RAB Revenue Release

Revenue Comparisons - 2007 vs. 2006
(In Millions)

Revenue	$ Q2 '07	% Chg	$ 1st Half '07	% Chg
Local Revenue	$ 3,876	-2%	$ 7,100	-1%
National Revenue	$ 1,128	-2%	$ 2,073	-2%
Local & National Combined	$ 5,004	-2%	$ 9,173	-1%
Network	$ 294	-2%	$ 551	+3%
Non-Spot Revenue	$ 409	+16%	$ 711	+12%
Grand Total Revenue	$ 5,707	-1%	$ 10,435	0%
Source: Miller, Kaplan, Arase & Co.*

New York, New York – September 4, 2007 – Non-spot activity remains a highlight for Radio, continuing on a strong growth trend from innovative brand extensions to the Internet and enhanced event marketing sponsorship packages. Non-spot revenue showed double-digit gains of 16% in 2^nd Quarter 2007 and 12% in the first half of 2007, compared to those same time periods from last year, helping to offset slight dips in other segments as total Radio spending remained virtually flat.

“The average monthly non-spot revenue growth rate for the last two years has been 10%,” explained Jeff Haley, President and Chief Executive Officer of the Radio Advertising Bureau. “At this rate, non-spot revenue will be over $1.5B for 2008 and approach $2B by the end of 2009.”

Non-spot dollars represent 7.2% of 2^nd Quarter revenue and 6.8% of first-half spending, underscoring the increasing importance of this revenue stream to Radio’s bottom line.

“The majority of non-spot revenue is coming from stations’ online efforts, and we expect this to continue accelerating as more and more stations expand their online offerings,” Haley added.

This reflects a recent JPMorgan report that states Internet Radio revenues are driving the non-traditional (non-spot) revenue lines of all of the (Radio) operators, and given the investment and focus of the operators, they will likely continue to drive that line item in the near term and over time.

Radio Gets Vote from Political Advertisers

Political spenders elected to place 26,330 units on Local Radio in first half 2007, increasing from 22,502 in same period 2005 -- a gain of 17%. Noted for localism and targetability, Radio is poised to capitalize on a major share of the $3 billion forecast to be spent now through November 2008.

Source: Media Economy Newsletter 08/22/07 Citing Nielsen Monitor-Plus, Political Ad Units by Media Type (January-June 2007 vs. 2005)

The RAB began reporting quarterly Radio revenue in dollar amounts with the 2007 results. The Radio Advertising Bureau serves more than 6,000 member Radio stations in the U.S. and over 1,000 member networks, representative firms, broadcast vendors, and international organizations. RAB leads and participates in educational, research, sales, and advocacy programs that promote and advance Radio as a primary advertising medium.

*Local and national revenues are based on a pool of more than 150 markets as reported by the accounting firm of Miller, Kaplan, Arase & Co. and extrapolated to the entire U.S. Network Revenue includes the top five Radio network companies. Non-Spot data has been collected and verified since January of 2002, and reported since September of 2004.

RADIO'S LEADING GROWTH CATEGORIES
2007 vs. 2006

Category	Q2 '07 vs. Q2 '06	1st Half '07 vs. 1st Half '06
COMMUNICATIONS/CELL/PUBLIC UTILITIES	+16%	+17%
INSURANCE	+14%	+2%
PROFESSIONAL SERVICES	+6%	+7%
CONCERTS/THEATERS/MOVIES	+4%	+11%
Source: Miller, Kaplan, Arase & Co.:X-Ray Markets
(The 35 market X-Ray pool may not be fully indicative of industry results as a whole.)

Several advertiser categories outpaced Radio spending overall to boost Radio’s economy in the second quarter of 2007. These categories were also key spenders over the first half of the year:

· Communications – CONTINUING TO RAISE THE BAR FOR RADIO as spending grew 17.0% in first half of 2007 vs. same period 2006.

· Insurance – HAS GREAT RADIO COVERAGE with 2007 vs. 2006 Q2 spending gains of 13.7%, and a first-half gain of 1.9%.

· Professional Services – WORKING FOR RADIO with a 7.3% increase in spending year-to-date vs. last year.

· Concerts/Theaters/Movies – BUILDING BOX OFFICE FOR RADIO. Radio’s take was up 10.8% in first half 2007 over same period 2006.

Domestic Automotive Nameplates Drive with Radio – Spending by the automotive category's top 25 advertisers was driven by hefty investments from American-model manufacturers and dealers, up 18.0% and 7.6%, respectively, through the first six months of 2007. Domestic nameplates were also the bigger category spenders in second quarter as well, with domestic dealers registering a 4.6% increase and domestic manufacturers up 3.8%, out-performing the total top 25 automotive advertisers (-3.9%) and even the category as a whole (-7.3%).