8-K 1 d80650e8-k.txt FORM 8-K 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): SEPTEMBER 26, 2000 ---------- CAPSTAR BROADCASTING PARTNERS, INC. (Exact name of Registrant as specified in its charter) DELAWARE 333-33015 75-2672663 (State or other (Commission File Number) (I.R.S. Employer jurisdiction of incorporation) Identification Number) 1845 WOODALL RODGERS FREEWAY SUITE 1300 75201 DALLAS, TEXAS (Zip code) (Address of principal executive offices)

Registrant's telephone number, including area code: (214) 922-8700 NOT APPLICABLE (Former name or former address, if changed since last report) ================================================================================ 2 ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT. (a) PREVIOUS INDEPENDENT ACCOUNTANTS (i) On August 30, 2000, Clear Channel Communications, Inc. ("Clear Channel") acquired AMFM Inc. ("AMFM"), indirect parent of Capstar Broadcasting Partners, Inc. (the "Company"). As a result of the merger, AMFM stockholders received 0.94 shares of Clear Channel common stock, on a fixed exchange basis, for each share of AMFM common stock held on the closing date of the transaction and AMFM became a wholly-owned subsidiary of Clear Channel. The Board of Directors of Clear Channel had previously approved the appointment of Ernst & Young LLP as auditors of Clear Channel and its subsidiaries. Accordingly, on September 26, 2000, the Company dismissed PricewaterhouseCoopers LLP, previous auditors of AMFM and its subsidiaries, including the Company, as its independent accountants. (ii) The reports of PricewaterhouseCoopers LLP on the Company's consolidated financial statements for the past two fiscal years contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle. (iii) In connection with its audits for the two most recent fiscal years and through September 26, 2000, there have been no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principle or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PricewaterhouseCoopers LLP would have caused them to make reference thereto in their report on the financial statements for such years. (iv) During the two most recent fiscal years and through September 26, 2000, there have been no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)). (v) The Company has requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter, dated September 27, 2000, is filed as Exhibit 16 to this Form 8-K. (b) NEW INDEPENDENT ACCOUNTANTS (i) The Company engaged Ernst & Young LLP as its new independent accountants as of September 26, 2000. During the two most recent fiscal years and through September 26, 2000, the Company has not consulted with Ernst & Young LLP regarding (i) either the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements and either a written report was provided to the Company or oral advice was provided that Ernst & Young LLP concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue or (ii) any matter that was either the subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K, or a reportable event, as that term is defined in Item 304(a)(1)(v) of Regulation S-K. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) EXHIBITS. 16 -- Letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission pursuant to Item 304(a)(3) of Regulation S-K. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CAPSTAR BROADCASTING PARTNERS, INC. (Registrant) By: /s/ ERIC C. SIMONTIS --------------------------------------- Eric C. Simontis Vice President and Controller Date: September 29, 2000 4 INDEX TO EXHIBIT

