EXHIBIT 99.1

INDEPENDENT AUDITOR'S REPORT


To the SFX Entertainment Profit Sharing and 401(k) Plan
San Antonio, Texas


We have audited the accompanying  financial  statement of the SFX  Entertainment
Profit  Sharing  and  401(k)  Plan as of  December  31,  2000,  and the  related
statement of changes in net assets available for plan benefits for the year then
ended.  These  financial   statements  are  the  responsibility  of  the  Plan's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements  and  supplemental  schedule  based  on  our  audits.  The  financial
statements  of the  SFX  Entertainment  Profit  Sharing  and  401(k)  Plan as of
December 31, 1999,  were audited by other  auditors  whose report dated June 23,
2000, expressed an unqualified opinion.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance about whether the financial  statements and supplemental  schedule are
free of  material  misstatement.  An audit  includes  examining  on a test basis
evidence supporting the amounts and disclosures in the financial statements.  An
audit also includes  assessing the accounting  principles  used and  significant
estimates  made by  management,  as well as  evaluating  the  overall  financial
statement  presentation.  We believe that our audit provides a reasonable  basis
for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the net assets  available  for plan benefits of the SFX
Entertainment  Profit  Sharing and 401(k) Plan as of December 31, 2000,  and the
changes  in its net assets  available  for  benefits  for the year then ended in
conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic  financial
statements  taken  as  whole.  The  supplemental  schedule  of  assets  held for
investment  purposes as of December  31,  2000,  is  presented  for  purposes of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure  under the Employee  Retirement  Income
Security Act of 1974. The  supplemental  schedule is the  responsibility  of the
Plan's management.  The supplemental schedule has been subjected to the auditing
procedures  applied in the audit of the basic  financial  statements and, in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.


/s/ Hanke, Green & Stein
June 18, 2001