Filed by Clear Channel Communications, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Clear Channel Communications, Inc.
Commission File No. 1-9645
The following communications contain forward-looking statements within the
meaning of the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. The forward-looking statements include references made in
the following press release, such as statements regarding:
o future financial and operating results,
o the proposed Clear Channel/AMFM merger,
o the operation and prospects of the combined Clear Channel/AMFM, and
o completion and benefits of pending acquisitions.
Such statements are based on management's current expectations or beliefs
and are subject to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. In particular, the following factors, among others, could cause
actual results to differ materially from those described in the forward-looking
statements: inability to obtain, or meet conditions imposed for, governmental
approvals for the merger; failure of the Clear Channel and AMFM stockholders to
approve the merger; the risk that the Clear Channel and AMFM businesses will not
be integrated successfully; costs related to the merger; risks of new and
changing regulation in the U.S. and internationally.
For a detailed discussion of these and other cautionary statements, please
refer to Clear Channel's filings with the Securities and Exchange Commission,
especially in the "Item 1. Business - Forward-Looking Statements May Prove
Inaccurate" section of Clear Channel's Form 10-K for the fiscal year ended
December 31, 1998.
THE FOLLOWING IS THE PRESS RELEASE DISSEMINATED BY CLEAR CHANNEL ON MARCH 9,
2000.
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[CLEAR CHANNEL COMMUNICATIONS, INC. LETTERHEAD]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CLEAR CHANNEL FILES AMFM MERGER DIVESTITURES
WITH THE FCC
SAN ANTONIO, TEXAS, MARCH 9, 2000... Clear Channel Communications, Inc.
(NYSE: CCU) today announced that it has entered into definitive agreements
regarding the proposed divestiture of 16 stations in 7 markets in conjunction
with the Company's pending merger with AMFM, Inc (NYSE: AFM). The proposed
divestitures are subject to customary regulatory approvals and are contingent
upon the closing of the previously announced merger between Clear Channel and
AMFM, Inc. The following listing of divestitures is not a complete listing and
is subject to change. Clear Channel will announce the remaining required
divestitures in the near future.
BUYER MARKET STATIONS
----- ------ --------
Barnstable Broadcasting, Inc. Des Moines KGGO-FM / KHKI-FM
Greenville WROQ-FM / WTPT-FM
Inner City Broadcasting Corp. Columbia WARQ-FM / WMFX-FM
/ WOIC-AM / WWDM-FM
Jackson WJMI-FM / WKXI-AM
/ WKXI-FM / WOAD-AM
Pickens WYJS-FM
Rodriguez Communications, Inc. San Francisco KXJO-FM
Saga Communications, Inc. Northampton WHMP-FM / WHMP-AM
ABOUT CLEAR CHANNEL COMMUNICATIONS
Clear Channel Communications, Inc., is a global leader in the out-of-home
advertising industry with radio and television stations and outdoor displays in
36 countries around the world. Including announced transactions, Clear Channel
operates 874 radio and 19 television stations in the United States and has
equity interests in over 240 radio stations internationally. Clear Channel also
operates more than 550,000 outdoor advertising displays, including billboards,
street furniture and transit panels across the world. The Company is
headquartered in San Antonio, Texas.
For further information contact Terri Hunter, Vice President of Investor
Relations or Lanita Edwards at (210) 822-2828 or visit our web-site at
www.clearchannel.com.
Certain statements in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
<PAGE>
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS REGARDING THE BUSINESS COMBINATION TRANSACTION REFERENCED
IN THE FOREGOING INFORMATION, WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION. SUCH JOINT PROXY STATEMENT/PROSPECTUS WILL BE FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION BY CLEAR CHANNEL COMMUNICATIONS, INC.
INVESTORS AND SECURITY HOLDERS MAY OBTAIN A FREE COPY OF THE JOINT PROXY
STATEMENT/PROSPECTUS (WHEN AVAILABLE) AND OTHER DOCUMENTS FILED BY CLEAR CHANNEL
AT THE COMMISSION'S WEB SITE AT www.sec.gov. THE JOINT PROXY
STATEMENT/PROSPECTUS AND SUCH OTHER DOCUMENTS MAY ALSO BE OBTAINED FROM CLEAR
CHANNEL BY DIRECTING SUCH REQUEST TO CLEAR CHANNEL COMMUNICATIONS, INC., 200
CONCORD PLAZA, SUITE 600, SAN ANTONIO, TEXAS 78216, ATTN: INVESTOR RELATIONS,
TEL: (210) 822-2828.
