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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
June 22, 1999
(June 11, 1999)
Clear Channel Communications, Inc.
(Exact name of registrant as specified in its charter)
Texas
(State of Incorporation)
1-9645 74-1787536
(Commission File Number) (I.R.S. Employer Identification No.)
200 Concord Plaza, Suite 600
San Antonio, Texas 78216
(210) 822-2828
(Address and telephone number of principal executive offices)
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Clear Channel Communications, Inc.
Form 8-K
Item 2 (a) Acquisition or Disposition of Assets.
On June 11, 1999, Clear Channel Communications, Inc. (the "Company" or the
"Registrant") closed its purchase of shares of Dauphin OTA, an outdoor
advertising company organized under the laws of France ("Dauphin"). Upon
completion of this closing, the Company owned approximately 50.5% of the issued
share capital of Dauphin. The Company has launched a tender offer as of June 18,
1999 for the remaining issued and outstanding shares.
The Company purchased the shares of Dauphin common stock for 146.35 EURO per
share, or approximately $153 per share. The aggregate consideration for all such
shares purchased was approximately 235 million EURO or approximately $250
million which was financed through borrowings under the Company's revolving
credit facility.
Item 2. (b)
Dauphin's operations include approximately 103,000 outdoor advertising display
faces in 4 countries. The registrant intends to continue to use the assets of
Dauphin to provide outdoor advertising services.
Item 7 (a). Financial Statements of Businesses Acquired.
The consolidated balance sheet of Dauphin as of December 31, 1998 and the
consolidated statements of operations and cash flows of Dauphin for the fiscal
year ended December 31, 1998 are impracticable to present at the time of this
filing. The required items under item 7 (a) will be filed no later than August
20, 1999.
Item 7. (b) Pro Forma Financial Information.
The unaudited pro forma combined condensed balance sheet of the Company and
Dauphin as of December 31, 1998 and the unaudited pro forma combined statement
of operations of the Company and Dauphin for the year ended December 31, 1998
are impracticable to present at the time of this filing. The required items
under item 7 (b) will be filed no later than August 20, 1999.
Item 7 (c) Exhibits.
NONE
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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 hereunto duly authorized.
Clear Channel Communications, Inc.
Date June 22, 1999 By /s/ HERBERT W. HILL, JR.
Herbert W. Hill, Jr.
Senior Vice President/
Chief Accounting Officer
