Investing in Radio® MARKET REPORT 2021 Third Edition Spring 2021 Shares

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Investing In Radio® MARKET REPORT 2021 Third Edition Spring 2021 Shares

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BIA • 14901 Bogle Drive, Suite 101, Chantilly, VA 20151-1736 • Phone: 703-818-2425 • Fax: 703-803-3299 • E-mail: [email protected] • Web: www.bia.com Investing in Radio® Market Report 2021, 3rd Edition Alphabetic Listing of Nielsen Audio Markets BIA • 703-818-2425 • www.bia.com Rank Market Rank Market Rank Market

229 Abilene, TX 88 Colorado Springs 165 Hagerstown-Chambersburg-Waynesboro, MD-PA 90 Akron, OH 218 Columbia, MO 84 Harrisburg-Lebanon-Carlisle, PA 231 Albany, GA 85 Columbia, SC 239 Harrisonburg, VA 67 Albany-Schenectady-Troy, NY 188 Columbus, GA 53 Hartford-New Britain-Middletown, CT 69 Albuquerque, NM 36 Columbus, OH 65 Honolulu, HI 74 Allentown-Bethlehem, PA 172 Concord, NH 250 Hot Springs, AR 167 Amarillo, TX 113 Corpus Christi, TX 6 Houston-Galveston, TX 176 Anchorage, AK 5 Dallas-Ft. Worth, TX 41 Hudson Valley, NY 149 Ann Arbor, MI 196 Danbury, CT 169 Huntington-Ashland, WV-KY 139 Appleton-Oshkosh, WI 63 Dayton, OH 107 Huntsville, AL 153 Asheville, NC 93 Daytona Beach, FL 39 Indianapolis, IN 7 Atlanta, GA 19 Denver-Boulder, CO 128 Jackson, MS 156 Atlantic City-Cape May, NJ 71 Des Moines, IA 252 Jackson, TN 110 Augusta, GA 14 Detroit, MI 46 Jacksonville, FL 242 Augusta-Waterville, ME 191 Dothan, AL 115 Johnson City-Kingsport-Bristol, TN-VA 32 Austin, TX 206 Duluth-Superior, MN-WI 222 Joplin, MO 80 Bakersfield, CA 224 Eau Claire, WI 183 Kalamazoo, MI 23 Baltimore, MD 77 El Paso, TX 34 Kansas City, MO-KS 213 Bangor, ME 221 Elmira-Corning, NY 135 Killeen-Temple, TX 78 Baton Rouge, LA 182 Erie, PA 72 Knoxville, TN 148 Beaumont-Port Arthur, TX 144 Eugene-Springfield, OR 215 La Crosse, WI 142 Biloxi-Gulfport-Pascagoula, MS 163 Evansville, IN 112 Lafayette, LA 194 Binghamton, NY 192 Fargo-Moorhead, ND-MN 211 Lake Charles, LA 61 Birmingham, AL 118 Fayetteville, AR 82 Lakeland-Winter Haven, FL 241 Bismarck, ND 129 Fayetteville, NC 117 Lancaster, PA 225 Bloomington, IL 140 Flint, MI 127 Lansing-East Lansing, MI 86 Boise, ID 207 Florence, SC 187 Laredo, TX 10 Boston, MA 232 Florence-Muscle Shoals, AL 210 Las Cruces-Deming, NM 168 Bowling Green, KY 185 Frederick, MD 30 Las Vegas, NV 248 Brunswick, GA 138 Fredericksburg, VA 208 Laurel-Hattiesburg, MS 190 Bryan-College Station, TX 66 Fresno, CA 217 Lebanon-Hanover-White River Junction, NH-VT 59 Buffalo-Niagara Falls, NY 105 Ft. Collins-Greeley, CO 104 Lexington-Fayette, KY 147 Burlington-Plattsburgh, VT-NY 56 Ft. Myers-Naples, FL 177 Lima-Van Wert, OH 143 Canton, OH 98 Ft. Pierce-Stuart-Vero Beach, FL 162 Lincoln, NE 193 Cape Cod, MA 159 Ft. Smith, AR 91 Little Rock, AR 200 Cedar Rapids, IA 173 Ft. Walton Beach-Destin, FL 2 Los Angeles, CA 76 Charleston, SC 116 Ft. Wayne, IN 54 Louisville, KY 197 Charleston, WV 87 Gainesville-Ocala, FL 164 Lubbock, TX 21 Charlotte-Gastonia-Rock Hill, NC-SC 