The notice below was received from Mark Mays, the CEO of Clear Channel Communications Inc. and Clear Channel Outdoor Inc.

For clarity shareholders of Clear Channel Communications Inc. will receive 1 Live Nation / previously Clear Channel Entertainment share for every 8 Clear Channel Communications Inc. shares they own on the New York Stock Exchange. Clear Channel Communications Inc. will no longer own any interests in Live Nation though of course the individual shareholders in Clear Channel Communications Inc. (the largest independent group of which is the Mays family) will still own a substantial interest in Live Nation as beneficiaries of the 1 for 8 spin-off of Live Nation from Clear Channel Communications Inc.

The reasons for this spin-off of Clear Channel Entertainment / Live Nation is to try to focus Clear Channel Communications Inc. as an almost pure radio investment and the listing of Clear Channel Outdoor Inc. in its own right on the New York Stock Exchange, as a pure Outdoor play. The less predictable revenues from Entertainment possibly diminished the rating of the radio and outdoor assets thus the dividing of the group into focused media disciplines in addition to the distribution of the shares in the Entertainment interests is intended to unlock shareholder value.

Clear Channel Communications Inc. still remains the majority shareholder in Clear Channel Outdoor Inc. owning in excess of 80% of the stock listed on the New York Stock Exchange.