~~Date~~EXHIBIT ofNUMBER ~~Proceeds~~DESCRIPTION ~~Buyer Divestiture (in thousands) Market Stations~~ ----- --~~---------~~ -----------~~---~~ ~~------~~16 --~~------~~ ~~Barnstable~~Letter ~~Broadcasting,~~from ~~Inc.~~PricewaterhouseCoopers ~~8/24/00~~LLP $to ~~45,160(1)~~the ~~Des~~Securities ~~Moines,~~and IAExchange ~~KGGO-FM/KHKI-FM~~Commission ~~Greenville,~~pursuant SCto ~~WROQ-FM~~Item ~~Blue Chip Broadcasting, Inc. 8/22/00 2,000 Cincinnati, OH WUBE-AM Chase Radio Partners~~304(2a) ~~8/24/00 12,704 Biloxi, MI WKNN-FM/WMJY-FM Waco, TX KBRQ-FM Cox Radio, Inc. 8/30/00 219,000 Richmond, VA WKHK-FM/WKLR-FM/WMXB-FM Houston, TX KKBQ-FM/KLDE-FM Cumulus Media, Inc. 8/30/00 75,870~~(3) ~~Cedar~~of ~~Rapids,~~Regulation ~~IA KDAT~~S-FM/KHAK-FM/KRNA-FM Melbourne, FL WHKR-FM Shreveport, LA KMJJ-FM/KRMD-AM/KRMD-FM/KBED-FM Emmis Communications Corporation 8/24/00 107,000 Denver, CO KXPK-FM Phoenix, AZ KKFR-FM Infinity Broadcasting Corporation 8/24/00 1,368,635 Cincinnati, OH WUBE-FM Cleveland, OH WDOK-FM/WQAL-FM/WZJM-FM Denver, CO KDJM-FM/KIMN-FM/KXKL-FM Greensboro, NC WMFR-FM Orlando, FL WJHM-FM/WOCL-FM/WOMX-FM Phoenix, AZ KMLE-FM/KOOL-FM/KZON-FM San Diego, CA KPLN-FM/KYXY-FM Radio One, IncK. 8/25/00 661,017 Cleveland, OH WJMO-AM/WZAK-FM Dallas, TX KBFB-FM Los Angeles, CA KKBT-FM Miami, FL WVCG-AM Regent Communications, Inc. 8/24/00 169,396(4) Albany, NY WABT-FM/WGNA-AM/WGNA-FM Grand Rapids, MI WGRD-FM/WLHT-FM/WTRV-FM/WNWZ-AM

OTHER COMPANY PRO FORMA COMPANY HISTORICAL DIVESTITURES(1) ADJUSTMENTS PRO FORMA ----------- --------------- ----------- ----------- ASSETS Current assets: Cash and cash equivalents.... $ 40,577 $ -- $ -- $ 40,577 Accounts receivable, net..... 547,935 -- -- 547,935 Other current assets......... 61,789 175,067 -- 236,856 ----------- ----------- ----------- ----------- Total current assets....... 650,301 175,067 -- 825,368 Property and equipment, net.... 442,661 (63,377) -- 379,284 Intangible assets, net......... 9,902,702 (1,416,310) -- 8,486,392 Other assets: Investments in nonconsolidated affiliates................. 1,058,154 -- (1,046,176)(2) 11,978 Other assets................. 239,028 -- 1,046,176(2) 1,285,204 ----------- ----------- ----------- ----------- TOTAL ASSETS............... $12,292,846 $(1,304,620) -- $10,988,226 =========== =========== =========== =========== LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable and accrued expenses................... $ 274,715 $ -- $ -- $ 274,715 Long-term debt................. 5,742,027 (1,886,993) -- 3,855,034 Deferred tax liabilities....... 1,635,903 (214,158) (28,742)(3) 1,393,003 Other liabilities.............. 49,052 -- -- 49,052 Stockholder's equity: Common stock................. 1 -- -- 1 Additional paid-in capital... 5,260,901 -- 82,119(3) 5,343,020 Retained earnings (accumulated deficit)...... (669,753) 796,531 (53,377)(3) 73,401 ----------- ----------- ----------- ----------- Total stockholder's equity................... 4,591,149 796,531 28,742 5,416,422 ----------- ----------- ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY..... $12,292,846 $(1,304,620) -- $10,988,226 =========== =========== =========== ===========

