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EXHIBIT 12.1
CHANCELLOR MEDIA CORPORATION OF LOS ANGELES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
PRO FORMA
YEAR
YEAR ENDED DECEMBER 31, ENDED
-------------------------------------------------- DECEMBER 31,
1993 1994 1995 1996 1997 1997
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Earnings:
Net income (loss) before income taxes................. $(20,749) $ 39 $(5,658) $(19,090) $(6,692) $(107,788)
Fixed charges......................................... 15,086 15,252 20,854 40,461 89,325 171,424
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Earnings as adjusted(A)............................... $ (5,663) $15,291 $15,196 $ 21,371 $82,633 $ 63,636
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Fixed Charges:
Interest expense...................................... $ 13,878 $13,809 $19,199 $ 37,527 $85,017 $ 163,288
Amortization of deferred financing costs.............. 728 712 631 1,113 1,337 3,217
Rents under leases representative of an interest
factor(1)........................................... 480 731 1,024 1,821 2,971 4,919
-------- ------- ------- -------- ------- ---------
Fixed charges as adjusted(B)............................ $ 15,086 $15,252 $20,854 $ 40,461 $89,325 $ 171,424
======== ======= ======= ======== ======= =========
Ratio of earnings to fixed charges (A) divided by (B)... -- 1.0 -- -- -- --
Deficiency of earnings to fixed charges................. $ 20,749 $ -- $ 5,658 $ 19,090 $ 6,692 $ 107,788
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(1) Management of CMCLA believes approximately one-third of rental and lease
expense is representative of the interest component of rent expense.