Conference Program

Like many other industries, radio has been greatly affected by the turmoil in the credit markets and the downturn in the economy. Station values are down, financing is more difficult to secure, and the prospects for growth (at least in some markets) appear uncertain.

It is, to be sure, a challenging time. But not all is doom and gloom. Radio remains a stable industry that continues to generate substantial interest among investors and entrepreneurs. Beyond that, the change in fortune for some may provide opportunities for others. Caution may be the guiding principle for today, but discriminating buyers may find situations to facilitate a new business or an expansion of an existing group that might have been more difficult to accomplish in a healthier economy.

This conference will address critical issues raised by these uncertain and sometimes trying times:

• Is the downturn in the economy affecting all segments of the industry equally and, if not, what explains the difference in financial performance for different markets?

• Will the change in fortunes for some radio owners provide opportunities for new entrepreneurs or for further consolidation by existing groups?

• Will the competitive landscape change if the XM-Sirius merger is approved by the FCC? As one example, will that approval increase the pressure to make HD radio a financially-viable component of terrestrial radio? And is there any likelihood that the merger will persuade the FCC to relax its ownership limits to facilitate competition with the merged entity?

• How has the economic downturn affected the availability and terms of acquisition financing?

• To what extent is mezzanine financing available to bridge the gap for buyers who do not have adequate equity to fund acquisitions?

• For lenders confronted by borrowers in financial distress, is it better to wait for station values to rise or proceed to a receivership or other collection action?