iHeartMedia 2000 Annual Report Download - page 51

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51
REPORT OF INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
CLEAR CHANNEL COMMUNICATIONS, INC.
We have audited the accompanying consolidated balance sheets of Clear Channel Communications, Inc.
and subsidiaries (the Company) as of December 31, 2000 and 1999, and the related consolidated
statements of earnings, changes in shareholders' equity, and cash flows for each of the three years in the
period ended December 31, 2000. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial statements based on our
audits. The financial statements of Hispanic Broadcasting Corporation (formerly Heftel Broadcasting
Corporation), in which the Company has a 26% equity interest, have been audited by other auditors
whose reports have been furnished to us; insofar as our opinion on the consolidated financial statements
relates to data included for Hispanic Broadcasting Corporation for 1999 and 1998, it is based solely on
their reports.
We conducted our audits in accordance with auditing standards generally accepted in the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits and the reports of other
auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, the consolidated financial statements
referred to above present fairly, in all material respects, the consolidated financial position of Clear
Channel Communications, Inc. and subsidiaries at December 31, 2000 and 1999, and the consolidated
results of their operations and their cash flows for each of the three years in the period ended December
31, 2000, in conformity with accounting principles generally accepted in the United States.
ERNST & YOUNG LLP
San Antonio, Texas
February 23, 2001