Clear Channel Communications, Inc. is holding its special meeting of shareholders today to vote on the adoption of a merger agreement providing for the acquisition of the Company by CC Media Holdings, Inc., a corporation formed by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. Under the terms of the merger agreement, shareholders were able to elect to receive merger consideration for their shares in the form of $39.20 in cash or shares of stock in Holdings. The Company today announced the preliminary results of elections made by its shareholders to receive the stock consideration in the proposed merger. The deadline for Clear Channel shareholders to have made elections to receive the stock consideration in connection with the proposed merger expired at 5:00 p.m., New York City time, on September 24, 2007.
67,288,895 shares of Clear Channel common stock (including shares issuable upon conversion of outstanding options) have elected to receive the stock consideration upon consummation of the proposed merger. These results are preliminary only. These results remain subject to confirmation by Mellon Investor Services LLC, the paying agent for the proposed merger, that all requirements for making a valid election for the stock consideration have been met. Accordingly all results and information provided in this press release are not final and remain subject to potentially significant change.