Exhibit 99.1

CC Media Holdings, Inc. Reports Fourth Quarter and Full Year 2010 Results

2010 Revenues Increase 6%

2010 OIBDAN Increases 29%

San Antonio, Texas February 7, 2011…CC Media Holdings, Inc. (OTCBB: CCMO) today reported results for the fourth quarter and year ended December 31, 2010.

“We executed our strategic plan and returned our operations to growth in 2010,” said Mark Mays, President and CEO of CC Media Holdings. “We drove considerable improvement in the operating fundamentals of both our radio and outdoor platforms as we benefitted from a recovering global economy, increasing revenues and improving margins. This all led to healthy growth in our cash flows for 2010.”

“Our global asset base remains well positioned to benefit from the ongoing advertising market recovery,” Mays continued. “In the year ahead, we remain focused on driving innovation across our operations, increasing market share and maintaining a disciplined approach to cost-management. Given the trends we are seeing across our business and the operating leverage in our model, we are optimistic that we can generate improved results in the year ahead.”

Full Year 2010 Results

For 2010, CC Media Holdings’ revenues grew 6% to $5.87 billion. The increase over the $5.55 billion reported for 2009 resulted from an improved advertising environment driven by the strengthening economy and occurred across the Company’s businesses.

The Company substantially completed its restructuring program during 2010, benefitting from cost reductions and experiencing lower restructuring expenses compared to 2009. The growth in revenues, along with expanded margins, driven by cost reductions, resulted in OIBDAN¹ growth of 29% over 2009.

The Company’s loss before income taxes for the full year 2010 was $623 million compared to a loss before taxes of $4.54 billion for 2009. Included in the 2010 results were impairment charges of $15 million compared to impairment charges of $4.12 billion included in the 2009 results.

Fourth Quarter 2010 Results

CC Media Holdings’ revenues grew 8% to $1.63 billion in the fourth quarter of 2010 driven by growth across its businesses from an improved advertising environment. Revenues would have increased 9% excluding the effects of foreign exchange rates.¹

As a result of higher revenues and the impact of the cost savings generated by its restructuring program, the Company’s OIBDAN¹ grew 40% over the fourth quarter of 2009. OIBDAN¹ was $503 million for the fourth quarter of 2010 compared to $360 million for the fourth quarter of 2009.

The Company’s consolidated loss before income taxes in the fourth quarter of 2010 improved to $86 million compared to a loss before income taxes of $268 million for the same period in 2009. Included in the 2010 results were impairment charges of $15 million compared to impairment charges of $78 million included in the 2009 results.

Revenue, Operating Expenses, and OIBDAN by Segment

Radio Broadcasting

Radio broadcasting revenue increased $162 million, or 6%, during 2010 compared to 2009, driven primarily by an $80 million increase in national advertising and a $51 million increase in local advertising. Average rates per minute increased during 2010 compared to the same period of 2009 as a result of improved economic conditions and a stronger advertising environment. Increases occurred across various advertising categories including automotive, food and beverage, healthcare and political.

Overall operating expenses² decreased $33 million during 2010 compared to 2009, primarily from a $30 million decline in expenses incurred in connection with the Company’s restructuring program. The Company also benefited from cost savings that were the primary driver of declines of $27 million and $11 million in programming expenses and compensation expenses, respectively. Expenses declined a further $20 million from the non-renewals of unprofitable sports contracts. The decreases were partially offset by a $51 million increase in variable expenses associated with the increase in revenues and an $8 million impact associated with the finalization of purchase accounting during the first nine months of 2009.

Radio broadcasting OIBDAN¹ for 2010 increased 21% to $1.10 billion from $909 million for 2009. The growth in revenues, along with the substantial completion of the restructuring program and the related costs savings derived from it, drove the OIBDAN growth.

