PRESS RELEASE

EXHIBIT 99.1

CLEAR CHANNEL OUTDOOR TO ACQUIRE INTERSPACE AIRPORT ADVERTISING

San Antonio, Texas (May 22, 2006) - Clear Channel Outdoor Holdings, Inc. (NYSE:
CCO) today announced that it has entered into an agreement to acquire Interspace
Services, Inc. ("ISI"), d/b/a Interspace Airport Advertising of Allentown,
Pennsylvania, to expand its airport presence in North America, the Caribbean,
Latin America and the Pacific Rim. The closing of the transaction is expected to
take place in the third quarter and is subject to regulatory approval and other
customary closing conditions.

Terms of the deal include an initial cash purchase price of approximately
$94.5 million, the issuance of 4,250,000 shares of Class A Common Stock of Clear
Channel Outdoor and an earn-out provision pursuant to which additional
consideration may be paid in cash and stock based on ISI meeting certain
financial performance targets over the next four years.

Interspace operates airport advertising concessions in more than 190 airports,
including approximately 150 small to mid-size airports in the United States, as
well as 13 airports in Canada, 13 airports in the Caribbean and Central America,
and 20 airports in New Zealand and Australia. Clear Channel Outdoor currently
operates advertising concessions in 15 of the largest airports in North America,
as well as 39 other airports worldwide.

"Airport traffic is at record levels and the great demographics of this audience
are very attractive to most major marketers around the world," said Clear
Channel Outdoor's Global President and COO Paul Meyer. "Interspace has built a
great company and the finest local sales team in the airport advertising
industry. The synergy between Clear Channel Outdoor's very strong national sales
organization and Interspace's powerful local sales team will deliver the best
possible financial results for all of our airport partners."

"We are very proud of Interspace's talented team, new technology and local sales
efforts. Together they have developed programs that have won eleven of the
fourteen airport advertising awards given over the past seven years for
Innovation, Design, and Airport Revenue Production in the Concessions Contest of
our leading airport industry trade association, Airports Council
International-North America (ACI-NA)," said Interspace CEO, Marianne Lieberman.
"We are convinced that Clear Channel Outdoor's national marketing strength will
help our airport programs take another big step forward in generating record
breaking revenues and serving these communities."

After the acquisition, Interspace will continue to operate as an independent
unit of Clear Channel Outdoor based in Allentown, Pennsylvania with Marianne and
Mark Lieberman as co-CEOs. Interspace operates more than 11,000 displays and has
more than 140 employees. The company manages more airports in the United States,
Canada and the Caribbean than any other firm.

ABOUT CLEAR CHANNEL OUTDOOR

Clear Channel Outdoor is the world's largest outdoor advertising company with
over 870,000 displays in more than 50 countries across 6 continents. In the
United States, the company operates over 144,000 advertising displays and has a
presence in 45 of the top 50 Designated Market Areas. It also operates rail,
taxi and mall advertising businesses worldwide. Its Spectacolor (U.S.) and DEFI
(international) divisions are the global market leaders in spectacular sign
displays, including in New York's Times Square. Clear


Channel Adshel is the company's international street furniture division, which
operates over 3,500 municipal advertising contracts worldwide. More information
may be found by visiting www.clearchanneloutdoor.com

Portions of this release may contain forward-looking statements regarding future
events and are subject to risks and uncertainties. Clear Channel Outdoor wishes
to caution you that there are some factors that could cause actual results to
differ materially from any future results, performance or achievements expressed
or implied by such forward-looking statements, including but not limited to:
difficulty in integrating the ISI businesses and operations in an efficient and
effective manner; challenges in achieving strategic objectives; the risk our
markets do not evolve as anticipated; the potential loss of key employees of the
acquired businesses; contractual problems; and regulatory issues. The Company
refers you to the documents it files from time to time with the Securities and
Exchange Commission, specifically the section titled "Item 1A. Risk Factors" of
the Company's Annual Reports filed on Form 10-K, which contain and identify
other important factors that could cause actual results to differ materially
from those contained in our projections or forward-looking statements.
Stockholders and other readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date on which they
are made. We undertake no obligation to update publicly or revise any
forward-looking statements.

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