Investing In

Radio

®

MARKET REPORT

2016 Fourth Edition Summer 2016 Shares

Also available on CD ROM and via the Internet through BIA/Kelsey’s MEDIA Access Pro™

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Investing in Radio® Market Report 2016, 4th Edition

Rank Market 237 81 241 65 69 70 258 171 173 155 139 160 8 151 109 260 35 78 21 220 74 257 141 274 205 242 145 189 61 261 234 268 97 10 124 269 190 57 144 134 195 206 210 79 191 24

Abilene, TX Akron, OH Albany, GA Albany-Schenectady-Troy, NY Albuquerque, NM Allentown-Bethlehem, PA Altoona, PA Amarillo, TX Anchorage, AK Ann Arbor, MI Appleton-Oshkosh, WI Asheville, NC Atlanta, GA Atlantic City-Cape May, NJ Augusta, GA Augusta-Waterville, ME Austin, TX Bakersfield, CA Baltimore, MD Bangor, ME Baton Rouge, LA Battle Creek, MI Beaumont-Port Arthur, TX Beckley, WV Bend, OR Billings, MT Biloxi-Gulfport-Pascagoula, MS Binghamton, NY Birmingham, AL Bismarck, ND Bloomington, IL Bluefield, WV Boise, ID Boston, MA Bridgeport, CT Brunswick, GA Bryan-College Station, TX Buffalo-Niagara Falls, NY Burlington-Plattsburgh, VT-NY Canton, OH Cape Cod, MA Cedar Rapids, IA Champaign, IL Charleston, SC Charleston, WV Charlotte-Gastonia-Rock Hill, NC-SC

Alphabetic Listing of Nielsen Audio Markets Rank Market 207 88 272 3 202 30 32 91 233 86 182 37 176 108 5 198 64 94 267 18 72 12 193 211 238 76 227 179 152 164 201 128 129 153 136 216 245 194 143 67 112 60 99 162 185 114

Charlottesville, VA Chattanooga, TN Cheyenne, WY Chicago, IL Chico, CA Cincinnati, OH Cleveland, OH Colorado Springs, CO Columbia, MO Columbia, SC Columbus, GA Columbus, OH Concord, NH Corpus Christi, TX Dallas-Ft. Worth, TX Danbury, CT Dayton, OH Daytona Beach, FL Decatur, IL Denver-Boulder, CO Des Moines, IA Detroit, MI Dothan, AL Duluth-Superior, MN-WI Eau Claire, WI El Paso, TX Elmira-Corning, NY Erie, PA Eugene-Springfield, OR Evansville, IN Fargo-Moorhead, ND-MN Fayetteville, AR Fayetteville, NC Flagstaff-Prescott, AZ Flint, MI Florence, SC Florence-Muscle Shoals, AL Frederick, MD Fredericksburg, VA Fresno, CA Ft. Collins-Greeley, CO Ft. Myers-Naples-Marco Island, FL Ft. Pierce-Stuart-Vero Beach, FL Ft. Smith, AR Ft. Walton Beach-Destin, FL Ft. Wayne, IN

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Rank Market 89 273 253 247 68 187 46 87 59 167 82 256 52 229 63 270 6 39 165 106 38 125 271 49 110 225 235 186 34 140 71 222 224 107 221 93 115 127 192 213 31 244 219 228 103 230

Gainesville-Ocala, FL Grand Forks, ND-MN Grand Island-Kearney-Hastings, NE Grand Junction, CO Grand Rapids, MI Green Bay, WI Greensboro-Winston Salem-High Point, NC Greenville-New Bern-Jacksonville, NC Greenville-Spartanburg, SC Hagerstown-Chambersburg-Waynesboro, MD-PA Harrisburg-Lebanon-Carlisle, PA Harrisonburg, VA Hartford-New Britain-Middletown, CT Hilton Head, SC Honolulu, HI Hot Springs, AR Houston-Galveston, TX Hudson Valley, NY Huntington-Ashland, WV-KY Huntsville, AL Indianapolis, IN Jackson, MS Jackson, TN Jacksonville, FL Johnson City-Kingsport-Bristol, TN-VA Jonesboro, AR Joplin, MO Kalamazoo, MI Kansas City, MO-KS Killeen-Temple, TX Knoxville, TN La Crosse, WI Lafayette, IN Lafayette, LA Lake Charles, LA Lakeland-Winter Haven, FL Lancaster, PA Lansing-East Lansing, MI Laredo, TX Las Cruces, NM Las Vegas, NV LaSalle-Peru, IL Laurel-Hattiesburg, MS Lebanon-Hanover-White River Junction, NH-VT Lexington-Fayette, KY Lima, OH

168 83 2 55 172 131 100 200 56 208 104 51 180 11 42 41 16 98 118 53 243 84 158 259 175 120 218 236 147 44 20 181 121 178 47 1 154 45 169 50 226 73 33 119 132 232

Lincoln, NE Little Rock, AR Los Angeles, CA Louisville, KY Lubbock, TX Macon, GA Madison, WI Manchester, NH McAllen-Brownsville-Harlingen, TX Medford-Ashland, OR Melbourne-Titusville-Cocoa, FL Memphis, TN Merced, CA Miami-Ft. Lauderdale-Hollywood, FL Middlesex-Somerset-Union, NJ Milwaukee-Racine, WI Minneapolis-St. Paul, MN Mobile, AL Modesto, CA Monmouth-Ocean, NJ Monroe, LA Monterey-Salinas-Santa Cruz, CA Montgomery, AL Montpelier-Barre-St Johnsbury, VT Morgantown-Clarksburg-Fairmont, WV Morristown, NJ Muncie-Marion, IN Muskegon, MI Myrtle Beach, SC Nashville, TN Nassau-Suffolk, NY New Bedford-Fall River, MA New Haven, CT New London, CT New Orleans, LA New York, NY Newburgh-Middletown, NY Norfolk-Virginia Beach-Newport News, VA Odessa-Midland, TX Oklahoma City, OK Olean, NY Omaha-Council Bluffs, NE-IA Orlando, FL Oxnard-Ventura, CA Palm Springs, CA Panama City, FL

Investing in Radio® Market Report 2016, 4th Edition

246 126 157 9 14 26 92 23 123 166 43 239 15 156 40 254 133 231 122 183 54 25 117 223 58 161 28 146 197 138 29 264 27 17 4 36 174 209 203 77 150 13 265 137 262

