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

Business Wire, Sept 28, 2005

LOS ANGELES -- Clear Channel Communications (NYSE:CCU)

--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 has executed a contract option to buy back his Los Angeles-based sports-agent operations from SFX Sports. Under the option, Tellem and his Los Angeles-based agents will continue to represent their current clients. Separately, Tellem has also stepped down as CEO of SFX Sports.

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

"I appreciate the years I have spent at SFX and am looking forward to a positive working relationship moving forward," said Tellem. Tellem joined Clear Channel Entertainment as president and CEO of the SFX 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 continued positive interactions."

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

About Clear Channel Entertainment

Clear Channel Entertainment, a leading producer and marketer of live entertainment events is a subsidiary of Clear Channel Communications (NYSE:CCU), a global leader in the out-of-home advertising industry. Clear Channel Entertainment currently owns, operates and/or exclusively books approximately 130 live entertainment venues, in North America and internationally. Each year more than 69 million people attend approximately 32,000 events promoted and/or produced by the company, including live music events; Broadway, West End and touring theatrical shows; family entertainment shows; museum exhibitions, and specialized sports and motor sports events. In addition, the company's independently operated athlete representation business, SFX, provides management, marketing and financial consulting services to many of the world's top professional athletes. Clear Channel Entertainment operates throughout North America, Europe, and Australia. More information may be found by visiting www.cc.com and www.clearchannel.com.