Communications, AMFM Inc., Cumulus Broadcasting Inc., Infinity Broadcasting, and Citadel Communications Corp.30 Group owners of twenty or more stations, along with the number of their commonly owned stations, are listed in Appendix B.
Charts XII and XIII analyze performance by radio station group size. Chart XII indicates that small station groups have the highest percentage of low audience share stations, and the lowest percentage of high audience share stations. Similarly, Chart XIII indicates that the small station-groups have the highest percentage of low-revenue stations, and the lowest percentage of high revenue stations. In both charts, the largest station-groups appear to hold the most desirable stations, i.e., those radio stations with high audience shares and high revenues. The results presented in these two charts suggest that group ownership of radio stations is correlated with station performance.
Charts XIV and XV analyze performance by radio Metro market, which are ranked from 1 to 276 by declining Metro market population size. Chart XIV indicates that the smallest Metro markets (those ranked above 200) have the largest percentage of high-share stations and the smallest percentage of low-share stations, while the large Metro markets (those ranked 1- 50) show fewer high-share stations and more low-share stations. These results are consistent with the observation that large markets are more competitive. Chart XV shows that while the highest revenue stations are located in the largest markets, a large percentage of medium revenue stations (in the range up to $1 million in annual revenues) are located in small radio Metro markets.
30 The data used in the preparation of this report predates the Commission’s approval of the merger of Clear Channel and AMFM.