Parkersburg-Marietta, WV-OH Pensacola, FL Peoria, IL Philadelphia, PA Phoenix, AZ Pittsburgh, PA Portland, ME Portland, OR Portsmouth-Dover-Rochester, NH Poughkeepsie, NY Providence-Warwick-Pawtucket, RI Pueblo, CO Puerto Rico Quad Cities, IA-IL Raleigh-Durham, NC Rapid City, SD Reading, PA Redding, CA Reno, NV Richland-Kennewick-Pasco, WA Richmond, VA Riverside-San Bernardino, CA Roanoke-Lynchburg, VA Rochester, MN Rochester, NY Rockford, IL Sacramento, CA Saginaw-Bay City-Midland, MI Salina-Manhattan, KS Salisbury-Ocean City, MD Salt Lake City-Ogden-Provo, UT San Angelo, TX San Antonio, TX San Diego, CA San Francisco, CA San Jose, CA San Luis Obispo, CA Santa Barbara, CA Santa Maria-Lompoc, CA Sarasota-Bradenton, FL Savannah, GA Seattle-Tacoma, WA Sheboygan, WI Shreveport, LA Sioux City, IA

188 184 96 95 135 22 148 85 217 249 90 163 19 215 255 101 204 159 149 62 66 214 250 142 170 252 113 105 196 7 240 266 177 48 248 251 102 75 263 80 212 116 199 111 130

Alphabetic Listing of Nielsen Audio Markets

Sioux Falls, SD South Bend, IN Spokane, WA Springfield, MA Springfield, MO St. Louis, MO Stamford-Norwalk, CT Stockton, CA Sunbury-Selinsgrove-Lewisburg, PA Sussex, NJ Syracuse, NY Tallahassee, FL Tampa-St. Petersburg-Clearwater, FL Terre Haute, IN Texarkana, TX-AR Toledo, OH Topeka, KS Traverse City-Petoskey-Cadillac, MI Trenton, NJ Tucson, AZ Tulsa, OK Tuscaloosa, AL Twin Falls-Sun Valley, ID Tyler-Longview, TX Utica-Rome, NY Valdosta, GA Victor Valley, CA Visalia-Tulare-Hanford, CA Waco, TX Washington, DC Waterloo-Cedar Falls, IA Watertown, NY Wausau-Stevens Point, WI West Palm Beach-Boca Raton, FL Wheeling, WV Wichita Falls, TX Wichita, KS Wilkes Barre-Scranton, PA Williamsport, PA Wilmington, DE Winchester, VA Worcester, MA Yakima, WA York, PA Youngstown-Warren, OH

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Investing in Radio® Market Report 2016, 4th Edition

Rank Market 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

New York, NY Los Angeles, CA Chicago, IL San Francisco, CA Dallas-Ft. Worth, TX Houston-Galveston, TX Washington, DC Atlanta, GA Philadelphia, PA Boston, MA Miami-Ft. Lauderdale-Hollywood, FL Detroit, MI Seattle-Tacoma, WA Phoenix, AZ Puerto Rico Minneapolis-St. Paul, MN San Diego, CA Denver-Boulder, CO Tampa-St. Petersburg-Clearwater, FL Nassau-Suffolk, NY Baltimore, MD St. Louis, MO Portland, OR Charlotte-Gastonia-Rock Hill, NC-SC Riverside-San Bernardino, CA Pittsburgh, PA San Antonio, TX Sacramento, CA Salt Lake City-Ogden-Provo, UT Cincinnati, OH Las Vegas, NV Cleveland, OH Orlando, FL Kansas City, MO-KS Austin, TX San Jose, CA Columbus, OH Indianapolis, IN Hudson Valley, NY Raleigh-Durham, NC Milwaukee-Racine, WI Middlesex-Somerset-Union, NJ Providence-Warwick-Pawtucket, RI Nashville, TN Norfolk-Virginia Beach-Newport News, VA Greensboro-Winston Salem-High Point, NC

Rank Listing of Nielsen Audio Markets Rank Market 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92

New Orleans, LA West Palm Beach-Boca Raton, FL Jacksonville, FL Oklahoma City, OK Memphis, TN Hartford-New Britain-Middletown, CT Monmouth-Ocean, NJ Richmond, VA Louisville, KY McAllen-Brownsville-Harlingen, TX Buffalo-Niagara Falls, NY Rochester, NY Greenville-Spartanburg, SC Ft. Myers-Naples-Marco Island, FL Birmingham, AL Tucson, AZ Honolulu, HI Dayton, OH Albany-Schenectady-Troy, NY Tulsa, OK Fresno, CA Grand Rapids, MI Albuquerque, NM Allentown-Bethlehem, PA Knoxville, TN Des Moines, IA Omaha-Council Bluffs, NE-IA Baton Rouge, LA Wilkes Barre-Scranton, PA El Paso, TX Sarasota-Bradenton, FL Bakersfield, CA Charleston, SC Wilmington, DE Akron, OH Harrisburg-Lebanon-Carlisle, PA Little Rock, AR Monterey-Salinas-Santa Cruz, CA Stockton, CA Columbia, SC Greenville-New Bern-Jacksonville, NC Chattanooga, TN Gainesville-Ocala, FL Syracuse, NY Colorado Springs, CO Portland, ME

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Rank Market 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138

Lakeland-Winter Haven, FL Daytona Beach, FL Springfield, MA Spokane, WA Boise, ID Mobile, AL Ft. Pierce-Stuart-Vero Beach, FL Madison, WI Toledo, OH Wichita, KS Lexington-Fayette, KY Melbourne-Titusville-Cocoa, FL Visalia-Tulare-Hanford, CA Huntsville, AL Lafayette, LA Corpus Christi, TX Augusta, GA Johnson City-Kingsport-Bristol, TN-VA York, PA Ft. Collins-Greeley, CO Victor Valley, CA Ft. Wayne, IN Lancaster, PA Worcester, MA Roanoke-Lynchburg, VA Modesto, CA Oxnard-Ventura, CA Morristown, NJ New Haven, CT Reno, NV Portsmouth-Dover-Rochester, NH Bridgeport, CT Jackson, MS Pensacola, FL Lansing-East Lansing, MI Fayetteville, AR Fayetteville, NC Youngstown-Warren, OH Macon, GA Palm Springs, CA Reading, PA Canton, OH Springfield, MO Flint, MI Shreveport, LA Salisbury-Ocean City, MD

139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184

Appleton-Oshkosh, WI Killeen-Temple, TX Beaumont-Port Arthur, TX Tyler-Longview, TX Fredericksburg, VA Burlington-Plattsburgh, VT-NY Biloxi-Gulfport-Pascagoula, MS Saginaw-Bay City-Midland, MI Myrtle Beach, SC Stamford-Norwalk, CT Trenton, NJ Savannah, GA Atlantic City-Cape May, NJ Eugene-Springfield, OR Flagstaff-Prescott, AZ Newburgh-Middletown, NY Ann Arbor, MI Quad Cities, IA-IL Peoria, IL Montgomery, AL Traverse City-Petoskey-Cadillac, MI Asheville, NC Rockford, IL Ft. Smith, AR Tallahassee, FL Evansville, IN Huntington-Ashland, WV-KY Poughkeepsie, NY Hagerstown-Chambersburg-Waynesboro, MD-PA Lincoln, NE Odessa-Midland, TX Utica-Rome, NY Amarillo, TX Lubbock, TX Anchorage, AK San Luis Obispo, CA Morgantown-Clarksburg-Fairmont, WV Concord, NH Wausau-Stevens Point, WI New London, CT Erie, PA Merced, CA New Bedford-Fall River, MA Columbus, GA Richland-Kennewick-Pasco, WA South Bend, IN

