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"42"W"p|"."""#6#[#####}$:$s`$4$$$$%?%d%)%`%%N%&/C&h&&&&p&Y"'#H'm''''(P'(L(Uq(((()Y+)P)v)Z))) *"0*eU*z****+5+vZ++@+ ++@,:,_,,,(,s,% E@'LqS+Pv6 1 MV {  R   &5 Z Y     : _ d ) @ Y f V> tc p \   x B h   k  "pGrlV&KpN|*9Pu /TyR3 X-~@x<8]AiL<bj@jBDgp!FkT%eR%1Jp1*OQtd .Sxv R2,X}M17\[.R;`!e@e4^;MDNiX;#9Hne ) N s  <  !Q-!R!(x!!!! "2"W"d|"W"""#6#[##Y###X$d:$d`$E$b$$G%?%td%%2%~%%n&!C&&& &&"'H'm'p'''(]'($L(q(B(I(()+)P)v)G))) *0*=U*z****+5+rZ+D+N+++,c:,_,,`,,.,rS8% ~"@ O Dtxu*'Vޛܛ6=‹w7&H::I:ɚ>`vJSJJNCS#1K"UDX @8``'n n> >> Arial iV n9 Environment Settings Beep ErrorBOlePartOlePres000H.h`O     `O.h  &Arial-- .  "System--$2 All Markets, Smooth       < -- .  --2  Feb 97 Rank   5-- .  --12 BFormats per Station, for the         B--2 V top owner   Vd--x--x--x--xHH--x--xrr--xxr-- .  -- 2 50 &-- .  -- 2 100 -- .  -- 2 4150 T-- .  -- 2 200 -- .  -- 2 ^250 ~--mc--mc--mc--mc--mm-- .  -- 2 <0.4  V-- .  -- 2 <0.6  V-- .  -- 2 <0.8  V-- .  -- 2 }<1.0  }V--%mnmxxnmn-- !Y--%<<<--<--<--<<------ .  --2 Feb 97  N---- .  --2 "Mar 96  "N--%LF@920/49779;94)     !$$&'#*-0369<?&B4E=H=K8N2Q)T"WZ]`cfilorux{~ 1?FKJFGE=/&#    !$'*-"0,336492<)? BEH KNQTWZ]`cfilorux{~  !$'*-0369<?BE)H6KDNHQKTGW?Z2]&`!cfiloru x{~--%$),*/3372)  !$'*-0369<?BEHKNQTWZ]`cfilorux{~*9>DB@85/#   !$'*-0 36'9)<%?"BEH KNQTWZ]`cfilorux{~  !$'*-0369<?#B3E>HAKDN>Q8T*WZ]`cfilorux{~-:,_,,,(ࡱ;  METAFILEPICT.h(.h`O    `O.h  &Arial-- .  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BEH KNQTWZ]`cfilorux{~  !$'*-0369<?BE)H6KDNHQKTGW?Z2]&`!cfiloru x{~--%$),*/3372)  !$'*-0369<?BEHKNQTWZ]`cfilorux{~*9>DB@85/#   !$'*-0 36'9)<%?"BEH KNQTWZ]`cfilorux{~  !$'*-0369<?#B3E>HAKDN>Q8T*WZ]`cfilorux{~-:,_,,,(WPWin 6.0/OLE 1.0 Prefix Information Marker ExcelChart   6B&FPage &P&?'?(?)?M d, d@3cCFCCRADIORPTRADIO4.XLS01Times New Roman 33 Radio Companies AL9C6D28017< AL9C6E28017<43 S&P 500 Companies AL9C6F28017< AL9C6E28017<4 32"  3%347]+4 343*44%34 3'44   95Q3 95Q3 95Q4 95Q4 96Q1 96Q1 96Q2 96Q2 96Q3 96Q3 96Q4 96Q4 r1@-)@(\U3@&1'@A`"3@|?5'@ v)@ |?5^z(@ (\6@ (@ /3@ X9Ȗ(@= hK H`&_.&LJ METAFILEPICT()( ( !   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' " '   ' k" '  ^ ' > --  k6ek9k k SC k k Ek- k 6k k@ | k C k kM --'--  ^ ?  ?I?kIkII I  I kk+++<<+  ++II+--'--  ^ --'-- k" --'-- k" Times New Roman---"System-'--- k"    2 *-2U 2 0 2 82 2 e4 2 6 2 8---'--- k" ---'--- k"   2 "95Q3 2 {95Q4 2 96Q1 2 . 96Q2 2 96Q3 2 96Q4---'--- k" -  ' " >---'--- f h---'---  -  j 2 j?Radio Companiesjj@@j@jU---'--- f h---'--- _ z-  I3 !2 3?S&P 500 Companiesj@@j@jU---'--- f h---'--- k" --'WPWin 6.0/OLE 1.0 Prefix Information Marker ExcelChart  6B&FPage &P&?'?(?)?M d d@3cCFCCRADIORPTRADIO4.XLS01Times New Roman r 33 Radio Companies AL9C64D5DF%* AL9C65D5DF%*43 S&P 500 Companies AL9C66D5DF%* AL9C65D5DF%*4 r 32" > 3%344! 34 3*44%s" G3'44 r  95Q3 95Q3 95Q4 95Q4 96Q1 96Q1 96Q2 96Q2 96Q3 96Q3 96Q4 96Q4K7y=@w/7@X96;@333338@ʡES:@Q8@ K7?@ v/8@ 9vO=@ I +7@ 1Z;@ X9v>8@= hZA  METAFILEPICT+h +C  !   ' q" '  ' j"'  s ' (4 --  !^ ! \! !T K ! Q! - !^!6 !V 3  ! 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' q" '  ' j"'  s ' (4 --  !!g!; !  !\!0- !q #! u!I 3 ! ! j!>{ --'--  s ! 1 !u!uuququQ uQ  u 1 u1 !!aaYaY a aNaNa--'--  s --'-- j"--'-- j"Times New Roman---"System-'--- j"   2 0 2 12 2 4 2 6 2 8 2 *10 2 a *12 2 *14---'--- j"---'--- j"  2 J95Q3 2 95Q4 2 96Q1 2 ? 96Q2 2 96Q3 2 96Q4---'--- j"-   >---'---  w h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  w h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  w h---'--- j"--'x&1? 㥛 @ WPWin 6.0/OLE 1.0 Prefix Information Marker  ExcelChart  6B&FPage &P&?'?(?)?M d d@3cCFCCRADIORPTRADIO4.XLS01Times New Roman ^ 33 Radio Companies AL9C703F34=B AL9C713F34=B43 S&P 500 Companies AL9C723F34=B AL9C713F34=B4 ^ 32" > 3%344 34 3*44%A 3'44 ^  95Q3 95Q3 95Q4 95Q4 96Q1 96Q1 96Q2 96Q2 96Q3 96Q3 96Q4 96Q4Q@K7A`@ rh@@+@C,@ Zd;O@ V-2@ /$@ E@ 33333@ Q@= hKA  METAFILEPICT+h +) !   ' " '   ' k" '  ^ ' ( --  GM' S o  Af~- /t w '  o ` N --'--  ^   33tt333t t 3  3_;_;_ _ _Z_Z_--'--  ^ --'-- k" --'-- k" Times New Roman---"System-'--- k"    2 *2.2@ 2 i*2.3@ 2 *2.4@ 2 *2.5@ 2 i *2.6@ 2  *2.7@ 2 *2.8@---'--- k" ---'--- k"   2 95Q3 2 95Q4 2  96Q1 2 Z 96Q2 2 96Q3 2 96Q4---'--- k" -   >---'---  b h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  b h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  b h---'--- k" --'V-2@ /$@ EWPWin 6.0/OLE 1.0 Prefix Information Marker  ExcelChart  6B&FPage &P&?'?(?)?M d, d@3cCFCCRADIORPTRADIO4.XLS01Times New Roman r 33 Radio Companies AL9C7358F3CH AL9C7458F3CH43 S&P 500 Companies AL9C7558F3CH AL9C7458F3CH4 r 32" > 3%344!j 346j 3*44% 3'44 r  95Q3 95Q3 95Q4 95Q4 96Q1 96Q1 96Q2 96Q2 96Q3 96Q3 96Q4 96Q4^I @7A`@K@+@M@m@ X9v@ /$ @ }?5^I @ tV@ Sc@ x&@= hKA  METAFILEPICT+h +C !   ' q" '  ' j"'  s ' (4 :--  !!P~! F [!  !)! - !E ! P! !z/ !l!H\ --'--  s !6 1 6!!vvvqqvvQ Q v  v1 1 v!6!6a6aak ak a9a9a--'--  s --'-- j"--'-- j"Times New Roman---"System-'--- j"   2 *0 2 1*1 2 *2 2 *3 2 *4 2 *5 2 a *6 2 *7---'--- j"---'--- j"  2 95Q3 2 =95Q4 2 96Q1 2  96Q2 2 r96Q3 2 96Q4---'--- j"-   >---'---  w h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  w h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  w h---'--- j"--'/$ @ }?5^I @ tV'dxd Level 1 Level 2 Level 3 Level 4 Level 5('2$ VT!   ("$ Figure    A<< cWPC'9* __  }                                                            *                                                                                                                                                                               <          a   5     +                                                                                                                           '                       "                               /*                                              #   "    OBJECT #0001%\  `$Times NewRoman($    (9!2R$ VT!   Ӏ  0   R$  Ӏ  2    ݀TheestimateofthenumberofownersincludesallpendingtransactionsasofFebruary,  1997. k R$  Ӏ  4    ݀SeeAppendixB. k R$  Ӏ  5    ݀SeeAppendixC.  VT!   &.&XX&.&&&.Ԁ  7  BureauoftheCensus,GeographicAreasReferenceManual,November1994,Chapter13,pp.113.  Generally,aMetropolitanStatisticalAreaconsistsofoneormorecountiesthatcontainacityof50,000ormoreinhabitants,orcontainaCensusBureaudefinedurbanizedareawithatotalpopulationofatleast100,000. VT!   &.&XX&.&&&.Ԁ  8  TheBIAdatabaseindicatesthat53%ofallcommercialstationsareinArbitron's263radiomarkets. o VT!   &.&XX&.&&&.Ԁ  9  Thereare3,127countiesandindependentcitiesintheU.S.The801counties(includingportionsof  counties)andindependentcitiesintheArbitronMetrosmakeup25.6%ofallcountiesandindependentcities. L VT!   &.&XX&.&&&.Ԁ  10  Arbitron's263marketsrepresent77.2%oftheU.S.populationforthoseatleast12yearsofage.  Arbitrondoesnotmeasureradiolisteningstatisticsforthoseunderage12. Level 1 Level 2 Level 3 Level 4 Level 5("$ Figure    "#A<< cWPCi81%l.c"H3',,519HG""G"}G%2`HelveticaGFeb97RankingofMarkets,Smoothed"#h ISpG%2`HelveticaGNumberofOwners+  $! %  ! &]]! '! ($$! )W+W+! *W++ ,b bG%2`HelveticaG50 -`[cG%2`HelveticaG100 .cG%2`HelveticaG150 /#%cG%2`HelveticaG200 0Z*U,cG%2`HelveticaG250+  1V 2V} }  3Vee 4VMM 5V44 6VV4+ 8>a kbG%2`HelveticaG10 9>ISbG%2`HelveticaG20 :>1;bG%2`HelveticaG30 ;>" bG%2`HelveticaG40+  <V& Vz.z.& V& %1 =Z Z 4,4,% >Z Z 4 ?,,4 @Z , AZ 4,4% B! %+%1 C&E*OfG%2`HelveticaGFeb97+ %1 D!w %w+%1 E&*fG%2`HelveticaGMar96+ %1" F((Mr$o /+TyS `4 X[ M A K '  ; ` L    x lB zg     " I n    m e) XN u    e X0TUZzz7\S<\c%Ch!32%:J!od*6Q/v,1.( /14V5}0   8 ]      ?f dS M 0 & . / D; kG X L K ] &Y Kb pn r x }  -z R^ w?     4 YX ~H ? 2 = B 9C `F V n    @ e    " "& G, l     ' N s|     . S" z 5 > Q  W 5 E Z *  & / D > !3 -# % G7 (Mr"G/HTyg$ n4 `[ H *    k; #`  n .   B g  9 ^  " I n   | L 3) N u  O J B O0\Uwz,Xv7p\V$R<ce"Ch #%9J0o;*QQHv7&  1V }8]dX1 ? d     { Dt ko v f e ~ & K p  .-5Rw   { 4\ Y- ~     9 `   ' : J @Y e~     "Gl    S '- N s    ' .< SR zS j x   5 Z h  b k v l !` -X ]Feb 97 Ranking of Markets, Smoothed SmartQuote OpenSingle SmartQuote CloseDouble SmartQuotesDouble SmartQuote OpenDouble SmartQuote CloseRegular Quotes with Numbers@*HI*H%OBJECT #0002  R$  Ӏ  1    ݀ThenumberofnoncommercialFMstationsincreasedfrom1,828inMarch,1996to1,862  inFebruary,1997.MoredetailedinformationonstationsandownersiscontainedinAppendicesAE.Inparticular,AppendixAisasummaryofthechangesinactualnumbersofstationsandowners.Incalculatingthenumberofowners,weincludedallpendingradiosales.WealsoattributedtheownershipofstationsjoinedbyanLMAtotheownerswiththelargestrevenues.SeeAppendixDforthenumberofstationsattributedtoeachownersolelythroughLMAs.WPCV81%&."H3',,519D4 !&. 0sG%2`HelveticaGAllMarkets,Smooth "Gs}kG%2`HelveticaGFeb97Rank"#6&ISqG%2`HelveticaGNumberofFormats+  $! %  ! &]]! 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CVz.)