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Gerry Cagle President of SFX
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About SFX 02
FEB. 29, 2000
August 1, 2000
Cagle Pres of SFX 03

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SFX Merger with
Clear Channel Communications
February - December 2000

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SFX Merger with
Clear Channel Communications

February - December 2000

SFX, a subsidiary of Clear Channel Communications (NYSE:CCU), is the world's largest producer and marketer of live entertainment events. SFX currently owns, operates and/or exclusively books 130 live entertainment venues, including 44 amphitheaters in the U.S. Each year, more than 60 million people attend approximately 26,000 events promoted and/or produced by SFX, including: Live music events; Broadway and touring Broadway shows; family entertainment shows; and specialized sports and motor sports shows. SFX also provides strategic sports marketing sales and consulting services to professional and college teams, leagues, venues and properties.
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More About
Clear Channel Communications, Inc. and SFX Entertainment, Inc. Merger

By Josie Cory, TVI

 TUES. FEB. 29, 2000
(San Antonio and New York) --
Lowry Mays, Chairman and CEO of Clear Channel Communications, Inc. (NYSE: CCU) and Robert F.X. Sillerman, Executive Chairman of SFX Entertainment, Inc. (NYSE: SFX) announced today that the companies have entered into a definitive merger agreement. SFX is the world's largest diversified promoter, producer and venue operator for live entertainment events. As of the market close on February 28, 2000, the transaction values SFX Entertainment at approximately $4.4 billion. This includes the assumption of approximately $1.1 billion of SFX's debt net of cash.

SFX provides integrated promotion, production, venue operation and event management services for a broad variety of live entertainment events. SFX currently owns or operates 120 live entertainment venues in 31 of the top 50 U.S. markets, including 16 amphitheaters in the top 10 markets. In addition, SFX is a leading fully-integrated sports marketing and management company, representing more than 650 professional athletes and is the largest producer and promoter of specialized motor sports shows in the U.S.

Including pending acquisitions, Clear Channel will own and operate radio stations and/or outdoor advertising properties in virtually every U.S. market where SFX owns and/or operates live entertainment venues. Lowry Mays said: "This transaction allows Clear Channel, through SFX, to gain immediate leadership in the highly attractive live entertainment segment, while taking advantage of the natural relationship between radio and live music events. It leverages the marketing and promotional strength of Clear Channel's broadcasting and outdoor advertising platforms and adds a new component to the marketing solutions, which Clear Channel can provide to its customers to help them sell their products.

Additionally, it creates an exceptional platform for Clear Channel to pursue initiatives relating to the Internet and music." Robert F.X. Sillerman said: "Having known the Mays family for almost 20 years and having watched the spectacular growth of the company and performance of their stock, it was a surprisingly easy decision to accept their offer. In the ever-expanding world of media and entertainment, the combination of distribution and content is becoming increasingly important. While what we have created as the world's leader in live entertainment and sports marketing is gratifying, there is no question that the combination with Clear Channel will accelerate our growth and further strengthen our already excellent prospects. This is a classic win-win situation for our shareholders and for Clear Channel's shareholders."

///

Clear Channel Closes Its Merger With SFX Industry Veteran Brian Becker to Take Over as Chairman and CEO of SFX

San Antonio, Texas - August 1, 2000 -
Clear Channel Communications, Inc. (NYSE: CCU) announced today that the company has closed its previously announced merger with SFX (NYSE: SFX). 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."

About Clear Channel Communications and SFX Clear Channel Communications, Inc., is a global leader in the out-of home advertising industry with radio and television stations and outdoor displays in 40 countries around the world. Including announced transactions, Clear Channel operates over 900 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 700,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world. The Company is headquartered in San Antonio, Texas.

SFX is the world's largest diversified promoter, producer and presenter of live entertainment events. SFX currently owns and/or operates 120 live entertainment venues in 31 of the top 50 US markets, including 16 amphitheaters in the top 10 markets. In 1999, more than 60 million people attended approximately 26,000 events promoted and/or produced by SFX, including more than 7,800 music concerts, 13,300 theatrical shows, 1,400 family entertainment shows and 520 specialized sports shows.

SFX produces and promotes live music events, as well as develops and manages touring Broadway shows in 55 markets. SFX is also a leading fully integrated sports marketing and management company specializing in the representation of athletes and broadcasters, integrated event management, television programming/production and marketing consulting services in sports, news and other entertainment industries. Additionally, SFX Sports produces and promotes specialized motor sports events.

For further information: Investor Inquiries: Randy Palmer, Vice President of Investor Relations, Clear Channel/Gabrina Soliz (210) 822-2828 web-site: www.clearchannel.com.

Media Inquiries: Sean Cassidy/Lenore Moritz (212) 685-4300 website: www.sfx.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.

///

June, 2000 - Gerry Cagle joined the SFX
when it was known as Album Network -- eight years ago, and most recently, was Executive VP, Publishing for SFX Multimedia. Mr. Cagle replaces Steve Smith, who was recently promoted to a corporate Executive Vice President role at SFX.

Mr. Cagle will oversee
all of SFX Multimedia's activities, including: the publication of seven trade magazines for radio broadcasters, music retailers and record industry executives, including the Album Network, Network 40 and the Urban Network; Live Tonight, a consumer publication distributed at all SFX venues; plus the popular broadcast industry reference publication The Yellow Pages of Rock; a research business that gathers radio airplay and music retail information for record labels, artist managers, retailers and broadcasters; production and distribution of network radio special events and live concert programming; and coordination of several broadcast industry conferences, including the Top 40 programmers' "Summer Games."

Mr. Cagle has enjoyed a 30-year
career in radio programming at some of the most legendary Top 40 stations in the country, including KHJ in Los Angeles, KFRC in San Francisco and WAPP New York. The five-time winner of the Major Market Programmer of the Year Award took time off from the broadcast industry in 1980 to serve as Chief of Staff for the Governor Cliff Finch of Mississippi. Mr. Cagle has also authored three published fiction novels, including Sheet Music last year.

"Gerry Cagle has the experience and vision to continue the growth and expansion of SFX Multimedia, while remaining focused on strengthening its solid reputation as a resource for the entire music industry," said Brian Becker, Chairman and CEO of SFX.

"I'm thrilled to be part of the largest live entertainment company in the world. Continuing to grow the core business of SFX Multimedia while creating synergistic opportunities between SFX and Clear Channel is a challenge I accept enthusiastically. The future of our combined companies is bright and I'm proud to be a part of it," said Cagle.

About SFX
SFX, a subsidiary of Clear Channel Communications (NYSE:CCU), is the world's largest producer and marketer of live entertainment events. SFX currently owns, operates and/or exclusively books 130 live entertainment venues, including 44 amphitheaters in the U.S. Each year, more than 60 million people attend approximately 26,000 events promoted and/or produced by SFX, including: Live music events; Broadway and touring Broadway shows; family entertainment shows; and specialized sports and motor sports shows. SFX also provides strategic sports marketing sales and consulting services to professional and college teams, leagues, venues and properties.

In addition, SFX owns
a leading full-service talent management company, specializing in the representation of athletes and broadcasters. SFX is headquartered in New York City. More information is available at http://www.sfx.com .

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 over 1,120 radio and 18 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.

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Respectfully Submitted
Josie Cory
Publisher/Editor TVI Magazine
TVI Magazine, tviNews.net, Associated Press, Reuters, BBC, LA Times, NY Times, VRA's D-Diaries, Press Releases, They Said It Tracking Model, and SmartSearch were used in compiling and ascertaining this Yes90 news report.

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