Investing in Radio® Market Report 2016, 4th Edition

185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229

Ft. Walton Beach-Destin, FL Kalamazoo, MI Green Bay, WI Sioux Falls, SD Binghamton, NY Bryan-College Station, TX Charleston, WV Laredo, TX Dothan, AL Frederick, MD Cape Cod, MA Waco, TX Salina-Manhattan, KS Danbury, CT Yakima, WA Manchester, NH Fargo-Moorhead, ND-MN Chico, CA Santa Maria-Lompoc, CA Topeka, KS Bend, OR Cedar Rapids, IA Charlottesville, VA Medford-Ashland, OR Santa Barbara, CA Champaign, IL Duluth-Superior, MN-WI Winchester, VA Las Cruces, NM Tuscaloosa, AL Terre Haute, IN Florence, SC Sunbury-Selinsgrove-Lewisburg, PA Muncie-Marion, IN Laurel-Hattiesburg, MS Bangor, ME Lake Charles, LA La Crosse, WI Rochester, MN Lafayette, IN Jonesboro, AR Olean, NY Elmira-Corning, NY Lebanon-Hanover-White River Junction, NH-VT Hilton Head, SC

Rank Listing of Nielsen Audio Markets

230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274

Lima, OH Redding, CA Panama City, FL Columbia, MO Bloomington, IL Joplin, MO Muskegon, MI Abilene, TX Eau Claire, WI Pueblo, CO Waterloo-Cedar Falls, IA Albany, GA Billings, MT Monroe, LA LaSalle-Peru, IL Florence-Muscle Shoals, AL Parkersburg-Marietta, WV-OH Grand Junction, CO Wheeling, WV Sussex, NJ Twin Falls-Sun Valley, ID Wichita Falls, TX Valdosta, GA Grand Island-Kearney-Hastings, NE Rapid City, SD Texarkana, TX-AR Harrisonburg, VA Battle Creek, MI Altoona, PA Montpelier-Barre-St Johnsbury, VT Augusta-Waterville, ME Bismarck, ND Sioux City, IA Williamsport, PA San Angelo, TX Sheboygan, WI Watertown, NY Decatur, IL Bluefield, WV Brunswick, GA Hot Springs, AR Jackson, TN Cheyenne, WY Grand Forks, ND-MN Beckley, WV

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Introduction Welcome to BIA/Kelsey’s Investing in Radio® 2016 Market Report. Published since 1986, this is the premiere market-by-market investment information guide on the commercial radio industry. Based on an annual cycle, it is published quarterly after each of Nielsen Audio’s ratings periods and profiles all 274 of its rated radio markets.

Why Market Rank Order? Organizing the Market Report in this manner allows the sophisticated financial analyst the ease of performing comparable sales analyses and like-sized market comparisons. Otherwise, significant page flipping would be involved. At the very front of the book, behind the title page, you will find an alphabetical listing of the MSAs, followed by a rank listing.

Of the 274 markets profiled in this publication, all including Puerto Rico, have 2015 gross market revenue estimates totaling $10.084 billion. The combined estimated population of all markets (excluding Puerto Rico) is 261.5 million which represents 81.4% of the total U.S. population in 2015. Combined estimated 2015 retail sales for these markets are $4,097.4 billion which is 84.9% of estimated total retail sales for the country. As of the end of December 2015, there were 4,684 AM and 6,701 commercial FM stations licensed to operate in the U.S. About fifty percent of these stations (2,083 AMs and 3,561 FMs) are profiled with revenue estimates in these markets (includes Puerto Rico).

Comparison of various market, owner and station factors with the entire country provides useful indicators of its potential. Below are several nationwide benchmarks:

Notes 1. We have added market level estimates of total radio online advertising revenues from 2015 through 2020.

National Indices

2015 Population .................................... 321,436,329 2015 Households1 .................................. 125,497,620 2015 Retail Sales1 ..................... $4,827,610,536,921 2015 Total Personal Income1.. $13,828,516,725,892 2015 BIA/Kelsey’s Estimated Over-the-Air Gross Radio Advertising Revenues. ... $14,021,000,000 2015 BIA/Kelsey’s Estimated Online Radio Advertising Revenues .................... $710,000,000 1

2. A listing of local FM translators that rebroadcast AM stations or FM digital multicast signals follows the AM stations. 3. With the Summer 2011 period, Nielsen Audio began providing audience share data for the multicast signals stations in the Diary markets. The multicast signals had been included in the PPM markets from the beginning.

Market and Competitive Overviews Each Nielsen Audio-rated Market is presented in two main sections: Market Overview — provides you with the vital statistics about an Nielsen Audio Metro Survey Area’s (MSA) overall financial and demographic health. Competitive Overview — profiles the commercial radio stations in the Nielsen Audio MSA that receive significant ratings in the market. In the case of MSAs which have too many stations to fit on a page, we are forced to go to four pages and split the AMs from the FMs and, in so doing, repeat the Market Overview for your ease of comparison.

2015 National Income

National Totals

National Growth Rates ‘10-15

‘15-20

Population (POP) .......................... 0.8% ...........0.9% Households (HH) .......................... 1.4 ..............1.0 Retail Sales (RS) ........................ 3.1 ..............1.7 Total Personal Income (TPI) .......................... 2.5 ..............2.4

National Revenue Ratio Averages

2010 2015 2020 Revenue/$1,000 Retail Sales ..............$2.91 .......$2.44 ....... $2.35 Revenue/Capita ..........$40.80 .....$38.26 ..... $38.23 1

Per Capita .............................$43,021 Median Household................$81,165 Average Household ............ $110,189

2015 National Ethnic Breakdown

Asian ........................................... 5.8% Black ......................................... 13.0 White ........................................ 62.8 Hispanic-Origin ........................ 17.6

2015 National Demographic Breakdown Men Women Total Under 12 ......7.8% ...7.5% ...15.3% 12-17 ............4.0 ......3.8 ........7.8 18-24 ............5.0 ......4.7 ........9.7 25-34 ............6.9 ......6.8 ......13.7 35-44 ............6.3 ......6.3 ......12.6 45-54 ............6.6 ......6.8 ......13.4 Over 55 ......12.7 ....14.9 ......27.6

per Woods & Poole Economics, Inc.