OTHER COMPANY AS LAMAR COMPANY PRO FORMA ADJUSTED FOR TRANSACTION HISTORICAL(4) DIVESTITURES(5) ADJUSTMENTS THE MERGER HISTORICAL(7) ------------- --------------- ----------- ------------ ------------- Net revenue................................ $1,977,888 $ (269,411) $ -- $1,708,477 $(156,627) Operating expenses......................... 1,048,711 (148,153) -- 900,558 (84,583) Depreciation and amortization.............. 731,514 (115,134) -- 616,380 (94,062) Noncash compensation expense............... 6,443 -- -- 6,443 -- Merger and non-recurring costs............. 63,719 -- -- 63,719 (2,154) Corporate expenses......................... 57,559 -- -- 57,559 (6,835) ---------- ---------- ---------- ---------- --------- Operating income (loss).................... 69,942 (6,124) -- 63,818 31,007 Interest expense........................... 426,681 (146,242) -- 280,439 (171) Interest income............................ 10,644 -- -- 10,644 -- Gain on disposition of assets.............. 221,312 -- -- 221,312 947 Gain on disposition of representation contracts................................ 18,173 -- -- 18,173 -- Other income (expense)..................... -- -- -- -- -- ---------- ---------- ---------- ---------- --------- Income (loss) before income taxes, equity in earnings (loss) of nonconsolidated affiliates and extraordinary item........ (106,610) 140,118 -- 33,508 32,125 Income tax (expense) benefit............... 1,064 (17,840) -- (16,776) (8,867) Dividends and accretion on preferred stock of subsidiaries.......................... 5,591 -- -- 5,591 -- ---------- ---------- ---------- ---------- --------- Income before equity in earnings (loss) of nonconsolidated affiliates and extraordinary item....................... (111,137) 122,278 -- 11,141 23,258 Equity in earnings (loss) of nonconsolidated affiliates............... (28,192) -- 23,008(6) (5,184) -- ---------- ---------- ---------- ---------- --------- Net income (loss) before extraordinary item..................................... (139,329) 122,278 23,008 5,957 23,258 Preferred stock dividends.................. 6,256 -- -- 6,256 -- ---------- ---------- ---------- ---------- --------- Income (loss) attributable to common shares outstanding.............................. $ (145,585) $ 122,278 $ 23,008 $ (299) $ 23,258 ========== ========== ========== ========== ========= PRO FORMA CAPSTAR AS PRO FORMA PRO FORMA ADJUSTMENTS ADJUSTED FOR ADJUSTMENTS ADJUSTMENTS FOR THE THE COMPLETED FOR THE FOR THE LAMAR CAPSTAR CAPSTAR OTHER COMPLETED COMPANY TRANSACTION TRANSACTIONS(11) MERGER TRANSACTIONS(17) PRO FORMA ------------ ---------------- ------------- --------------- ---------- Net revenue................................ $ -- $ 347,290 $(31,397)(12) $ (705) $1,867,038 Operating expenses......................... -- 207,000 (4,221)(12) (116) 1,018,638 Depreciation and amortization.............. -- 78,338 (26,832)(12) 2,839 723,640 146,977(13) Noncash compensation expense............... -- 20,284 -- -- 26,727 Merger and non-recurring costs............. -- 51,288 (47,510)(14) -- 65,343 Corporate expenses......................... -- 13,946 -- -- 64,670 --------- --------- -------- ------- ---------- Operating income (loss).................... -- (23,566) (99,811) (3,428) (31,980) Interest expense........................... (36,128)(8) 80,731 1,406(15) 3,009 329,286 Interest income............................ -- 98 (9,650)(12) -- 1,092 Gain on disposition of assets.............. (209,970)(9) -- -- -- 12,289 Gain on disposition of representation contracts................................ -- -- -- -- 18,173 Other income (expense)..................... -- (46) -- -- (46) --------- --------- -------- ------- ---------- Income (loss) before income taxes, equity in earnings (loss) of nonconsolidated affiliates and extraordinary item........ (173,842) (104,245) (110,867) (6,437) (329,758) Income tax (expense) benefit............... 60,845(10) 22,251 38,803(16) 2,253 98,509 Dividends and accretion on preferred stock of subsidiaries.......................... -- 8,365 -- -- 13,956 --------- --------- -------- ------- ---------- Income before equity in earnings (loss) of nonconsolidated affiliates and extraordinary item....................... (112,997) (90,359) (72,064) (4,184) (245,205) Equity in earnings (loss) of nonconsolidated affiliates............... (2,444) -- -- (7,628) --------- --------- -------- ------- ---------- Net income (loss) before extraordinary item..................................... (112,997) (92,803) (72,064) (4,184) (252,833) Preferred stock dividends.................. -- 9,025 -- -- 15,281 --------- --------- -------- ------- ---------- Income (loss) attributable to common shares outstanding.............................. $(112,997) $(101,828) $(72,064) $(4,184) $ (268,114) ========= ========= ======== ======= ==========

