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August 5, 2000

Clear Channel Closes Its Merger With SFX

COMPANY PRESS RELEASE: Clear Channel Communications, Inc. announces that the company has closed its previously announced merger with SFX.

By CBR Staff Writer

Pursuant to the terms of the Merger Agreement signed by the Companies on

February 29, 2000, each SFX Class A shareholder will receive 0.6 shares of Clear Channel common stock for each SFX share, and SFX Class B shareholders will receive one share of Clear Channel common stock for each SFX share, on a fixed exchange basis. Brian Becker,an industry veteran with 20 years of experience and former Executive Vice President of SFX, has been named Chairman and CEO of SFX. In this capacity, Becker will oversee all operations of SFX.

This merger allows Clear Channel, through SFX, to gain immediate leadership in the highly attractive live entertainment segment, while taking advantage of the natural synergy between radio and live music events, said Lowry Mays, Chairman and CEO of Clear Channel Communication, Inc. Moreover, a seasoned executive such as Brian Becker at the helm ensures that the mutually-beneficial relationship between the two companies will be fully realized and expanded upon in the years to come.

While I move on to new challenges, I can say with confidence that Brian Becker is an exceptional leader who brings unmatched experience in successfully guiding and growing a company in the midst of, as well as after, a merger, said Robert F.X. Sillerman, Executive Chairman of SFX. Additionally, the fact that he is already highly respected within SFX, as well as among the executives at Clear Channel, makes him the most qualified person to take SFX

into a new era. I am eager to move SFX forward as part of the Clear Channel family, said Becker. Augmenting SFX’s extensive network and superior talent with Clear Channel’s unparalleled global resources will offer previously unimaginable opportunities in live entertainment to sponsors, performers and marketing partners.

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