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NEW YORK and LOS ANGELES – January 31, 2012 – Ryan Seacrest Media (RSM), an investment holding company, and Clear Channel, a leading global media company, together with Clear Channel’s majority investors Thomas H. Lee Partners (THL) and Bain Capital today announced two new investment agreements designed to drive business growth across multiple media platforms.

Funds sponsored by THL and Bain Capital have together committed up to $300 million to working with RSM to identify, acquire and develop innovative media companies, media content and other media properties that can be leveraged to support a range of media enterprises.

Under a separate agreement, Clear Channel will acquire a minority stake in Ryan Seacrest Productions (RSP), a privately-held entertainment production company. RSP produces the hit series “Keeping Up with the Kardashians,” the highest-rated show on the E! network, and the spin-offs “Kourtney and Kim Take New York,” “Khloe and Lamar,” and “Kourtney and Khloe Take Miami.” RSP also produced the Emmy Award-winning ABC reality series “Jamie Oliver's Food Revolution.” RSP is currently producing two new reality series including “Melissa and Tye: A New Reality,” for CMT and “Shahs of Sunset,” for Bravo.

RSP will remain creatively autonomous and continue as an independently-operated entity, majority-owned by Ryan Seacrest, and managed by Seacrest as Executive Chairman, Chief Executive Officer Adam Sher and Chief Financial Officer Jeff Refold. RSP will continue to develop and produce content for network and studio partners, including NBC Universal. RSP will now also collaborate with Clear Channel on the production and distribution of both scripted and unscripted television programming as well as other media and entertainment content, leveraging the promotional reach of Clear Channel’s vast audiences, assets and relationships.

Clear Channel Chief Executive Officer Bob Pittman, THL Managing Director Richard Bressler, and Bain Managing Director Ian Loring will work with Seacrest and the RSP management team to maximize the strategic and operational value of the RSP relationship with Clear Channel. Bressler and Loring will work with Seacrest separately to maximize the RSM investment initiative.

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“We aim to build Ryan Seacrest Media into a leading multi-media company with diversified assets and interests,” said Seacrest. “The entertainment industry is thriving with innovation more than ever before. I’m excited to collaborate with Clear Channel, THL and Bain Capital to seize on investment opportunities that capitalize on unique content, new technologies and distribution platforms. Bob, Rich and Ian bring a wealth of experience, ideas, and resources and it’s truly a privilege to get to work so closely with them as we embark on this new endeavor. I believe we all share a vision and a commitment to success.”

“Ryan is an unmatched creative talent with success across more media platforms and involvement with a greater variety of programming and venues than anyone else in the industry,” said Pittman. “His combination of business acumen and keen understanding of consumers and popular entertainment is an incredible asset. We’re eager to collaborate with him in developing new and significant opportunities in the television arena in a way that can maximize our relationships with music and other talent, bring greater benefits to our advertisers, and further build Clear Channel’s singular ability to deliver local, mobile and social execution across a truly national audience base.”

“Ryan Seacrest is not only an enormous talent as an individual, but a leading business visionary who has his finger on the pulse of the evolving dynamics in the media industry. He and his business initiatives are quite literally driving the future of how media can create value in ways never dreamed of in prior decades, and we are pleased to be his partner, both through Clear Channel as well as through our separate, new and exciting media property investment initiative,” said Bressler. “Putting the scope, scale, reach and resources of Clear Channel and the THL and Bain teams behind Ryan and his team underscores what he can achieve in this industry.”

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Seacrest is the host and executive producer of “On Air With Ryan Seacrest,” the morning drive-time show on Clear Channel Radio’s KIIS 102.7 FM in Los Angeles, which is syndicated on over 150 stations in North America with affiliates worldwide. Seacrest is also host of radio’s iconic “American Top 40,” a weekly countdown show syndicated by Clear Channel's Premiere Networks. Additionally, Seacrest creates and delivers content for distribution through Clear Channel’s broadcast and digital radio platforms on both a local market and national basis, and serves as a spokesperson for Clear Channel.

During the past year, Seacrest was involved in the development and execution of key projects for Clear Channel such as the iHeartRadio Music Festival in Las Vegas, the biggest live concert festival in radio history. Seacrest hosted the incredibly successful two-day music event in September 2011, which sold out in ten minutes and earned universal rave reviews.

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In addition, Seacrest hosts the most popular show on television, Fox’s “American Idol”; serves as an executive producer and co-host of E! News and Red Carpet specials; he is an Emmy-winning producer of reality television (“Jamie Oliver’s Food Revolution”); and serves as an executive producer and co-host of “Dick Clark's New Year's Rockin' Eve with Ryan Seacrest.”

