In my TTH 2301 class today we brought up the topic of agency capture, specifically concerning the Federal Communications Commission. Chris mentioned the connection between Clear Channel Communications and the Bush Administration and thought I was familar with the argument, I had no specific information at the time. Here's a link that lays out some of the connections.
You may also wants to check out this page at opensecrets.org that shows how much telecommunications companies gave to each political party during the 2004 electoral cycle. Clear Channel was not among the president's top contributors in 2004.