Jacor: Merger Update Clear Channel Communications, Inc. Houston Lane, VP - Finance 210.822.2828 Jacor Communications, Inc. Pam Taylor, SVP, Communications 606.655.6523 MERGER UPDATE: CLEAR CHANNEL AND JACOR San Antonio, TX and Covington, KY, February 11, 1999: Clear Channel Communications, Inc. (NYSE: CCU) and Jacor Communications, Inc. (Nasdaq: JCOR) today announced the signing of letters of intent with six prospective purchasers to divest or swap radio properties in five markets for total consideration of approximately $340 million comprised of $285 million in cash plus certain swapped assets(1. The proposed divestitures and swaps are an important step in completing the merger of Clear Channel and Jacor announced in October 1998. These transactions are subject to the successful completion of the merger between Clear Channel and Jacor, the signing of definitive purchase agreements and customary regulatory reviews. They include: Market/Station(s) Owner Buyer Louisville, KY WDJX-FM Jacor Blue Chip Broadcasting, Cincinnati, OH WFIA-AM Jacor Blue Chip Broadcasting, Cincinnati, OH WLRS-FM Jacor Blue Chip Broadcasting, Cincinnati, OH WSFR-FM Jacor Cox Radio, Inc., Atlanta, GA WVEZ-FM Jacor Cox Radio, Inc., Atlanta, GA Cleveland, OH WENZ-FM CCU Radio One, Lanham, MD WERE-AM CCU Radio One, Lanham, MD WNCX-FM CCU CBS Radio, Inc., New York Dayton, OH WGTZ-FM CCU Blue Chip Broadcasting, Cincinnati, OH WING-AM CCU Blue Chip Broadcasting, Cincinnati, OH WING-FM CCU Blue Chip Broadcasting, Cincinnati, OH Jacksonville, FL WBGB-FM CCU Put in FCC Trust WZNZ-AM CCU Put in FCC Trust Tampa, FL WHPT-FM CCU Cox Radio, Inc, Atlanta, GA WFJO-FM CCU Cox Radio, Inc., Atlanta, GA (fka WILV-FM) WDUV-FM(2) Jacor Cox Radio, Inc., Atlanta, GA WRBQ-FM CCU CBS Radio, Inc., New York WSJT-FM CCU CBS Radio, Inc., New York WRBQ-AM CCU ABC Radio, New York WZTM-AM CCU Mega Communications, Inc., Englewood, FL Upon completion of the merger, the combined entity will be the country's second largest radio company in terms of radio stations and third largest ranked by total radio revenue as well as the world's largest out-of-home advertising company. Based on ownership as of 1/30/99 and assuming the completion of the proposed divestitures the combined company will own, have under contract to own, program or sell airtime for 470 radio stations in 107 domestic markets, 22 television stations in 14 domestic markets, and 274,130 outdoor advertising display faces. Completion of the merger is subject to customary closing conditions including regulatory approvals and stockholder approvals by both companies' shareholders. Clear Channel and Jacor expect to close the merger by September 30, 1999. It is anticipated that the merger will be immediately accretive to Clear Channel's after tax cash flow. 1 Cox Radio Inc. has agreed to swap the assets of WYYY-FM, WWHT-FM, WSYR-AM, WHEN-AM and WBBS-FM in Syracuse, New York plus additional cash consideration for the assets it is acquiring. Syracuse, New York would represent a new broadcast area for the combined operations of Jacor and Clear Channel. 2 Jacor will sell the WDUV-FM format and WTBT-FM license (105.5 FM). Jacor will keep the license for 103.5 FM. ### Some of the statements in this news release are forward looking statements that involve certain risks and uncertainties. Potential risks and uncertainties include economic factors, the success of programming strategies, and other business factors. The proposed divestiture list is subject to further review and, as such, may change prior to closing. Investors should review these and other risks and uncertainties discussed in company documents filed with the Securities and Exchange Commission. Visit www.clearchannel.com, www.jacor.com or www.cfonews.com for more information on Clear Channel or Jacor Communications. Ends.