Investing In Radio ® 2016. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected]

Page 6

Copyrights BIA/Kelsey Copyright © 2016 by BIA Advisory Services, LLC (d/b/a BIA/Kelsey). The contents of this report are the property of BIA/Kelsey and are protected by copyright and other intellectual property laws. No part of this material may be reproduced or transmitted by any means, electronic or mechanical, including photocopying or recording in an information storage and retrieval system, unless there is written permission from BIA/Kelsey or a license agreement with them for such use. All rights reserved. Information in this publication is solely for the internal use of clients of BIA/Kelsey and may not be distributed to third parties. The information is not for use as the basis for private offering, in a prospectus, in a valuation or appraisal report, or for developing derivative works distributed to third parties without written permission from BIA/Kelsey. Permission is considered upon request and the submittal of an indemnification and release form. Licensing agreements are available for expanded use or external distribution. For further information, please call 703-818-2425 or email [email protected]. BIA ADVISORY SERVICES, BIA FINANCIAL NETWORK, BIAfn, INVESTING IN RADIO, INVESTING IN TELEVISION, INVESTING IN NEWSPAPER, RADIO YEARBOOK, TELEVISION YEARBOOK, and MEDIA ACCESS PRO are trademarks of BIA Financial Network, Inc. Warning: COPYRIGHT VIOLATIONS WILL BE PROSECUTED. BIA/Kelsey shares 10% of the net proceeds of settlements and jury awards with individuals who provide essential evidence of illegal copying or electronic distribution. To report violations, please contact 703-818-2425 or email [email protected].

Nielsen Audio Copyright © 2016 Nielsen Audio. For use by licensed subscribers only. Reprinted with permission. All audience estimates and/or data contained herein are copyrighted by and proprietary to Nielsen Audio. Nielsen Audio reserves all rights with respect to its data. No such data may be reproduced or transmitted in any form or by any means including but not limited to photocopying or recording on or for any information storage or retrieval system, including the internet, without the prior express written consent of Nielsen Audio. All Nielsen

Audio data are subject to the qualifications and limitations stated in Nielsen Audio’s reports. Due to these qualifications and limitations, the accuracy of Nielsen Audio’s data cannot be determined to any precise mathematical value or definition.

Woods & Poole Economics, Inc. The market demographic and economic data in this publication is based on 2015 copyright data prepared by Woods & Poole Economics, Inc. Any questions or comments regarding these data should be directed to:

Woods & Poole Economics, Inc.

4910 Massachusetts Avenue NW Ste 208 Washington, DC 20016-4368 Tel: 800-786-1915 www.woodsandpoole.com

Disclaimer Notice

Every effort has been made to ensure the accuracy of the information in this publication. Any errors detected or called to our attention, which in our opinion are material, will be corrected in future releases. BIA/Kelsey assumes no liability for any errors or omissions in the information, and shall not be liable for any injuries or damages (including consequential) which might result from its use.

Special Notes for Puerto Rico Market

Some demographic information for Puerto Rico is provided by the Puerto Rico Planning Board. BIA/Kelsey has estimated some projected demographic figures using historic growth rates. Questions about the Investing in Radio® 2016 Market Report or other BIA/Kelsey publications or services should be directed to: BIA/Kelsey. • 14150 Parkeast Cir, Ste 110, Chantilly, Virginia 20151 Phone: (703) 818-2425 • E-mail: [email protected]

Investing In Radio ® 2016. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected]

Page 7

Winchester, VA Market Overview

Metro Rank: 211 Revenue Rank: 207

Market Radio Financials (all figures in 000's, except percentages and ratios) BERKELEY

FE R

HAMPSHIRE

JE F

FREDERICK

Winchester

WV

GRANT

MD

SO

N

MINERAL

OVER-THE-AIR ESTIMATED GROSS REVENUES

2010 $6,600

2

WINCHESTER CITY CLARKE HARDY

∆ 14 - 15 1.4%

LOUDOUN

1

Front Royal

Woodstock

FAUQUIER

SHENANDOAH

ROCKINGHAM 00

10 10

RAPPAHANNOCK

Mount Jackson 20 20

VA

2014 $7,200

2015 $7,300

∆ 10 - 15 2.0%

2016 $7,400

2017 $7,500

2018 $7,600

2019 $7,600

2020 $7,800

∆ 15 - 20 1.3%

2019 $410

2020 $450

∆ 15 - 20 12.0%

2010 $2.26/1,000 $35.43

Revenue/Retail Sales Revenue/Capita

2017 $340 2015 $2.12/1,000 $37.09

2018 $370 2020 $2.04/1,000 $37.05

Est. Breakout Local 80% National 20%

Demographic and Economic Overview (000's, except Retail Sales and Total Personal Income in 000,000's)

PAGE

miles miles

Metro Counties / Population (000) Clarke, VA Frederick, VA Shenandoah, VA Warren, VA Winchester city, VA

2013 $7,100

2016 $310

2015 $260

WARREN

Strasburg

2012 $7,000

Online/Interactive Gross Revenue

Berryville

Stephens City

2011 $6,700

14.6 73.6 43.8 39.7 25.1 ___________ 196.8

3

MSA Population Households Retail Sales Total Personal Income

2010 186.3 71.7 2,925.7 6,546.3

2015 196.8 78.5 3,448.7 7,393.0

Growth Rate 1.1% 1.8% 3.3% 2.5%

2015 196.8 78.5 3,448.7 7,393.0

2020 210.5 83.9 3,823.2 8,451.1

Growth Rate 1.4% 1.3% 2.1% 2.7%

Demographic Breakdown

Men (000) Women (000) Total Percentage Per Capita

Total

Under 12

12 - 17

18 - 24

25 - 34

35 - 44

45 - 54

Over 55

97.4 99.4

14.7 14.1

7.8 7.6

8.3 8.1

11.9 11.7

11.7 11.6

14.7 14.6

28.3 31.7

196.8

28.7

15.3

16.4

23.6

23.3

29.3

60.0

100.0%

14.6%

7.8%

8.3%

12.0%

11.9%

14.9%

$ 37,573

Ethnic Population:

4

White

Median Income 85.2%

Black

$ 75,224

5.4%

Asian

30.5% $ 94,233

Avg Household Hispanic

1.5%

7.6%

Market Summary

FM Classes # Stations Tot 12+ Avg 12+ Tot LCS Avg LCS

Investing In Radio® 2016 Market Report 1st Edition.

Class A 5 18.5 3.7 37.7 7.5

Class B 4 28.1 7.0 57.2 14.3

5

Class C

Viable Stations 6 42.6 86.8 86.8 14.5

All FMs 9 46.6 5.2 94.9 10.5

All AMs 5 2.5 0.5 5.1 1.0

Total 14 49.1 3.5 100.0 7.1

Copyright © 2016 BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: (703) 818-2425 or [email protected]

Investing In Radio ® 2016. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected]

Page 8

1

Geographic Information

Market Overview

Metro Rank: The ranking of the market by size of 12+ population based on the U.S. census. Revenue Rank: The ranking of the market by BIA/Kelsey’s estimate of 2015 market gross radio advertising revenues. Market Map: A geographic orientation of the region with the actual market highlighted in white. These maps were created using MapInfo®. � = Market City. t = Cities with licensed commercial radio stations. Metro Counties / Population: A listing of the counties that comprise the subject radio market along with its total 2015 population (presented in thousands or 000s), licensed from Woods & Poole Economics, Inc.