253 Grand Forks, ND-MN 131 Macon, GA 89 Chattanooga, TN 240 Grand Island-Kearney-Hastings, NE 92 Madison, WI 251 Cheyenne, WY 68 Grand Rapids, MI 195 Manchester, NH 3 Chicago, IL 186 Green Bay, WI 57 McAllen-Brownsville-Harlingen, TX 202 Chico, CA 47 Greensboro-Winston Salem-High Point, NC 103 Melbourne-Titusville-Cocoa, FL 33 Cincinnati, OH 96 Greenville-New Bern-Jacksonville, NC 51 Memphis, TN 35 Cleveland, OH 58 Greenville-Spartanburg, SC 73 Metro Fairfield County, CT 11 Miami-Ft. Lauderdale-Hollywood, FL 122 Portsmouth-Dover-Rochester, NH 101 Springfield, MA 43 Middlesex-Somerset-Union, NJ 166 Poughkeepsie, NY 137 Springfield, MO 42 Milwaukee-Racine, WI 44 Providence-Warwick-Pawtucket, RI 184 St. Cloud, MN 15 Minneapolis-St. Paul, MN 228 Pueblo, CO 24 St. Louis, MO 102 Mobile, AL 18 Puerto Rico 81 Stockton, CA 119 Modesto, CA 155 Quad Cities, IA-IL 214 Sunbury-Selinsgrove-Lewisburg, PA 55 Monmouth-Ocean, NJ 37 Raleigh-Durham, NC 236 Sussex, NJ 233 Monroe, LA 227 Rapid City-Spearfish, SD 100 Syracuse, NY 94 Monterey-Salinas-Santa Cruz, CA 136 Reading, PA 158 Tallahassee, FL 154 Montgomery, AL 220 Redding, CA 17 Tampa-St. Petersburg-Clearwater, FL 243 Montpelier-Barre-St Johnsbury, VT 99 Reno, NV 209 Terre Haute, IN 174 Morgantown-Clarksburg-Fairmont, WV 52 Richmond, VA 108 Toledo, OH 126 Morristown, NJ 26 Riverside-San Bernardino, CA 199 Topeka, KS 216 Muncie-Marion, IN 121 Roanoke-Lynchburg, VA 178 Traverse City-Petoskey, MI 223 Muskegon, MI 212 Rochester, MN 152 Trenton, NJ 130 Myrtle Beach, SC 60 Rochester, NY 62 Tucson, AZ 40 Nashville, TN 160 Rockford, IL 64 Tulsa, OK 20 Nassau-Suffolk, NY 27 Sacramento, CA 205 Tuscaloosa, AL 125 New Haven, CT 151 Saginaw-Bay City-Midland, MI 141 Tyler-Longview, TX 180 New London, CT 201 Salina-Manhattan, KS 171 Utica-Rome, NY 50 New Orleans, LA 133 Salisbury-Ocean City, MD 234 Valdosta, GA 1 New York, NY 28 Salt Lake City-Ogden-Provo, UT 114 Victor Valley, CA 150 Newburgh-Middletown, NY 245 San Angelo, TX 109 Visalia-Tulare-Hanford, CA 45 Norfolk-Virginia Beach-Newport News, VA 25 San Antonio, TX 189 Waco, TX 161 Odessa-Midland, TX 16 San Diego, CA 8 Washington, DC 49 Oklahoma City, OK 4 San Francisco, CA 230 Waterloo-Cedar Falls, IA 219 Olean, NY 38 San Jose, CA 249 Watertown, NY 75 Omaha-Council Bluffs, NE-IA 170 San Luis Obispo, CA 175 Wausau-Stevens Point, WI 29 Orlando, FL 204 Santa Barbara, CA 48 West Palm Beach-Boca Raton, FL 124 Oxnard-Ventura, CA 198 Santa Maria-Lompoc, CA 238 Wheeling, WV 132 Palm Springs, CA 70 Sarasota-Bradenton, FL 237 Wichita Falls, TX 226 Panama City, FL 145 Savannah, GA 106 Wichita, KS 235 Parkersburg-Marietta, WV-OH 12 Seattle-Tacoma, WA 79 Wilkes Barre-Scranton, PA 123 Pensacola, FL 246 Sheboygan, WI 247 Williamsport, PA 157 Peoria, IL 146 Shreveport, LA 83 Wilmington, DE 9 Philadelphia, PA 244 Sioux City, IA 203 Winchester, VA 13 Phoenix, AZ 179 Sioux Falls, SD 120 Worcester, MA 31 Pittsburgh, PA 181 South Bend, IN 111 York, PA 95 Portland, ME 97 Spokane, WA 134 Youngstown-Warren, OH 22 Portland, OR

