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

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1. Name and Address of Reporting Person * MAYS MARK P   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) Chief Executive Officer (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   341,391 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   1,867 D (1) 0 I By Ryan Mays Trust Common Stock 07/30/2008   D   1,867 D (1) 0 I By Patrick Mays Trust Common Stock 07/30/2008   D   1,867 D (1) 0 I By Daniel Mays Trust Common Stock 07/30/2008   D   1,867 D (1) 0 I By Andrew John Mays Trust Common Stock 07/30/2008   D   1,867 D (1) 0 I By Matthew Mays Trust Common Stock 07/30/2008   D   650 D (1) 0 I By Margaret Mays Trust Common Stock 07/30/2008   D   2,696 D (1) 0 I By Charlotte Moreau Family Trust Common Stock 07/30/2008   D   187,321 D (1) 0 I By Mark P. Mays 2006 CCU GRAT #1 Common Stock 07/30/2008   D   1,022,293 D (1) 0 I By MPM Partners, Ltd. Common Stock 07/30/2008   D   660,894 D (1) 0 I By LLM Partners

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 MARK P C/O CLEAR CHANNEL COMMUNICATIONS, INC. 200 EAST BASSE ROAD SAN ANTONIO, TX 78209	X		Chief Executive Officer

Signatures

/s/ Mark P. 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.

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