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EXHIBIT 99.1
CLEAR CHANNEL ANNOUNCES
STOCK REPURCHASE PROGRAM
SAN ANTONIO, TEXAS, OCTOBER 5, 2000 - L. Lowry Mays, Chairman and CEO of Clear
Channel Communications, Inc., announced today that its Board of Directors has
authorized the repurchase of up to $1 billion 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, block trades and 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.
Mr. Mays 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."
ABOUT CLEAR CHANNEL COMMUNICATIONS
Clear Channel Communications, Inc., headquartered in San Antonio, Texas, is a
global leader in the out-of home advertising industry with radio and television
stations, outdoor displays, and entertainment venues in 40 countries around the
world. Including announced transactions, Clear Channel operates 1,106 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 750,000
outdoor advertising displays, including billboards, street furniture and transit
panels across the world. SFX is also part of the Clear Channel family and is the
world's largest diversified promoter, producer and presenter of live
entertainment events and is also a leading fully integrated sports marketing and
management company.
For further information contact Randy Palmer, Vice President of Investor
Relations or Gabrina Soliz at (210) 822-2828 or visit our web-site at
www.clearchannel.com.
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.
