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Glassnote Entertainment Group and Clear Channel Announce Agreement to Help Drive Faster Growth of Digital Radio

Clear Channel Media and Entertainment, which has the largest reach of any radio or television outlet in America, and Glassnote Entertainment Group, a full service independent music company, today announced they have reached an agreement that will align the companies’ business interests, accelerate growth and innovation in digital radio and enable Glassnote and its artists to share in all Clear Channel radio revenue streams.

This market-based partnership, the second of Clear Channel’s groundbreaking agreements with music companies, will help establish a business model that supports the development of a vibrant and sustainable digital music industry to the benefit of all constituencies –artists, music companies, radio and consumers. Glassnote will directly participate in both Clear Channel’s terrestrial broadcast radio and digital revenues to the benefit of its artists. Artists on Glassnote who will benefit from this agreement include Mumford & Sons, Phoenix, Two Door Cinema Club, GIVERS, Childish Gambino, Oberhofer, The Temper Trap, Daughter, Robert DeLong, Little Green Cars and Flight Facilities. Clear Channel announced its first such agreement, with Big Machine Label Group, in June 2012.

Founded in 2007 by music industry veteran Daniel Glass, Glassnote is an independent record and publishing company featuring indie and alternative rock artists, including Grammy Award winning Phoenix and Grammy-nominated Mumford & Sons. In 2011, Mumford & Sons’ Sigh No More became Glassnote’s highest charting album, peaking at No. 2 and according to billboard.biz the new album Babel is projected to be the biggest first week sales of 2012 and is on track to be No. 1 on the Billboard Album Charts. Phoenix’s Wolfgang Amadeus Phoenix was awarded the 2010 Grammy Award for Best Alternative Music Album.

“We built Glassnote to be a next-generation music company that embraces change, including evolving technologies,” said Glassnote Founder and Chief Executive Officer Daniel Glass. “One of our passions is aggressively finding new and innovative ways to make our artists’ music and information more available than ever to their fans. It is no secret of our respect and love for radio. This partnership aligns our business interests more closely with Clear Channel, and we’re excited about being part of the drive to grow digital radio faster and bring all of its benefits to music fans.”

Bob Pittman, Chief Executive Officer of Clear Channel, said, “Daniel Glass is a savvy music business veteran who’s been leading his spirited independent record label to success after success. So it’s no surprise to us that Glassnote quickly saw this was a great opportunity to help move the digital radio industry towards a more sustainable future. Not only will this agreement expand his label and artists’ participation in all of Clear Channel’s radio revenues; it also creates a vibrant new digital radio business model that we believe will provide more money for the artists and the labels and more digital choices for the consumer.”

About Glassnote Entertainment Group

Daniel Glass is Founder/President of Glassnote Entertainment Group, a full service independent music company including a burgeoning music publishing arm, Four Song Night, which began in 2007. Glassnote is the proud home to Grammy Award winning Phoenix, Grammy nominated and double platinum selling Mumford & Sons, The Temper Trap, Two Door Cinema Club, GIVERS, Childish Gambino, Oberhofer, Daughter, Robert DeLong, Little Green Cars and Flight Facilities. Daniel Glass started the company as a place to develop Artists' careers. With its communal spirit, exquisite mix of Artists and musically driven management team, Glass is proud that the company's commitment to true Artist development is proving successful. In 2011, Rolling Stone magazine named Glassnote “Best Indie Label.” Glassnote artists have been nominated for numerous awards including GRAMMYs, MTV VMAs, The BET Awards, The mtvU Woodies, The Americana Music Awards, A2IM Awards, and the American Music Awards. www.glassnotemusic.com

About Clear Channel Media and Entertainment

With 239 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 operations include radio broadcasting, online and mobile services and products, live concerts and events, syndication, music research services, and independent media representation. The company’s radio stations and content can be heard on AM/FM stations, HD digital radio channels, SiriusXM Satellite Radio, 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. Clear Channel Media and Entertainment is a division of CC Media Holdings, Inc. (OTCBB: CCMO), a leading global media and entertainment company. More information on the company can be found at clearchannel.com, clearchanneloutdoor.com and ccmediaholdings.com.

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