2

Market Radio Financials

Estimated Historic, Present and Projected Revenues: BIA/Kelsey’s estimates of gross advertising revenues ($000s) for this market for the period 2010 to 2020. Revenue estimates represent overthe-air total time sales including local, regional and national spot sales, plus political and program revenues. They do not include trade and barter or production revenues. Historic market revenues have been adjusted to reflect current market composition. Also provided are estimates for total market revenues from station online activities. Gross revenue estimates are based on several factors including retail sales growth, historical revenues, new station entries and other trends. BIA/Kelsey’s direct consultation with and survey responses from station operators and group owners in most markets yield additional data. Historic and Projected Growth Rates: We have also included the compound average annual rate for the periods indicated: Historically for the last five years ( 10-15); Last year ( 14-15); and projected for the next five years ( 15-20). Confidence Rating: These stars indicate BIA/Kelsey’s confidence level for the estimated revenues. Three stars are awarded for a high level of confidence (several reliable outside sources); two stars for moderate confidence (limited outside sources); and one star for cautious confidence (estimated with our own resources). Ratios: Radio market revenue to retail sales and revenue per capita are presented for three periods—historic, present and projected. Estimated Revenue Breakout: Percentage of the market’s revenues derived locally and from national billing.

3

Demographic and Economic Overview

This overview examines historical and projected growth trends for the following four indicators. The growth rate is the compound average annual rate for the periods indicated. For comparison of each market’s growth rates with the entire country, see the tables on page 6. This information is licensed from Woods & Poole Economics, Inc. and is reprinted herein with their permission.

MSA Population: Presented in thousands (000s) of people. MSA Households: Presented in thousands (000s) of households. MSA Retail Sales: Presented in hundreds of thousands ($000,000s) of dollars. MSA Total Personal Income: Total income available in the market. Presented in hundreds of thousands ($000,000s) of dollars.

4

Demographic Breakdown

This breakdown summarizes the population dispersion by age and gender; per capita income, median household and average household incomes for the market in 2015 as well as ethnic populations. For comparison of each market’s growth rates with the entire country, see the tables on page 6. NOTE: Ethnic population is the percentage of each category population in the market. This is defined as: White–Caucasian, Black–African-American, Asian–Asian, Hispanic–persons of Hispanic origin or descent. NOTE: Median Income in markets where the geographic definition differs from that of the Standard Metropolitan Statistical Area (SMSA) is calculated as a weighted average of each county’s median income figure. NOTE: The Demographic Breakdown data and the Demographic and Economic Overview data discussed above are for the Radio Metro as defined by Nielsen Audio for the most recent survey period. Nielsen Audio market ranking is based on the estimated 12+ population (i.e. the number of persons age 12 and older in the metro counties). As the geographic definition of the metro changes, the data are adjusted accordingly. Further, all data from 2010 are readjusted as well so that data from 2010, 2015 and 2020 represent the identical geography.

5

Market Summary

This last section of the Market Overview summarizes the aggregate stations in the market by the following categories by: 1) FCC Class of FM Stations; 2) Viable stations: those stations with significant ratings which we determine are serious competitors in the market; 3) All commercial AMs; 4) All commercial FMs; and 5) Total number of commercial radio stations in the market. Tot 12+: The total Nielsen Audio 12+ Average Quarter Hour (AQH) metro shares. Avg 12+: The average Nielsen Audio 12+ AQH metro shares is calculated by dividing the total shares in each category by the number of stations in that category. Tot LCS: The total Local Commercial Share (LCS) adjusts for lost listening (LL) to non-commercial stations and stations not home to the market. The LCS is calculated by dividing the 12+ share by the sum of the commercial station shares in the market. Avg LCS: The average Local Commercial Share per station = total LCS divided by number of stations in each class.

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Page 9

Market: Winchester, VA

FM Stations Calls

City of License

WINC WAZR WZRV WSIG WKSI WFQX WUSQ WZFC WXBN

Winchester Woodstock Front Royal Mount Jackson Stephens City Front Royal Winchester Strasburg Berryville

FCC Class B B1 A B1 A A B A A

6

Freq 92.5 93.7 95.3 96.9 98.3 99.3 102.5 104.9 105.5

Power (kW)

22.0 15.5 6.0 4.3 1.8 6.0 32.0 4.1 3.0

# FM Stations -

HAAT C 1424 d 420 c 299 b 557 e 617 c 328 c 630 c 216 d 299 d

9

Owner Centennial Bcstg iHeartMedia Royal Broadcasting Saga Comm Inc iHeartMedia iHeartMedia iHeartMedia Centennial Bcstg Centennial Bcstg

# Combos -

Sales Price (000)

Year Date Std Acq'd 46 0806 g1 85 0807 g 81 0008 950 c2 88 1508 See (254) 66 0807 g 73 0807 g 65 0807 g 87 0806 g1 80 0806 g1

L M A

7

8

Format Hot AC Top 40 Clsc Hits Country Top 40 Clsc Rock Country Country Country

8

City of License

WKSI-HD2

Freq 98.3

Stephens City

Power (kW)

FM TOTALS

1.8

# Multicasting Stations -

AM Stations Calls

City of License

WXVA WSVG WAMM WINC WFTR

Winchester Mount Jackson Woodstock Winchester Front Royal

FCC Class B D C C C

Day Power (kW) Freq 610 0.4 790 1.0 1230 1.0 1400 1.0 1450 1.0

# AM Stations -

Stations Profiled -

Year Std 09

HAAT C Owner 617 c iHeartMedia

1

Night Power (kW) C 0.50 0.04 a 0.25 a 1.00 d 1.00 b

5

14

# Combos -

275

1.26

9

10

Avg '15 Local Comm

75

Year Date Owner Std Acq'd Winchester Rad Bcstr 61 1103 Shenandoah Valley 54 0908 Shenandoah Valley 81 1003 Centennial Bcstg 41 0806 Royal Broadcasting 48 0008

L M A

g1 c2

Format Clsc Hits Nws/Tlk/Spt Americana News/Talk Sports

1.0

Avg '15 Local Comm

75 225 100

# Combos -

4

AM TOTALS

# Duopolies -

4

Total Local Commercial Share

Calls W275BV

City of License Winchester

HAAT C Owner 1496 City Commons LLC

Year Std 15

Spring 2014

45.6

46.9

48.1

51.6

0.77

4.0 4.0

Spring 2015

Fall 2014

48.2

Spring 2014

Spring 2013

Fall 2012

Spring 2012

9.1 1.0 4.5 3.5 5.1 6.1 15.7 1.0 2.0

8.3 0.9 4.1 3.2 5.1 5.5 17.5 1.8 2.3

8.3 0.5 4.2 2.8 6.0 6.9 17.6 1.9 3.7

48.0

48.7

51.9

Fall 2013

Fall 2012

Spring 2012

Spring 2013

1.0

0.5

0.5

0.5

0.5

0.0

0.0

0.0

1.0

0.5

0.5

0.5

0.5

0.0

0.0

0.0

Fall 2012

Spring 2012

Nielsen Audio 12+ Metro Shares (see rights)