+ %1 D4>4>% E4 F>>4 G> H4>4% IHj +%1 J EOfG%2`HelveticaGFeb97+ %1 KHwj w+%1 L fG%2`HelveticaGMar96 M) b, dG%2`HelveticaG1000 N)b,dG%2`HelveticaG1800 O)1b,;dG%2`HelveticaG2400+ %1 P'Lq @+rPv 1 V {     5 "Z W b \ R 6 *: #_  " A   /> kc    H g yB h   0 Q D"Gls?&Kp P*Pu /Ty:3X~8] @<DbaBsf!DFks%JjpTYXM"*Ot h.Sxw 2/X}]r 7\g M.;`yT9BU@e>D4i |H#0H>n2Da N rs 9   !-!R!x!!i!! "2"W":|"h"S"."#o6#[###b#l#t$n:$v`$~$v$Z$q$%d%%%% %&C&nh&2&&&.&"'H'm'''Y'('(*L(q(.((u()+)P)v)))) *0*U*z**?**+5+hZ++++\+,:,E_, ,,$,,%  Q 0 'T Lr q     + P v& - 6 Y q 1 V {  @   5 =Z { s N .  : _      > c < z   # PB }h     {"\GJl4&Kp/Fl*#PLutkR2 /}Tyt4**3OX~M8]X!<|b]OBB*m!Fkv%TJ*p !*aOt .rSxc 2XG}X117C\?I6;`4`@exD #HDnx> N s g <  !-!6R!x!t!J!o! "2"W"V|""3""#6#[####f#-$:$`$$x$;$f%d%>%%%%A&#C&&&^&z&"'H'Sm''0''(\'(L(q(V((()+),P)v);)>)2) *0*U*z****+/5+ZZ++}+5++,6:,_,,,,, "` *8`   `2$ h$$V$ f|V 4p , 488fr\ EFG``b\`\fr~ :  *2 B!J"\$,   ,8 W Y X Z8 e%  2 .Pi 0$B2 f>lB$,8?B@A8( :*6hi 4\ B!J`C`*OBJECT #0004  R$  Ӏ  11    ݀AppendixEsummarizesourmeasurementofrevenueconcentrationfortheMetromarkets.  HHIsarecalculatedbysummingthesquaresoftherevenueshareofeachradioownerintheMetromarket.BIAestimatesbothstationandmarketrevenues.Duetothedifficultyofdefiningalocalmarketandthenassigningstationstoauniquemarket,therearesomediscrepanciesbetweenthemarketrevenueandthesumofthestationrevenuesforstationsinthemarket.Insomecases,thereareoutofmarketstationsthatneverthelessearnashareofthemarketrevenue.Or,insomecasesthereareinmarketstationsthatearnashareoftheirrevenueoutsideoftheirmarket.Ineithercase,themarketrevenuewillbedifferentthanthesumofthestationrevenueforstationsinthemarket.Wehaveignoredthisproblemandsimplydefinedthestationsmarketshareasitsrevenuedividedbythemarketrevenue.Thus,insomecasesanindividualmarketsHHImaybeeitherhighorlow.Inthemajorityofcases,however,thedifferenceissmallornonexistent.WPC&81%S& 0#J3',,519TLpKt !&. 0sG%2`HelveticaGAllMarkets,Smooth "Gs}kG%2`HelveticaGFeb97Rank+  #! $  ! %BB! &! '##! 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"2"$W"|""`""#6#[#####\$.:$`$$$$%*d%%%%L%k&xC&y&d&N&<&#"'H'm''''('(L(q(((()+)P)v)A)f)z)y *b0*FU*$z****A+5+Z+y+F+++,`:,_,, ,,X,+%'1 *I֩6' "=1"3c 6Times New Roman Regularc @c 6Times New Roman Regularc%ofRevenue$(f&wfvFPh   -Fill   -OBJECT #0005WPC81%&.8#F3',,519LDHG !&. 0sG%2`HelveticaGAllMarkets,Smooth "Gs}kG%2`HelveticaGFeb97Rank"#]|SG%2`HelveticaGFormatsperStation,forthetopowner+  $! %  ! &BB! '! (##! )++! *++ ,S bG%2`HelveticaG50 -E@cG%2`HelveticaG100 .cG%2`HelveticaG150 /"$cG%2`HelveticaG200 0*,cG%2`HelveticaG250+  1VP P  2V 3V 4V44 5VP V4+ 64 > cG%2`HelveticaG0.4 7cG%2`HelveticaG0.6 8cG%2`HelveticaG0.8 9" cG%2`HelveticaG1.0+  :V& Vz.z.& V& %1 ;) ) , , % <) )  =, ,  >) ,  ?) , % @! $ +%1 Al& b* fG%2`HelveticaGFeb97+ %1 B!& $& +%1 Cl& b* fG%2`HelveticaGMar96+ %1" DK'L<qt6+QPMv6>{ 1 V {   $ X a5 Z {   ! P \: W_    ' Z t> c   X v F B h l   & "DG"lF&Kp,r  *EPuY /Ty"43Xf~ q8]]f<b"N 0Bg@t!Fkh%nJpQX *Otn' .zSx-ui Z2$X}^ 47R\rk;`6x,Jr@eMD3i|W#H_nN& 7) N s 7 c  !5-!R!x!!!! "42"W"p|"."""#6#[#####}$:$s`$4$$$$%?%d%)%`%%N%&/C&h&&&&p&Y"'#H'm''''(P'(L(Uq(((()Y+)P)v)Z))) *"0*eU*z****+5+vZ++@+ ++@,:,_,,,(,s,% E@'LqS+Pv6 1 MV {  R   &5 Z Y     : _ d ) @ Y f V> tc p \   x B h   k  "pGrlV&KpN|*9Pu /TyR3 X-~@x<8]AiL<bj@jBDgp!FkT%eR%1Jp1*OQtd .Sxv R2,X}M17\[.R;`!e@e4^;MDNiX;#9Hne ) N s  <  !Q-!R!(x!!!! "2"W"d|"W"""#6#[##Y###X$d:$d`$E$b$$G%?%td%%2%~%%n&!C&&& &&"'H'm'p'''(]'($L(q(B(I(()+)P)v)G))) *0*=U*z****+5+rZ+D+N+++,c:,_,,`,,.,rS8% ~"@ O Dtxu*'Vޛܛ6=‹w7&H::I:ɚ>`vJSJJNCS#1K"UDX @8``'n n> >> Arial iV n9 Environment Settings Beep Error/OBJECT #0006  R$  Ӏ  12    ݀Standard&Poorsproducesanelectronicdatabaseoffinancialinformationonover20,000  publiccompaniesovermorethan20years.SICdenotesStandardIndustrialClassification.ThisisacodingschemeforclassifyingfirmsaccordingtoindustrydevelopedandmaintainedbytheU.S.DepartmentofCommerce.  R$  Ӏ  13    ݀Thenumberofstationsownedandpercentageofradioindustryrevenueswerecalculated  basedondataintheBIARadiodatabase,February,1997.WPC' }f }f 9!}f B ƚ!X !   ' ,  ' f  ' f '  ' i --   r         "-  H = 2   '    --'--      a a!a!a5a5 a   ^MMM M t Mt iMi^M^--'--  --'-- f --'-- f Times New Roman---"System-'--- f    2 0 2 75 2 *10 2 K*15 2 *20 2 _ *25---'--- f ---'--- f   2 95Q3 2 95Q4 2 96Q1 2  96Q2 2  96Q3 2 96Q4---'--- f -  ---'--- _---'--- Sh-  #  2 Radio Companiesjj@@j@jU---'--- _---'--- W h-   !2 S&P 500 Companiesj@@j@jU---'--- _---'--- f --'3 OBJECT #0007WPC' y! y! 9!y! " ƚ<LZ !   ' " '   ' k" '  ^ ' > --  k6ek9k k SC k k Ek- k 6k k@ | k C k kM --'--  ^ ?  ?I?kIkII I  I kk+++<<+  ++II+--'--  ^ --'-- k" --'-- k" Times New Roman---"System-'--- k"    2 *-2U 2 0 2 82 2 e4 2 6 2 8---'--- k" ---'--- k"   2 "95Q3 2 {95Q4 2 96Q1 2 . 96Q2 2 96Q3 2 96Q4---'--- k" -  ' " >---'--- f h---'---  -  j 2 j?Radio Companiesjj@@j@jU---'--- f h---'--- _ z-  I3 !2 3?S&P 500 Companiesj@@j@jU---'--- f h---'--- k" --'5 OBJECT #0008WPC' y!y!9!y! ƚ<YZ  !   ' q" '  ' j"'  s ' (4 --  !^ ! \! !T K ! Q! - !^!6 !V 3  ! T ! !K --'--  s ! 1 !u!uuququQ uQ  u 1 u1 !!aaYaY a aNaNa--'--  s --'-- j"--'-- j"Times New Roman---"System-'--- j"   2 0 2 15 2 *10 2 *15 2 *20 2 *25 2 a *30 2 *35---'--- j"---'--- j"  2 J95Q3 2 95Q4 2 96Q1 2 ? 96Q2 2 96Q3 2 96Q4---'--- j"-   >---'---  w h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  w h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  w h---'--- j"--'7 OBJECT #0009  R$  Ӏ  16    ݀Wemeasurethispercentageasamovingaverageofafirmsleveloftotaldebtandtotal  investedcapital(debtandequity)overtheprior4quarters.A4quartermovingaverageissimplyanaverageoftheprior4quarters,wherepriorisdeterminedbywhatisconsideredthecurrentquarter.  R$  Ӏ  17    ݀JudithAChevalier, CapitalStructureandProductMarketCompetition:Empirical  EvidencefromtheSupermarketIndustry,AmericanEconomicReview85(1995),415435.JudithA.Chevalier, DoLBOSupermarketsChargeMore?AnEmpiricalAnalysisoftheEffectsofLBOsonSupermarketPricing,JournalofFinance50(1995),10951110.  R$  Ӏ  18    ݀GordonM.Phillips, Increaseddebtandindustryproductmarkets:Anempiricalanalysis,  JournalofFinancialEconomics37(1995),189238.WPC' y!y!9!y! ƚ<YZ !   ' q" '  ' j"'  s ' (4 --  !!g!; !  !\!0- !q #! u!I 3 ! ! j!>{ --'--  s ! 1 !u!uuququQ uQ  u 1 u1 !!aaYaY a aNaNa--'--  s --'-- j"--'-- j"Times New Roman---"System-'--- j"   2 0 2 12 2 4 2 6 2 8 2 *10 2 a *12 2 *14---'--- j"---'--- j"  2 J95Q3 2 95Q4 2 96Q1 2 ? 96Q2 2 96Q3 2 96Q4---'--- j"-   >---'---  w h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  w h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  w h---'--- j"--'x&1? 㥛 @ < OBJECT #0010WPC' y! y! 9!y!  ƚ<LZ !   ' " '   ' k" '  ^ ' ( --  GM' S o  Af~- /t w '  o ` N --'--  ^   33tt333t t 3  3_;_;_ _ _Z_Z_--'--  ^ --'-- k" --'-- k" Times New Roman---"System-'--- k"    2 *2.2@ 2 i*2.3@ 2 *2.4@ 2 *2.5@ 2 i *2.6@ 2  *2.7@ 2 *2.8@---'--- k" ---'--- k"   2 95Q3 2 95Q4 2  96Q1 2 Z 96Q2 2 96Q3 2 96Q4---'--- k" -   >---'---  b h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  b h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  b h---'--- k" --'V-2@ /$@ E> OBJECT #0011  R$  Ӏ  19    ݀N.Varaiya,R.Kerin,andD.Weeks, TheRelationshipbetweengrowth,profitability,and  firmvalue,StrategicManagementJournal8(1987),487497. f R$  Ӏ  20    ݀E.LindenbergandS.Ross, TobinsqRatioandIndustrialOrganization,Journalof  Business54(1981),132.W.Marshall, TobinsqandtheStructurePerformanceRelationship,AmericanEconomicReview74(1984),10511060.WPC' y!y!9!y! ƚ<YZ !   ' q" '  ' j"'  s ' (4 :--  !!P~! F [!  !)! - !E ! P! !z/ !l!H\ --'--  s !6 1 6!!vvvqqvvQ Q v  v1 1 v!6!6a6aak ak a9a9a--'--  s --'-- j"--'-- j"Times New Roman---"System-'--- j"   2 *0 2 1*1 2 *2 2 *3 2 *4 2 *5 2 a *6 2 *7---'--- j"---'--- j"  2 95Q3 2 =95Q4 2 96Q1 2  96Q2 2 r96Q3 2 96Q4---'--- j"-   >---'---  w h---'--- c " -   2 ?Radio Companiesjj@@j@jU---'---  w h---'--- %_ -   !2 ?S&P 500 Companiesj@@j@jU---'---  w h---'--- j"--'/$ @ }?5^I @ tVBOBJECT #001222A`"MS Sans Serif dTable_ATable_B dUVAOLE*Table_CTable_D&O Z 6Times New Roman Regular&0 d dTable_E3|jh%\  `$Times NewRomangular&&a\  P6G;&P( T$  HP LaserJet 4M (529)HPPCL5MS,,,,,,0nLh R$  Ӏ  3    ݀ApproximatelyonehalfoftheseownershipchangesarependingFCCapproval. d3+0 d d d1Large Dashed d PQRSTUVDWX@h@1y  . R$  Ӏ  6    ݀ArbitronMETROmarketsdonotnecessarilycorrespondtotheCommissionsdefinitionof  aradiostationsmarketforthepurposesofapplyingtheCommissionsradioownershiprules. R$  Ӏ  14    ݀Themedianistypicallyusedinstatisticsinpreferencetothemeanasameasureofcentral  tendencyfornonnormaldistributions. d h R$  Ӏ  15    ݀Typicallywhenanalystsrefertomovementsinthestock market,theyuseinformationon  movementinthestockpricesoftheS&P500.Thus,theS&P500firmsrepresentfirmsdoingbusinessinjustabouteverysegmentofprivateenterprise.  