March 6, 2001

SFX ACQUIRES MAJORITY INTEREST IN IHRA DRAG RACING PROPERTY

NEW YORK (March 6, 2001) - SFX, the world’s largest producer and marketer of live entertainment, announced today it has acquired a majority interest in the International Hot Rod Association (IHRA), a leading sanctioning body of professional and sportsman drag racing throughout the United States and Canada.

The addition of the IHRA strengthens SFX Motor Sports Group’s position as the leading promoter of specialized motorsports events, which also includes the USHRA Monster Jam Tour, the AMA-sanctioned EA Sports Supercross Series, the IFMA Freestyle Motocross Tour, and the National Arenacross Series.

While the 11-event IHRA Summit Drag Racing Series is the premier attraction on the annual IHRA calendar, the 31-year-old series also sanctions more than 30 divisional events.

Based in Norwalk, Ohio, the IHRA has more than 13,000 members and sanctions events at 80 racing facilities throughout North America. The IHRA will continue to operate under the leadership of the present management team, including its President Bill Bader, who will retain a minority interest in the IHRA.

SFX Motor Sports Chairman Jeff Lewis said, “SFX has a goal of significantly building our motorsports business in the U.S. and around the world in the next few years, and the IHRA is an important component of that plan. IHRA drag racing has been enjoying a steady rise in popularity. With the powerful promotional resources of SFX and our parent company Clear Channel available to support it, we plan to bring the IHRA to new markets in North America and possibly abroad as well.”

Bill Bader said, ”We are elated to forge this partnership with SFX Motor Sports Group. We have worked with SFX for many years and are confident that the partnership will enable us to accelerate growth and marketing opportunities for our tracks, race teams, spectators, sponsors and television viewers. Having worked closely with the SFX Motor Sports team we are confident this partnership will enable IHRA to reach new heights.”

SFX, a subsidiary of Clear Channel Communications (NYSE:CCU), is the world's largest promoter, producer and presenter of live entertainment events. SFX currently owns, operates and/or exclusively books 130 live entertainment venues in the U.S., including 44 amphitheaters. Each year, more than 60 million people attend approximately 26,000 events promoted and/or produced by SFX, including: live music events; Broadway and touring Broadway shows; family entertainment shows; and specialized sports and motor sports shows. SFX is also a leading full-service sports marketing and management company, specializing in the representation of athletes and broadcasters, integrated event management, television programming / production, and marketing consulting services. SFX is headquartered in New York City. More information is available at www.sfx.com.

Clear Channel Communications, Inc., is a global leader in the out-of-home advertising industry with radio and television stations and outdoor displays in 40 countries around the world. Including announced transactions, Clear Channel operated over 900 radio and television stations in the United States and had equity interests in 240 radio stations internationally. Clear Cannel also operated more than 700,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world. The Company is headquartered in San Antonio, Texas.