Investing in Radio® Market Report 2021, 3rd Edition Alphabetic Listing of Nielsen Audio Markets BIA • 703-818-2425 • www.bia.com Investing in Radio® Market Report 2021, 3rd Edition Rank Listing of Nielsen Audio Markets BIA • 703-818-2425 • www.bia.com Rank Market Rank Market Rank Market 1 New York, NY 46 Jacksonville, FL 91 Little Rock, AR 2 Los Angeles, CA 47 Greensboro-Winston Salem-High Point, NC 92 Madison, WI 3 Chicago, IL 48 West Palm Beach-Boca Raton, FL 93 Daytona Beach, FL 4 San Francisco, CA 49 Oklahoma City, OK 94 Monterey-Salinas-Santa Cruz, CA 5 Dallas-Ft. Worth, TX 50 New Orleans, LA 95 Portland, ME 6 Houston-Galveston, TX 51 Memphis, TN 96 Greenville-New Bern-Jacksonville, NC 7 Atlanta, GA 52 Richmond, VA 97 Spokane, WA 8 Washington, DC 53 Hartford-New Britain-Middletown, CT 98 Ft. Pierce-Stuart-Vero Beach, FL 9 Philadelphia, PA 54 Louisville, KY 99 Reno, NV 10 Boston, MA 55 Monmouth-Ocean, NJ 100 Syracuse, NY 11 Miami-Ft. Lauderdale-Hollywood, FL 56 Ft. Myers-Naples, FL 101 Springfield, MA 12 Seattle-Tacoma, WA 57 McAllen-Brownsville-Harlingen, TX 102 Mobile, AL 13 Phoenix, AZ 58 Greenville-Spartanburg, SC 103 Melbourne-Titusville-Cocoa, FL 14 Detroit, MI 59 Buffalo-Niagara Falls, NY 104 Lexington-Fayette, KY 15 Minneapolis-St. Paul, MN 60 Rochester, NY 105 Ft. Collins-Greeley, CO 16 San Diego, CA 61 Birmingham, AL 106 Wichita, KS 17 Tampa-St. Petersburg-Clearwater, FL 62 Tucson, AZ 107 Huntsville, AL 18 Puerto Rico 63 Dayton, OH 108 Toledo, OH 19 Denver-Boulder, CO 64 Tulsa, OK 109 Visalia-Tulare-Hanford, CA 20 Nassau-Suffolk, NY 65 Honolulu, HI 110 Augusta, GA 21 Charlotte-Gastonia-Rock Hill, NC-SC 66 Fresno, CA 111 York, PA 22 Portland, OR 67 Albany-Schenectady-Troy, NY 112 Lafayette, LA 23 Baltimore, MD 68 Grand Rapids, MI 113 Corpus Christi, TX 24 St. Louis, MO 69 Albuquerque, NM 114 Victor Valley, CA 25 San Antonio, TX 70 Sarasota-Bradenton, FL 115 Johnson City-Kingsport-Bristol, TN-VA 26 Riverside-San Bernardino, CA 71 Des Moines, IA 116 Ft. Wayne, IN 27 Sacramento, CA 72 Knoxville, TN 117 Lancaster, PA 28 Salt Lake City-Ogden-Provo, UT 73 Metro Fairfield County, CT 118 Fayetteville, AR 29 Orlando, FL 74 Allentown-Bethlehem, PA 119 Modesto, CA 30 Las Vegas, NV 75 Omaha-Council Bluffs, NE-IA 120 Worcester, MA 31 Pittsburgh, PA 76 Charleston, SC 121 Roanoke-Lynchburg, VA 32 Austin, TX 77 El Paso, TX 122 Portsmouth-Dover-Rochester, NH 33 Cincinnati, OH 78 Baton Rouge, LA 123 Pensacola, FL 34 Kansas City, MO-KS 79 Wilkes Barre-Scranton, PA 124 Oxnard-Ventura, CA 35 Cleveland, OH 80 Bakersfield, CA 125 New Haven, CT 36 Columbus, OH 81 Stockton, CA 126 Morristown, NJ 37 Raleigh-Durham, NC 82 Lakeland-Winter Haven, FL 127 Lansing-East Lansing, MI 38 San Jose, CA 83 Wilmington, DE 128 Jackson, MS 39 Indianapolis, IN 84 Harrisburg-Lebanon-Carlisle, PA 129 Fayetteville, NC 40 Nashville, TN 85 Columbia, SC 130 Myrtle Beach, SC 41 Hudson Valley, NY 86 Boise, ID 131 Macon, GA 42 Milwaukee-Racine, WI 87 Gainesville-Ocala, FL 132 Palm Springs, CA 43 Middlesex-Somerset-Union, NJ 88 Colorado Springs 133 Salisbury-Ocean City, MD 44 Providence-Warwick-Pawtucket, RI 89 Chattanooga, TN 134 Youngstown-Warren, OH 45 Norfolk-Virginia Beach-Newport News, VA 90 Akron, OH 135 Killeen-Temple, TX 136 Reading, PA 176 Anchorage, AK 215 La Crosse, WI 137 Springfield, MO 177 Lima-Van Wert, OH 216 Muncie-Marion, IN 138 Fredericksburg, VA 178 Traverse City-Petoskey, MI 217 Lebanon-Hanover-White River Junction, NH-VT 139 Appleton-Oshkosh, WI 179 Sioux Falls, SD 218 Columbia, MO 140 Flint, MI 180 New London, CT 219 Olean, NY 141 Tyler-Longview, TX 181 South Bend, IN 220 Redding, CA 142 Biloxi-Gulfport-Pascagoula, MS 182 Erie, PA 221 Elmira-Corning, NY 143 Canton, OH 183 Kalamazoo, MI 222 Joplin, MO 144 Eugene-Springfield, OR 184 St. Cloud, MN 223 Muskegon, MI 145 Savannah, GA 185 Frederick, MD 224 Eau Claire, WI 146 Shreveport, LA 186 Green Bay, WI 225 Bloomington, IL 147 Burlington-Plattsburgh, VT-NY 187 Laredo, TX 226 Panama City, FL 148 Beaumont-Port Arthur, TX 188 Columbus, GA 227 Rapid City-Spearfish, SD 149 Ann Arbor, MI 189 Waco, TX 228 Pueblo, CO 150 Newburgh-Middletown, NY 190 Bryan-College Station, TX 229 Abilene, TX 151 Saginaw-Bay City-Midland, MI 191 Dothan, AL 230 Waterloo-Cedar Falls, IA 152 Trenton, NJ 192 Fargo-Moorhead, ND-MN 231 Albany, GA 153 Asheville, NC 193 Cape Cod, MA 232 Florence-Muscle Shoals, AL 154 Montgomery, AL 194 Binghamton, NY 233 Monroe, LA 155 Quad Cities, IA-IL 195 Manchester, NH 234 Valdosta, GA 156 Atlantic City-Cape May, NJ 196 Danbury, CT 235 Parkersburg-Marietta, WV-OH 157 Peoria, IL 197 Charleston, WV 236 Sussex, NJ 158 Tallahassee, FL 198 Santa Maria-Lompoc, CA 237 Wichita Falls, TX 159 Ft. Smith, AR 199 Topeka, KS 238 Wheeling, WV 160 Rockford, IL 200 Cedar Rapids, IA 239 Harrisonburg, VA 161 Odessa-Midland, TX 201 Salina-Manhattan, KS 240 Grand Island-Kearney-Hastings, NE 162 Lincoln, NE 202 Chico, CA 241 Bismarck, ND 163 Evansville, IN 203 Winchester, VA 242 Augusta-Waterville, ME 164 Lubbock, TX 204 Santa Barbara, CA 243 Montpelier-Barre-St Johnsbury, VT 165 Hagerstown-Chambersburg-Waynesboro, MD-PA 205 Tuscaloosa, AL 244 Sioux City, IA 166 Poughkeepsie, NY 206 Duluth-Superior, MN-WI 245 San Angelo, TX 167 Amarillo, TX 207 Florence, SC 246 Sheboygan, WI 168 Bowling Green, KY 208 Laurel-Hattiesburg, MS 247 Williamsport, PA 169 Huntington-Ashland, WV-KY 209 Terre Haute, IN 248 Brunswick, GA 170 San Luis Obispo, CA 210 Las Cruces-Deming, NM 249 Watertown, NY 171 Utica-Rome, NY 211 Lake Charles, LA 250 Hot Springs, AR 172 Concord, NH 212 Rochester, MN 251 Cheyenne, WY 173 Ft. Walton Beach-Destin, FL 213 Bangor, ME 252 Jackson, TN 174 Morgantown-Clarksburg-Fairmont, WV 214 Sunbury-Selinsgrove-Lewisburg, PA 253 Grand Forks, ND-MN 175 Wausau-Stevens Point, WI