Americas Outdoor Advertising

Americas’ outdoor revenue increased $52 million, or 4%, during 2010 compared to 2009 as a result of revenue growth across most of the Company’s advertising inventory, particularly digital. The increase was driven by increases in both occupancy and rate. Partially offsetting the revenue increase was the decrease in revenue related to the sale of the Company’s Taxi Media business during 2009.

Operating expenses² decreased $4 million during 2010 compared to 2009. The decline in operating expenses was due to the disposition of Taxi Media, partially offset by a $26 million increase in variable expenses associated with the increase in revenue, a $6 million increase primarily related to the unfavorable impact of litigation and a $5 million increase in consulting costs.

Americas’ OIBDAN¹ for 2010 was $492 million, an increase of 13% when compared with OIBDAN of $436 million for 2009. Excluding the effects of movements in foreign exchange rates¹, the increase in OIBDAN would have been 12%. The growth in OIBDAN was driven by an overall improvement in business along with increased margins compared to 2009.

As of December 31, 2010, the Company had deployed 615 digital displays in 36 U.S. markets. This includes 59 digital displays that were rolled out during the fourth quarter of 2010 for a total of 158 digital displays that were deployed during 2010.

International Outdoor Advertising

International outdoor revenue increased $48 million, or 3%, during 2010 compared to 2009, primarily as a result of revenue growth from street furniture across most countries, partially offset by the exit from businesses in Greece and India. Foreign exchange movements¹ negatively impacted 2010 revenue by $10 million, or approximately 1%.

Operating expenses² decreased $52 million during 2010 compared to 2009, primarily as a result of a $20 million decrease in expenses incurred in connection with the Company’s restructuring program and a $16 million decline in site-lease expenses primarily from cost savings attributable to the restructuring program. Also contributing to the decline in expenses was the exit from businesses in Greece and India during 2010, an $11 million decrease from movements in foreign exchange, and a $5 million decrease in business tax related to a change in French tax law.

Led by the revenue growth from the Company’s street furniture business and improved margins across a number of countries, primarily as a result of the savings from the restructuring program, International OIBDAN¹ for 2010 increased 62% to $263 million from $163 million for 2009.

Other and Corporate

For 2010, the Other segment, led by Katz Media, the Company’s national media representation firm, increased revenues $61 million, or 30%. The strong revenue growth at Katz Media was driven by national advertising, benefiting from the increase in political advertising during the year. There was also a substantial increase in OIBDAN¹, growing to $74 million in 2010 from $12 million in 2009.

Corporate expenses increased $36 million during 2010 compared to 2009, primarily due to a $50 million increase in bonus expense from improved operating performance and a $54 million increase primarily related to headcount from centralization efforts and the expansion of corporate capabilities. Partially offsetting the 2010 increase was $24 million related to an unfavorable outcome of litigation recorded in 2009, a $23 million decrease in expenses during 2010 associated with the restructuring program and a $19 million decrease in 2010 related to various corporate accruals.

Other Events

In June 2010, Mark P. Mays announced his decision to retire as our President and Chief Executive Officer and asked the Company’s Board of Directors to initiate a search for his replacement. The Company has been actively searching for a replacement but, to date, has not identified his successor. Mr. Mays has informed the Company that he will step down as President and Chief Executive Officer on the earlier of the date that his successor joins the Company or March 31, 2011.

Conference Call

CC Media Holdings, Inc. along with its publicly traded subsidiary, Clear Channel Outdoor Holdings, Inc., will be hosting a teleconference to discuss its results today at 5:00 p.m. Eastern Time. The conference call number is 800-260-0718 and the pass code is 191725. The teleconference will also be available via a live audio cast on the investor section of the CC Media Holdings, Inc. website, located at http://ccmediaholdings.com/. A replay of the call will be available after the live conference call, beginning at 7:00 p.m. Eastern Time, for a period of thirty days. The replay numbers are 800-475-6701 (U.S. callers) and 320-365-3844 (International callers) and the pass code is 191725. The audio cast will also be archived on the website and will be available beginning 24 hours after the call for a period of thirty days.

