Chancellor to become AMFM Inc.

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Chancellor Media Corp., Dallas, today announced it will change its name to AMFM Inc., pending shareholder approval. AMFM Inc. will consist of AMFM Radio & Outdoor Group and the AMFM New Media Group, which includes Katz Media, a media rep company. Shareholders will vote on the name change as well as the proposed Capstar Broadcasting Corp. merger at a shareholder meeting July 13. The company also has formed three new units: AMFM Interactive, which will develop Internet strategy including e-commerce;, which will stream online broadcasts of AMFM's on-air radio programming and other media; and AMFM Equities, which will promote its Internet and new-media concerns. All three business units will report to R. Steven Hicks, president-CEO of AMFM New Media Group.

Copyright May 1999, Crain Communications Inc.

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