Investing in Radio® Market Report 2021, 3rd Edition Rank Listing of Nielsen Audio Markets BIA • 703-818-2425 • www.bia.com Introduction

Welcome to BIA’s Investing in Radio® 2021 Market Report. Published since 1986, this Why Market Rank Order? Organizing the Market Report in this manner allows the is the premiere market-by-market investment information guide on the commercial sophisticated financial analyst the ease of performing comparable sales analyses and radio industry. Based on an annual cycle, it is published quarterly after each of Nielsen like-sized market comparisons. Otherwise, significant page flipping would be involved. Audio’s ratings periods and profiles all 253 of its rated radio markets. At the very front of the book, behind the title page, you will find an alphabetical list- Of the 253 markets profiled in this publication, all including Puerto Rico, have ing of the MSAs, followed by a rank listing. 2020 gross market revenue estimates totaling $7.3 billion. The combined estimated population of all markets (excluding Puerto Rico) is 271.3 million which represents National Indices 81.0% of the total U.S. population in 2020. Combined estimated 2020 retail sales Comparison of various market, owner and station factors with the entire country provides for these markets are $4,354.0 billion which is 83.3% of estimated total retail sales useful indicators of its potential. Below are several nationwide benchmarks: for the country. As of the end of December 2020, there were 4,551 AM and 6,699 commercial FM stations licensed to operate in the U.S. About half of these stations 2020 National Income (1,856 AMs and 3,272 FMs) are profiled with revenue estimates in these markets National Totals Per Capita ...... $47,348 1 (includes Puerto Rico). 2020 Population ...... 335,044,000 Median Household ...... $98,951 1 2020 Households ...... 131,587,000 Average Household ...... $120,556 2020 Retail Sales1 ...... $5,227,133,908,000 Notes 2020 Total Personal Income1 ..$15,863,582,334,000 2020 BIA’s Estimated Over-the-Air Gross Radio 2020 National Advertising Revenues...... $9,746,000,000 1. We have added market level estimates of total radio online advertising revenues 2020 BIA’s Estimated Online Radio Ethnic Breakdown Advertising Revenues ...... $939,000,000 Asian ...... 6.4% from 2020 through 2025. Black ...... 13.1 2. A listing of local FM translators that rebroadcast AM stations or FM digital mul- White ...... 60.7 ticast signals follows the AM stations. Hispanic-Origin ...... 18.9 National Growth Rates 3. With the Summer 2011 period, Nielsen Audio began providing audience share data ‘15-20 ‘20-25 for the multicast signals stations in the Diary markets. The multicast signals had been 2020 National included in the PPM markets from the beginning. Population (POP) ...... 0.9% ...... 0.9% Demographic Households (HH) ...... 1.2 ...... 0.8 Retail Sales (RS) ...... 1.8 ...... 1.4 Breakdown Total Personal Income (TPI) ...... 2.2 ...... 2.1 Men Women Total Market and Competitive Overviews Under 12 ...... 7.7% ...7.3% ...15.0% 12-17 ...... 3.8 ...... 3.7 ...... 7.5 18-24 ...... 4.7 ...... 4.4 ...... 9.1 Each Nielsen Audio-rated Market is presented in two main sections: National Revenue Ratio Averages 2015 2020 2025 25-34 ...... 7.1 ...... 6.9 ...... 14.0 Revenue/$1,000 35-44 ...... 6.3 ...... 6.3 ...... 12.7 Market Overview — provides you with the vital statistics about an Nielsen Audio Metro Retail Sales ...... $2.48 ...... $1.66 ...... $1.73 45-54 ...... 6.0 ...... 6.2 ...... 12.2 Survey Area’s (MSA) overall financial and demographic health. Revenue/Capita ...... $38.08 .....$26.70 ..... $28.32 Over 55 ...... 13.7 ....15.9 ...... 29.6 Competitive Overview — profiles the commercial radio stations in the Nielsen Audio MSA that receive significant ratings in the market. 1 per Woods & Poole Economics, Inc.

BIA 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 Copyright © 2021 by BIA Advisory Services, LLC (d/b/a BIA). The contents of this report data cannot be determined to any precise mathematical value or definition. are the property of BIA 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 Woods & Poole Economics, Inc. system, unless there is written permission from BIA or a license agreement with them for such use. All rights reserved. The market demographic and economic data in this publication is based on 2020 Information in this publication is solely for the internal use of clients of BIA and may not be copyright data prepared by Woods & Poole Economics, Inc. Any questions or comments distributed to third parties. The information is not for use as the basis for private offering, regarding these data should be directed to: in a prospectus, in a valuation or appraisal report, or for developing derivative works dis- Woods & Poole Economics, Inc. tributed to third parties without written permission from BIA. Permission is considered upon 4910 Massachusetts Avenue NW Ste 208 request and the submittal of an indemnification and release form. Licensing agreements Washington, DC 20016-4368 are available for expanded use or external distribution. For further information, please call Tel: 800-786-1915 703-818-2425 or email [email protected]. www.woodsandpoole.com BIA ADVISORY SERVICES, BIA FINANCIAL NETWORK, BIAfn, INVESTING IN RADIO, INVESTING IN TELEVISION, INVESTING IN NEWSPAPER, and MEDIA ACCESS PRO are trademarks of BIA Financial Network, Inc. Disclaimer Notice Every effort has been made to ensure the accuracy of the information in this publica- Warning: COPYRIGHT VIOLATIONS WILL BE PROSECUTED. BIA shares 10% of the net tion. Any errors detected or called to our attention, which in our opinion are material, proceeds of settlements and jury awards with individuals who provide essential evidence of will be corrected in future releases. BIA assumes no liability for any errors or omis- illegal copying or electronic distribution. To report violations, please contact 703-818-2425 sions in the information, and shall not be liable for any injuries or damages (including or email [email protected]. consequential) which might result from its use. Nielsen Audio Special Notes for Puerto Rico Market Some demographic information for Puerto Rico is provided by the Copyright © 2021 Nielsen Audio. For use by licensed subscribers only. Reprinted with Puerto Rico Planning Board. BIA has estimated some projected demo- permission. All audience estimates and/or data contained herein are copyrighted by and graphic figures using historic growth rates. 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 Questions about the Investing in Radio® 2021 Market Report or other BIA publica- limited to photocopying or recording on or for any information storage or retrieval system, tions or services should be directed to: including the internet, without the prior express written consent of Nielsen Audio. BIA • 14901 Bogle Drive, Suite 101, Chantilly, Virginia 20151 Phone: (703) 818-2425 • E-mail: [email protected]

Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 7 Radio Market Rank: 163 1 BIA Revenue Rank: 132 Lincoln, NE Radio Market Competition Overview Confidence Rating: Revenue Information for OTA, Online/Interactive 2

Revenue Type 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015-2020 % 2019-2020 % 2020-2025 %

Over-the-Air-Revenue 14,200 14,200 14,800 14,300 13,100 10,100 11,300 11,600 11,400 11,600 11,300 -6.6% -22.9% 2.3% Online/Interactive Revenue 1,200 1,380 1,490 1,620 1,700 1,600 1,800 1,900 2,200 2,400 2,600 5.9% -5.9% 10.2%

2020 Radio Market Competition Revenue Demographic Breakout (000)

Gender Under 12 12-17 18-24 25-34 35-44 45-54 Over 55 Total

Men 26.7 11.6 24.4 24.8 20.5 18.4 35.7 162 Women 25.4 11.3 23.1 21.8 18.8 17.9 41.5 159.9 Market Summary 4 FM Class Class A Class B Class C Viable All FMs All AMs Total

# of Stations 2 0 6 6 8 3 11 Top 12+ 3.2 0 39.8 39.8 43 9.1 52.1 Avg 12+ 1.6 0.0 6.6 6.6 5.4 3 4.7 Total LCS 6.1 0.0 76.4 76.4 82.5 17.5 100 Average LCS 3.1 0.0 12.7 12.7 10.3 5.8 9.1 Radio Rev / (000) per Retail Sales Nat’l/Reg’l vs. Local Breakout Year Radio Rev / Capita Radio Rev per Retail Sales National/Regional Local 2015 $46.45 $2.83

2020 $31.38 $1.88 10.0% 90.0% 2020 Ethnic Population 2025 $33.43 $2.01 3 White: 83.5% Black: 5.1% Income Data Estimated Radio Market Revenues (000)s Hispanic: 7.4% Asian: 5.1% Average Household Income Per CapitaSample Income Market Overview