R$  Ӏ  1    ݀ThenumberofnoncommercialFMstationsincreasedfrom1,828inMarch,1996to1,862  inFebruary,1997.MoredetailedinformationonstationsandownersiscontainedinAppendicesAE.Inparticular,AppendixAisasummaryofthechangesinactualnumbersofstationsandowners.Incalculatingthenumberofowners,weincludedallpendingradiosales.WealsoattributedtheownershipofstationsjoinedbyanLMAtotheownerswiththelargestrevenues.SeeAppendixDforthenumberofstationsattributedtoeachownersolelythroughLMAs. R$  Ӏ  2    ݀TheestimateofthenumberofownersincludesallpendingtransactionsasofFebruary,  1997. R$  Ӏ  3    ݀ApproximatelyonehalfoftheseownershipchangesarependingFCCapproval. k R$  Ӏ  4    ݀SeeAppendixB. k R$  Ӏ  5    ݀SeeAppendixC. . R$  Ӏ  6    ݀ArbitronMETROmarketsdonotnecessarilycorrespondtotheCommissionsdefinitionof  aradiostationsmarketforthepurposesofapplyingtheCommissionsradioownershiprules.  VT!   j&&XXk&&&&Ԁ  7  BureauoftheCensus,GeographicAreasReferenceManual,November1994,Chapter13,pp.113.  Generally,aMetropolitanStatisticalAreaconsistsofoneormorecountiesthatcontainacityof50,000ormoreinhabitants,orcontainaCensusBureaudefinedurbanizedareawithatotalpopulationofatleast100,000.(9 Z 6Times New Roman Regular%\  `$Times NewRoman VT!   m&&XXn&&&&Ԁ  8  TheBIAdatabaseindicatesthat53%ofallcommercialstationsareinArbitron's263radiomarkets.(9 Z 6Times New Roman Regular%\  `$Times NewRoman o VT!   p&&XXq&&&&Ԁ  9  Thereare3,127countiesandindependentcitiesintheU.S.The801counties(includingportionsof  counties)andindependentcitiesintheArbitronMetrosmakeup25.6%ofallcountiesandindependentcities.(9 Z 6Times New Roman Regular%\  `$Times NewRoman L VT!   s&&XXt&&&&Ԁ  10  Arbitron's263marketsrepresent77.2%oftheU.S.populationforthoseatleast12yearsofage.  Arbitrondoesnotmeasureradiolisteningstatisticsforthoseunderage12.(9 Z 6Times New Roman Regular%\  `$Times NewRoman  R$  Ӏ  11    ݀AppendixEsummarizesourmeasurementofrevenueconcentrationfortheMetromarkets.  HHIsarecalculatedbysummingthesquaresoftherevenueshareofeachradioownerintheMetromarket.BIAestimatesbothstationandmarketrevenues.Duetothedifficultyofdefiningalocalmarketandthenassigningstationstoauniquemarket,therearesomediscrepanciesbetweenthemarketrevenueandthesumofthestationrevenuesforstationsinthemarket.Insomecases,thereareoutofmarketstationsthatneverthelessearnashareofthemarketrevenue.Or,insomecasesthereareinmarketstationsthatearnashareoftheirrevenueoutsideoftheirmarket.Ineithercase,themarketrevenuewillbedifferentthanthesumofthestationrevenueforstationsinthemarket.Wehaveignoredthisproblemandsimplydefinedthestationsmarketshareasitsrevenuedividedbythemarketrevenue.Thus,insomecasesanindividualmarketsHHImaybeeitherhighorlow.Inthemajorityofcases,however,thedifferenceissmallornonexistent.  R$  Ӏ  12    ݀Standard&Poorsproducesanelectronicdatabaseoffinancialinformationonover20,000  publiccompaniesovermorethan20years.SICdenotesStandardIndustrialClassification.ThisisacodingschemeforclassifyingfirmsaccordingtoindustrydevelopedandmaintainedbytheU.S.DepartmentofCommerce.  R$  Ӏ  13    ݀Thenumberofstationsownedandpercentageofradioindustryrevenueswerecalculated  basedondataintheBIARadiodatabase,February,1997. R$  Ӏ  14    ݀Themedianistypicallyusedinstatisticsinpreferencetothemeanasameasureofcentral  tendencyfornonnormaldistributions. h R$  Ӏ  15    ݀Typicallywhenanalystsrefertomovementsinthestock market,theyuseinformationon  movementinthestockpricesoftheS&P500.Thus,theS&P500firmsrepresentfirmsdoingbusinessinjustabouteverysegmentofprivateenterprise.  R$  Ӏ  16    ݀Wemeasurethispercentageasamovingaverageofafirmsleveloftotaldebtandtotal  investedcapital(debtandequity)overtheprior4quarters.A4quartermovingaverageissimplyanaverageoftheprior4quarters,wherepriorisdeterminedbywhatisconsideredthecurrentquarter.  R$  Ӏ  17    ݀JudithAChevalier, CapitalStructureandProductMarketCompetition:Empirical  EvidencefromtheSupermarketIndustry,AmericanEconomicReview85(1995),415435.JudithA.Chevalier, DoLBOSupermarketsChargeMore?AnEmpiricalAnalysisoftheEffectsofLBOsonSupermarketPricing,JournalofFinance50(1995),10951110.  R$  Ӏ  18    ݀GordonM.Phillips, Increaseddebtandindustryproductmarkets:Anempiricalanalysis,  JournalofFinancialEconomics37(1995),189238.  R$  Ӏ  19    ݀N.Varaiya,R.Kerin,andD.Weeks, TheRelationshipbetweengrowth,profitability,and  firmvalue,StrategicManagementJournal8(1987),487497. f R$  Ӏ  20    ݀E.LindenbergandS.Ross, TobinsqRatioandIndustrialOrganization,Journalof  Business54(1981),132.W.Marshall, TobinsqandtheStructurePerformanceRelationship,AmericanEconomicReview74(1984),10511060.H"#&OLE 2.0 Box <=8C HKKKK*OLE**OLE*WPC71%N8.4 _519PR"!0 PBS&Times New RomanSAllMarkets,Smooth""+ S&Times New RomanSRankingbyNov97MarketSize0:#Z>;e|S&Times New RomanSNumberofOwners+  $! %!# &  ! ' ! # (]]! )]!`# *! +!# ,$$! -$!$# .W+W+! /W+!Y+# 0W+ 1W+Y++ 2g*mS&Times New RomanS0 3p *nS&Times New RomanS50 4}*oS&Times New RomanS100 5*oS&Times New RomanS150 6##*oS&Times New RomanS200 7w**oS&Times New RomanS250+  8V 9 :V} }  ;}   <Vee =eg >VMM ?MO @V44 A46 BVV4 CV4Y6+0:DZn~ pmS&Times New RomanS00:EZrqe L} nS&Times New RomanS100:FZMMLenS&Times New RomanS200:GZO5qgLMnS&Times New RomanS300:HZ%#;NL4nS&Times New RomanS40+  IV& Vz.z.& V&  JV& Y) %1 KZ Z 4,4,%1 LZ Z 4 MZ 4\ 6 N,,4 O,4,6 PZ , Q,, RZ 4,4 S,4,6+(( T! %+  U %%+ V&arS&Times New RomanSNov97)+(( W!w %w)+ X %w%y)+ Y&rS&Times New RomanSMar96+((* Z (Mrz?/FTy= F4 [     n H; `   \ +  B ,g 5 H U a k" {I qn c F <  ) N u  R A + "0"U*zF`7\^-V<cziCfhqz%JomA)*Qv   1V }(   8 ]    v j ?Q d? 9     D) k3 @ 6 5 N &S Kc ps     - Rx wR $    3u YE ~2 )  # # 9 _  & 1 9 K @W et     ! G l    t 'X M= s, # / A j . S z     ' 5 * Z   ) = R I !: ;!" a! ! ! ! ! "[ A"? h"# " " " " ## H# m# # # # $7 )$5 O$) t$ $ $ $ % /% V% {% % % % & 6& [& & & & & ' =' b' ' 'u 'U '/ ( D( i( ( ( ( ( $) I) o) )5 )L )X *` +*O P*; u*0 ** * * + 2+ W+ |+ + + + , 7, ], , , , , -# >-2 c-7 -0 +  [-0 -2 )+(( \7 (Mr"G/HTyg# n4 `[ H *    k; #`  n .   B g  9 ^  " I n   | L 3) N u  O J B O0\Uwz,Xv7p\V#Q<ce"Ch#%9J0o;*QQHv7( 1V}8]hZ2 ? d     { Ds ko v f e ~ & K p  .-5Rw   { 3[ Y- ~     9 _   ' : I @Y e~     !Gl    S '- M s    ' .< SR zS j x   5 Z g  a k v l !` ;!O a!Y !j !_ !M ! " A" h" " "h "S "V ##^ H#m #v # # $ )$ O$ t$ $3 $I $I /% V% {% % %{ %X &D 6&D [&F &U &d & ' =' b' '~ '` '= ' ( D( i( ( ( ( $) I) o) ) ). )% * +* P* u* * * * +q 2+f W+e |+a +[ +U +C ,A 7,@ ],A ,@ ,I ,J ,F -N >-[ c-\ -X )+ ]-X -Z C:\HOME\WORK\RADIO1\PIC_001.WMF &^ &XX R  Ӏ  13    ݀ThedataonthenumberofdifferenttypesofformatspermarketisbasedoninformationintheBIA  RadioDatabase.BIAobtainsspecificformatinformationfromtheradiostationsitsurveys,sortingtheirresponsesintobroadformatcategories.ThecategorieswereAdultContemporary,AlbumOrientedRock/ClassicRock,Classical,ContemporaryHitRadio/Top40,Country,EasyListening/BeautifulMusic,Ethnic,Jazz/NewAge,MiddleoftheRoad,Miscellaneous,News/Sports,Nostalgia/BigBand,Oldies,Religion,Rock,Spanish,Talk,Urban,Dark(notonair),Noformatreported.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  1    ݀ThenumberofnoncommercialFMstationsincreasedfrom1,828inMarch,1996to1,912in  November,1997(anincreaseof4.6percent).MoredetailedinformationonstationsandownersiscontainedinAppendicesAE,andG.Inparticular,AppendixAisasummaryofthechangesinactualnumbersofstationsandowners.Incalculatingthenumberofowners,weincluded,ascompleted,allpendingradiosalesasreportedinBIAdata.Thus,thedeclineinthenumberofownersbetweenMarch,1996andNovember,1997wouldhavebeengreaterhadtheMarch,1996ownershipdataexcludedpendingsales.WealsoattributedtheownershipofstationsjoinedbyanLMAtotheownerswiththelargernationalrevenues.SeeAppendixDforthenumberofstationsattributedtoeachownersolelythroughLMAs.WPCt71%O.q$n519PQ ms"xG\  `Times NewGHHIMarketConcentration !BsG\  `Times NewGAllMarkets,Smooth ";kG\  `Times NewGFeb97Rank0:#Z>;\ecG\  `Times NewGHHI+  $! %!# &  ! ' ! # (AA! )A!D# *! +!# ,##! -#!## .++! /+!+# 0+ 1+++ 2q*aG\  `Times NewG0 3p *bG\  `Times NewG50 4t*cG\  `Times NewG100 5*cG\  `Times NewG150 6"*cG\  `Times NewG200 7C**cG\  `Times NewG250+  8V 9 :V   ;   <Vuu =uw >Vee ?eg @VUU AUX BVDD CDF DV44 E46 FVV4 GV4Y6+0:HZn~ paG\  `Times NewG00:IZFnW dG\  `Times NewG10000:JZY]- udG\  `Times NewG20000:KZMMedG\  `Times NewG30000:LZNh=~loUdG\  `Times NewG40000:MZ&1,Tp^DdG\  `Times NewG50000:NZ%#;N4dG\  `Times NewG6000+  OV& Vz.z.& V&  PV& Y)  QV z.  Rz. |.  SVz. Tz.|. Vz.|. %1 W4=4=%1 X4 Y46 Z==4 [=4@6 \= ]=@ ^4=4 _=4@6+(( `Hi +  ai l + b afG\  `Times NewGFeb97)+(( cHwi w)+ di wl y)+ e fG\  `Times NewGMar96 f* dG\  `Times NewG1000 g*dG\  `Times NewG1800+(( i'Lq @+rPv 1 V {     5 "Z W a [ R 6 *9 #_  " A   /> kc    H g yB h   0 Q C!G ls?&Kp P*Pu /Ty:3X~7] ?<DbaAse!DFks%JipTYWM")Ot h.Sxw 2/W}]q 7\g M.;`yT9BU?e=D4i |H#/H>m2Da N rs 9   !-!R!w!!i!! 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' 5` -- 9 .9 9T 9$ 9Y n9 =9 9c - 9:9 9 T 9$9z9I99c--'--  9 99 ""            99L yym ym = y=  y yy|y|L yL --'--  --'-- "!--'-- "!Times New Romanf---"System-'--- "!   