SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
X
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
MAYS MARK P
(Last) (First) (Middle)
C/O CLEAR CHANNEL COMMUNICATIONS, INC.
200 EAST BASSE ROAD
(Street)
SAN ANTONIO TX 78209
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CLEAR CHANNEL COMMUNICATIONS INC [ CCU ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
07/30/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/30/2008 D 341,391 D (1) 0 D
Common Stock 07/30/2008 D 45,000 D (1) 0 I By Ralph Maddox Family Trust
Common Stock 07/30/2008 D 98,571 D (1) 0 I By Mays 2002 Grandchildren's Trust
Common Stock 07/30/2008 D 1,867 D (1) 0 I By Ryan Mays Trust
Common Stock 07/30/2008 D 1,867 D (1) 0 I By Patrick Mays Trust
Common Stock 07/30/2008 D 1,867 D (1) 0 I By Daniel Mays Trust
Common Stock 07/30/2008 D 1,867 D (1) 0 I By Andrew John Mays Trust
Common Stock 07/30/2008 D 1,867 D (1) 0 I By Matthew Mays Trust
Common Stock 07/30/2008 D 650 D (1) 0 I By Margaret Mays Trust
Common Stock 07/30/2008 D 2,696 D (1) 0 I By Charlotte Moreau Family Trust
Common Stock 07/30/2008 D 187,321 D (1) 0 I By Mark P. Mays 2006 CCU GRAT #1
Common Stock 07/30/2008 D 1,022,293 D (1) 0 I By MPM Partners, Ltd.
Common Stock 07/30/2008 D 660,894 D (1) 0 I By LLM Partners
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Options (right to buy) $42.6338 07/30/2008 D 156,671 12/31/2004 02/19/2009 Common Stock 156,671 (2) 0 D
Common Stock Options (right to buy) $63.7879 07/30/2008 D 78,335 02/28/2005 02/28/2010 Common Stock 78,335 (2) 0 D
Common Stock Options (right to buy) $55.5398 07/30/2008 D 261,118 02/12/2006 02/12/2011 Common Stock 261,118 (2) 0 D
Common Stock Options (right to buy) $44.3093 07/30/2008 D 261,119 12/14/2006 02/14/2011 Common Stock 261,119 (2) 0 D
Common Stock Options (right to buy) $35.0606 07/30/2008 D 235,006 02/19/2008 02/19/2013 Common Stock 235,006 (3) 0 D
Common Stock Options (right to buy) $30.3107 07/30/2008 D 217,684 01/12/2010 01/12/2015 Common Stock 217,684 (3) 0 D
Common Stock Options (right to buy) $32.8777 07/30/2008 D 47,001 02/16/2010 02/16/2015 Common Stock 47,001 (3) 0 D
Explanation of Responses:
1. Disposed of pursuant to merger agreement (the "Merger Agreement") between Clear Channel Communications, Inc. and BT Triple Crown Merger Co., Inc. ("MergerCo"), B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and CC Media Holdings, Inc. ("CC Media"), as amended in exchange for, on a per share basis, either a cash payment of $36.00 or one share of CC Media Class A Common Stock ("Class A Stock").
2. These options were canceled in connection with the merger of the issuer and MergerCo.
3. These options were exchanged in connection with the merger for options to purchase shares of Class A Stock.
/s/ Mark P. Mays 07/30/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.