EXHIBIT 99.1

Exhibit 99.1

Clear Channel Outdoor Reports
Second Quarter 2006 Results



SAN ANTONIO--(BUSINESS WIRE)--Aug. 8, 2006--Clear Channel Outdoor
Holdings, Inc. (NYSE:CCO) today reported results for its second
quarter ended June 30, 2006.
The Company reported revenues of $748.4 million in the second
quarter of 2006, a 9% increase over the $684.5 million reported for
the second quarter of 2005. Clear Channel Outdoor's direct operating
and SG&A expenses increased 7% to $493.8 million during the second
quarter of 2006 compared to 2005. Included in the Company's 2006
expenses is approximately $1.5 million of non-cash compensation
expense.
Clear Channel Outdoor's income and diluted earnings per share were
$48.0 million and $0.14, respectively, during the second quarter of
2006. This compares to income of $17.5 million or $0.06 per diluted
share in the second quarter of 2005.
The Company's OIBDAN (defined as Operating Income before
Depreciation & Amortization, Non-cash compensation expense and Gain
(loss) on disposition of assets - net) was $242.1 million in the
second quarter of 2006, a 15% increase from the second quarter of
2005. See reconciliation of OIBDAN to net income at the end of this
press release.
"Our second quarter results are among the strongest in the media
industry," said Mark P. Mays, Chief Executive Officer. "Capitalizing
on our expanding portfolio of premiere assets, we continue to generate
consistent revenue growth and profitable returns. We are committed to
implementing a concerted investment strategy to further unlock our
growth potential, while maintaining a disciplined approach to managing
our costs. We believe our efforts will lead to tangible returns for
our shareholders over the long-term."
"We executed a number of key business objectives in the second
quarter, posting strong operating results and positioning the company
to expand into two key Asian markets: Japan and Korea," added Paul J.
Meyer, Global President and Chief Operating Officer. "We continue to
improve our ability to serve both our customers and our shareholders
by strategically expanding our global platform and growing our diverse
mix of Outdoor revenue streams. We also are pleased with the continued
success of our initial digital launches and are embracing digital
technologies as they continue to transform our business."


Revenue, Direct Operating and SG&A Expenses, and OIBDAN by Division

(In thousands) Three Months Ended %
June 30, Change
----------------------
2006 2005
---------- -----------
Revenue
- -------
Americas $335,247 $315,094 6%
International 413,156 369,415 12%
---------- -----------
Consolidated revenue $748,403 $684,509 9%
========== ===========

The Company's revenues declined approximately $0.8 million from
foreign exchange movements during the second quarter of 2006 as
compared to the second quarter of 2005. The Company's operating
expenses increased approximately $0.9 million from foreign exchange
movements during the second quarter of 2006 as compared to the second
quarter of 2005.

Direct Operating and SG&A Expenses
by Division
- ------------
Americas $179,545 $166,622
Less: Non-cash compensation expense (1,230) (22)
----------- -----------
178,315 166,600 7%

International 314,213 293,400
Less: Non-cash compensation expense (343) --
----------- -----------
313,870 293,400 7%

Plus: Non-cash compensation expense 1,573 22
----------- -----------
Consolidated divisional operating
expenses $493,758 $460,022 7%
=========== ===========

OIBDAN
- ------
Americas $156,932 $148,494 6%
International 99,286 76,015 31%
Corporate (14,097) (13,423) 5%
----------- -----------
Consolidated OIBDAN $242,121 $211,086 15%
=========== ===========

See reconciliation of OIBDAN to net income at the end of this press
release.


Americas

The Company's Americas revenue increased 6% during the second
quarter of 2006 as compared to the second quarter of 2005 primarily
attributable to revenue increases from its bulletin and airport
inventory, while poster revenue was essentially unchanged. The
increase in airport and bulletin revenue was driven by increased rates
over the second quarter of 2005. Strong market revenue growth during
the quarter included Albuquerque, Dallas, Orlando, Phoenix,
Sacramento, San Antonio, Tampa, Tucson, and Latin America. Strong
advertising client categories included business and consumer services,
entertainment and automotive.
Direct operating and SG&A expenses increased $12.9 million in the
second quarter of 2006 over the second quarter of 2005. The increase
was driven by increased site lease expenses primarily related to
revenue shares on the Company's airport inventory associated with the
increase in revenue and from an increase in commission expenses, also
associated with the increase in revenue. Non-cash compensation expense
increased $1.2 million related to the adoption of FAS 123(R).

