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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001209191-08-044224.txt : 20080730
<SEC-HEADER>0001209191-08-044224.hdr.sgml : 20080730
<ACCEPTANCE-DATETIME>20080730120741
ACCESSION NUMBER:		0001209191-08-044224
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080730
FILED AS OF DATE:		20080730
DATE AS OF CHANGE:		20080730

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WATTS J C JR
		CENTRAL INDEX KEY:			0001213577

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09645
		FILM NUMBER:		08978108

	BUSINESS ADDRESS:	
		STREET 1:		TEREX CORP
		STREET 2:		500 POST RD EAST STE 320
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEAR CHANNEL COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000739708
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				741787536
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		200 E BASSE RD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209
		BUSINESS PHONE:		2108222828

	MAIL ADDRESS:	
		STREET 1:		200 EAST BASSE ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78209
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod58847_bod1jcw.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-07-30</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000739708</issuerCik>
        <issuerName>CLEAR CHANNEL COMMUNICATIONS INC</issuerName>
        <issuerTradingSymbol>CCU</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001213577</rptOwnerCik>
            <rptOwnerName>WATTS J C JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CLEAR CHANNEL COMMUNICATIONS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>200 EAST BASSE ROAD</rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78209</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-07-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>9625</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>38.0861</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-07-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7833</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2013-04-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7833</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>41.1115</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-07-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7833</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-12-31</value>
            </exerciseDate>
            <expirationDate>
                <value>2009-04-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7833</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Disposed of pursuant to merger agreement (the &quot;Merger Agreement&quot;) between Clear Channel Communications, Inc. and BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and CC Media Holdings, Inc. (&quot;CC Media&quot;), 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 (&quot;Class A Stock&quot;).</footnote>
        <footnote id="F2">These options, which provided for vesting in five equal annual installments beginning April 23, 2004, were canceled pursuant to the Merger Agreement in exchange for, on a per option basis, either a cash payment of  $36.00 or one share of Class A Stock, less the exercise price of the option.</footnote>
        <footnote id="F3">These options were canceled pursuant to the Merger Agreement in exchange for, on a per option basis, either a cash payment of  $36.00 or one share of Class A Stock, less the exercise price of the option.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ J.C. Watts, Jr.</signatureName>
        <signatureDate>2008-07-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
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