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<SEC-DOCUMENT>0001104659-08-059582.txt : 20081110
<SEC-HEADER>0001104659-08-059582.hdr.sgml : 20081110
<ACCEPTANCE-DATETIME>20080919110936
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-08-059582
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENTERCOM COMMUNICATIONS CORP
		CENTRAL INDEX KEY:			0001067837
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				231701044
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		401 CITY AVENUE
		STREET 2:		SUITE 809
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		610-660-5610

	MAIL ADDRESS:	
		STREET 1:		401 CITY AVENUE
		STREET 2:		SUITE 809
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;19,
2008</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Larry Spirgel</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Director</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of
Corporation Finance</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities
and Exchange Commission</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450 Fifth Street,
N.W.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC
20549</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;width:86.42%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Entercom
  Communications Corp.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K
  for the fiscal year ended December&nbsp;31, 2007</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed
  February&nbsp;22, 2008</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-Q
  for the quarter ended June&nbsp;30, 2008</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed
  August&nbsp;6, 2008</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File
  No.&nbsp;1-14461</font></b></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Spirgel:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter sets
forth Entercom Communications Corp.&#146;s responses to the staff&#146;s comments in its
letter of August&nbsp;26, 2008.&#160; For your
convenience, each comment is set out immediately preceding the corresponding
response.&#160; Please note that where the
context requires, the term &#147;Company&#148; means Entercom Communications Corp. and
its consolidated subsidiaries.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-Q
for the quarter ended June&nbsp;30, 2008</font></u></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment 1</font></b>.<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Note
3 Intangible assets and goodwill, page&nbsp;14</u></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadcasting licenses</font></u></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It is
unclear to us why you refer to &#147;reporting unit&#148; in connection with the
impairment test of your broadcasting licenses. &#160;Further you disclosed that &#147;in connection with
the company&#146;s annual review of its goodwill during the second quarter of 2008
&#133;the company determined that the fair value of several of its markets
broadcasting licenses was impaired under the second step of its goodwill analysis.&#148;
&#160;It appears to us that you combined
licenses and goodwill when you performed the impairment test. &#160;For your guidance, the unit of accounting can
only include indefinite-lived intangibles &#150; these assets can&#146;t be combined with
goodwill or with a finite-lived asset. &#160;In this regard, please provide us with the
following information:</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;text-indent:1.0in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
unit of accounting used to perform the impairment test on the broadcasting
licenses and how you determined the unit of accounting for impairment purposes
under paragraph 17 of SFAS 142.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;text-indent:1.0in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Describe
in more detail how you performed the impairment test for your broadcasting
licenses.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;text-indent:1.0in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Describe
in more detail how you performed the goodwill impairment test.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response
to Comment 1:</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By way of
preface, the Company notes that staff&#146;s comments focus on three distinct areas:
(i)&nbsp;Unit of Accounting for Intangible Assets Not Subject to Amortization
vs. a Reporting Unit; (ii)&nbsp;Testing of Broadcast Licenses for Impairment;
and (iii)&nbsp;Testing of Goodwill for Impairment.&#160; In addition, the three bullet points at the
end of the staff&#146;s comment focus on, and delineate, the same three areas.&#160; Accordingly the Company&#146;s response will
address these areas, in such order, as follows:</font></i></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">(i)</font></i></b><b><i><font size="1" style="font-size:8.5pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Unit
of Accounting for Intangible Assets Not Subject to Amortization</u></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The staff&#146;s
comments state: &#147;It is unclear to us why you refer to &#145;reporting unit&#146; in
connection with the impairment test of your broadcasting licenses.&#148;&#160; As indicated in the following analysis, the
Company determined that: (1)&nbsp;the Company&#146;s broadcast licenses in a market are
a <b><i style="font-weight:bold;">unit of accounting</i></b>; and (2)&nbsp;that
the <b><i style="font-weight:bold;">unit of accounting</i></b> does not include
goodwill or finite-lived intangible assets.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with
paragraph 17 of SFAS 142, the Company performs annually, at a minimum, an impairment
test for intangible assets not subject to amortization. For purposes of
performing the impairment test, the Company has applied the guidance in EITF
02-07, as discussed below, and accordingly, the Company combines the various
broadcasting licenses in a market into a <b><i style="font-weight:bold;">unit of accounting</i></b>.&#160; This impairment test, conducted in the first
