such forward looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those projected in the forward looking statements as a
result of various factors. Risks and uncertainties associated with the Company's
acquisition activities include risks that: acquisition opportunities explored by
the Company may be abandoned, investments will fail to perform in accordance
with expectations and that analysis with respect to the cost associated with
proposed acquisitions will prove inaccurate.