TABLE 1 - Financial Highlights of CC Media Holdings, Inc. and Subsidiaries

Foreign exchange movements reduced the Company’s fourth quarter of 2010 revenue and direct operating and SG&A expenses by approximately $9 million and $9 million, respectively, compared to the same period of 2009. Foreign exchange movements increased the Company’s 2010 revenue by approximately $1 million and decreased direct operating and SG&A expenses by approximately $2 million compared to 2009.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for 2010 and 2009 was:

TABLE 3 – Restructuring Program Costs

The Company incurred the following costs, included in Direct operating, SG&A and Corporate expenses, in conjunction with its restructuring program:

TABLE 4 – Total Debt

At December 31, 2010 and December 31, 2009, CC Media Holdings had total debt of:

The current portion of long-term debt was $867.7 million as of December 31, 2010.

Liquidity and Financial Position

For the year ended December 31, 2010, cash flow provided by operating activities was $582 million, cash flow used for investing activities was $240 million, and cash flow used for financing activities was $305 million for a net increase in cash of $37 million during 2010.

Capital expenditures for the year ended December 31, 2010 were approximately $242 million compared to $224 million for the year ended December 31, 2009.

The senior secured credit facilities currently require Clear Channel Communications, Inc. (“Clear Channel”) to comply on a quarterly basis with a financial covenant limiting the ratio of Clear Channel’s consolidated secured debt, net of cash and cash equivalents, to Clear Channel’s consolidated EBITDA³ for the preceding four quarters. Non-compliance with the financial covenant could result in the acceleration of Clear Channel’s obligations to repay all amounts outstanding under the facilities. The maximum ratio under this covenant is currently set at 9.5:1. At December 31, 2010, Clear Channel’s ratio was 6.7:1 compared to 7.4:1 at December 31, 2009. ⁴

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s OIBDAN for the three months and years ended December 31, 2010 and 2009. The Company defines OIBDAN as consolidated net income (loss) adjusted to exclude non-cash compensation expense and the following line items presented in its Statement of Operations: Income tax benefit (expense); Other income (expense) - net; Equity in earnings (loss) of nonconsolidated affiliates; Gain (loss) on marketable securities; Interest expense; Other operating income (expense) – net; D&A; and Impairment charges.

The Company uses OIBDAN, among other things, to evaluate the Company’s operating performance. This measure is among the primary measures used by management for planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company’s operational strength and performance of its business because it provides a link between profitability and net income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company’s management. The Company believes it helps improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies that have different capital structures, stock option structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company’s investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Company’s ability to fund its cash needs. As it excludes certain financial information compared with operating income and net income (loss), the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.

In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets, principally the Euro area, the United Kingdom and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the 2010 actual foreign revenues, expenses and OIBDAN at average 2009 foreign exchange rates) allows for comparison of operations independent of foreign exchange movements.

As required by the SEC, the Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) OIBDAN for each segment to consolidated operating income (loss); (ii) Revenue excluding foreign exchange effects to revenue; (iii) Expense excluding foreign exchange effects to expenses; (iv) OIBDAN excluding foreign exchange effects to OIBDAN; (v) Expense excluding non-cash compensation expense to expenses; (vi) Corporate expense excluding non-cash compensation expense to Corporate expense; (vii) Revenue and expense excluding Taxi Media business to revenue and expense; and (viii) OIBDAN to net income.

Reconciliation of OIBDAN for each segment to Consolidated Operating Income (Loss)

Reconciliation of Revenue excluding Foreign Exchange Effects to Revenue

Reconciliation of Expense (Direct Operating and SG&A Expenses) excluding Foreign Exchange Effects to Expense

Reconciliation of OIBDAN excluding Foreign Exchange Effects to OIBDAN

Reconciliation of Expense (Direct Operating and SG&A Expenses) excluding Non-cash compensation expense to Expense