quarter of each year, consists of a comparison of the fair value of the unit of
accounting with its carrying amount on a market basis using a discounted cash
model.&#160; [The impairment test is explained
in detail in section <i>(ii)&nbsp;<u>Impairment
Testing of Broadcasting Licenses</u></i><u> of this letter.]</u></font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the staff&#146;s August&nbsp;26,
2008 comment letter, the staff asks &#147;how you determined the unit of accounting
for impairment purposes under paragraph 17 of SFAS 142.&#148;&#160; Paragraph 17 of SFAS 142 is interpreted by
EITF Issue No.&nbsp;02-07.&#160; To this end,
the Company based its determination on the indicators set forth in EITF 02-07
and considered in its evaluation: (1)&nbsp;that the broadcasting licenses [i.e.,
intangible assets] are used together [i.e., in a market] to enhance the Company&#146;s
overall license position;&#160; (2)&nbsp;that the
broadcasting licenses as a group represent the highest and best use of the
assets; and (3)&nbsp;that the marketing and branding strategy of the Company
provides evidence that the intangible assets are complementary, as that term is
used in </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">paragraph A16 of
SFAS 141.&#160; The Company considered how the
markets and stations are managed, the manner in which the Company promotes and
sells its advertising inventory, and the fact that the licenses, which are all operated
under common facilities and common staff [i.e., in a market], are used together
to enhance the results of operations and cash flows.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After considering
the various factors in EITF 02-07, the Company determined the following items
were most relevant in reaching its conclusion.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cash
flows are not specific by license as the licenses are used together and share
common physical locations, administrative functions, resources and formats that
can be reallocated among the various licenses in a market.&#160; Additionally, licenses in a market are all
managed by the same general and sales managers and share the same general and
administrative functions and facilities.&#160;
Accordingly, the licenses [collectively] are a unit of accounting within
a market.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
individual licenses were all acquired and operated to enhance the value of the
primary asset of the Company&#146;s overall license position in the market.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
sale of the licenses and other assets as a group represents the highest and
best use of the assets as the Company believes it would yield a higher sales
price as a group compared to selling the licenses and other assets of
individual stations. The licenses are used together to enhance the cash flows
of the market. Revenues are allocated by management based upon licensee
inventory levels. &#160;In fact, the sales of
radio stations and licenses by public companies and nonpublic radio groups have
predominantly been market level transactions [a cluster of radio stations in a
market with common ownership] and not individual licenses of stations.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A
sale of individual licenses in a market may result in lower fair value to the
remaining licenses in that market and other assets and, therefore, the Company
believes it is more likely it would sell or attempt to sell as a group [i.e., a
cluster] of stations or licenses.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, in
accordance with the guidance in EITF 02-07, the Company has concluded that combining
various broadcasting licenses in a market into a <b><i style="font-weight:bold;">unit
of accounting</i></b> for impairment testing is appropriate.&#160; The Company&#146;s broadcasting licenses are the
only items included in the unit of accounting.&#160;
The Company affirms that there are no goodwill or finite-lived
intangible assets included in the unit of accounting.&#160; In accordance with paragraph 17, footnote 12
of SFAS 142, the Company estimates the fair value of the <b><i style="font-weight:bold;">unit
of accounting</i></b> [broadcasting licenses] using the guidance in
paragraphs 23-25 [except the guidance specific to estimating the fair value of
a <b>reporting unit</b>].&#160; The Company&#146;s impairment test for the
broadcasting licenses consists of a <b>comparison of the <u>fair
value of the unit of accounting with its carrying amount</u></b><u>  </u>in
accordance with paragraph 17 of SFAS 142.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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</div>
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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reporting
Unit for Goodwill Impairment Tests:</font></u></i>&#160; By contrast to a unit of accounting, the
Company notes that a reporting unit is an operating segment or one level below
an operating segment [referred to as a component].&#160; A component of an operating segment is a
reporting unit if the component constitutes a business for which discrete
financial information is available and segment management regularly reviews the
operating results of that component.(1)&nbsp; The Company has determined that a
<b><i style="font-weight:bold;">radio market, </i></b>is a <b><i style="font-weight:bold;">reporting unit</i></b>.&#160; For the first step of the goodwill impairment
test, the Company <b><u style="font-weight:bold;">compares the fair value of
each reporting unit [radio market] with its carrying amount, including
goodwill.</u></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">(ii)</font></u></i></b><b><i><u><font size="1" style="font-size:8.5pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Impairment
Testing of Broadcasting Licenses</u></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to
broadcast licenses [considered to be a unit of accounting, pursuant to paragraph
17 of SFAS No.&nbsp;142 and EITF 02-07], the Company tests broadcasting
licenses on an annual basis or more frequently if events or circumstances
change or circumstances indicate that the unit of accounting might be impaired.