2 0 2 *10 2 *20 2 *30 2 } *40 2 f *50 2 O*60 2 8*70---'--- "!---'--- "! 2 LQ4Y952 Q1Y962  Q2Y962  Q3Y962 Q4Y962 [Q1Y972 +Q2Y972 Q3Y97---'--- "!-  -l---'--- g:---'--- Y{!-  OM9c2 9Radio companiesjj@@jj@jU---'--- g:---'--- {B-  Oq9 !2 9S&P 500 Companiesj@@j@jU---'--- g:---'--- "!--' .e &N &XX R  Ӏ  24    ݀JudithAChevalier, CapitalStructureandProductMarketCompetition:EmpiricalEvidencefrom  theSupermarketIndustry,AmericanEconomicReview85(1995),415435.JudithA.Chevalier, Do  LBOSupermarketsChargeMore?AnEmpiricalAnalysisoftheEffectsofLBOsonSupermarketPricing,JournalofFinance50(1995),10951110. &N &XX R  Ӏ  22    ݀Typicallywhenanalystsrefertomovementsinthestock market,theyuseinformationon  movementinthestockpricesoftheS&P500.Thus,theS&P500firmsrepresentfirmsdoingbusinessinjustabouteverysegmentofprivateenterprise.*OLE* 1&N &XX R  Ӏ  26    ݀N.Varaiya,R.Kerin,andD.Weeks, TheRelationshipbetweengrowth,profitability,andfirm  value,StrategicManagementJournal8(1987),487497. &N &XX R  Ӏ  27    ݀E.LindenbergandS.Ross, TobinsqRatioandIndustrialOrganization,JournalofBusiness54  (1981),132.W.Marshall, TobinsqandtheStructurePerformanceRelationship,AmericanEconomic  Review74(1984),10511060. 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' " ' ! ' !!'  7' G` Q-- =A =  = ws =Q =W 0== =z =X( - =bA= =  =i=H=''=*z=(X--'--  7=R R==00##      =R=H R}R1}1 }  } }}}i}iH }H --'--  7--'-- !!--'-- !!Times New Romanf---"System-'--- !!   2 *0 2 *1 2 *2 2 *3 2 *4 2 *5 2 *6 2 *7---'--- !!---'--- !! 2 Q4Y952 Q1Y962  Q2Y962 u Q3Y962 SQ4Y962 2Q1Y972 Q2Y972 Q3Y97---'--- !!-  |-@m---'---  ---'--- -  $2 nRadio companiesjj@@jj@jU---'---  ---'--- -  2H !2 S&P 500 Companiesj@@j@jU---'---  ---'--- !!--'7 .eWPWin 6.0/OLE 1.0 Prefix Information Marker ExcelChart  6^B&FPage &P&?'?(?)?M d d@3c%$CFCCRADIOCOMRADRPT3RADIOR1C.XLS01 MS Sans Serif1Times New Roman @33 Radio companies ALEAF1735B29 ALEAF2735B293      443 S&P 500 Companies ALEAF3735B29 ALEAF2735B293      44 @32" m3%3&44= 3&4R 3*&4$%13'44%i = h3'44 @ Q4Y95 Q4Y95 Q1Y96 Q1Y96 Q2Y96 Q2Y96 Q3Y96 Q3Y96 Q4Y96 Q4Y96 Q1Y97 Q1Y97 Q2Y97 Q2Y97 Q3Y97 Q3Y97X9v@MbX9 @ K7A@ Gz @ J +@ Dl @ Clg@ x& @ Zd;@ Q @ Qk@ -F@bX9H@S@sh|?@bX9H@= # (s4197t0b1s#H1s#H METAFILEPICT+ + j!    ' " ' ! 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'  '  "'  ' ^ $--    O   g> 1o v@ -  W !  g1~H  / --'--  [$ $[[dd;;dddd  dk k d  dKKdd$s $[$[ [  [ L[L[[[s [s --'--  --'--  "--'--  "Times New Romanf---"System-'---  "   2 *-20U 2 k*-15U 2 *-10U 2 K-5U 2 0 2 + 5 2 10 2 15 2 { 20 2 25 2 \30---'---  "---'---  " 2 _Q4Y952 _jQ1Y962 _4 Q2Y962 _ Q3Y962 _Q4Y962 _Q1Y972 _[Q2Y972 _%Q3Y97---'---  "-  S---'--- x ---'--- `-  u_2 _Radio companiesjj@@jj@jU---'--- x ---'--- 9-  u_ !2 _S&P 500 Companiesj@@j@jU---'--- x ---'---  "--'XXWPWin 6.0/OLE 1.0 Prefix Information Marker ExcelChart  6^B&FPage &P&?'?(?)?M d d@3c%$CFCCRADIOCOMRADRPT3RADIOR1C.XLS01 MS Sans Serif1Times New Roman 33 Radio companies ALEAF49E74:A ALEAF59E74:A3      443 S&P 500 Companies ALEAF69E74:A ALEAF59E74:A3      44 32" h3%3&44Oa3&4$Oa3*&4$%13'44%  h3'44  Q4Y95 Q4Y95 Q1Y96 Q1Y96 Q2Y96 Q2Y96 Q3Y96 Q3Y96 Q4Y96 Q4Y96 Q1Y97 Q1Y97 Q2Y97 Q2Y97 Q3Y97 Q3Y97+َ(@v@ Q)@ S㥛D@ 2@  rh@ sh|@ V-@ tV.3 x&@ bX9('@ B`" @`"ۉ=@ʡ)@x0@M@= A 0b0s#HEIGHTv1PTv1P METAFILEPICT+ +J !   ' ?" '  '  "'  ' ^ $--    O   g> 1o v@ -  W !  g1~H  / --'--  [$ $[[dd;;dddd  dk k d  dKKdd$s $[$[ [  [ L[L[[[s [s --'--  --'--  "--'--  "Times New Romanf---"System-'---  "   2 *-20U 2 k*-15U 2 *-10U 2 K-5U 2 0 2 + 5 2 10 2 15 2 { 20 2 25 2 \30---'---  "---'---  " 2 _Q4Y952 _jQ1Y962 _4 Q2Y962 _ Q3Y962 _Q4Y962 _Q1Y972 _[Q2Y972 _%Q3Y97---'---  "-  S---'--- x ---'--- `-  u_2 _Radio companiesjj@@jj@jU---'--- x ---'--- 9-  u_ !2 _S&P 500 Companiesj@@j@jU---'--- x ---'---  "--'XX*OLE* &N &XX R  Ӏ  15    ݀AppendixEsummarizesAppendixGwhich,amongotherthings,containsourmeasurementsof  revenueconcentrationfortheMetromarkets.BIAestimatesbothstationandmarketrevenues.DuetothedifficultyofdefiningaMetromarketandthenassigningstationstoauniqueMetromarket,therearesomediscrepanciesbetweentheMetromarketrevenueandthesumofthestationrevenuesforstationsintheMetromarket.Insomecases,thereareoutofMetromarketstationsthatneverthelessearnashareoftheMetromarketrevenue.Or,insomecasesthereareinMetromarketstationsthatearnashareoftheirrevenueoutsideoftheirMetromarket.Ineithercase,theMetromarketrevenuewillbedifferentthanthesumofthestationrevenueforstationshometotheMetromarket.Becauseinthemajorityofcasesthedifferenceissmallorzero,wesimplydefinedthestationsMetromarketshareasitsrevenuedividedbytheMetromarketrevenue.Thus,anindividualMetromarketsHHImaybehigherorlowerthantheunderlyingHHI.  ThedatainAppendicesEandGincludeproposedor pendingtransactions.Thus,thedeclineinthenumberofownersaswellastheincreaseintheHHIandCR4betweenMarch,1996andNovember,1997wouldhavebeenmorepronouncedhadtheMarch,1996ownershipdataexcludedpendingsales.Inotherwords,thedataintheseappendicesunderestimatetheimpactoftheTelecomActonconsolidationoftheradioindustrythusfar.Note,forexample,inAppendixGthattheHHIintheDallasFt.Worthradiometromarketincreasedslightly.ThisisbecausethepostTelecomActradioacquisitionsofInfinityandCBSareattributedtotheminMarch,1996andNovember,1997.Orforanotherexample,theHHIintheCincinnatiradiometromarketisreportedasdecliningoverthisperiod.ThisislargelyduetothefactthatJacorspostTelecomActproposedtransactioninvolvedalargernumberofradiostationsinCincinnatithantheywerepermittedtoacquire.V?8Document[3]Document Style.. 21.3  Ԁ   WPC$71%N.4 _519lTT"! MPBS&Times New RomanSAllMarkets,Smooth""4S&Times New RomanSRankingbyNov97MarketSize0:#Z>;eS&Times New RomanSFormatsperStation+  $! %!# &  ! 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(&N &XX R  Ӏ  25    ݀GordonM.Phillips, Increaseddebtandindustryproductmarkets:Anempiricalanalysis,Journal  ofFinancialEconomics37(1995),189238. 3 R$  Ӏ  29    &N &XXԀTherewasasystematicdropinthesharepricesofpublicradiocompaniesinthe4thquarterof1996,  whichresearchsuggestswasrelatedtothemarketsconcernsovertheDepartmentofJusticesexamination  X ofseverallargeradiomergers.AsDOJdidnotblockthemergers,sharepricesreboundedandconcernsoverDOJblockingfuturemergerslessened.#X%+X &&N[#  R$  Ӏ  14    &N &XXԀHHIsarecalculatedbysummingthesquareofeachradioownerspercentageoftheMetromarket  revenue.#X%+X &&N[#Ԁ&N &XX%+WehavecalculatedtheseHHIsaccordingtotheprinciplessetoutintheDepartmentofJustices   HorizontalMergerGuidelines,butdonotsuggestthatwehavecalculatedthesemeasuresexactlyastheDepartmentofJusticedoesinitsreviewofspecificradiomergers.#X%+X &&N#Ԁ&N &XX%+AccordingtotheDepartmentof ^ Justices HorizontalMergerGuidelines,mergersresultinginHHIsoflessthan1000donotgenerallywarrantconcern,mergersresultinginHHIsbetween1000and1800warrantsomeconcern,andmergersresultinginHHIsover1800warrantscrunity.#X%+X &&N# &N &XX R  Ӏ  2    ݀Oftheseownershipchanges,766(37percent)arependingFCCapprovalasofFebruary,1997. S R$  Ӏ  16    &N &XXԀAfourfirmconcentrationmeasureisastandardalternativetotheHHImeasureasameasureof  marketconcentration.Thefourfirmconcentrationisfrequentlyusedbecauseofitseaseofinterpretation,easeofcalculation,andlesserdatarequirements.SeeD.WaldmanandE.Jensen,Industrial r Organization:TheoryandPractice,AddisonWesley(1998)forfurtherdiscussionofconcentration H measures.(9 Z 6Times New Roman Regularz :Right Par[5]Right-Aligned Paragraph Numbers..` ..`  .. ..h..2(1)3  Ԁ..0h..h(9 Z 6Times New Roman Regularz :Right Par[6]Right-Aligned Paragraph Numbers..` ..`  .. ..h..h..2(a)3  Ԁh..h0.. R$  Ӏ  3    &N &XXԀTheMarch,1995toFebruary,1996countof988doesnotincludeanyofthe278tradesinFebruary,  1996.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  1    ݀ThenumberofnoncommercialFMstationsincreasedfrom1,828inMarch,1996to1,912in  November,1997(anincreaseof4.6percent).MoredetailedinformationonstationsandownersiscontainedinAppendicesAE,andG.Inparticular,AppendixAisasummaryofthechangesinactualnumbersofstationsandowners.Incalculatingthenumberofowners,weincluded,ascompleted,allpendingradiosalesasreportedinBIAdata.Thus,thedeclineinthenumberofownersbetweenMarch,1996andNovember,1997wouldhavebeengreaterhadtheMarch,1996ownershipdataexcludedpendingsales.WealsoattributedtheownershipofstationsjoinedbyanLMAtotheownerswiththelargernationalrevenues.SeeAppendixDforthenumberofstationsattributedtoeachownersolelythroughLMAs.* `CG Times R$  Ӏ  6    &N &XXԀArbitronisanationallyrecognizedradioaudienceresearchfirm.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  4    ݀SeeAppendixB.OurrulespriortotheTelecomActgenerallylimitedmultipleradioownershiptoa  maximumof20stations.(9 Z 6Times New Roman RegularC:\TEXFILES\FCC_1IN.BMPWPC'9* HH Dg>  }? 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R& 8BibliogrphyBibliography0....jo4Tech InitInitialize Technical StyleS  1 .1 .1 .1 .1 .1 .1 .1 S CuyTechnicalTechnical Document Style11.11.1.11.1.1.11.1.1.1.11.1.1.1.1.11.1.1.1.1.1.11.1.1.1.1.1.1.1fp2Doc InitInitialize Document StyleS   I. 1. A. a.