Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MAYS L LOWRY
   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)
Executive Chairman
(Last)
(First)
(Middle)
C/O CLEAR CHANNEL COMMUNICATIONS, INC., 200 EAST BASSE ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
07/30/2008
(Street)

SAN ANTONIO, TX 78209		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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   139,436 D (1) 0 D  
Common Stock 07/30/2008   D   26,905,357 D (1) 0 I By LLM Partner Ltd
Common Stock 07/30/2008   D   48,456 D (1) 0 I By Maddox Family Trust
Common Stock 07/30/2008   D   1,532,120 D (1) 0 I By Mays Family Foundation
Common Stock 07/30/2008   D   92,319 D (1) 0 I By Clear Channel Foundation

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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 Underlying Securities
(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 of Derivative Security: 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) $ 55.7097 07/30/2008   D     391,678 02/12/1999 02/12/2009 Common Stock 391,678 (2) 0 D  
Common Stock Options (right to buy) $ 63.7879 07/30/2008   D     391,678 02/29/2000 02/28/2010 Common Stock 391,678 (2) 0 D  
Common Stock Options (right to buy) $ 55.5398 07/30/2008   D     391,678 02/12/2001 02/12/2011 Common Stock 391,678 (2) 0 D  
Common Stock Options (right to buy) $ 44.3093 07/30/2008   D     391,678 12/14/2001 12/14/2011 Common Stock 391,678 (2) 0 D  
Common Stock Options (right to buy) $ 35.0606 07/30/2008   D     235,007 02/19/2003 02/19/2013 Common Stock 235,007 (3) 0 D  
Common Stock Options (right to buy) $ 42.6338 07/30/2008   D     156,671 02/19/2004 02/19/2014 Common Stock 156,671 (2) 0 D  
Common Stock Options (right to buy) $ 30.3107 07/30/2008   D     217,685 01/12/2005 01/12/2015 Common Stock 217,685 (3) 0 D  
Common Stock Options (right to buy) $ 32.8777 07/30/2008   D     47,001 02/16/2005 02/16/2015 Common Stock 47,001 (3) 0 D  
Common Stock Options (right to buy) $ 31.72 07/30/2008   D     250,000 12/22/2005 12/22/2015 Common Stock 250,000 (3) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MAYS L LOWRY
C/O CLEAR CHANNEL COMMUNICATIONS, INC.
200 EAST BASSE ROAD
SAN ANTONIO, TX 78209		   X     Executive Chairman  

Signatures

 /s/ L. Lowry Mays   07/30/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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.

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