OTHER COMPANY PRO FORMA COMPANY HISTORICAL DIVESTITURES(5) ADJUSTMENTS PRO FORMA ---------- --------------- ----------- ------------- Net revenue................... $1,159,171 $(139,275) $ -- $1,019,896 Operating expenses............ 626,573 (75,239) -- 551,334 Depreciation an amortization................ 429,827 (55,771) -- 374,056 Noncash compensation expense..................... 35,835 -- -- 35,835 Merger and non-recurring costs....................... 18,946 -- -- 18,946 Corporate expenses............ 29,312 -- -- 29,312 --------- -------- --------- --------- Operating income (loss)....... 18,678 (8,265) -- 10,413 Interest expense.............. 243,805 (73,121) -- 170,684 Interest income............... 993 -- -- 993 Gain on disposition of assets...................... 31,104 -- -- 31,104 Gain on disposition of representation contracts.... 16,989 -- -- 16,989 --------- -------- --------- --------- Income (loss) before income taxes, equity in earnings (loss) of nonconsolidated affiliates and extraordinary item........................ (176,041) 64,856 -- (111,185) Income tax (expense) benefit..................... 18,583 (8,731) -- 9,852 --------- -------- --------- --------- Income (loss) before equity in earnings (loss) of nonconsolidated affiliates and extraordinary item...... (157,458) 56,125 -- (101,333) Equity in earnings (loss) of nonconsolidated affiliates.................. (47,591) -- 40,707(6) (6,884) --------- -------- --------- --------- Net income (loss) before extraordinary item.......... (205,049) 56,125 40,707 (108,217) Credit on exchange of preferred stock............. 3,310 -- -- 3,310 --------- -------- --------- --------- Income (loss) attributable to common shares outstanding... $(201,739) $ 56,125 $ 40,707 $(104,907) ========= ======== ========= =========

INCREASE (DECREASE) ----------- Increase in other current assets due to a reclassification of net assets transferred to trust....... $ 175,067 Decrease in property, plant and equipment, net of accumulated depreciation.................................. (63,377) Decrease in intangible assets, net of accumulated amortization ............................................. (1,416,310) Decrease in long-term debt resulting from the use of net proceeds.................................................. (1,886,993) Decrease in deferred income taxes........................... (214,158) Increase in retained earnings resulting from the gain on the sale of stations, net of tax at the Company's assumed tax rate of 39%............................................... 796,531

INCREASE (DECREASE) TO INCOME ------------------------- 12/31/99 6/30/00 ---------- --------- Decrease in revenue................................................ $(269,411) $(139,275) Decrease in operating expenses..................................... 148,153 75,239 Decrease in depreciation and amortization, of which $94,376 and $42,468 for 12/31/99 and 6/30/00, respectively, results in a permanent difference and will not be deducted for federal income tax purposes............. 115,134 55,771 Decrease in interest expense associated with the reduction of long-term debt resulting from the use of net proceeds..................................................... 146,242 73,121 Increase in income tax expense associated with the pro forma adjustments at the Company's assumed tax rate of 39%........................................................... (17,840) (8,731)

PERIOD FROM JANUARY 1 CAPSTAR PRO FORMA CAPSTAR TO JULY 13, 1999 HISTORICAL ADJUSTMENTS PRO FORMA --------------------- ---------- ----------- --------- Net revenues.................................... $ 347,290 $ -- $ 347,290 Operating expenses.............................. 207,000 -- 207,000 Depreciation and amortization................... 78,338 -- 78,338 Noncash compensation expense.................... 20,284 -- 20,284 LMA fees........................................ 387 (387)(a) -- Merger and non-recurring costs.................. 51,288 -- 51,288 Corporate expenses.............................. 13,946 -- 13,946 --------- ----- --------- Operating income................................ (23,953) 387 (23,566) Interest expense................................ 80,731 -- 80,731 Interest income................................. 98 -- 98 Other income (expense).......................... (46) -- (46) --------- ----- --------- Income (loss) before income taxes............... (104,632) 387 (104,245) Income tax (expense) benefit.................... 22,386 (135)(b) 22,251 Dividends and accretion on preferred stock of subsidiary.................................... 8,365 -- 8,365 --------- ----- --------- Income (loss) before equity in net loss of nonconsolidated affiliates.................... (90,611) 252 (90,359) Equity in net loss of nonconsolidated affiliates.................................... (2,444) -- (2,444) --------- ----- --------- Net income (loss)............................... (93,055) 252 (92,803) Preferred stock dividends....................... 9,025 -- 9,025 --------- ----- --------- Income (loss) attributable to common shares outstanding............................ $(102,080) $ 252 $(101,828) ========= ===== =========