(1)(a) i) a)S($0 ($0 0 (($0 0 0  A_ekqwDocumentDocument StyleI.1.A.a.(1)(a)i)a)x?+x2PleadingHeader for Numbered Pleading Paper ('2$ VT!   p4Heading 2Underlined Heading Flush LeftV4Heading 1Centered Heading@..  b* 8Bullet ListIndented Bullet List0..0` ..`  CRight ParRight-Aligned Paragraph NumbersI.A.1.a.(1)(a)i)a)<6X9`(CourierXx6X@`7X@'4  .Times New RomanBold4  pG;'4  .Times New RomanBoldXXn4  pG;X* `CG TimesmanBoldXXw PE37XP  (   XXXXX?J'*dE*??J'*dE*?\\1\\2\\3\\4\\5\\6\\7\\8\\910111213141516171819202122232425262728  .+"# I&mage <=8C HKKKKFHLNJJJJJ'dxdJ( c   ddd &N &XX R  Ӏ  5    ݀SeeAppendixC.NotethattheMarch,1996dataincludethosetransactionsthatwereannounced  beforetheeffectivedateoftheCommissionsnewrulesimplementingtheTelecomAct.Thus,severaloftheradiostationsattributedtoBonnevilleandViacominMarch,1996,forexample,reflectpendingor proposedtransactions. F R$  Ӏ  31    &N &XXԀTheBloomberg/Broadcast&Cableradioindexisanindexofthestockpricesofradiocompanies  createdbythefinancialdataservice,Bloomberg,forBroadcast&Cablemagazine. R$  Ӏ  3    &N &XXԀTheMarch,1995toFebruary,1996countof988doesnotincludeanyofthe278tradesinFebruary,  1996.R(9 Z 6Times New Roman Regular R$  Ӏ  6    ݀ &N &XXԀArbitronisanationallyrecognizedradioaudienceresearchfirm.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  1    ݀ThenumberofnoncommercialFMstationsincreasedfrom1,828inMarch,1996to1,912in  November,1997(anincreaseof4.6percent).MoredetailedinformationonstationsandownersiscontainedinAppendicesAE,andG.Inparticular,AppendixAisasummaryofthechangesinactualnumbersofstationsandowners.Incalculatingthenumberofowners,weincluded,ascompleted,allpendingradiosalesasreportedinBIAdata.Thus,thedeclineinthenumberofownersbetweenMarch,1996andNovember,1997wouldhavebeengreaterhadtheMarch,1996ownershipdataexcludedpendingsales.WealsoattributedtheownershipofstationsjoinedbyanLMAtotheownerswiththelargernationalrevenues.SeeAppendixDforthenumberofstationsattributedtoeachownersolelythroughLMAs. M &N &XX R  Ӏ  7    ݀ArbitronMetromarketsdonotnecessarilycorrespondtotheCommissionsdefinitionofaradio  stationsmarketforthepurposesofapplyingtheCommissionsradioownershiprules. &N &XX R  Ӏ  2    ݀Oftheseownershipchanges,766(37percent)arependingFCCapprovalasofFebruary,1997.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  8    ݀BureauoftheCensus,GeographicAreasReferenceManual,November1994,Chapter13,pp.113.  Generally,aMetropolitanStatisticalAreaconsistsofoneormorecountiesthatcontainacityof50,000or  U moreinhabitants,orcontainaCensusBureaudefinedurbanizedareawithatotalpopulationofatleast100,000.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  4    ݀SeeAppendixB.OurrulespriortotheTelecomActgenerallylimitedmultipleradioownershiptoa  maximumof20stations. &N &XX R  Ӏ  9    ݀TheBIAdatabaseindicatesthatmorethan53percentofallcommercialstationsareinArbitron's265  radiomarkets. &N &XX R  Ӏ  5    ݀SeeAppendixC.NotethattheMarch,1996dataincludethosetransactionsthatwereannounced  beforetheeffectivedateoftheCommissionsnewrulesimplementingtheTelecomAct.Thus,severaloftheradiostationsattributedtoBonnevilleandViacominMarch,1996,forexample,reflectpendingor proposedtransactions.(9 Z 6Times New Roman Regular M&N &XX R  Ӏ  7    ݀ArbitronMetromarketsdonotnecessarilycorrespondtotheCommissionsdefinitionofaradio  stationsmarketforthepurposesofapplyingtheCommissionsradioownershiprules. g&N &XX R  Ӏ  10    ݀Thereare3,127countiesandindependentcitiesintheU.S.The813counties(includingportionsof  counties)andindependentcitiesintheArbitronMetrosmakeup26percentofallcountiesandindependentcities. &N &XX R  Ӏ  8    ݀BureauoftheCensus,GeographicAreasReferenceManual,November1994,Chapter13,pp.113.  Generally,aMetropolitanStatisticalAreaconsistsofoneormorecountiesthatcontainacityof50,000or   moreinhabitants,orcontainaCensusBureaudefinedurbanizedareawithatotalpopulationofatleast100,000.(9 Z 6Times New Roman Regular &N &XX R  Ӏ  9    ݀TheBIAdatabaseindicatesthatmorethan53percentofallcommercialstationsareinArbitron's265  radiomarkets. J&N &XX R  Ӏ  11    ݀Arbitron's265marketsrepresentabout77percentoftheU.S.populationforthoseatleast12years  ofage.Arbitrondoesnotmeasureradiolisteningstatisticsforthoseunderage12. g&N &XX R  Ӏ  10    ݀Thereare3,127countiesandindependentcitiesintheU.S.The813counties(includingportionsof  counties)andindependentcitiesintheArbitronMetrosmakeup26percentofallcountiesandindependentcities.(9 Z 6Times New Roman Regular J&N &XX R  Ӏ  11    ݀Arbitron's265marketsrepresentabout77percentoftheU.S.populationforthoseatleast12years  ofage.Arbitrondoesnotmeasureradiolisteningstatisticsforthoseunderage12. &N &XX R  Ӏ  12    ݀Formarket100,forexample,thesmoothedlinewillshowaweightedaverageoftheactualdatain  markets90to110.Thedatafrommarket100getsthemostweight,datafrommarkets99and101getthenextmostweight,andsoforth.Inparticular,theweightsaredeterminedbyastandardtriangular kernel.Formoreinformationaboutnon-parametricregression(smoothing)see:Manski,C.F.,March1991, Regression,JournalofEconomicLiteratureXXIX:34-50,andHrdle,W.,1989,Applied X NonparametricRegression,Cambridge:CambridgeUniversityPress. .  &N &XX R  Ӏ  12    ݀Formarket100,forexample,thesmoothedlinewillshowaweightedaverageoftheactualdatain  markets90to110.Thedatafrommarket100getsthemostweight,datafrommarkets99and101getthenextmostweight,andsoforth.Inparticular,theweightsaredeterminedbyastandardtriangular kernel.Formoreinformationaboutnon-parametricregression(smoothing)see:Manski,C.F.,March1991, Regression,JournalofEconomicLiteratureXXIX:34-50,andHrdle,W.,1989,Applied X NonparametricRegression,Cambridge:CambridgeUniversityPress. . (9 Z 6Times New Roman Regular !&N &XX R  Ӏ  13    ݀ThedataonthenumberofdifferenttypesofformatspermarketisbasedoninformationintheBIA  RadioDatabase.BIAobtainsspecificformatinformationfromtheradiostationsitsurveys,sortingtheirresponsesintobroadformatcategories.ThecategorieswereAdultContemporary,AlbumOrientedRock/ClassicRock,Classical,ContemporaryHitRadio/Top40,Country,EasyListening/BeautifulMusic,Ethnic,Jazz/NewAge,MiddleoftheRoad,Miscellaneous,News/Sports,Nostalgia/BigBand,Oldies,Religion,Rock,Spanish,Talk,Urban,Dark(notonair),Noformatreported.(9 Z 6Times New Roman Regular  R$  Ӏ  14    ݀#&N &XXԀHHIsarecalculatedbysummingthesquareofeachradioownerspercentageoftheMetromarket  revenue.##X%+X &&N]#Ԁ#&N &XX%+WehavecalculatedtheseHHIsaccordingtotheprinciplessetoutintheDepartmentofJustices   HorizontalMergerGuidelines,butdonotsuggestthatwehavecalculatedthesemeasuresexactlyastheDepartmentofJusticedoesinitsreviewofspecificradiomergers.##X%+X &&N #Ԁ#&N &XX%+AccordingtotheDepartmentof ^ Justices HorizontalMergerGuidelines,mergersresultinginHHIsoflessthan1000donotgenerallywarrantconcern,mergersresultinginHHIsbetween1000and1800warrantsomeconcern,andmergersresultinginHHIsover1800warrantscrunity.##X%+X &&N#(9 Z 6Times New Roman Regular %&N &XX R  Ӏ  15    ݀AppendixEsummarizesAppendixGwhich,amongotherthings,containsourmeasurementsof  revenueconcentrationfortheMetromarkets.BIAestimatesbothstationandmarketrevenues.DuetothedifficultyofdefiningaMetromarketandthenassigningstationstoauniqueMetromarket,therearesomediscrepanciesbetweentheMetromarketrevenueandthesumofthestationrevenuesforstationsintheMetromarket.Insomecases,thereareoutofMetromarketstationsthatneverthelessearnashareoftheMetromarketrevenue.Or,insomecasesthereareinMetromarketstationsthatearnashareoftheirrevenueoutsideoftheirMetromarket.Ineithercase,theMetromarketrevenuewillbedifferentthanthesumofthestationrevenueforstationshometotheMetromarket.Becauseinthemajorityofcasesthedifferenceissmallorzero,wesimplydefinedthestationsMetromarketshareasitsrevenuedividedbytheMetromarketrevenue.Thus,anindividualMetromarketsHHImaybehigherorlowerthantheunderlyingHHI.  ThedatainAppendicesEandGincludeproposedor pendingtransactions.Thus,thedeclineinthenumberofownersaswellastheincreaseintheHHIandCR4betweenMarch,1996andNovember,1997wouldhavebeenmorepronouncedhadtheMarch,1996ownershipdataexcludedpendingsales.Inotherwords,thedataintheseappendicesunderestimatetheimpactoftheTelecomActonconsolidationoftheradioindustrythusfar.Note,forexample,inAppendixGthattheHHIintheDallasFt.Worthradiometromarketincreasedslightly.ThisisbecausethepostTelecomActradioacquisitionsofInfinityandCBSareattributedtotheminMarch,1996andNovember,1997.Orforanotherexample,theHHIintheCincinnatiradiometromarketisreportedasdecliningoverthisperiod.ThisislargelyduetothefactthatJacorspostTelecomActproposedtransactioninvolvedalargernumberofradiostationsinCincinnatithantheywerepermittedtoacquire.