$107,070 $44,354 Market Rank: 171 Market Rank: 176 5 Population (000) Retail Sales ($000) 2015 Population 306 2015 Retail Sales $5,015 2020 Population 322 2020 Retail Sales $5,374 2015-2020 CAGR 1.0% 2015-2020 CAGR 1.4% 2025 Population 338 2025 Retail Sales $5,627 2020-2025 CAGR 1.0% 2020-2025 CAGR 0.9%

Market Rank: 167 Market Rank: 168 5 Households (000) Total Personal Income ($000,000) 2015 Household 126 2015 Total Personal Income $13,041 2020 Household 131 2020 Total Personal Income $14,025 2015-2020 CAGR 0.8% 2015-2020 CAGR 1.5% 2025 Household 134 2025 Total Personal Income $15,165 2020-2025 CAGR 0.4% 2020-2025 CAGR 1.6%

Copyright ©BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: (703) 818-2425 or [email protected] 4/01/21 Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 8 Market Overview 1 Tot 12+: The total Nielsen Audio 12+ Average Quarter Hour (AQH) metro shares. Metro Rank: The ranking of the market by size of 12+ population based on the U.S. census. Avg 12+: The average Nielsen Audio 12+ AQH metro shares is calculated by dividing the total shares Revenue Rank: The ranking of the market by BIA’s estimate of 2020 market gross radio advertis- in each category by the number of stations in that category. ing revenues. 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 Confidence Rating: These stars indicate BIA’s confidence level for the estimated the sum of the commercial station shares in the market. revenues. Three stars are awarded for a high level of confidence (several reliable outside sources); Avg LCS: The average Local Commercial Share per station = total LCS divided by number of sta- two stars for moderate confidence (limited outside sources); and one star for cautious confidence tions in each class. (estimated with our own resources). 2 Nat’l/Reg’l vs. Local Breakout: Indicates source of market revenues by percentage of Network, National/Regional and Local Revenue. Estimated Historic, Present and Projected Revenues: BIA’s estimates of gross advertising revenues ($000s) for this market for the period 2015 to 2025. Revenue estimates represent over-the-air Radio Rev per Capita: Radio Over-the-Air advertising revenue divided by total Population 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 Radio Rev/(000) of Retail Sales: Local Radio Over-the-Air advertising revenue divided by total adjusted to reflect current market composition. Also provided are estimates for total market revenues local Retail Sales (1,000). 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’s direct consultation with Average Household Income: The average household income in the market for the previous year. and survey responses from station operators and group owners yield additional data.

Historic and Projected Growth Rates: We have also included the compound average annual rate Per Capita Income: The average income per person in the market for the previous year. for the periods indicated: Historically for the last five years (15-20); Last year (19-20); and projected for the next five years (20-25). 5 3 Ethnic Population Market Competition Revenue Pie Chart: Shows the percentage of total estimated market revenues White: Percentage of Caucasian population in the market. for each of the major owners in the market. The percentages include revenues from stations operated by Black: Percentage of African-American population in the market. these groups under a Local Marketing Agreement. These are listed under the Parent Company name. Asian: Percentage of Asian population in the market. Hispanic Origin: Percentage of Hispanic residents in the market. Hispanic is defined as being Estimated Market Revenue Bar Chart: This is a graphic representation of the Estimates Historic of Hispanic origin or descent. and Projected Gross Market Revenues. This gives a trend of revenues for the prior year and an estimate for the next five years. Population: Presented in thousands (000s) of people. 4 Households: The number of households in the market presented in thousands (000s). Demographic Breakout: This breakdown summarizes the population dispersion by age and gender; per capita income, median household and average household incomes for the market in 2020 as Market Retail Sales (RS): Presented in hundreds of thousands ($000,000s) of dollars. well as ethnic populations. Total Personal Income: Total income available in the market. Presented in hundreds of thousands ($000,000s) of dollars. Market Summary: This section 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.

Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 9 Radio Market Rank: 163 BIA Revenue Rank: 132 Lincoln, NE Radio Market Competition Overview Confidence Rating: 11 FM Stations 6 7 8 9 10 Nielsen Audio 12+ Metro Shares (see rights) Sales Price 2020 Station LCS Fall Sum Spring Winter Fall Sum Call Letters City Of License Class Freq Pwr (kW) HAAT CP Combo Owner Year Std Date Acquired Format Pwr Ratio ($000) Rev ($000) 2020 2020 2020 2020 2020 2019 2019 KFGE Milford C1 98.1 100.0 981 a NRG Media LLC 1996 Mar 2014 Country 2,300 1.41 16.1 7.3 0.0 7.7 0.0 9.3 0.0 KFRX Lincoln C1 106.3 100.0 702 b New Alpha 1973 Mar 2021 g9 CHR 1,300 0.98 13.1 7.3 0.0 6.4 0.0 7.5 0.0 KZKX Seward C1 96.9 100.0 600 b New Alpha 1976 Mar 2021 g9 Country 1,025 0.95 10.7 6.4 0.0 6.0 0.0 5.3 0.0 KBBK Lincoln C1 107.3 100.0 551 a NRG Media LLC 1968 Mar 2014 70,000 Hot AC 1,200 1.21 9.8 3.7 0.0 4.7 0.0 5.7 0.0 KTGL Beatrice C1 92.9 100.0 810 b New Alpha 1962 Mar 2021 g9 Clsc Rock 1,100 0.70 15.6 8.7 0.0 6.912 0.0 9.7 0.0 KIBZ Crete C2 104.1 31.0 614 b New Alpha 1976 Mar 2021 g9 Rock 575 0.80 7.1 3.2 0.0 4.3 0.0 3.1 0.0 KNTK Firth A 93.7 6.0 233 Home Field Comm 2011 May 2011 250 Sports 500 1.98 2.5 1.8 0.0 1.3 0.0 1.3 0.0 KLNC Lincoln A 105.3 3.2 453 a NRG Media LLC 1992 Mar 2014 Clsc Rock 275 0.50 5.5 1.4 0.0 3.9 0.0 1.8 0.0 Totals 0 80.4 39.8 0.0 41.2 0.0 43.7 0.0

Multicasting Stations Neilsen Audio 12+ Metro Shares (see rights)

Call Letters Frequency Owner Format 2020 Station Rev ($000) LCS 2020 Fall 2020 Sum 2020 Spring 2020 Winter 2020 Fall 2019 Sum 2019

KBBK-HD2 107.3 NRG Media LLC CHR 175 4.0 3.2³ 0.0³ 1.7³ 0.0³ 2.6³ 0.0³ KBBK-HD3 107.3 NRG Media LLC Nws/Tlk/Spt 0.0 KLIN² KLIN² KLIN² KLIN² KLIN² KLIN² Totals 4.0 3.2 0.0 1.7 0.0 2.6 0.0