&#160;The Company performs its annual
impairment test of assets not subject to amortization [broadcasting licenses] in
the first quarter of each year by comparison of the fair value of the
intangible assets&#146; <b><i style="font-weight:bold;">unit of accounting</i></b> with its
carrying amount.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
determines the fair value of the broadcasting licenses by considering multiple
data points, including but not limited to industry analyst reports, valuation
reports and management knowledge of the markets. The methodology used in
determining the fair value relies primarily on an Income Approach, using discounted
cash flows, assuming a start-up scenario in which the only assets held by an
investor are the broadcasting licenses. On an overall basis, the assumptions
used in the discounted cash flow models reflect average historical station
performance, industry standards, and trends in the respective markets.&#160; More specifically, the fair value assumptions
incorporate variables that are based on past experiences and judgments about
future performance using industry normalized information for average stations
within a market. &#160;These variables
include, but are not limited to: (1)&nbsp;the forecast growth rate of each
radio market, including population, household income, retail sales and other
expenditures that would influence advertising expenditures; (2)&nbsp;market
share and profit margin of average stations within a market; (3)&nbsp;estimated
capital start-up costs and losses incurred during the early years; (4)&nbsp;risk-adjusted
discount rate; (5)&nbsp;the likely media competition within the market area;
and (6)&nbsp;terminal values.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the first
quarter of 2008, the Company completed the impairment test for intangible assets
not subject to amortization [broadcasting licenses] and determined that the
fair value of the broadcasting licenses was equal to or greater than the amount
reflected in the balance sheet. </font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;Paragraph 30 of Financial Accounting Standards Board,
Statement of Financial Accounting Standards, No.&nbsp;142:&#160; Goodwill and Other Intangible Assets,
Norwalk, CT, June&nbsp;2001.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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</div>
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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon the
results of the impairment test for intangible assets not subject to
amortization, the Company concluded that there was no impairment for the <b><i style="font-weight:bold;">unit of accounting</i></b>.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the second
quarter of 2008, the Company also reviewed the triggers or indicators under
paragraph 8 of SFAS No.&nbsp;144 as required by paragraph 17 of SFAS No.&nbsp;142,
for the recognition and measurement of an impairment loss for the assets not
subject to amortization [broadcasting licenses]. As a result of this review,
the Company determined that there were no triggering events or indicators in
the second quarter of 2008 for the Company&#146;s assets not subject to
amortization.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">(iii)</font></u></i></b><b><i><u><font size="1" style="font-size:8.5pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Impairment
Testing of Goodwill</u></i></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to accounting
for goodwill, the goodwill reported on the Company&#146;s balance sheet is tested
for impairment at the <b><i style="font-weight:bold;">reporting unit</i></b>
level [defined as &#145;radio market&#146; by the Company]. The Company performs its
annual impairment test in the second quarter of each year. &#160;The process the Company uses in its annual
impairment testing of goodwill includes the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The
first step of the goodwill impairment test, used to identify potential
impairment, compares the fair value of the reporting unit [i.e., radio market]
with its carrying amount, including goodwill. &#160;If the fair value of the reporting unit
exceeds its carrying amount, goodwill of the reporting unit is considered not
impaired. Thus the second step of the impairment test is unnecessary.&#160; If the carrying amount of the reporting unit
exceeds its fair value, the second step of the goodwill impairment test would
be performed to measure the amount of impairment, if any.(2)</p>

<p align="left" style="margin:0in 0in .0001pt .75in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The
Company determines the fair value of each reporting unit using the Income
Approach, discounted cash flow analysis and the Market Approach, comparable
sales analysis.&#160; Major assumptions in the
Income Approach include, but are not limited to, projecting revenue, operating
margins, capital expenditures, and working capital based on an analysis of
historical performance, management estimates, and market data on the
broadcasting industry and related competition.&#160;
The discount rate is based upon the Weighted Average Cost of Capital
model for the broadcasting market and long-term growth is estimated based upon
market conditions and the anticipated performance of each radio market
[reporting unit].&#160; Accordingly, a market-derived
terminal growth for the reporting unit is capitalized.&#160; The Company uses the Market Approach,
comparable sales </p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;The Company performs the first step of the goodwill impairment
test in accordance with paragraphs 18 and 19 of Financial Accounting Standards
Board, Statement of Financial Accounting Standards, No.&nbsp;142:&#160; Goodwill and Other Intangible Assets,
Norwalk, CT, June&nbsp;2001.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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</div>
