ABSTRACT
There is little doubt that radio is a significant player in the media landscape and a vital ingredient in the daily media menu of most individuals. There are more than 12,500 radio stations in the United States (FCC, 1999).1 Up to 80% of adults listen to one or more of those stations each day, compared to 73% who watch television daily (Merli, 1998), and cumulatively, radio reaches 95% of all Americans every week (Bunzel, 1999). Advertisers are expected to spend more than $16 billion on radio time in 1999 (Ditingo, 1999). In the face of such audience and revenue projections, the value of station properties continues to rise.