Fall 2015 0.0 3/ 0.0 0.0 2.5 0.0

Spring 2015

Fall 2014

0.0 0.0 0.0 2.0 0.0

0.0 0.0 0.0 2.0 0.5

Spring 2014

Fall 2013

Spring 2013

0.0 0.0 0.0 0.0 0.0 0.0 0.53/ 0.53/ 0.53/ 0.03/ 0.0 WSVG2/ WSVG2/ WSVG2/ WSVG2/ 1.5 2.1 3.0 2.8 2.8 0.5 0.5 0.5 0.5 0.5

2.5

2.0

2.5

2.0

3.1

4.0

3.8

3.3

49.1

49.4

51.1

54.1

51.8

52.0

52.5

55.2

Originating Station or Signal Format Clsc Hits

Fall 2015

12

Spring 2015

Fall 2014

Spring 2014

Fall 2013

Spring 2013

Fall 2012

Spring 2012

WXVA-AM

Indicates a change since last edition 13 Nielsen Audio reports a rolling average of the last two reporting periods for this market. 1/ See introduction section for interpretation of revenue estimates. 2/ Included in TLR share for noted station 3/ TLR share includes listening shares from partner stations Investing In Radio® 2016 Market Report 1st Edition.

Fall 2013

11

FM Translators Rebroadcasting AM Stations & Multicast Signals Power (kW) Freq 102.9 0.3

Fall 2014

Nielsen Audio 12+ Metro Shares (see rights)

1.03

2015 Est Revenue Power (000) 1/ Ratio

Spring 2015

6.5 6.5 7.5 7.7 7.2 1.5 1.5 1.0 1.0 1.0 6.0 6.0 6.0 5.6 5.1 3.5 4.0 2.5 3.1 4.1 4.5 5.0 6.0 6.6 5.6 5.5 5.5 6.0 6.6 6.2 16.6 16.9 17.1 18.4 16.9 WXBN 2/ WXBN 2/ WXBN 2/ WXBN2/ WXBN2/ 3.0 1.5 3/ 1.5 3/ 2.0 3/ 2.63/ 2.13/

Multicasting TOTALS

Sales Price (000) 5 175 50

Fall 2015

13.2 3.0 12.1 8.1 10.1 11.1 34.2

94.8

13

Nielsen Audio 12+ Metro Shares (see rights)

Fall 2015

Format Hot AC

1

Some stations also rated in Harrisonburg.

2015 Est Revenue Power (000) 1/ Ratio 1,900 1.97 300 1.37 725 0.82 n/a 500 0.68 600 0.74 2,500 1.00

Multicasting Stations Calls

Metro Rank: 211

Competitive Overview

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Metro Rank: 211

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Page 10

Competitive Overview 6

Technical Attributes

Technical information is secured from the FCC through Actions and filings for construction permits. “•”: A bullet to the left of the station’s listing indicates that there has been a change to this station since the last edition was printed. It could be any combination of new call sign, technical upgrade, different format, new LMA or change in ownership. Call Letters: Listed in order of frequency, these are the l icensed call letters of the commercial radio stations either licensed to the market or those stations belonging to other markets which receive significant ratings in the market. The multicast signals are listed below the FM stations. FM Translators rebroadcasting AM Stations or Multicast signals are listed below AM station section. City of License: The city from which the radio station is licensed to operate as designated by the FCC. FCC Class: The technical allocation of the facility as defined by the FCC. Frequency: The number of cycles the station’s signal is transmitted per second in MHz for FM and kHz for AM. Power (Day or Night): The power in kilowatts at which the station transmits its signal. A “cp” indicated next to the station’s power signifies that a construction permit has been filed for approval with the FCC to change the station’s technical operations. HAAT: Height above average terrain of the station’s center of radiation (antenna) with respect to its surrounding terrain in feet. C: By matching the letters indicated in this column you will see the stations in the market that operate together as a “combo” (at least two stations with same owner in the market).

7

Ownership

Ownership changes and information are gleaned from announcements in the trade publications, press releases, market contacts, FCC filings and other sources. Owner: The most recent owner or proposed purchaser of the station. A proposed purchaser is indicated by a “p” next to the Sales Price (see Keys & Codes, Page 13). Year Started: The year the station first went on the air. Date Acq’d: The date (Year Month) the station was acquired by the most recent or proposed purchaser. Sales Price: Presented in thousands, this is the price paid for the station. To the right of the price you may encounter a code that signifies the type of transaction. (See Keys & Codes, Page 13.) NOTE: Because the actual sales price of a station or group may vary from the reported price, caution should be exercised with respect to the use of these data. We have attempted to include the most recent ownership transfer activity from 1981 to the weekday prior to publication. If a sale was proposed but not approved prior to publication, the owner listed is the proposed purchaser. Due to the complexity of the issue, major group purchase prices are not broken out among the stations purchased. LMA: Local Marketing Agreement. The letter indicated in this column coincides with the other stations in the market that operate with this one under such an agreement.

8

Format

9

Estimated Station Revenues

The format is the specific type of programming aired by the station. Format information is based on announcements in trade publications and direct contact with the stations through frequent telephone surveys and annual mail surveys. For a list of formats and the abbreviations used by BIA/Kelsey, see Pages 14 and 15. To improve the quality of this publication, we estimate gross revenues for the leading stations in the rated markets. BIA/Kelsey’s revenue estimates do not include trade/barter, or production revenues. We utilize direct mail surveys, telemarketing, market contacts and computer modeling to generate these estimates. Despite this effort, we must reiterate that these are just estimates. We view these estimates, however, as an important element to the book and encourage station operators and owners to participate in our surveys.

10 Power Ratio

In addition to station revenue estimates, we have also calculated power ratios for those stations. This was calculated by determining the estimated revenue share for the station (station revenues divided by market revenues) and dividing this by the local commercial share. See #11 below for explanation on calculation of Local Commercial Share (LCS).

11 Nielsen Audio Ratings

BIA/Kelsey is licensed by Nielsen Audio. to provide its Total Day, Average Quarter Hour (AQH) shares for persons 12 years and older. We profile the last eight ratings periods to enable the reader to analyze trends in a station’s performance. You will notice that Nielsen Audio rates some markets 4 times per year and others only 2 times. Average LCS: The Local Commercial Share is the average share for the prior 12-month period (beginning the previous Fall through the subsequent Summer ratings period) adjusted for lost listening to out-of-market and non-commercial stations. This is calculated by dividing the 12+ share by the total commercial station shares in the market.

