Analysts: Terrestrial Radio Getting More Internet Listening

According to the latest report by JP MORGAN analysts JOHN BLACKLEDGE and AARON CHEW, terrestrial radio operators experienced a 5% sequential increase in unique visitors to their websites in AUGUST 2006, while Internet-only radio operators were down 3.5%. In fact, terrestrial radio operators' share of unique visitors to Internet radio in AUGUST 2006 was 32% -- up from 18% in JULY 2005 and 30% in JULY 2006.

"We believe terrestrial radio operators will continue to invest in online initiatives, which over time could supplement expected audience declines from their traditional radio audience," say the analysts, who also note that unique visitors to CLEAR CHANNEL and CBS RADIO websites rose 10% and 3%, respectively, between JULY and AUGUST 2006. The analysts say both companies captured almost 19% of unique visitors on Internet radio in AUGUST 2006.

We believe terrestrial radio operators will continue to invest in online initiatives

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