CHAMPCAR/CART: SFX acquires Cotter Group

WASHINGTON, D.C. (August 7, 2000) --- Adding another powerful resource to its Sports Group, SFX Entertainment announced today the acquisition of top motor sports marketing communications agency, Cotter Group.

Cotter Group, located in Charlotte, N.C., was founded in 1989 by Tom Cotter and Terry Boyce. Cotter had been the Public Relations Director and Boyce the Public Relations Administrator for the Lowe's Motor Speedway. Their expertise and dedication have enabled the one-time motor sports public relations shop to expand profitably into the marketing, licensing, merchandising, mobile marketing and corporate hospitality arenas, in addition to its already established full-service public relations practice.

Cotter Group currently manages the motor sports accounts for a multitude of Fortune 500 companies, including McDonalds, Mercedes-Benz USA, Lowe's, Dodge, NASCAR, Motorola and MH2Technologies.

"Acquiring Cotter Group makes strategic sense," said Bill Allard, President, SFX Sports Group. "Motor sports continue to attract prestigious sponsors and millions of dedicated fans. Adding Cotter Group, with its established reputation in the motor sports industry, serves to broaden our reach into this growing and important marketplace. We welcome their team."

"Terry and I started this agency with a few dollars in the bank, a folding card table and enough energy to think this could actually work," said Tom Cotter, Chairman, Cotter Group. "Now, 12 years later, we have over 70 employees whom we consider family, we represent a dozen Fortune 500 companies that allow us creative freedom, and we are being acquired by the leading sports marketing entity, SFX Sports Group. We are truly living the American dream."

SFX, a subsidiary of Clear Channel Communications (NYSE: CCU), is the world's largest promoter, producer and presenter of live entertainment events. SFX currently owns and/or operates120 live entertainment venues in the U.S., including 44 amphitheaters. In 1999, more than 60 million people attended approximately 26,000 events promoted and/or produced by SFX, including: live music events; touring Broadway shows; family entertainment shows; and specialized sports and motor sports shows. SFX is also a leading full-service sports marketing and management company, specializing in the representation of athletes and broadcasters, integrated event management, television programming/production and marketing consulting services. SFX is headquartered in New York City. More information is available at www.sfx.com.

Clear Channel Communications, Inc., is a global leader in the out-of home advertising industry with radio and television stations and outdoor displays in 40 countries around the world. Including announced transactions, Clear Channel operates over 900 radio and 19 television stations in the United States and has equity interests in over 240 radio stations internationally. Clear Channel also operates more than 700,000 outdoor advertising displays, including billboards, street furniture and transit panels across the world. The Company is headquartered in San Antonio, Texas.