iHeartCommunications, Inc. Announces Private Offers To Holders Of Its Five Series Of Priority Guarantee Notes And Its Senior Notes Due 2021 To Exchange Such Notes For New Securities In Connection With A Proposed Global Restructuring Of Its Indebtedness

San Antonio, TX, March 15, 2017 - iHeartCommunications, Inc. (“iHeartCommunications”), together with iHeartMedia, Inc. (“iHeartMedia”) and CC Outdoor Holdings, Inc. (“CCO Holdings” and collectively with iHeartCommuncations and iHeartMedia, the “Issuers”), today commenced private offers (the “Exchange Offers”) to holders of certain series of iHeartCommunications’ outstanding debt securities (the “Existing Notes”) to exchange the Existing Notes for new securities of the Issuers (the “New Securities”). Concurrently with the Exchange Offers, iHeartCommunications is also soliciting consents (the “Consents” and such solicitations, the “Consent Solicitations” and, together with the Exchange Offers, the “Offers”) from holders of Existing Notes to certain amendments to the indentures and security documents governing the Existing Notes. CCO Holdings is a newly-formed entity that will hold an approximate 89.9% equity interest in Clear Channel Outdoor Holdings, Inc. (“CCOH”) upon closing of the Offers if the High Participation Threshold (as defined below) is achieved. ​​​​​