PERIOD FROM JANUARY 1 TO JULY 13, 1999 ------------- Amortization expense on $5,892,486 of intangible assets..... $210,602 Less: historical amortization expense....................... (63,625) -------- Adjustment for net increase in amortization expense......... $146,977 ========

CHICAGO PRO FORMA DISPOSITION ADJUSTMENTS FOR OTHER YEAR ENDED HISTORICAL THE OTHER COMPLETED COMPLETED DECEMBER 31, 1999 1/1-4/16 TRANSACTIONS TRANSACTIONS ----------------- ----------- ------------------- ------------ Net revenues................................ $(705) $ -- $ (705) Operating expenses.......................... (116) -- (116) Depreciation and amortization............... -- 2,839(a) 2,839 ----- ------- ------- Operating loss.............................. (589) (2,839) (3,428) Interest expense............................ -- 3,009(b) 3,009 ----- ------- ------- Loss before income taxes.................... (589) (5,848) (6,437) Income tax benefit.......................... -- 2,253(c) 2,253 ----- ------- ------- Income (loss)............................... $(589) $(3,595) $(4,184) ===== ======= =======

INCREMENTAL INTANGIBLE HISTORICAL ADJUSTMENT YEAR ENDED AMORTIZATION ASSETS, AMORTIZATION AMORTIZATION FOR NET DECEMBER 31, 1999 PERIOD(I) NET EXPENSE(I) EXPENSE INCREASE ----------------- ------------ ---------- ------------ ------------ ---------- Phoenix acquisition..... 1/1-7/1 $85,160 $2,839 $ -- $2,839

YEAR ENDED DECEMBER 31, 1999 ----------------- Additional bank borrowings related to other completed transactions.............................................. $69,000 ------- Interest expense at 7.75%................................... 5,348 Less: historical interest expense recognized subsequent to the completed transaction............................................... 2,339 ------- Net increase in interest expense............................ $ 3,009 =======

