Clear Channel Sets Tender Offer Price for Certain Outstanding Debt of The Ackerley Group Inc.

Business/Entertainment Editors

Purchase Price Covers 9% Senior Subordinated Notes Due 2009 of

The Ackerley Group Inc.

Clear Channel Communications Inc. ("Clear Channel") (NYSE:CCU) today announced that it has determined the total purchase price per $1,000 principal amount of the 9% Senior Subordinated Notes (the "Notes") due 2009 of the Ackerley Group Inc. ("Ackerley") under the terms of Clear Channel's previously announced tender offer and consent solicitation.

The total purchase price to be paid for each validly tendered and consented Note is $1,129.28 per $1,000 principal amount of Notes, plus accrued and unpaid interest up to, but not including, the payment date, which includes a consent payment of $25 per $1,000 principal amount of Notes. As previously announced, the total purchase price will be paid only for Notes that were validly tendered before midnight, New York City time, on June 13, 2002, and will only be paid if the Notes are accepted for payment by Clear Channel pursuant to the terms of the tender offer for the Notes, as set forth in the Offer to Purchase and Consent Solicitation dated May 31, 2002 (the "Offer to Purchase"). Notes tendered after midnight, New York City time, on June 13, 2002 will not be entitled to receive the consent payment and a holder may not withdraw his tender of Notes and related consent after such date.

The total consideration for the Notes was based upon a fixed spread of 75 basis points over the yield on the 3.000% U.S. Treasury Note due Jan. 31, 2004, as of 2:00 p.m., New York City time, on June 26, 2002.

Holders who have not yet tendered their Notes may do so at any time prior to the expiration of the tender offer and consent solicitation, which is 5:00 p.m., New York City time, on June 28, 2002, unless extended. Payment for the Notes and consent payments, if applicable, are expected to be made on July 3, 2002.

Complete terms of the tender offer and consent solicitation are set forth in the Offer to Purchase distributed to holders on May 31, 2002.

The tender offer is conditioned upon, among other things, the satisfaction of certain terms and conditions described in the Offer to Purchase.

Salomon Smith Barney is the Dealer Manager and Mellon Investor Services LLC is the Information Agent for the tender offer and the consent solicitation. Questions regarding the transaction or requests for documentation should be directed to Mellon Investor Services LLC at 888/509-7937 or to Salomon Smith Barney at 800/558-3745.

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any Notes. The tender offer and consent solicitation are being made solely by the Offer to Purchase.

About Clear Channel Communications Inc.

Clear Channel Communications Inc. (NYSE:CCU), headquartered in San Antonio, Texas, is a global leader in the out-of-home advertising industry with radio and television stations, outdoor advertising displays, and live entertainment venues in 65 countries around the world.

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. Visit our Web site at www.clearchannel.com.