Clear Channel Outdoor Holdings, Inc. Provides Information to Stockholders Regarding Special Cash Dividend and Anticipated Repayment of Debt by Clear Channel Communications, Inc.

March 2, 2012 by Investor Relations

San Antonio, Texas, March 2, 2012 – Clear Channel Outdoor Holdings, Inc. (the “Company”) (NYSE: CCO) announced today additional information regarding the special cash dividend declared on February 29, 2012. A special cash dividend was declared by the Company~s board of directors of $6.0832 per share (or approximately $2,167 million, based on shares outstanding at the close of business on February 28, 2012), which will be paid on March 15, 2012 to Class A and Class B stockholders of record at the close of business on March 12, 2012.

The special cash dividend is subject to the closing of the offering of the $275 million aggregate principal amount of 7.625% Series A Senior Subordinated Notes due 2020 and $1,925 million aggregate principal amount of 7.625% Series B Senior Subordinated Notes due 2020 (collectively, the “Notes”) offered by the Company~s indirect, wholly-owned subsidiary, Clear Channel Worldwide Holdings, Inc. The Company anticipates that the closing of the private offering will take place on March 15, 2012, subject to customary closing conditions.

The Company currently anticipates that all of the dividend will represent a return of capital to the Company~s stockholders for the Company~s fiscal year ending December 31, 2012.

Clear Channel Communications, Inc. has advised the Company that it will repay indebtedness under its senior secured credit facilities in an amount equal to the aggregate amount of dividend proceeds distributed to its subsidiaries, Clear Channel Holdings, Inc. and CC Finco, LLC, or approximately $1,925 million. Also, Clear Channel Communications, Inc. has advised the Company that it will use cash on hand to repay, on or before the closing of the offering of the Notes described below, additional indebtedness under its senior secured credit facilities in order to remain in compliance with its debt covenants.

The Notes and related guarantees will be offered only to “qualified institutional buyers” in reliance on the exemption from registration pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities and foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities. The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful.

###