12 Total Line Reporting

Footnote 2/ lists call letters of parent simulcast station. Footnote 3/ indicates share is for all 100% simulcast stations.

13 Other Market Information Top of the page: Under the Metro Rank in the top right corner, we list for your reference, the other markets in which some of the stations of the subject market may also be rated. Bottom of the page: Any new allocations through either Docket 80-90 or other FCC rulemaking are listed at the bottom of the page. Also any footnotes for the market. NOTE: SEE COPYRIGHTS FOR SPECIAL NOTE ON PUERTO RICO MARKET

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Page 11

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Page 12

Keys and Codes General

Codes under “LMA” header

cp

A “cp” following the Power column indicates that the station has a The numeric codes under the “LMA” heading indicate which stations are construction permit to change frequency, power, or its antenna height to operating under an LMA. upgrade its technical facilities. The station is also authorized to operate Codes for Sales Price at the indicated power or height for testing purposes.

HAAT

Height Above Average Terrain for the transmitter antenna

HD2

Second multicast signal for Digital Radio station. If subsequent signals will be HD3, HD4, etc.

HH

Households

LCS

Local Commercial (Audience) Share - Adjusts for lost listening to non-commercial and out-of-market stations. Calculated by dividing the station share by the sum of shares of all commercial stations in the market over four periods (i.e., previous Fall through subsequent Summer ratings period).

LMA

Local Marketing Agreement

MSA

Metro Survey Area

Power Ratio Comparison of revenue share to audience share. Calculated by dividing the station revenue by market revenue; then dividing the result by the local commercial share (LCS).

ac

Combo sale in adjacent market

al

Station sold for assumption of liabilities

cp

Sale of construction permit for unbuilt station.

c#

AM/FM combo sale. The combo price is listed with the FM station. The number following the “c” identifies theAM/FM combo involved. The AM and FM station will have the same number following the “c”.

d#

Duopoly sale of two or more stations in the same service, either two FM’s or two AM’s.

d

Distress sale

dn

Donation

e

Estimated sales price

g

Group sale. If a combo is involved, a number following the “g” will indicate the combo in that market. The AM and FM station will have the same number following the “g”.

PPM

Portable People Meters - electronic listening share data collection device.

RS

Retail Sales

na

No price available

TPI

Total Personal Income

nc

No cash consideration

p

Proposed sale

Codes under “C” in header

st

Transfer of stock or partnership interest

The letter codes under the “C” heading indicate a combo or duopoly. All AM and FM stations with the same owner will have the same letter code.

sw

Station swap

+

Plus additional considerations, (e.g., assumption of debt)

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Page 13

Formats for Radio Stations Because some radio stations air multiple formats, abbreviations are often used for formats in the Competitive Overview section. These abbreviations may appear by themselves or combined with other format abbreviations. The abbreviations, their expansions, and the major format categories in which BIA/Kelsey classifies these formats are listed in the following table: Abbreviation Short Abbrev. Full Format Name

70&80 70Hts 70sOd 80&90 80Hts 90&20 AAA AC AOR AdCHR AdHts AdRck AdStd Altve Amerc Asian Beach BtfMs BgBnd Black BkGsp BlGrs Blues Bob BrtAC BusNw CHR NOA

7&8 7Ht 70s 8&9 8Ht 9&2 AAA AC AOR ACH AHt ARk ASt Alt Amr Asn Bch Btf BBd Blk BGp BGs Blu Bob BtA BNw CHR NOA

70s & 80s 70s Hits 70s Oldies 80s & 90s 80s Hits 90s & 2000s AAA AC AOR Adult CHR Adult Hits Adult Rock Adult Standards Alternative Americana Asian Beach Beautiful Music Big Band Black Black Gospel Blue Grass Blues Bob Bright AC Business News CHR CP- Not On Air

Major Format Category

Oldies Oldies Oldies Oldies Oldies Oldies Rock Adult Contemporary Album Oriented Rock/Classic Rock Contemporary Hit Radio/Top 40 Adult Contemporary Rock Nostalgia/Big Band Rock Country Ethnic Oldies Easy Listening/Beautiful Music Nostalgia/Big Band Urban Religion Country Urban Adult Contemporary Adult Contemporary News Contemporary Hit Radio/Top 40 CP - Not On Air

Abbreviation Short Abbrev. Full Format Name

Chrly Kids Chrst CCtmp Xmas ClHts CsMOR ClRck Clscl Comdy Cntry DARK Dance DncOl Divrs Easy Ecltc Educa Elect Ethnc Famly Folk Frnch FuSvc Gospl Greek Grupr Hwain

Chy Kds Cst CCt Xms CHt CMR CRk Cls Cdy Cty DRK Dnc DnO Dvs Esy Ecl Edu Etr Eth Fmy Flk Fch FSv Gsp Grk Grp Hwn

Charlie Children Christian Christian Contemporary Christmas Classic Hits Classic MOR Classic Rock Classical Comedy Country DARK Dance Dance Oldies Diverse Easy Eclectic Educational Electronica Ethnic Family Hits Folk French Full Service Gospel Greek Grupero Hawaiian

Major Format Category

Adult Contemporary Miscellaneous Religion Religion Seasonal Oldies Middle of the Road Album Oriented Rock/Classic Rock Classical Miscellaneous Country Dark - Not on air Contemporary Hit Radio/Top 40 Oldies Miscellaneous Easy Listening/Beautiful Music Miscellaneous Public/Educational Rock Ethnic Miscellaneous Miscellaneous French Middle of the Road Religion Ethnic Spanish Ethnic

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Page 14

Abbreviation Short Abbrev. Full Format Name

HpHop HotAC Hurbn Info Inspr Intnl Jack Japns Jazz Korea Latno Lt AC LtRck MOR Mexcn MixAC ModAC MdRck Motvl NAC NPR NwAge NwRck News Nrtno Nstlg Oldes Polsh Polka Pop Portg Pride Prgsv Publc

HHp HtA Hur Inf Inp Int Jck Jap Jaz Krn Lto LtA LRk MOR Mex Mix MdA MRk Mvl NAC NPR NAg NRk Nws Nrt Nst Old Pol Pka Pop Ptg Prd Pgv Pub

Hip Hop Hot AC Hurban Information Inspiration International Jack Japanese Jazz Korean Latino Lite AC Lite Rock MOR Mexican Mix AC Modern AC Modern Rock Motivational NAC NPR New Age New Rock News Norteno Nostalgia Oldies Polish Polka Pop Portuguese Pride Progressive Public

