Clear Channel Communications Inc.

A lawsuit has been filed and is seeking class action status following the radio station operator's agreement to be acquired. The lawsuit was filed in the District Court for the 166th Judicial District in Bexar County, TX and claims Clear Channel breached their fiduciary duties by agreeing to sell the company. The suit alleges Clear Channel failed to maximize value on a change in control of the company and claims the proposed transaction will deny members of the class the opportunity to share proportionately in the future success of the company and its valuable assets.