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Clear Channel Communications Inc.

CCU

Clear Channel Communications, Inc. is a diversified media company with three business divisions: radio broadcasting, outdoor advertising and live entertainment. As of December 31, 2004, Clear Channel owned 1,189 radio stations and held equity interests in various international radio broadcasting companies. The company also owned or operated 151,603 outdoor advertising display faces in the United States and 671,977 international outdoor advertising display faces. As of December 31, 2004, Clear Channel owned or operated 75 live entertainment venues in the United States and 29 live entertainment venues internationally. The company also owns a non-controlling interest or has booking, promotions or consulting agreements with 27 venues in the United States and one international venue. Other businesses of Clear Channel include the ownership or programming of 40 television stations, as well as the operation of a Company-owned media representation firm that represents professional athletes.

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