EXHIBIT NUMBER DESCRIPTION ------- ----------- 2.1(1) Agreement and Plan of Merger dated as of October 2, 1999, among Clear Channel, CCU Merger Sub, Inc. and AMFM Inc. 10.1(2) Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Citicasters Co., Capstar Radio Operating Company, Capstar TX Limited Partnership, AMFM Ohio, Inc., and AMFM Radio Licenses LLC, (the "Seller") and Chase Radio Properties, LLC, (the "Buyer") dated March 3, 2000. 10.2(2) Amendment to Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Citicasters Co., Capstar Radio Operating Company, Capstar TX Limited Partnership, AMFM Ohio, Inc., and AMFM Radio Licenses LLC, (the "Seller") and Chase Radio Properties, LLC, (the "Buyer") dated March 14, 2000. 10.3(2) Second Amendment to Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Citicasters Co., Capstar Radio Operating Company, Capstar TX Limited Partnership, AMFM Ohio, Inc., and AMFM Radio Licenses LLC, (the "Seller") and Chase Radio Properties, LLC, (the "Buyer") dated July 10, 2000. 10.4(2) Third Amendment to Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Citicasters Co., Capstar Radio Operating Company, Capstar TX Limited Partnership, AMFM Ohio, Inc., and AMFM Radio Licenses LLC, (the "Seller") and Chase Radio Properties, LLC, (the "Buyer") dated July 17, 2000. 10.5(2) Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Citicasters Co., Capstar Radio Operating Company, Capstar TX Limited Partnership, AMFM Texas Broadcasting, LP and AMFM Texas Licenses Limited Partnership, (the "Seller") and Cox Radio, Inc. and CXR Holdings, Inc. (the "Buyer") dated March 3, 2000. 10.6(2) Asset Purchase Agreement between Capstar Radio Operating Company and Capstar TX Limited Partnership, (the "Seller") and Cumulus Broadcasting, Inc. and Cumulus Licensing Corp. (the "Buyer") dated March 5, 2000. 10.7(2) Asset Exchange Agreement between Capstar Radio Operating Company and Capstar TX Limited Partnership, (the "Seller") and Cumulus Broadcasting, Inc. and Cumulus Licensing Corp. (the "Exchange Party") dated March 5, 2000. 10.8(2) Amendment to Asset Exchange Agreement between Capstar Radio Operating Company and Capstar TX Limited Partnership, (the "Seller") and Cumulus Broadcasting, Inc. and Cumulus Licensing Corp. (the "Exchange Party") dated June 5, 2000. 10.9(2) Second Amendment to Asset Exchange Agreement between Capstar Radio Operating Company and Capstar TX Limited Partnership, (the "Seller") and Cumulus Broadcasting, Inc., Cumulus Licensing Corp. and Cumulus Wireless Services, Inc. (the "Exchange Party") dated July 17, 2000. 10.10(2) Asset purchase agreement between AMFM Houston, Inc., AMFM Ohio, Inc. and AMFM Radio Licenses, LLC, (the "Seller") and Emmis Communications Corporation, (the "Buyer") dated June 19, 2000. 10.11(2) Asset Purchase Agreement between Capstar TX Limited Partnership, (the "Seller") and Saga Communications of New England, Inc., (the "Buyer") dated March 6, 2000. 10.12(2) Asset Purchase Agreement between Capstar TX Limited Partnership and Salem Communications Corporation dated March 5, 2000. 10.13(2) Asset Exchange Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Capstar Radio Operating Company and Capstar TX Limited Partnership, (the "Seller") and Barnstable Broadcasting, Inc., OBC Broadcasting, Inc. and Two Rivers Broadcasting Limited Partnership, (the "Buyer") dated March 7, 2000. 10.14(2) Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Capstar TX Limited Partnership, AMFM Ohio, Inc., Cleveland Radio Licenses LLC, AMFM San Diego, Inc., AMFM Houston, Inc., AMFM Radio Licenses, LLC and Zebra Broadcasting Corporation, (the "Seller") and CBS Radio, Inc. (the "Buyer") dated March 3, 2000. 10.15(3) Asset Purchase Agreement among AMFM Ohio, Inc., AMFM Radio Licenses LLC, Blue Chip Broadcasting, Ltd. and Blue Chip Broadcasting Licenses, Ltd. dated March 3, 2000. 10.16(3) Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., AMFM Operating Inc., AMFM Ohio, Inc., AMFM Houston, Inc., AMFM Radio Licenses, LLC, Zebra Broadcasting Corporation, Cleveland Radio Licenses, LLC, Capstar TX Limited Partnership and Radio One, Inc. dated March 11, 2000. 10.17(3) Amendment to Asset Purchase Agreement between Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., AMFM Operating Inc., AMFM Ohio, Inc., AMFM Houston, Inc., AMFM Radio Licenses, LLC, Zebra Broadcasting Corporation, Cleveland Radio Licenses, LLC, Capstar TX Limited Partnership and Radio One, Inc. dated August 24, 2000. 10.18(3) Asset Exchange Agreement among Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., Capstar Radio Operating Company, Capstar TX Limited Partnership, Regent Broadcasting of Victorville, Inc., Regent Licensee of Victorville, Inc., Regent Broadcasting of Palmdale, Inc., Regent Licensee of Palmdale, Inc., Regent Broadcasting of Mansfield, Inc. and Regent Licensee of Mansfield, Inc. dated March 12, 2000. 10.19(3) Trust agreement between Clear Channel Communications, Inc., Clear Channel Broadcasting, Inc., Clear Channel Broadcasting Licenses, Inc., AMFM Radio Licenses, L.L.C., AMFM Ohio, Inc., Capstar TX Limited Partnership, Capstar Radio Operating Company, and Charles E. Giddens (the "Trustee") dated August 28, 2000 and effective August 29, 2000.

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