International Outdoor

Revenues from the Company's international outdoor operations
increased 12% in the second quarter of 2006 as compared to the second
quarter of 2005 primarily from an increase in street furniture revenue
and the consolidation of Clear Media. The increase in street furniture
revenue was primarily a result of an increase in revenue per display.
Street furniture revenue was the driver of the revenue increase in
France, while revenue was down in the United Kingdom principally from
a decline in billboard revenue. Clear Media, which the Company
consolidated in the third quarter of 2005, contributed approximately
$29.5 million to the revenue increase. Strong markets for the second
quarter of 2006 as compared to the second quarter of 2005 were France,
Italy and Turkey. Strong advertising client categories during the
second quarter of 2006 were retail, food and automotive.
Direct operating and SG&A expenses increased 7% over the second
quarter of 2005. The Company's expenses increased primarily from
increased site lease expense associated with the revenue increase as
well as $14.6 million from Clear Media. Also included in the increase
is $0.3 million in non-cash compensation expense related to the
adoption of FAS 123(R).

FAS No. 123 (R): Share-Based Payment ("FAS 123(R)")

The Company adopted FAS 123(R) on January 1, 2006 under the
modified-prospective approach which requires it to recognize employee
compensation cost related to its stock option grants in the 2006
financial statements for all options granted after the date of
adoption as well as for any options that were granted prior to
adoption but not vested. Under the modified-prospective approach, no
stock option expense is reflected in the financial statements for 2005
attributable to these options. Non-cash compensation expense
recognized in the financial statements during 2005 relate to the
expense associated with restricted stock awards. The following table
details non-cash compensation expense for the second quarter of 2006
and 2005, respectively, assuming the Company had applied the
provisions of FAS 123(R) during 2005:


(In thousands) Three Months Ended June 30,
--------------------------------
2006 2005(a) 2005(b)
----------- ----------- --------
Direct operating expense $1,132 $22 $683
SG&A 441 -- 258
Corporate 23 -- 13
----------- ----------- --------
Total non-cash compensation $1,596 $22 $954
=========== =========== ========

(a) Actual non-cash compensation expense recognized in the 2005
financial statements.

(b) Assumes the Company expensed options during 2005.


Acquisition of Interspace Airport Advertising ("Interspace")

The Company announced it completed the acquisition of Interspace
on July 1, 2006, for a cash purchase price of approximately $81.3
million and the issuance of 4.25 million shares of the Company's Class
A Common Stock. Interspace's 2005 revenues and operating expenses
(excluding depreciation and amortization) were approximately $45.8
million and $32.5 million, respectively.

Conference Call

The Company will host a teleconference to discuss results today
beginning at 9:00 a.m. Eastern Time (in conjunction with the Clear
Channel Communications conference call). The conference call number is
866-564-7444 and the pass code is 4016671. The same conference call
number and pass code is being used for the Clear Channel
Communications teleconference as well. Please call ten minutes in
advance to ensure that you are connected prior to the presentation.
The teleconference will also be available via a live audio cast on the
Clear Channel website, located at www.clearchannel.com. A replay of
the call will be available for 72 hours after the live conference
call, beginning at 12:00 p.m. Eastern Time. The replay number is
888-203-1112 and the pass code is 4016671. The audio cast will also be
archived on the website and will be available beginning 24 hours after
the call for a period of thirty days.


TABLE 1 - Financial Highlights of Clear Channel Outdoor Holdings, Inc.
and Subsidiaries - Unaudited

(In thousands, except Three Months Ended
per share data) June 30,
---------------------- %
2006 2005 Change
---------- ----------- --------
Revenue $748,403 $684,509 9%
Direct operating expenses (includes
non-cash compensation expenses of
$1,132 and $22 in 2006 and 2005,
respectively) 357,597 332,706
Selling, general and administrative
expenses (includes non-cash
compensation expenses of $441 and
none in 2006 and 2005, respectively) 136,161 127,316
Corporate expenses (includes non-cash
compensation expenses of $23 and
none in 2006 and 2005, respectively) 14,120 13,423
Depreciation and amortization 100,827 96,562
Gain (loss) on disposition of
assets - net (315) 290
---------- -----------
Operating Income 139,383 114,792 21%

Interest expense 41,692 39,637
Equity in earnings of nonconsolidated
affiliates 2,421 5,602
Other income (expense) - net 1,634 (1,129)
---------- -----------
Income before income taxes and
minority interest 101,746 79,628
Income tax benefit (expense):
Current (32,677) (61,256)
Deferred (12,091) 2,825
---------- -----------
Income tax benefit (expense) (44,768) (58,431)
Minority interest income (expense),
net of tax (8,931) (3,685)
---------- -----------

