The Group's principal activities are acquiring, operating and developing radio stations in mid-size radio markets in the United States and Eastern Caribbean. It also provides sales and marketing services under local marketing, management and consulting agreements. Revenue is derived primarily from the sale of commercial airtime to local and national advertisers. As of December 31, 2008, it owned and operated 315 radio stations in 59 mid-sized United States media markets and operated 32 radio stations in nine markets, including San Francisco, Dallas, Houston and Atlanta. Under a Local Marketing Agreement (LMA), it provides sales and marketing services for one radio station in the U.S. in exchange for a management or consulting fee.
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