AM Stations Nielsen Audio 12+ Metro Shares (see rights) Sales Price 2020 Station LCS Fall Sum Spring Winter Fall Sum Call Letters City Of License Class Freq Day-Night Pwr (kw) CP Combo Owner Year Std Date Acquired Format Pwr Ratio ($000) Rev ($000) 2020 2020 2020 2020 2020 2019 2019 KFOR Lincoln C Sample1240 1 - 1 b CompetitiveNew Alpha 1924 Mar 2021 g9 OverviewNews/Talk 725 1.26 5.7 2.7³ 0.0³ 3.4³ 0.0³ 2.6³ 0.0³ KLIN Lincoln C 1400 1 - 1 a NRG Media LLC 1947 Mar 2014 Nws/Tlk/Spt 750 1.06 7.0 5.5³ 0.0³ 3.0³ 0.0³ 4.4³ 0.0³ KLMS Lincoln B 1480 1 - 0.75 b New Alpha 1949 Mar 2021 g9 Sports 175 0.60 2.9 0.9 0.0³ 1.7³ 0.0³ 1.3³ 0.0³ Totals 0 15.6 9.1 0.0 8.1 0.0 8.3 0.0

FM Translators Rebroadcasting AM Stations & Multicast Stations

Call Letters City Of License Freq Pwr (kW) HAAT Owner Year Std Format Originating Station Call Letters City Of License Freq Pwr (kW) HAAT Owner Year Std Format Originating Station

K268DF Lincoln 101.5 0.1 295 New Alpha 2017 Sports KLMS K233AN Lincoln 94.5 0.25 174 NRG Media LLC 2007 CHR KBBK-HD2 K294DJ Lincoln 106.7 0.3 190 Walnut Radio LLC 2016 Chrst/Talk KCRO News/Tal K277CA Lincoln 103.3 0.25 312 New Alpha 2015 KFOR k

Please Note: Station Ratings with a small 2 indicates it is included in the TLR share for a noted station. A small 3 signifies a TLR share includes listening shares from partner stations.

Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: (703) 818-2425 or [email protected] 4/01/21 Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 10 Competitive Overview 6 Technical Attributes 8 Format Technical information is secured from the FCC through Actions and filings for construction The format is the specific type of programming aired by the station. Format information is permits.. based on announcements in trade publications and direct contact with the stations through Call Letters: Listed in order of revenue, these are the licensed call letters of the commercial frequent telephone surveys and annual mail surveys. For a list of formats and the abbrevia- radio stations either licensed to the market or those stations belonging to other markets tions used by BIA, see Pages 14 and 15. 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 9 Estimated Station Revenues AM station section. To improve the quality of this publication, we estimate gross revenues for the leading sta- City of License: The city from which the radio station is licensed to operate as designated tions in the rated markets. BIA’s revenue estimates do not include trade/barter, or produc- by the FCC. tion revenues. We utilize direct mail surveys, telemarketing, market contacts and computer FCC Class: The technical allocation of the facility as defined by the FCC. modeling to generate these estimates. Despite this effort, we must reiterate that these are Frequency: The number of cycles the station’s signal is transmitted per second in MHz for just estimates. We view these estimates, however, as an important element to the book and FM and kHz for AM. encourage station operators and owners to participate in our surveys. Power (Day or Night): The power in kilowatts at which the station transmits its signal. HAAT: Height above average terrain of the station’s center of radiation (antenna) with respect to its surrounding terrain in feet. 10 Power Ratio CP: Indicates that a construction permit has been filed for approval with the FCC to change In addition to station revenue estimates, we have also calculated power ratios for those sta- the station’s technical operations. tions. This was calculated by determining the estimated revenue share for the station (station Combo: By matching the letters indicated in this column you will see the stations in the market revenues divided by market revenues) and dividing this by the local commercial share. See that operate together as a “combo” (at least two stations with same owner in the market). #11 below for explanation on calculation of Local Commercial Share (LCS).

11 Nielsen Audio Ratings 7 Ownership BIA is licensed by Nielsen Audio. to provide its Total Day, Average Quarter Hour (AQH) Ownership changes and information are gleaned from announcements in the trade publica- shares for persons 12 years and older. We profile the last eight ratings periods to enable tions, press releases, market contacts, FCC filings and other sources. the reader to analyze trends in a station’s performance. You will notice that Nielsen Audio Owner: The most recent owner or proposed purchaser of the station. A proposed purchaser rates some markets 4 times per year and others only 2 times. is indicated by a “p” next to the Sales Price (see Keys & Codes, Page 13). LCS: The Local Commercial Share is the average share for the prior 12-month period (be- Year Started: The year the station first went on the air. ginning the previous Fall through the subsequent Summer ratings period) adjusted for lost Date Acq’d: The date (Year Month) the station was acquired by the most recent or proposed listening to out-of-market and non-commercial stations. This is calculated by dividing the purchaser. 12+ share by the total commercial station shares in the market. 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 12 page 13) NOTE: Because the actual sales price of a station or group may vary from the Total Line Reporting reported price, caution should be exercised with respect to the use of these data. We have Footnote 2/ lists call letters of parent simulcast station. Footnote 3/ indicates share is for all attempted to include the most recent ownership transfer activity from 1981 to the weekday 100% simulcast stations. 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.

NOTE: SEE COPYRIGHTS FOR SPECIAL NOTE ON PUERTO RICO MARKET

Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 11 Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] 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 at the indicated power or height for testing purposes. Codes for Sales Price HAAT Height Above Average Terrain for the transmitter antenna ac Combo sale in adjacent market HD2 Second multicast signal for Digital Radio station. If subsequent al Station sold for assumption of liabilities signals will be HD3, HD4, etc. cp Sale of construction permit for unbuilt station. HH Households c# AM/FM combo sale. The combo price is listed with the FM station. LCS Local Commercial (Audience) Share - Adjusts for lost listening to The number following the “c” identiﬁes the AM/FM combo involved. non-commercial and out-of-market stations. Calculated by dividing The AM and FM station will have the same number following the the station share by the sum of shares of all commercial stations in “c”. the market over four periods (i.e., previous Fall through subsequent Summer ratings period). d# Duopoly sale of two or more stations in the same service, either two FM’s or two AM’s. LMA Local Marketing Agreement d Distress sale MSA Metro Survey Area dn Donation Power Ratio Comparison of revenue share to audience share. Calculated by dividing the station revenue by market revenue; then dividing the e Estimated sales price result by the local commercial share (LCS). g Group sale. If a combo is involved, a number following the “g” will PPM Portable People Meters - electronic listening share data collection de- indicate the combo in that market. The AM and FM station will have vice. the same number following the “g”. 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 sw Station swap The letter codes under the “C” heading indicate a combo or duopoly. All AM and + Plus additional considerations, (e.g., assumption of debt) FM stations with the same owner will have the same letter code.

Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] 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 classiﬁes these formats are listed in the following table: Abbreviation Short Abbrev. Full Format Name Major Format Category Abbreviation Short Abbrev. Full Format Name Major Format Category 70&80 7&8 70s & 80s Oldies CCtmp CCt Christian Contemporary Religion 70Hts 7Ht 70s Hits Oldies Xmas Xms Christmas Seasonal 70sOd 70s 70s Oldies Oldies ClHts CHt Classic Hits Oldies 80&90 8&9 80s & 90s Oldies CsMOR CMR Classic MOR Middle of the Road 80Hts 8Ht 80s Hits Oldies ClRck CRk Classic Rock Album Oriented Rock/Classic Rock 90&20 9&2 90s & 2000s Oldies Clscl Cls Classical Classical AAA AAA AAA Rock Comdy Cdy Comedy Miscellaneous AC AC AC Adult Contemporary Cntry Cty Country Country AOR AOR AOR Album Oriented Rock/Classic Rock Creol Crl Creole Ethnic AdCHR ACH Adult CHR Contemporary Hit Radio/Top 40 Cmbia Cmb Cumbia Spanish AdHts AHt Adult Hits Adult Contemporary DARK DRK DARK Dark - Not on air AdRck ARk Adult Rock Rock Dance Dnc Dance Contemporary Hit Radio/Top 40 AdStd ASt Adult Standards Nostalgia/Big Band DncOl DnO Dance Oldies Oldies Altve Alt Alternative Rock Divrs Dvs Diverse Miscellaneous Amerc Amr Americana Country Easy Esy Easy Easy Listening/Beautiful Music Asian Asn Asian Ethnic Ecltc Ecl Eclectic Miscellaneous Beach Bch Beach Oldies Educa Edu Educational Public/Educational BtfMs Btf Beautiful Music Easy Listening/Beautiful Music Elect Etr Electronica Rock BgBnd BBd Big Band Nostalgia/Big Band Ethnc Eth Ethnic Ethnic Blgrs Bgs Bluegrass Country Famly Fmy Family Hits Miscellaneous Blues Blu Blues Urban Folk Flk Folk Miscellaneous Bob Bob Bob Adult Contemporary Frnch Fch French French BrtAC BtA Bright AC Adult Contemporary FuSvc FSv Full Service Middle of the Road BusNw BNw Business News News Gospl Gsp Gospel Religion CHR CHR CHR Contemporary Hit Radio/Top 40 Greek Grk Greek Ethnic NOA NOA CP- Not On Air CP - Not On Air Grupr Grp Grupero Spanish Cajun Cjn Cajun Ethnic Hwain Hwn Hawaiian Ethnic Chrly Chy Charlie Adult Contemporary HpHop HHp Hip Hop Urban Kids Kds Children Miscellaneous HotAC HtA Hot AC Adult Contemporary Chrst Cst Christian Religion Hurbn Hur Hurban Spanish Investing In Radio ® 2021. Copyright © BIA Advisory Services, LLC. Unauthorized distribution prohibited. For permission: 703-818-2425 or [email protected] Page 14 Abbreviation Short Abbrev. Full Format Name Major Format Category Abbreviation Short Abbrev. Full Format Name Major Format Category Info Inf Information Miscellaneous R&BOd R&B R&B Oldies Urban Inspr Inp Inspiration Religion Rncha Rch Ranchera Spanish Intnl Int International Ethnic Regga Rga Reggae Miscellaneous Jack Jck Jack Adult Contemporary Regat Reg Reggaeton Spanish Japns Jap Japanese Ethnic Relgn Rlg Religion Religion Jazz Jaz Jazz Jazz/New Age RlgMs RMs Religious Music Religion Korea Krn Korean Ethnic RhyBl R&B Rhythm & Blues Urban Latno Lto Latino Spanish Rhymc Rym Rhythmic Contemporary Hit Radio/Top 40 Lt AC LtA Lite AC Adult Contemporary Rock Rck Rock Rock LtRck LRk Lite Rock Adult Contemporary Rk&Rl R&R Rock & Roll Rock MOR MOR MOR Middle of the Road RckAC RAC Rock AC Rock Mexcn Mex Mexican Spanish Rmntc Rmn Romantic Spanish MixAC Mix Mix AC Adult Contemporary SAsan SAn South Asian Ethnic ModAC MdA Modern AC Adult Contemporary Sam Sam Sam Adult Contemporary MdRck MRk Modern Rock Rock SmJaz SJz Smooth Jazz Jazz/New Age Motvl Mvl Motivational Talk SftAC SAC Soft AC Adult Contemporary NAC NAC NAC Jazz/New Age SfHts SHt Soft Hits Adult Contemporary NatAm NtA Native American Ethnic SftRk SRk Soft Rock Adult Contemporary NPR NPR NPR Public/Educational SGspl SGp Southern Gospel Religion Nvajo Nvj Navajo Ethnic Span Spn Spanish Spanish NwAge NAg New Age Jazz/New Age SpnAC SpA Spanish AC Spanish NwRck NRk New Rock Rock SpNws SpN Spanish News Spanish News Nws News News Sprts Spt Sports Sports Nrtno Nrt Norteno Spanish Talk Tlk Talk Talk Nstlg Nst Nostalgia Nostalgia/Big Band Tejno Tej Tejano Spanish Oldes Old Oldies Oldies Top40 T40 Top 40 Contemporary Hit Radio/Top 40 Polsh Pol Polish Ethnic Trpcl Trp Tropical Spanish Polka Pka Polka Miscellaneous Urban Urb Urban Urban Pop Pop Pop Contemporary Hit Radio/Top 40 UrbAC UAC Urban AC Urban Portg Ptg Portuguese Ethnic UrCHR UCH Urban CHR Urban Pride Prd Pride Contemporary Hit Radio/Top 40 UrCtp UrC Urban Contemporary Urban Prgsv Pgv Progressive Rock Varty Var Variety Miscellaneous Publc Pub Public Public/Educational VarHt VHt Variety Hits Miscellaneous PubSv PbS Public Service News

Radio Trends Covered:

� Top Ten Markets – Revenues per Retail Sales – 2020

� Top Ten Markets – Revenues per Population – 2020

� Top Ten Markets – Revenues per Station – 2020

� Top Ten Radio Station Deals: May – July 2021

� Number and $ Value of Radio Stations Sold: May – July 2020 & 2021

� Radio Stations Sold by Market Size Ranges: May – July 2020 & 2021

� #1 Markets Ranked by Revenues � #1 Market Ranked by Revenues per Retail Sales: per Population � Denver-Boulder, CO Large Markets � Denver-Boulder, CO Large Markets � Fresno, CA Medium Markets � Madison, WI Medium Markets � Fargo-Moorhead, ND-MN Small Markets � Fargo-Moorhead, ND-MN Small Markets � #1 Market Ranked by Revenues per � Total Value of Radio Stations Sold: Station $55 Million � Los Angeles, CA Large Markets � Austin, TX Medium Markets � Total Number of Radio Stations � Trenton, NJ Small Markets Sold: 149

Large Markets (1-25) Medium Markets (26-100) Small Markets (101+)

Rev. Per Rev. Per Rev. Per Rank Market Rank Market Rank Market RS RS RS

1 19 Denver-Boulder, CO $0.24 66 Fresno, CA $0.28 192 Fargo-Moorhead, ND-MN $0.34

2 8 Washington, DC $0.23 42 Milwaukee-Racine, WI $0.25 244 Sioux City, IA $0.34

3 10 Boston, MA $0.23 27 Sacramento, CA $0.24 252 Jackson, TN $0.34

4 3 Chicago, IL $0.21 62 Tucson, AZ $0.22 239 Harrisonburg, VA $0.32

5 16 San Diego, CA $0.21 35 Cleveland, OH $0.21 224 Eau Claire, WI $0.31

6 14 Detroit, MI $0.19 92 Madison, WI $0.21 181 South Bend, IN $0.31

7 9 Philadelphia, PA $0.19 37 Raleigh-Durham, NC $0.21 166 Poughkeepsie, NY $0.30

8 13 Phoenix, AZ $0.19 64 Tulsa, OK $0.21 200 Cedar Rapids, IA $0.29

9 7 Atlanta, GA $0.19 89 Chattanooga, TN $0.20 233 Monroe, LA $0.28

10 23 Baltimore, MD $0.19 59 Buffalo-Niagara Falls, NY $0.20 186 Green Bay, WI $0.26

Large Markets (1-25) Medium Markets (26-100) Small Markets (101+)

Rev. Per Rev. Per Rev. Per Rank Market Rank Market Rank Market Pop. Pop. Pop.

1 19 Denver-Boulder, CO $38.96 92 Madison, WI $37.90 192 Fargo-Moorhead, ND-MN $71.48

2 10 Boston, MA $38.55 42 Milwaukee-Racine, WI $36.12 252 Jackson, TN $61.31

3 8 Washington, DC $35.34 29 Orlando, FL $35.88 241 Bismarck, ND $56.69 Miami-Ft. Lauderdale- 11 $34.14 75 Omaha-Council Bluffs, NE-IA $35.69 200 Cedar Rapids, IA $56.60 4 Hollywood, FL

5 3 Chicago, IL $33.93 95 Portland, ME $33.76 244 Sioux City, IA $53.31

6 9 Philadelphia, PA $31.93 27 Sacramento, CA $32.03 224 Eau Claire, WI $51.87 Hartford-New Britain- 2 Los Angeles, CA $31.18 53 $32.01 239 Harrisonburg, VA $51.28 7 Middletown, CT 8 16 San Diego, CA $30.91 35 Cleveland, OH $31.90 179 Sioux Falls, SD $49.55

9 13 Phoenix, AZ $30.75 72 Knoxville, TN $31.67 253 Grand Forks, ND-MN $47.67

10 25 San Antonio, TX $30.56 64 Tulsa, OK $31.66 176 Anchorage, AK $45.95

Large Markets (1-25) Medium Markets (26-100) Small Markets (101+)

Rev. Per Rev. Per Rev. Per Rank Market Stat. Rank Market Stat. Rank Market Stat. (000s) (000s) (000s) 1 2 Los Angeles, CA $6,101 32 Austin, TX $2,375 152 Trenton, NJ $2,300 2 1 New York, NY $4,749 35 Cleveland, OH $2,336 125 New Haven, CT $1,500 3 3 Chicago, IL $4,335 29 Orlando, FL $2,258 195 Manchester, NH $1,067 4 9 Philadelphia, PA $4,234 27 Sacramento, CA $2,053 236 Sussex, NJ $1,033 5 8 Washington, DC $3,805 42 Milwaukee-Racine, WI $2,028 192 Fargo-Moorhead, ND-MN $1,017

6 6 Houston-Galveston, TX $3,626 33 Cincinnati, OH $1,997 136 Reading, PA $967 Miami-Ft. Lauderdale- 11 $3,322 34 Kansas City, MO-KS $1,803 108 Toledo, OH $963 7 Hollywood, FL 8 19 Denver-Boulder, CO $3,213 90 Akron, OH $1,800 126 Morristown, NJ $950 9 10 Boston, MA $3,115 36 Columbus, OH $1,765 162 Lincoln, NE $918 Hartford-New Britain- 5 Dallas-Ft. Worth, TX $3,038 53 $1,757 120 Worcester, MA $882 10 Middletown, CT

Month # of Stations Price (000s) Buyer Seller Acquired

July 6 $18,058 Lotus Comm Corp Sinclair Bcst Group

May 1 $3,000 Your Public Radio Towson University June 2 $2,500 Educational Media Martz Comm Group June 2 $2,200 Draper Communication Adams Radio Group May 2 $1,800 Centro Cristiano Gomez, Nelson F. July 1 $1,725 Educational Media Hall Communications July 3 $1,400 Bakken Beacon Media Lamke Broadcasting May 1 $1,300 Radio Train Network Horizon Broadcasting May 1 $1,225 Christian Heritage Educational Media July 1 $1,150 De La Hunt Media Incv CJ Bcstg

2020– 2021: -11.3% 2020 70 2021 62 59 60 56 53 50 47 40 40

0 May June July

2019– 2020: +139.1% 2020 $35 2021 30 $30

$25

$20

Millions $15 14 11 10 $10 9

$5 4

$0 May June July

2020 2021

80 77 76

40 29 30 23 20 19 20 17 12 12 8 9 10 6 7 2 0 1-10 11-25 26-50 51-100 101-200 201+ Unranked

Investing In Radio®, 4th Edition Radio Industry Trends to be Covered:

� Radio Station Revenue Growth Rate 2015 – 2025

� Radio Station Revenues 2015 – 2025

� Top Ten Groups Acquiring Stations: January – October 2021

� Number and Dollar Value of Radio Stations Sold by Region: January – October 2021

� Top Ten Radio Station Deals: August – October 2021

� Number and Dollar Value of Radio Stations Sold: August – October 2020 & 2021

� Radio Stations Sold by Market Size Ranges: August – October 2020 & 2021