Net income $48,047 $17,512 174%
========== ===========

Diluted net earnings per share (a) $.14 $.05
========== ===========

Weighted average shares outstanding -
Diluted (a) 350,003 350,000

(a) Diluted net earnings per share amount for 2005 is calculated on a
pro forma basis assuming the initial public offering of 10% of the
Company's stock occurred on January 1, 2005. Diluted net earnings
per share for the three months ended June 30, 2005, based on
actual weighted average shares outstanding of 315,000, was $.06
per diluted share.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information was:

(In millions) June 30, December 31,
2006 2005
------------- --------------
(Unaudited) Audited
Cash $108.0 $108.6
Due from Clear Channel Communications $-- $0.1
Total Current Assets $1,114.5 $1,050.2
Net Property, Plant and Equipment $2,167.8 $2,153.4
Total Assets $5,176.0 $4,918.3

Due to Clear Channel Communications $53.7 $--
Current Liabilities (excluding current
portion of long-term debt) $740.7 $653.0
Long-Term Debt (including current
portion of long-term debt) $259.3 $227.8
Debt with Clear Channel Communications $2,500.0 $2,500.0
Shareholders' Equity $1,329.3 $1,209.4


TABLE 3 - Capital Expenditures - Unaudited

Capital expenditures for the second quarter of 2006 and 2005 were:

(In millions) June 30, June 30,
2006 2005
------------ ------------

Non-revenue producing $18.9 $19.0
Revenue producing 42.7 23.8
------------ ------------
Total capital expenditures $61.6 $42.8
============ ============

The Company defines non-revenue producing capital expenditures as
those expenditures that are required on a recurring basis. Revenue
producing capital expenditures are discretionary capital investments
for new revenue streams, similar to an acquisition.

TABLE 4 - Total Debt - Unaudited

At June 30, 2006, Clear Channel Outdoor had total debt of:

(In millions) June 30, 2006
------------------

Bank Credit Facility $78.7
Debt with Clear Channel Communications 2,500.0
Other Debt 180.6
Due to Clear Channel Communications 53.7
------------------
Total 2,813.0
Cash 108.0
------------------
Net Debt $2,705.0
==================

Liquidity and Financial Position

For the six months ended June 30, 2006, cash flow from operating
activities was $230.0 million, cash flow used by investing activities
was $318.0 million, cash flow provided by financing activities was
$82.6 million, and the effect of exchange rate changes on cash was
$4.8 million for a net decrease in cash of $0.6 million.

Leverage, defined as total debt including the payable to Clear Channel
Communications, net of cash, divided by the trailing 12-month OIBDAN,
was 3.5x at June 30, 2006.

Supplemental Disclosure Regarding Non-GAAP Financial Information

Operating Income before Depreciation and Amortization (D&A),
Non-cash Compensation Expense and Gain (Loss) on Disposition of
Assets - Net (OIBDAN)


The following tables set forth Clear Channel Outdoor's OIBDAN for
the three months ended June 30, 2006 and 2005. The Company defines
OIBDAN as net income adjusted to exclude non-cash compensation expense
and the following line items presented in its Statement of Operations:
Minority interest, net of tax, Income tax benefit (expense); Other
income (expense) - net; Equity in earnings of nonconsolidated
affiliates; Interest expense; Gain (loss) on disposition of assets -
net; and, D&A.
The Company uses OIBDAN, among other things, to evaluate the
Company's operating performance. This measure is among the primary
measures used by management for planning and forecasting of future
periods, as well as for measuring performance for compensation of
executives and other members of management. This measure is an
important indicator of the Company's operational strength and
performance of its business because it provides a link between
profitability and cash flows from operating activities. It is also a
primary measure used by management in evaluating companies as
potential acquisition targets.
The Company believes the presentation of this measure is relevant
and useful for investors because it allows investors to view
performance in a manner similar to the method used by the Company's
management. It helps improve investors' ability to understand the
Company's operating performance and makes it easier to compare the
Company's results with other companies that have different capital
structures, stock option structures or tax rates. In addition, this
measure is also among the primary measures used externally by the
Company's investors, analysts and peers in its industry for purposes
of valuation and comparing the operating performance of the Company to
other companies in its industry.
Since OIBDAN is not a measure calculated in accordance with GAAP,
it should not be considered in isolation of, or as a substitute for,
net income as an indicator of operating performance and may not be
comparable to similarly titled measures employed by other companies.
OIBDAN is not necessarily a measure of the Company's ability to fund
its cash needs. As it excludes certain financial information compared
with operating income and net income (loss), the most directly
comparable GAAP financial measures, users of this financial
information should consider the types of events and transactions,
which are excluded.
As required by the SEC, the Company provides reconciliations below
to the most directly comparable amounts reported under GAAP, including
(i) OIBDAN for each segment to consolidated operating income; and (ii)
OIBDAN to net income.


