iHeartMedia 2011 Annual Report Download - page 110

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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
during the lease term (other than discretionary upgrades, capital improvements or refurbishment). If the lease is terminated prior to
the expiration of its term, Yet Again Inc. will be required to refund a pro rata portion of the lease payment and a pro rata portion of
the tax associated with the amount of the lease payment refunded, based upon the period remaining in the term.
Additionally, subsequent to December 31, 2011, Clear Channel is in the process of negotiating a sublease with Pilot Group Manager,
LLC, an entity that the Company’s Chief Executive Officer is a member of and an investor in, to rent space in Rockefeller Plaza in
New York City through July 29, 2014. Fixed rent is expected to be approximately $0.6 million annually plus a proportionate share of
building expenses. Pending finalization of the sublease, Clear Channel reimbursed Pilot Group Manager, LLC $40,000 per month for
the use of its office space in Rockefeller Plaza in New York City.
Stock Purchases
On August 9, 2010, the Company announced that its board of directors approved a stock purchase program under which the Company
or its subsidiaries may purchase up to an aggregate of $100 million of the Class A common stock of CCMH and/or the Class A
common stock of CCOH. The stock purchase program does not have a fixed expiration date and may be modified, suspended or
terminated at any time at the Company’s discretion. During 2011, CC Finco purchased 1,553,971 shares of CCOH’s Class A common
stock through open market purchases for approximately $16.4 million.
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