Began: 1972 when L. Lowry Mays and Red McCombs formed San Antonio Broadcasting Company to acquire an FM radio station in Texas.

1975, acquire their first “clear channel” station, meaning it was on a frequency reserved exclusively for its own use and broadcast nationwide.

Grow steadily through the 1980s and 1990s.

Telecommunications Act of 1996: Explodes!  The act eliminates national ownership limits on radio stations, and drastically reduces them in individual markets. CCU will acquire the bulk of its empire in two huge transactions.

1998, it paid $4.4 billion for Jacor Communications.

2000, its $15.9 billion acquisition of AMFM Inc. made it the number 1 radio broadcaster.

2005, 1194 radio stations and $3.5 billion in revenue from radio operations. It broadcasts in all 50 states and claims 110 million listeners every week.

Clear Channel Outdoor (CCO) -- one of the nation’s largest outdoor advertising companies and has been expanding overseas.

Music Promotion -- independent music promoters pay to receive airplay for songs (said it would halt practice).

Venue Booking -- they promote rock, package, and musical tours.

Center for Public Integrity: "Some critics have called Clear Channel the poster child for why consolidation of media is a bad idea, mostly from a diversity standpoint. Critics also allege that Clear Channel cuts cost at every opportunity, often hurting news divisions in the process."