(9 Z 6Times New Roman Regular S R$  Ӏ  16    '&N &XXԀAfourfirmconcentrationmeasureisastandardalternativetotheHHImeasureasameasureof  marketconcentration.Thefourfirmconcentrationisfrequentlyusedbecauseofitseaseofinterpretation,easeofcalculation,andlesserdatarequirements.SeeD.WaldmanandE.Jensen,Industrial r Organization:TheoryandPractice,AddisonWesley(1998)forfurtherdiscussionofconcentration H measures.(9 Z 6Times New Roman Regular )&^ &XX R  Ӏ  17    ݀Standard&Poorsproducesanelectronicdatabaseoffinancialinformationonover20,000public  companiesovermorethan20years.SICdenotesStandardIndustrialClassification.ThisisacodingschemeforclassifyingfirmsaccordingtoindustrydevelopedandmaintainedbytheU.S.DepartmentofCommerce.(9 Z 6Times New Roman Regular +&^ &XX R  Ӏ  18    ݀Thenumberofstationsownedandpercentageofradioindustryrevenueswerecalculatedbasedon  dataintheBIARadiodatabase,February,1997.(9 Z 6Times New Roman Regular -&^ &XX R  Ӏ  19    ݀S&Pchooses500ofthelargestpubliclytradedcompanieswhichareintendedtorepresentabroad  indexofcommonstockscoveringmostsectorsoftheeconomy.TheperformanceoftheS&P500companiesisagoodmeasureofoverallstockmarketperformance.Itissimilarto,buthasabroaderselectionofcompaniesthan,theDowJonesIndustrialAverage.(9 Z 6Times New Roman Regular 3/&^ &XX R  Ӏ  20    ݀Themedianistypicallyusedinstatisticsinpreferencetothemeanasameasureofcentraltendency  fornonnormaldistributions.Furtheritismorerobusttovariationsinthenumberofincludedobservations.Thisisimportantbecauseanumberofcompanieswefollowedwereacquiredduringouranalysisperiodandsothenumberofratiosweareabletocomputevariesovertime.Westartwith18,butendwith12.(9 Z 6Times New Roman Regular } R$  Ӏ  21    ݀1&^ &XXBecausefinancialratiosaretypicallyratiosofdollars,theyareunitlessandaredifficulttointerpret  exceptincomparisontosomebenchmarkratio.Consequentlythechoiceofabenchmarkisanimportantchoiceinfinancialanalysis.(9 Z 6Times New Roman Regular 3&^ &XX R  Ӏ  22    ݀Typicallywhenanalystsrefertomovementsinthestock market,theyuseinformationon  movementinthestockpricesoftheS&P500.Thus,theS&P500firmsrepresentfirmsdoingbusinessinjustabouteverysegmentofprivateenterprise.(9 Z 6Times New Roman Regular 5&^ &XX R  Ӏ  23    ݀Wemeasurethispercentageasamovingaverageofafirmsleveloftotaldebtandtotalinvested  capital(debtandequity)overthepriorfourquarters.Afourquartermovingaverageissimplyanaverageofthepriorfourquarters,wherepriorisdeterminedbywhatisconsideredthecurrentquarter.(9 Z 6Times New Roman Regular 7&^ &XX R  Ӏ  24    ݀JudithAChevalier, CapitalStructureandProductMarketCompetition:EmpiricalEvidencefrom  theSupermarketIndustry,AmericanEconomicReview85(1995),415435.JudithA.Chevalier, Do  LBOSupermarketsChargeMore?AnEmpiricalAnalysisoftheEffectsofLBOsonSupermarketPricing,JournalofFinance50(1995),10951110.(9 Z 6Times New Roman Regular (9&^ &XX R  Ӏ  25    ݀GordonM.Phillips, Increaseddebtandindustryproductmarkets:Anempiricalanalysis,Journal  ofFinancialEconomics37(1995),189238.(9 Z 6Times New Roman Regular 1;&^ &XX R  Ӏ  26    ݀N.Varaiya,R.Kerin,andD.Weeks, TheRelationshipbetweengrowth,profitability,andfirm  value,StrategicManagementJournal8(1987),487497.(9 Z 6Times New Roman Regular =&^ &XX R  Ӏ  27    ݀E.LindenbergandS.Ross, TobinsqRatioandIndustrialOrganization,JournalofBusiness54  (1981),132.W.Marshall, TobinsqandtheStructurePerformanceRelationship,AmericanEconomic  Review74(1984),10511060.(9 Z 6Times New Roman Regular O R$  Ӏ  28    ?&^ &XXԀSpecifically,wecompute:{endingshareprice+dividendspershare}/{beginningshareprice}x100,  whichisequaltopriceappreciationplusdividendyield.#?X%+X &&^[#(9 Z 6Times New Roman Regular 3 R$  Ӏ  29    A&^ &XXԀTherewasasystematicdropinthesharepricesofpublicradiocompaniesinthe4thquarterof1996,  whichresearchsuggestswasrelatedtothemarketsconcernsovertheDepartmentofJusticesexamination  J ofseverallargeradiomergers.AsDOJdidnotblockthemergers,sharepricesreboundedandconcernsoverDOJblockingfuturemergerslessened.#AX%+X &&^[#(9 Z 6Times New Roman Regular R$  Ӏ  30    ݀C&^ &XXHiggins,J., TV,radiostockstakewildride,Broadcasting&Cable(January5,1998),pp.1617.(9 Z 6Times New Roman Regular F R$  Ӏ  31    ݀E&^ &XXTheBloomberg/Broadcast&Cableradioindexisanindexofthestockpricesofradiocompanies  createdbythefinancialdataservice,Bloomberg,forBroadcast&Cablemagazine.(9 Z 6Times New Roman Regular ; R$  Ӏ  32    G&^ &XXԀHiggins,op.cit.,p.16.AlsoVeronis,Suhler&Associates, VeronisSuhler&Associates  CommunicationsIndustryReport,15thAnnualEdition(October,1997),p.92.(9 Z 6Times New Roman Regular I&N &XX R  Ӏ  15    ݀AppendixEsummarizesAppendixGwhich,amongotherthings,containsourmeasurementsof  revenueconcentrationfortheMetromarkets.BIAestimatesbothstationandmarketrevenues.DuetothedifficultyofdefiningaMetromarketandthenassigningstationstoauniqueMetromarket,therearesomediscrepanciesbetweentheMetromarketrevenueandthesumofthestationrevenuesforstationsintheMetromarket.Insomecases,thereareoutofMetromarketstationsthatneverthelessearnashareoftheMetromarketrevenue.Or,insomecasesthereareinMetromarketstationsthatearnashareoftheirrevenueoutsideoftheirMetromarket.Ineithercase,theMetromarketrevenuewillbedifferentthanthesumofthestationrevenueforstationshometotheMetromarket.Becauseinthemajorityofcasesthedifferenceissmallorzero,wesimplydefinedthestationsMetromarketshareasitsrevenuedividedbytheMetromarketrevenue.Thus,anindividualMetromarketsHHImaybehigherorlowerthantheunderlyingHHI.  ThedatainAppendicesEandGincludeproposedor pendingtransactions.Thus,thedeclineinthenumberofownersaswellastheincreaseintheHHIandCR4betweenMarch,1996andNovember,1997wouldhavebeenmorepronouncedhadtheMarch,1996ownershipdataexcludedpendingsales.Inotherwords,thedataintheseappendicesunderestimatetheimpactoftheTelecomActonconsolidationoftheradioindustrythusfar.Note,forexample,inAppendixGthattheHHIintheDallasFt.Worthradiometromarketincreasedslightly.ThisisbecausethepostTelecomActradioacquisitionsofInfinityandCBSareattributedtotheminMarch,1996andNovember,1997.Orforanotherexample,theHHIintheCincinnatiradiometromarketisreportedasdecliningoverthisperiod.ThisislargelyduetothefactthatJacorspostTelecomActproposedtransactioninvolvedalargernumberofradiostationsinCincinnatithantheywerepermittedtoacquire.(9 Z 6Times New Roman Regular VT!      XXXXP @@XXZ6FEDERALCOMMUNICATIONSCOMMISSION  #XZ6Xu#MASSMEDIABUREAU p POLICYANDRULESDIVISIONWASHINGTON,D.C.20554 XXZ6 P  #XZ6XM# XXZ6 AppendixBE:ReviewoftheRadioIndustry,19961997EI x  IEPolicyandInEGdustryAnalysisBranchGg3#` p!  `Ei>>Sg (#(#       (#(##XZ6X #CurrentDraft:"*US , US , *  March19,1998!   #D  Thisdraftisbeingdistributedforinternalcommentonly.  XXZ6 $4  #XZ6X \#P#X%+XXX@#P P 3P J   JP FEDERALCOMMUNICATIONSCOMMISSION      MASSMEDIABUREAU  L   POLICYANDRULESDIVISION   WASHINGTON,D.C.20554 #    REVIEWOFTHERADIOINDUSTRY,1997 j   MMDocketNo.9835     QA=x< p@ @ @ HKKKKE R 66 R R (#(#   (#(#R R    March13,1998  )%&   -(*   @+ + (  EXECUTIVESUMMARY ^Ԉ   RQQRRR  OnFebruary8,1996,PresidentClintonsignedintolawtheTelecommunicationsActof1996( TelecomAct").ThislawdirectedtheFCCtoreviseSection73.3555ofourRules(47C.F.R.73.3555)toeliminatethenationalmultipleradioownershipruleandrelaxthelocalownershiprule.InanOrderadoptedMarch7,1996,weimplementedtheseprovisionsofthe  J  TelecomAct.ThisreportexamineschangesinvariousaspectsofthecommercialbroadcastradioindustrysubsequenttotheimplementationoftheseprovisionsoftheTelecomAct.ThedataexaminedfromMarch,1996throughNovember,1997suggestsignificantchangeshaveoccurredinownershipandperformance.  Atanationallevel,approximately2.5percentmorecommercialradiostationshavestartedbroadcasting.However,thenumberofownersofcommercialradiostationshasdeclinedby11.7percent.Thisdeclineisprimarilyduetomergersbetweenexistingowners.Theresultofthesemergershasbeentochangetherankingandcompositionofthetopradiostationowners.  Atalocallevel,therehasbeenadownwardtrendinthenumberofradiostationownersinArbitronMetromarkets.Further,thetopownersineachMetromarketgenerallyaccountforanincreasingshareofthetotalradioadvertisingrevenuesinthesemarkets.However,theredoesnotappeartobeanydownwardtrendinthevarietyofradioformatsavailabletoconsumersinthesemarkets.Acquiringradiocompaniesappeartohavepursuedformatdiversification,ratherthanformatconcentrationstrategies.̛  Attheindustrylevel,publiclytradedcompanieswhoseprimarybusinessisradiobroadcastingareexperiencingrobustfinancialperformance.WhiletheirprofitmarginshaveϜvaried,thisislargelyaresultoftheirsignificantdebtloads.Despitetheirhighdebtloads,theyaregeneratingsufficientcashastomitigateconcernsovertheirfinancialhealth.ThishealthisreflectedinstockreturnsbetterthanthoseofthetypicalS&P500company.Themarketsvaluationofradiocompaniessuggeststhatthemarketisforeseeingfutureearningsgrowthinthisindustry.Theobservedconsolidationoftheradioindustryappearstohavehadpositivefinancialconsequencesfortheseradiocompanies.  f+&6 RQJ+QRRR  7%+XXdXXd7   1.  