Ryan Seacrest is a media entrepreneur who also holds preeminent positions in broadcast television, nationally syndicated radio, local radio and cable as both a producer and on-air host. Ryan Seacrest Media is an investment holding company. RSM recently formed a joint venture with HDNet, AEG, and Creative Artists Agency (CAA), to launch a new cable channel AXS TV in the summer of 2012. Seacrest is celebrated internationally as host of the top-rated primetime talent showcase “American Idol,” and hosts and produces E! News and its red carpet awards show coverage. He also serves as an executive producer and co-hosts “Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest.” On radio, Seacrest is host of “On Air with Ryan Seacrest,” his market-topping #1 nationally syndicated LA morning drive-time radio show for Clear Channel’s 102.7 KIIS-FM, as well as a nationally-syndicated Top 40 radio show. In 2006, Seacrest launched Ryan Seacrest Productions (RSP), which has since become a television production powerhouse. A privately-held, independently operated company, RSP produces the hit series “Keeping Up with the Kardashians,” the highest-rated show on the E! network and the spin-offs “Kourtney and Kim Take New York,” ”Khloe and Lamar,” and “Kourtney and Khloe Take Miami.” RSP also produced the Emmy ward-winning ABC reality series “Jamie Oliver's Food Revolution.” RSP is currently producing two new reality series including “Melissa and Tye: A New Reality,” for CMT and “Shahs of Sunset,” for Bravo.

CC Media Holdings, Inc. (OTCBB: CCMO) is one of the leading global media and entertainment companies specializing in radio, digital, outdoor, mobile, live events and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers.

With 238 million monthly listeners in the U.S., Clear Channel Media and Entertainment has the largest reach of any radio or television outlet in America. Clear Channel Media and Entertainment serves 150 cities through 850 owned radio stations. The company’s radio stations and content can be heard on AM/FM stations, HD digital radio channels, Sirius/XM satellite, on the Internet at iHeartRadio.com and on the company’s radio station websites, on the iHeartRadio mobile application on iPads and smartphones, and used via navigation systems from TomTom, Garmin and others.

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Under CEO John Hogan, the company’s operations include radio broadcasting, online and mobile services and products, live concerts and events, syndication, music research services and independent media representation.�� Clear Channel Media and Entertainment is a division of CC Media Holdings, Inc. (OTCBB: CCMO), a leading global media and entertainment company.

Clear Channel Outdoor Holdings, Inc., (NYSE:CCO) one of the world’s largest outdoor advertising companies, reaches approximately 141 million people in the United States and approximately 374 million internationally, with more than 600,000 displays in over 40 countries across five continents, including 49 of the 50 largest markets in the United States. Under CEO William Eccleshare, Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 750 digital displays across 37 U.S. markets. Clear Channel International operates in 30 countries across Asia, Australia and Europe in a wide variety of formats.

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Thomas H. Lee Partners, L.P. ("THL") is one of the world's oldest and most experienced private equity firms. The firm invests in growth-oriented global businesses, headquartered principally in North America, within three broad sectors: Consumer & Healthcare, Media & Information Services and Business & Financial Services. THL's team of investment and operating professionals partner with its portfolio company management teams to identify and implement business model improvements that accelerate sustainable revenue and profit growth. Since its founding in 1974, THL has invested in more than 100 portfolio companies and has completed over 200 add-on acquisitions, representing a combined value of more than $150 billion. THL's two most recent investment funds comprise more than $14 billion of aggregate committed equity capital. Notable transactions sponsored by THL include Aramark, Clear Channel, Dunkin' Brands, Michael Foods, Ceridian, Experian, Fidelity National Information Services, Houghton Mifflin, inVentiv Health, Intermedix Corporation, MoneyGram International, The Nielsen Company, ProSiebenSat.1, Snapple, Warner Chilcott, Warner Music Group and West Corporation. For more information, please visit .

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Bain Capital, LLC () is a global private investment firm that manages several pools of capital including private equity, venture capital, public equity, high-yield assets and mezzanine capital with approximately $60 billion in assets under management. Bain Capital has a team of over 300 professionals dedicated to investing and to supporting its portfolio companies. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in more than 300 companies in a variety of industries around the world. Bain Capital has a long history of investing in a broad range of media and entertainment companies such as Clear Channel Communications, Warner Music Group, The Weather Channel, AMC Theaters, Cumulus Media Partners, Tennis Channel, SinoMedia, ProSiebenSat.1 Media AG and Lala Media. The firm has offices in Boston, New York, Chicago, Palo Alto, London, Munich, Tokyo, Shanghai, Hong Kong and Mumbai, with over 800 employees worldwide.

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For Ryan Seacrest, Ryan Seacrest Media and Ryan Seacrest Productions:

Kelly Mullens/Meredith O’Sullivan

42West

(310) 477-4442

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For Clear Channel:

Wendy Goldberg/Jim Cullinan

(212) 549-0965/(212) 549-0967

WendyGoldberg@clearchannel.com/jimcullinan@clearchannel.com

For THL Partners:

Matt Benson/Robin Weinberg

Sard Verbinnen & Co

(415) 618-8750/(212) 687-8080

mbenson@sardverb.com/rweinberg@sardverb.com

For Bain Capital:

Alex Stanton/Charlyn Lusk

Stanton Public Relations & Marketing

(212)80-0701

astanton@stantonprm.com/clusk@stantonprm.com