information services."28 In carrying out this mandate, the Commission must "promote the policies and purposes of this Act favoring diversity of media voices, vigorous economic competition, technological advancement, and promotion of the public interest, convenience and necessity."29
The Small Business Administration (SBA) provides a definition of small businesses for the industry categories identified in the Standard Industrial Classification code (SIC). For radio broadcasting, SBA defines a small business as an entity with less than $5 million in annual revenues. Using this definition, 95 percent of all radio stations have annual revenues less than $5 million, and would therefore be considered small. Many radio stations, however, are owned as part of a larger radio station group of commonly owned stations. Therefore, the present analysis adopts a group owner definition of radio station size, specifically the number of radio stations under common ownership. Given this definition, the analysis then examines how audience shares and station revenues vary by the number of stations in a group of commonly-owned stations. Finally, since the size of the market may also influence the rate of entry of new radio stations, the analysis also examines how station audience shares and revenues vary with the rank of the radio Metro market.
The results of the analyses are presented in the charts at the end of this section. First, Chart XI displays the distribution of group sizes of metro-market radio stations that are under common ownership. As the chart shows, approximately 17 percent of these radio stations are "singletons" (i.e., owned by a company that owns no other radio stations); 12 percent of radio stations are held within a group of two commonly-owned stations; 25 percent of radio stations are held in a group of size three to ten commonly-owned radio stations; 21 percent of radio stations are held in a group of size eleven to fifty commonly-owned radio stations; and 4 percent of radio stations are held in a group of size fifty one to one hundred commonly-owned radio stations. Finally, 22 percent of radio stations are held in a group of over one hundred commonly-owned stations. This last (right-most) category includes the group owners: Clear Channel
( Section 101 of the Telecommunications Act of 1996, Pub. L. No. 104-104, 110 Stat. 56 (1996), codified at 47 U.S.C. § 257(a).
( Id., codified at 47 U.S.C. § 257(b).