Arn Tellem Exercises Option to Buy Back His Sports Agent Operations; Steps Down as CEO of SFX Sports

-- Existing Practice Leaders in Baseball, Basketball, Football, Golf, Tennis, Financial Services to Jointly Run Agency Representing More Than 500 Athletes

Clear Channel Entertainment today announced that Arn Tellem hasexecuted a contract option to buy back his Los Angeles-basedsports-agent operations from SFX Sports. Under the option, Tellem andhis Los Angeles-based agents will continue to represent their currentclients. Separately, Tellem has also stepped down as CEO of SFXSports.

SFX Sports' existing practice leaders in baseball, basketball,football, golf, tennis and financial services will jointly run theagency -- they include Pat Rooney, Jim Steiner, John Mascatello, KenMeyerson and Nina Mitchell. SFX Sports represents more than 500athletes worldwide.

"I appreciate the years I have spent at SFX and am looking forwardto a positive working relationship moving forward," said Tellem.Tellem joined Clear Channel Entertainment as president and CEO of theSFX Basketball Group in 2000 when Clear Channel bought his agency.

"We wish Arn the best in his new endeavor," said Michael Rapino,CEO of Clear Channel Entertainment. "We look forward to continuedpositive interactions."

Departing with Tellem are Rob Pelinka, Bob Myers, Joel Wolfe, ThadFoucher and Jeff Wernick.

About Clear Channel Entertainment

Clear Channel Entertainment, a leading producer and marketer oflive entertainment events is a subsidiary of Clear ChannelCommunications (NYSE:CCU), a global leader in the out-of-homeadvertising industry. Clear Channel Entertainment currently owns,operates and/or exclusively books approximately 130 live entertainmentvenues, in North America and internationally. Each year more than 69million people attend approximately 32,000 events promoted and/orproduced by the company, including live music events; Broadway, WestEnd and touring theatrical shows; family entertainment shows; museumexhibitions, and specialized sports and motor sports events. Inaddition, the company's independently operated athlete representationbusiness, SFX, provides management, marketing and financial consultingservices to many of the world's top professional athletes. ClearChannel Entertainment operates throughout North America, Europe, andAustralia. More information may be found by visiting www.cc.com andwww.clearchannel.com.