| About: | We are a radio broadcasting company whose primary business is acquiring,
developing, and operating radio stations throughout the United States. We own
and operate 44 radio stations in the following markets: Philadelphia, PA,
Atlanta, GA, Boston, MA, Miami-Ft. Lauderdale, FL, Las Vegas, NV, West Palm
Beach-Boca Raton, FL, Ft. Myers-Naples, FL, Wilmington, DE, Greenville-New
Bern-Jacksonville, NC, Augusta, GA and Fayetteville, NC.
Recent Developments
We tested our FCC broadcasting licenses for impairment as of December 31, 2007
in accordance with the provisions of SFAS 142, Goodwill and Other Intangible
Assets. As a result of the testing, we recorded impairment losses of $2.2
million related to the FCC broadcasting licenses in our West Palm Beach-Boca
Raton, FL, Wilmington, DE and Augusta, GA market clusters. The impairment losses
were primarily due to a decrease in projected growth rates for radio advertising
revenue in these markets. ... |