Gain
(loss)
on
disposition
Operating Non-cash Depreciation of
income compensation and assets
(In thousands) (loss) expense amortization - net OIBDAN
--------- ------------- ------------- ------- ---------

Three Months
Ended June
30, 2006
- --------------
Americas $114,449 $1,230 $41,253 $-- $156,932
International
Outdoor 39,369 343 59,574 -- 99,286
Corporate (14,120) 23 -- -- (14,097)
Gain (loss) on
disposition
of assets -
net (315) -- -- 315 --
--------- ------------- ------------- ------- ---------
Consolidated $139,383 $1,596 $100,827 $315 $242,121
========= ============= ============= ======= =========

Three Months
Ended June
30, 2005
- --------------
Americas $105,484 $22 $42,988 $-- $148,494
International
Outdoor 22,441 -- 53,574 -- 76,015
Corporate (13,423) -- -- -- (13,423)
Gain (loss) on
disposition
of assets -
net 290 -- -- (290) --
--------- ------------- ------------- ------- ---------
Consolidated $114,792 $22 $96,562 $(290) $211,086
========= ============= ============= ======= =========


Reconciliation of OIBDAN to Net income

(In thousands) Three Months Ended
June 30,
------------------------
2006 2005
----------- ---------

OIBDAN $242,121 $211,086
Non-cash compensation expense 1,596 22
Depreciation & amortization 100,827 96,562
Gain (loss) on disposition of assets - net (315) 290
----------- ---------
Operating Income 139,383 114,792

Interest expense 41,692 39,637
Equity in earnings of nonconsolidated
affiliates 2,421 5,602
Other income (expense) - net 1,634 (1,129)
----------- ---------
Income before income taxes and minority
interest 101,746 79,628
Income tax benefit (expense):
Current (32,677) (61,256)
Deferred (12,091) 2,825
----------- ---------
Income tax benefit (expense) (44,768) (58,431)
Minority interest income (expense) (8,931) (3,685)
----------- ---------

Net income $48,047 $17,512
=========== =========


About Clear Channel Outdoor Holdings

Clear Channel Outdoor, headquartered in San Antonio, Texas, is a
global leader in the outdoor advertising industry providing clients
with advertising opportunities through billboards, street furniture
displays, transit displays, and other out-of-home advertising
displays.

Certain statements in this document constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Clear Channel Outdoor
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
The words or phrases "guidance," "believe," "expect," "anticipate,"
"estimates" and "forecast" and similar words or expressions are
intended to identify such forward-looking statements. In addition, any
statements that refer to expectations or other characterizations of
future events or circumstances are forward-looking statements.
Various risks that could cause future results to differ from those
expressed by the forward-looking statements included in this document
include, but are not limited to: changes in business, political and
economic conditions in the U.S. and in other countries in which Clear
Channel Outdoor currently does business (both general and relative to
the advertising industry); fluctuations in interest rates; changes in
operating performance; shifts in population and other demographics;
changes in the level of competition for advertising dollars;
fluctuations in operating costs; technological changes and
innovations; changes in labor conditions; changes in governmental
regulations and policies and actions of regulatory bodies;
fluctuations in exchange rates and currency values; changes in tax
rates; and changes in capital expenditure requirements and access to
capital markets. Other unknown or unpredictable factors also could
have material adverse effects on Clear Channel Outdoor's future
results, performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this document may not occur. You are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date stated, or if no date is stated, as of the date of
this document. Other key risks are described in Clear Channel
Outdoor's reports and other documents filed with the U.S. Securities
and Exchange Commission, including in the section entitled "Item 1A.
Risk Factors" of the Company's Annual Report filed on Form 10-K for
the year ended December 31, 2005. Except as otherwise stated in this
document, Clear Channel Outdoor does not undertake any obligation to
publicly update or revise any forward-looking statements because of
new information, future events or otherwise.



CONTACT: Clear Channel Outdoor, San Antonio
Investors:
Randy Palmer, 210-832-3315
or
Media:
Lisa Dollinger, 210-832-3474
www.clearchanneloutdoor.com