Overview    XXXX%+  #X%+XXXO#OnFebruary8,1996,PresidentClintonsignedintolawtheTelecommunicationsActof  1996( TelecomAct").ThislawdirectedtheFCCtoreviseourRules(47C.F.R.73.3555)concerningthenationalmultipleradioownershipruleandthelocalownershipruletoconformwiththeprovisionsoftheTelecomAct.TheseprovisionsfirstrequiredthattheCommissioneliminateanyprovisionsthatlimtedthenumberofAMandFMstationsthatoneentitycouldownorcontrolonanationwidebasis.Next,theseprovisionsrequiredthattheCommissionrelaxitslocalownershiprulessuchthat:a.0  Inaradiomarketwith45ormorecommercialradiostations,anentitywouldbeallowed d  toown,operate,orcontrolupto8withnotmorethan5inthesameservice. (#(# b.0  Inaradiomarketwithbetween30and44commercialradiostations,anentitywouldbe (x allowedtoown,operate,orcontrolupto7withnotmorethan4inthesameservice. (#(# c.0  Inaradiomarketwithbetween15and29commercialradiostations,anentitywouldbe < allowedtoown,operate,orcontrolupto6withnotmorethan4inthesameservice. (#(# d.0  Inaradiomarketwith14orfewercommercialradiostations,anentitywouldbeallowed  toown,operate,orcontrolupto5withnotmorethan3inthesameservice,subjecttothelimitationthatnoentitybeallowedtoown,operate,orcontrolmorethan50%ofthestationsinthesemarkets. (#(# InanOrderadoptedMarch7,1996(FCC9690),theCommissionimplementedtheseprovisions 8& oftheTelecomActof1996.XXXX%+Ԁ#X%+XXX#XXXX%+ThesenewrulesreflectCongressintentthattheCommission  ( substantiallyrelaxitsradioownershiprules.  ThisreportpresentsanoverviewofthecommercialradiobroadcastindustrysinceϜimplementationoftheaboveprovisionsoftheTelecomActasithasbeenalmosttwoyearssincethenewrulesallowedfurtherconsolidationoftheradioindustry.#X%+XXX#XXXX%+Unlessotherwiseindicated,all R&!0 datainthisreportreferonlytocommercialradiostations.Further,thisreportusespublicly ' #2 availableinformationgatheredfromBIAPublicationsMasterAccessRadioAnalyzerdatabaseandStandard&PoorsComputstatdatabasetoexaminechangesintheradioindustrybetweenMarch,1996andNovember,1997.  Thisreportisorganizedintothreeparts.Thefirstpart,reportedinSection2,examines Z-(:  changesintheradioindustryfromanationalviewpoint.Inotherwords,wedescribebroadchangestotheradioindustry.Next,inSection3,weexaminechangesintheradioindustryatthelocallevel.Specifically,weexaminevariousindiciaofdiversityandconcentrationineachoftheareasthatArbitronidentifiesasalocalradiomarket.Finally,inSection4,wecomparethefinancialperformanceofseveralpubliclytradedradiocompaniestofirmsintheS&P500withaviewtorevealingsomethingaboutthefinancialperformanceoftheradioindustry.#X%+XXX#       2.  ChangesintheRadioIndustryANationalViewXXX%+ c!      SincethepassageoftheTelecomAct,therehasbeenanincreaseofabout2.5percentinthenumberofcommercialradiostations.AsofNovember,1997,thereareover10,470commercialradiostationsintheUnitedStates.WX XXXWWW   1      כOfthese,about54percent(5,656)areFM ^ stationsand46percent(4,819)areAMstations.AllthegrowthinstationssincepassageoftheTelecomActhasbeeninFMstations.Whilethenumberofradiostationshasgrown,thenumberofradioownershasdeclinedby11.7percentsinceMarch,1996.AsofNovember,1997,therewere4,507ownersofradiostationsacrossthenation.#X%+XXX!#  Thedeclineinthenumberofownersreflectsaconsolidationoftheradioindustrythatis f  theresultofatremendousamountoftradinginradiostations.WenotethatinthefirstyearoftheTelecomAct,2066radiostationschangedowners(about20percentofthetotalnumberof stations).X  XX X   2      כIncontrast,inthetwelvemonthperiodpriortotheTelecomAct,988radiostations & changedowners.XXXX   3      כAsaresultofthistradingactivity,weobservethattherearenow32radio   stationownerswithover20stations.XRXXRX   4      כConsequently,therehasbeenasignificantincreaseinthe b numberoflargegroupownerssinceMarch,1996.Further,therehavebeenchangesinthecompositionofthetop50radiogroupowners,reflectingmergersbetweencompaniesthatwereamongthetop50radioowners.XXXX   5      כThus,thedeclineinthenumberofownersofradiostations 8  nationallyreflectsmergersoracquisitionsbetweenexistingownersthathasresultedinmorelargeradiogroupowners.̜   3.  ChangesintheRadioIndustryALocalView +      Whilethesebroadnationaltrendsareinteresting,theydonotindicatewhethertheyaretypicalofavarietyoflocalradiomarkets,orsimplyreflectchangesinafewlocalradiomarkets.Radiostationsaregenerallylimitedintheirsignalreachandsolargelyservelocalareas.Thus,wefocusnowonchangesintheradioindustryreflectedindataattheArbitronMetrolevel.X XX X   6      כ < Arbitronhasdelineated265differentlocalgeographicareas,orMetros,toreflecttheaudiencesreachedbylocalradiostations.X XX  X   7      ׀ArbitronMetrosgenerallycorrespondtoMetropolitan  StatisticalAreasasdefinedbytheU.S.GovernmentOfficeofManagementandBudget.XXXX   8      ׀About b  onehalfofallcommercialradiostationsarelicensedtocommunitiesinthe265markets.X<XX<X   9      כThe  М265radiomarketsconsistofmorethan800countiesandrepresentmorethanonefourthofallcountiesintheU.S.XXXX   10      כMorethanthreefourthsoftheU.S.populationofatleast12yearsofage t resideinthe265radiomarkets.XXXX   11      כ &   Thisdelineationofalocalradiomarkethasvalueforbuyersandsellersofradioadvertising,butitmaybemisleadingforthepurposesofunderstandingcompetitioninlocaladvertisingmarkets.Advertiserswishingtoreachalocal marketmightuseradioadvertising,ortheymayusetelevisionadvertising,ornewspaperadvertising,orbillboards,oranyofanumberofotheralternatives.Consequently,changesintheconcentrationoftheradioindustryatthelocallevelmayormaynotreflectincreasedconcentrationinthelocaladvertisingmarket.  Wedonotaddress,inthisreport,theissueofwhataretherelevantsubstitutestoradioadvertising.Rather,wefocusuponchangesintheradioindustryinthedifferentlocalmarketsaccordingtowhichadvertisersbuyandselltimeonradio.Thisviewisappropriatesincewearesimplyconcernedwithprofilingchangesintheradioindustrylocally,ratherthanchangesinlocaladvertisingmarkets.  Finally,notethatallfiguresdisplayedinthissectionrepresent smoothedlinesratherthantheactualdata.Smoothingisastatisticaltechniqueusedtoillustrateorrevealtrendsinthedata.Alinerepresentingtheactualdatawouldbefilledwithjaggedupsanddowns,muchliketherepresentationofanearthquakeonaseismograph.SucharepresentationwouldmakeitϜextremelydifficulttodiscernatrendinthedata.Ontheotherhand,asmoothedlineusesaveragingtobluntthejaggedupsanddownsoftheactualdataandtorevealanyunderlying X ( trends.Apointonasmoothedlinerepresentsaweightedaverageoftheactualdatainanintervalaroundthatpoint.XXXX   12      ׀Inthefiguresbelow,thebrokenlinerepresentsdatafromMarch,1996and b thesolidlinerepresentsdatafromNovember,1997.ThedifferenceinthetwolinesrepresentsgeneralchangesintheradioindustrysincethepassageoftheTelecomAct.Becausethepointsonthelinesareaverages,thereadershouldnotattempttousethesefigurestomakespecificmarkettomarketcomparisons.̜  ^   3.1ChangesinOwnershipDiversity  b m9)%`|1x `71%ExxeGm (#(#              (#(#  Traditionally,onemeasureofdiversitythatisofinteresttotheCommissionisthenumberofindependentownersofradiostationsinalocalmarket.TheabovefiguredepictschangesinthenumberofownersbyMetromarketarea.ThisfigurerevealsthatthedeclineinthenumberofradioownersnationallyreflectsageneraltrendacrossMetromarkets,andisnotsimplytheresultofconsolidationsinafewlargeorsmallmarkets.Thisfigurealsoillustratesthatthenumberofownersdeclinesasthemarketgetssmaller.  (#4  3.2ChangesinFormatDiversity   Tm9)%`|1Q `71%Ecxxem (#(#               (#(#TVTT̛VTm9)%`|!x `71%ExxeGmߛT  AnotherdimensionofdiversitythattheCommissionisconcernedwithisprogramdiversity.Programdiversityisreflected,atleastinpart,bythenumberofdistinctradioformats̀availableineachMetromarket.TheabovefigurepresentsinformationonthenumberofdistinctradioformatsforeachMetromarketandsuggeststhattherehasbeennotrendtowardchangeinthediversityofradioprogrammingavailabletoconsumers.UXXX XUUU   13      ׀Thisfigurealsoillustratesthatthe ! * numberofformatsdeclineasthemarketgetssmaller.  #l,  3.3HHIbyMetroMarket   Ss?/+b|!x `71%@Exxe7sSSs?/+b|1 `71%@ExxKaSs (#(#               (#(#S  Separatefromownershipandprogramdiversity,theCommissionhastraditionallyshownaninterestintheeconomicconcentrationofexistingcompetitors.AstandardmeasureofeconomicconcentrationistheHerfindahlHirschmanIndex(HHI).XXX"X   14      ׀WecalculatetheHHIfor F& eachMetromarketusingradiostationrevenuesanddisplaythe smoothedresultsintheabovefigure.Noticethatasthesizeofthemarketdecreases,HHIsgenerallyincrease.Inaddition,thefiguresuggeststhattherewasageneraltrendtowardsincreasedeconomicconcentrationacrossMetromarkets.Inotherwords,fewerownersaregenerallyearningalargerpercentageofthe ~$. revenueintheirMetromarket.XhhhHhXX$X   15          t  3.4 ChangesintheRevenueShareEarnedbytheMetrosTopFourOwners   s?/+b|!x `71%@EzxxezGs (#(#              (#(#  ThistrendoffewerownersgenerallyearningalargerpercentageofmarketrevenueisfurtheremphasizedbylookingattherevenueshareofthetopfourownersintheMetromarket(i.e.,thefourfirmconcentrationratio).XXX&X   16      ׀Thefigureshowsthattherevenuesharehasgenerally L& risenacrossMetromarkets.ByNovember,1997,thetopfourradioownersgenerallyaccountforabout90percenttheirMetromarketstotalrevenues.Further,thefiguresuggeststhatthepercentageisgenerallyhigherinthesmallerMetromarkets.  $.  3.5ChangesinFormatsperStationfortheTopOwner   Мs?/+b|!x, `71%@Ex,x,ews (#(#⛰            (#(#̜  Asownershaveacquiredmorestations,ithasbeenarguedthattheyareconcentratingonparticularformats.Anownermightconcentrateonaparticularformatinordertodominateaccesstotheaudiencewholistenstothatformat.Then,advertiserswhowanttoreachthataudiencecouldbeforcedtopayahigheradvertisingrate.Thehigherratecouldthenleadtohigherownerprofits.  Theabovefigureshowsthegeneraltrendinthenumberofformatsperstationforthetopowner,acrossMetromarkets.Theaveragenumberofformatsperstationisabout0.8,implyingthatanownerwithtenstationswouldgenerallyhavestationswitheightdifferentformats.Thefigureindicatesthatthereisnogeneraltrendtowardsmoreformatconcentration.  Ratherthanconcentratingonparticularformats,theseownersarechoosingtooperatestationswithavarietyofformats.Avarietyofformatsmayallowtheownertoappealtomoreadvertisers,andinparticulartotheadvertiserwhowantstoreachavarietyofdifferentaudiences.Thismaybeeconomicallyefficient.Ifadvertiserscouldpurchaseallthedifferenttypesofradioadvertisingtheyneedfromjustoneowner,thentheycouldeachsavethecostofcontractingwithadditionalowners. h+&8 Ї   4.  RadioIndustryFinancialPerformance uZ     Thefinancialperformanceoftheradioindustryisimportantforatleasttworeasons.First,thefinancialperformanceofanindustrymayreflectchangesinthestructureofanindustryandtheconductofitsparticipants.Second,thefinancialperformanceofanindustryiscriticaltotheabilityofthatindustrytoattractnewfundingtofinanceitsoperationsandgrowth.Wehavecalculatedseveralfinancialperformancemeasuresinordertoshedlightonthesetwoconsiderations.  However,beforediscussingtheimplicationsofthedifferentfinancialratioswecalculated,wespelloutcertainassumptionsusedinouranalyses.First,weusedStandard&PoorsCompustatdatabasetoobtaindataonallpubliclytradedcompanieswhoseprimarySICcode,orindustryclassification,wasradiobroadcasting(SIC4832).XXX(X   17      ׀Usingthiscriteria,we (x collectedquarterlydataandcalculatedfinancialratiosfor18companiesthatrepresentedover700stationsandmorethan33percentoftotalreportedradioindustryrevenues.XXX*X   18      כThus,mostof < thecompaniesincludedonourlistarelargergroupowners,andthereforemaynotreflecttheperformanceofsmallerowners(i.e.,ownersoftwoorfewerstations).  Togiveperspectivetothecalculatedfinancialratios,wecalculatedsimilarratiosfortheS&P500companies.X\XX,\X   19      ׀Wethencomparethemedianvalueofthecalculatedfinancialratiosfor t" radiocompaniestothemedianvalueofthesameratiosfortheS&P500companies.Weusethe median,ratherthantheaverage,asfinancialratiosarerarelynormallydistributedandwedonot 8& wantoutliers(i.e.,unusuallyhighorlowvalues)todistorttheanalysis.XXX.X   20      כWeusetheS&P500   companiestocreateourbenchmarkfinancialratiosastheS&P500istypicallythoughtofrepresentingthe market.XXX0X   21      כThus,theuseofS&P500companiestocreatebenchmarkratios t reflectsanefforttocreatebenchmarksbaseduponabroadswathofcompanies.X XX2 X   22      כ &   Withtheabovepresumptionsinmind,wenowturntoananalysisofthefinancialperformanceoftheradioindustry.Weconductthisanalysisratiobyratio,withattentionfirstgiventoratiosthatreflectmoreontheoperatingperformanceofradiocompaniesandthenlaterontheirfinancing.  "r   4.1  EBITMargins   m9)%`|!x `<q Etxxetm (#(#             (#(#  Theearningsbeforeinterestandtaxesmargin,EBITMargin,isdefinedastheratioofafirmsearningsbeforeinterestandtaxestothefirmssales.Assuch,thisratiorepresentsthegrossprofitmarginofacompany,orwhatitgrossesperdollarofsales.Fromthisview,theabovefiguresuggeststhatthequarterlygrossprofitmarginsofpubliclytradedbroadcastradiocompanieshavebeengreaterthanotherpubliclytradedcompaniesingeneral.Further,thegrossprofitmarginsoftheseradiocompaniesdonotseemtohavedramaticallychangedsincepassageoftheTelecomActattheendofthefirstquarterof1996.  %0!0  4.2  NetProfitMargins   Лm9)%`|!  ` Etx x etkmߜ (#(#               (#(#  TheNetProfitMarginisdefinedastheratioofafirmsnetincometoitssales.Thus,theNetProfitMarginrepresentswhatacompanynetsperdollarofsalesandisanadjustmentoftheEBITMarginforinterestandtaxes.ComparingthefigureforEBITMarginstothefigureforNetProfitMarginssuggeststhatwhiletheseradiocompaniesaregrossingmorethanthetypicalpubliccompany,theyarenettinglessthanthetypicalpubliccompany.Thisrelationshipcouldoccurbecauseradiocompaniesareeitherpayingmoreintaxesthanotherfirms(e.g.,olderassets,lessdepreciationexpense)ortheyarepayingmoreininterestthanotherfirms(e.g.,usemoredebttofinanceoperations).Toaddressthisquestion,weturntoanexaminationofradiocompaniesdebtloads.  *V%6  4.3  TotalDebtasaPercentageofTotalCapital   Лm9)%`|!<T ` EtTTtm (#(#              (#(#̜  Totaldebtasapercentageoftotalcapitalrepresentsameasureofafirmsdebtload.XXX4X   23      ׀ 2" TheabovefiguresuggeststhatsampledradiocompaniestendtousemoredebtthanthetypicalS&P500companydoestofinanceitsoperations.Consequently,aplausibleexplanationofradiocompanieslowernetprofitmarginsisthattheyarepayingmoreininterestduetohigherdebtloadsthanthetypicalS&P500firmdoes.  Twoissuesarisefromtheaboveevidence.First,thisevidenceraisesconcernsabouttheabilityofradiocompaniestocompetevigorouslywithoneanother.Recentresearchsuggeststhat firmswithahigherpercentageofdebttendtochargehigherpricesandcompetelessvigorously %0!0 thanfirmswithalowerpercentageofdebt.XXX6X   24      ׀Further,researchalsosuggeststhatanindustrys   generallevelofleverageisanindicatorofitsgreaterconcentrationandpotentiallylessvigorouscompetition.XXX8X   25      ׀ t   Second,theaboveevidenceraisesaconcernabouttheabilityofradiocompaniestomeettheirrequisiteinterestpayments,particularlyduringperiodsofgeneraleconomicdistress.Toaddressthisissuewenowturntoaconsiderationofanotherfinancialratio.̛̜ 4.4  FixedChargeCoverageAfterTaxes  ^  m9)%`|! ` wExxe  m (#(#              (#(#  Fixedchargecoverageaftertaxesisameasureofafirmsabilitytopayinterestandother ~$. fixedchargesoutofoperatingcashflow.Wemeasureitastheratioofquarterlynetincome(beforeextraordinaryitems)plusinterestexpensetointerestexpense.Thusweareabletogainasenseofradiocompaniesabilitytomanagetheirdebtload.Whilenotgeneratingthesamelevelofcashflowstointerestexpenseasothercompanies,radiocompaniesaregeneratingenoughcashflowtomeettheirinterestobligationsandsoweseenoreason,atthistime,tobeconcernedabouttheirrelativelygreaterdebtloads. 4.5  MarkettoBookRatio  ^  m9)%`|!xT ` ETTeO m (#(#               (#(#  Anotherdimensionofacompanysabilitytofinanceitsoperationsisitsfutureprospects.Themarkettobookratio,whichisdefinedastheratioofafirmsmarketvalueofequitytoitsbookvalueofequity,isausefulmeasureofthemarketsassessmentofthatfirmsfutureprospects.Thegreaterafirmsmarkettobookratio,thehigherthemarketisassessingthatfirmsfutureprospects. h+&8   Further,themarkettobookratioisagoodproxyforafirmsqratio.XXX:X   26      ׀Theqratiois  definedastheratioofthefinancialmarketsvaluationofthereproduciblerealassetsofafirmtotheirreplacementcost.Sucharatiohasseveralinterpretations.First,forvaluesgreaterthanoneitsignalsthatsuchfirmsareearningeconomicrents.Thus,itsignalsprofitableinvestmentopportunitieswithinafirmorindustry.Fromthisperspective,weseethattheabovefiguresuggeststhatthemarketviewstheprospectsofradiocompaniesasbeingbetterthanthetypicalS&P500firm.Second,forvaluesgreaterthanone,itmaysignalthatthefirmmaynotbefacingvigorouscompetition.X<XX<<X   27      ׀Suchaninterpretationwouldbeconsistentwithoneinterpretationofthe ^  debtloadevidence.     4.6  StockMarketReturns   m9 )%`|1rl `<q E"tllt; m (#(#              (#(#  Altogethertheaboveevidencesuggeststhatthissegmentoftheradioindustryisenjoyingrobusthealthandexcellentfutureprospects.Theseinferencesshouldbereflectedintheirstockreturns.Totestthispoint,wecalculatethequarterlystockreturnsofthedifferentcompaniesbyincludingtheircashdividendsinthereturncalculation.XXX>X   28      ׀Thus,thereturnmeasureshowninthis X ( figurereflectsmorethansimplestockpriceappreciation.Wereportthemedianquarterlystockreturnsofthetwogroupsofcompaniesintheabovefigure.ThisfiguresuggeststhatwhilethetypicalradiocompanysreturnshavevariedmorethanthetypicalS&P500companyreturnshavevaried,radiocompanystocksaredoingrelativelywell.XRXX@RX   29      ׀Suchaninterpretationis %0!0 consistentwithrecentlyreportedevidenceinBroadcasting&Cable.X<XXB<X   30      ׀Over1997,the  Bloomberg/Broadcast&Cableradioindexwasup107%,whiletheS&P500indexwasup31%.XXXDX   31      ׀ClearlyinvestorsviewtheTelecomActsrelaxationofradioownershiplimitsas t improvingthefutureprospectsoftheradioindustrysincemuchofthispriceappreciationisascribedbyindustryobserverstotheradioindustrysdrivetowardtoconsolidation.XzXXFzX   32      ׀