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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
MAYS RANDALL THOMAS
  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)
President/CFO
(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   340,000 D (1) 0 D  
Common Stock 07/30/2008   D   45,000 D (1) 0 I By Ralph Maddox Family Trust
Common Stock 07/30/2008   D   98,571 D (1) 0 I By Mays 2002 Grandchildren's Trust
Common Stock 07/30/2008   D   11,241 D (1) 0 I By Grace Mays Trust
Common Stock 07/30/2008   D   7,905 D (1) 0 I By Lowry Thomas Mays Trust
Common Stock 07/30/2008   D   4,797 D (1) 0 I By Margot Yvonne Mays Trust
Common Stock 07/30/2008   D   714 D (1) 0 I By Nicole Randall Mays Trust
Common Stock 07/30/2008   D   191,289 D (1) 0 I By Randall T. Mays 2006 CCU GRAT #1
Common Stock 07/30/2008   D   619,761 D (1) 0 I By RTM Partners, Ltd.
Common Stock 07/30/2008   D   527,457 D (1) 0 I By LLM Partners

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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) $ 42.6338 07/30/2008   D     156,671 12/31/2004 02/19/2009 Common Stock 156,671 (2) 0 D  
Common Stock Options (right to buy) $ 63.7879 07/30/2008   D     78,335 02/28/2005 02/28/2010 Common Stock 78,335 (2) 0 D  
Common Stock Options (right to buy) $ 55.5398 07/30/2008   D     261,118 02/12/2006 02/12/2011 Common Stock 261,118 (2) 0 D  
Common Stock Options (right to buy) $ 44.3093 07/30/2008   D     261,119 12/14/2006 02/14/2011 Common Stock 261,119 (2) 0 D  
Common Stock Options (right to buy) $ 35.0606 07/30/2008   D     235,006 02/19/2008 02/19/2013 Common Stock 235,006 (3) 0 D  
Common Stock Options (right to buy) $ 30.3107 07/30/2008   D     217,684 01/12/2010 01/12/2015 Common Stock 217,684 (3) 0 D  
Common Stock Options (right to buy) $ 32.8777 07/30/2008   D     47,001 02/16/2010 02/16/2015 Common Stock 47,001 (3) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MAYS RANDALL THOMAS
C/O CLEAR CHANNEL COMMUNICATIONS, INC.
200 EAST BASSE ROAD
SAN ANTONIO, TX 78209
  X     President/CFO  

Signatures

 /s/ Randall T. 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.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.