Major Format Category

Urban Adult Contemporary Spanish Miscellaneous Religion Ethnic Adult Contemporary Ethnic Jazz/New Age Ethnic Spanish Adult Contemporary Adult Contemporary Middle of the Road Spanish Adult Contemporary Adult Contemporary Rock Talk Jazz/New Age Public/Educational Jazz/New Age Rock News Spanish Nostalgia/Big Band Oldies Ethnic Miscellaneous Contemporary Hit Radio/Top 40 Ethnic Contemporary Hit Radio/Top 40 Rock Public/Educational

Abbreviation Short Abbrev. Full Format Name

PubSv R&BOd Rncha Regga Regat Relgn RlgMs RhyBl Rhymc Rock Rk&Rl RckAC Rmntc Sam SmJaz SftAC SfHts SftRk SGspl Span SpnAC SpNws Sprts Talk Tejno Top40 Trpcl Urban UrbAC UrCHR UrCtp Varty VarHt

PbS R&B Rch Rga Reg Rlg RMs R&B Rym Rck R&R RAC Rmn Sam SJz SAC SHt SRk SGp Spn SpA SpN Spt Tlk Tej T40 Trp Urb UAC UCH UrC Var VHt

Public Service R&B Oldies Ranchera Reggae Reggaeton Religion Religious Music Rhythm & Blues Rhythmic Rock Rock & Roll Rock AC Romantic Sam Smooth Jazz Soft AC Soft Hits Soft Rock Southern Gospel Spanish Spanish AC Spanish News Sports Talk Tejano Top 40 Tropical Urban Urban AC Urban CHR Urban Contemporary Variety Variety Hits

Major Format Category

News Urban Spanish Miscellaneous Spanish Religion Religion Urban Contemporary Hit Radio/Top 40 Rock Rock Rock Spanish Adult Contemporary Jazz/New Age Adult Contemporary Adult Contemporary Adult Contemporary Religion Spanish Spanish Spanish Sports Talk Spanish Contemporary Hit Radio/Top 40 Spanish Urban Urban Urban Urban Miscellaneous Miscellaneous

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Page 15

Radio Industry Trends Investing In Radio , 4th Edition ®

BIA/Kelsey  Radio Station Revenue Growth Rate 2010-2020  Radio Station Revenues 2010-2020  Top Ten Group Acquiring Stations: January-October 2016  Number and $ Value of Radio Stations Sold by Region: January-October 2016  Top Ten Radio Station Deals: August-October 2016  Number and $ Value of Radio Stations Sold: August-October 2015 & 2016  Radio Stations Sold by Market Size Ranges: August-October 2015 & 2016

© 2016 BIA/Kelsey. All Rights Reserved.

Historic & Projected Radio Revenue Growth in Nielsen Audio Markets 6%

Growth Rate

5%

5.1%

BIA/Kelsey Projections

4% 3% 1.6%

2% 1%

1.1%

0.4%

0.8%

0.9%

0.8%

2017

2018

2019

1.2%

0% -1%

-0.6%

-2%

-1.9%

-1.6%

-3% 2010

2011

2012

2013

2014

2015

2016

2020 © 2016 BIA/Kelsey. All Rights Reserved.

Radio Station Revenues 2010-2020 Over-the-Air Revenues

Online Revenues

BIA/Kelsey Projections

$16.5 $16.0

$ Billion

$15.5 $15.0 $14.5

$14.0 $13.5 $13.0 2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

© 2016 BIA/Kelsey. All Rights Reserved.

Top Ten Groups Acquiring Stations: January – October 2016 Group

# of Stations

Total Price Paid (000s)

Beasley Broadcast Group

21

$240,000

Entercom

4

$24,000

Midwest Communications Inc

7

$13,675

Educational Media Foundation

22

$12,725

Lotus Communications Corp

2

$12,400

KSBJ Educational Foundation

1

$10,000

Friends of 88.5 FM

4

$8,000

Mercury Capital Partners

1

$8,000

Forever Media Inc

7

$7,000

NJ Broadcasting LLC

1

$7,000

© 2016 BIA/Kelsey. All Rights Reserved.

Number and $ Value of Radio Stations Sold by Region: January – October 2016 96 $59M

99 $34M

67 $27M

59 $274M

146 $71M

© 2016 BIA/Kelsey. All Rights Reserved.

Top Ten Radio Station Deals: August – October 2016 Month Acquired

# of Stations

Price (000s)

Buyer

Seller

October

3

$24,000

Entercom

Charlotte Divest Tr

October

1

$11,200

Lotus Comm Corp

Principle Bcstg Ntwk

October

1

$6,700

Educational Media

Forever Media

October

2

$6,500

Forever Media

First Media

August

5

$5,625

Midwest Communications

Red Rock Radio Corp

October

1

$5,125

Salem Media Group

Uecker, Susan L

October

5

$4,500

Southern Belle

First Media

August

2

$4,400

AI Radio LLC

Artistic Media Partners

October

1

$4,300

Midwest Communications

Emmis Communications

September

2

$3,200

Genuine Austin Radio

Total Austin Sports

© 2016 BIA/Kelsey. All Rights Reserved.

# of Radio Stations Sold: August – October, 2015 & 2016 2015

2015 – 2016: -46% 200 180

2016 176

160

140 120 100 80

67

60

55

41

40

64

56

20

0 August

September

October © 2016 BIA/Kelsey. All Rights Reserved.

Radio Stations Transactions: 2005-2014 $Metro Valuevs.ofNon-Metro Radio Stations Sold:

August – October, 2015 & 2016 1,544

1,600

# Stations Sold

$350

Millions

$300

1,200

800

$200

600

$150

400

$100 $50

2016 295.76

990

1,000

$250

2015

2015 – 2016: -75%

1,400

682 562

496

498

497 383386

381

398

372

284

398

200 0 Metro

$0 Non

481 424

523

496 381

2006

2007

17.44 990 1,544 562

August

498

2008

44.79 2009

383

398

13.57 497

386

284

372

2010

September

395

344

83.34 2005

539

75.90

2011

2012

2013

2014

682

481

523

539

398

424

344

395

October © 2016 BIA/Kelsey. All Rights Reserved.

© 2015 BIA/Kelsey. All Rights Reserved.

Radio Station Sales by Market Sizes: August – October, 2015 & 2016 2015

2016

160 137

140 120

100 73

80 55

60 40 20

13

22 7

32

26 7

13

12

33 18

11

0 1-10

11-25

26-50

51-100

101-200

201+

Unranked © 2016 BIA/Kelsey. All Rights Reserved.

Preview of the Next Edition Investing In Radio , 1st Edition ®

Radio Industry Trends  Radio Station Revenue Growth Rate 2011-2021  Radio Station Revenues 2011-2021  Distribution of 2016 Revenues by Region  Distribution of 2016 Revenues by Market Size Ranges  Radio Station Transaction Volume: 2007-2016

 Radio Station Transactions: Metro vs. Non-Metro 2007-2016  Radio Station Deals 2014-2016 by Market Size Ranges

© 2016 BIA/Kelsey. All Rights Reserved.