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<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">data, to corroborate the reasonableness of the fair
value estimated by the Income Approach.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The
second step of the goodwill impairment test, used to measure the amount of the impairment
loss (if any), compares the implied fair value of the reporting unit&#146;s goodwill
with the carrying amount of that goodwill.&#160;
If the carrying amount of the reporting unit&#146;s goodwill exceeds the
implied fair value of that goodwill, an impairment loss is recognized in an
amount equal to that excess, except that the loss recognized cannot exceed the
carrying amount of the goodwill.(3)</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The
implied fair value of goodwill is determined by the Company in the same manner
as the amount of goodwill recognized in a business combination is
determined.&#160; That is, the Company
allocates the fair value of its reporting unit [i.e., radio market] [including
any unrecognized intangible assts] as if the reporting unit had been acquired
in a business combination and the fair value of the reporting unit was the
price paid to acquire the reporting unit.&#160;
The excess of the fair value of the reporting unit over the amounts
assigned to its assets and liabilities is the implied fair value of goodwill.(4)</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the second
quarter of 2008, the Company performed <b><i style="font-weight:bold;">step one</i></b> of
its annual goodwill impairment test by comparing the fair value of each
reporting unit with its carrying amount including goodwill. &#160;As a result, the Company determined that the carrying
amount of four reporting units exceeded their individual fair values.&#160; The four reporting units were the Denver,
Greenville, Memphis and Indianapolis radio markets.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the
step one test described above, the Company undertook the <b><i style="font-weight:bold;">second
step</i></b> of the goodwill impairment test with respect to the four
reporting units in question (i.e., Denver, Greenville, Memphis and Indianapolis).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The staff
commented that &#147;It appears to us that you combined licenses and goodwill when
you performed the impairment test&#148;.&#160; The
Company asserts that this is not the case.&#160;
The Company performed its annual impairment test for broadcasting
licenses during the first quarter of 2008 consistent with paragraph 17 of SFAS No.&nbsp;142
[as noted above under the caption &#147;<i>Impairment Testing of
Broadcasting Licenses</i>&#148;] and found no impairment to its broadcasting
licenses. &#160;The impairment test for the
broadcasting licenses consists of a <b><u style="font-weight:bold;">comparison of the fair
value of the unit of accounting with its carrying amount</u></b> in
accordance with paragraph 17 of SFAS 142.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;The Company performs the second step of the
goodwill impairment test in accordance with paragraph 20 of Financial
Accounting Standards Board, Statement of Financial Accounting Standards, No.&nbsp;142:&#160; Goodwill and Other Intangible Assets,
Norwalk, CT, June&nbsp;2001, Ibid.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;Ibid.,
paragraph 21.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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</div>
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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the second
quarter of 2008, the Company performed <b><i style="font-weight:bold;">step one</i></b> of
its annual goodwill impairment test, and found that the carrying values,
including goodwill, of four reporting units exceeded the individual fair value
of each reporting unit.&#160; In contrast to
testing for the impairment of intangible assets not subject to amortization,
the first step of the goodwill impairment test <b><u style="font-weight:bold;">compares
the fair value of a reporting unit with its carrying amount, including
goodwill.</u>  </b>&#160;The Company
determined that the fair value of four reporting units, (i.e., Denver, Memphis,
Indianapolis, and Greenville) may be impaired.&#160;
Accordingly, the Company then prepared the <b>second step</b>
of the goodwill impairment test [in accordance with paragraph 19 of SFAS 142] by
allocating the fair value of each reporting unit [i.e., radio market]
[including any unrecognized intangible assts] as if the reporting unit had been
acquired in a business combination and the fair value of the reporting unit was
the price paid to acquire the reporting unit.(5)</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
followed the process described in paragraphs 36-46 of SFAS No.&nbsp;141: <i>Business Combinations</i> [commonly referred to as the purchase
price allocation] to perform the <b><i style="font-weight:bold;">second step</i></b>
of the goodwill impairment test. &#160;Accordingly, the Company estimated the value
of the reporting unit&#146;s assets and liabilities consistent with how the Company
prepares a purchase price allocation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During this
analysis, the Company estimated the fair value of its broadcasting licenses for
allocation and found that the carrying value of the broadcasting licenses in
these four markets exceeded their fair values.&#160;
The Company concluded that these assets (i.e., the broadcasting
licenses) were impaired and wrote them down to their estimated fair value. In
accordance with paragraph 29 of SFAS 142, the Company recognized the impairment
loss for the broadcasting licenses prior to concluding the goodwill impairment test
for each reporting unit in question. Contributing factors to the impairment
were a decline in the available advertising dollars in these four markets and
its effect on the Company&#146;s operations, coupled with changes in the anticipated
growth of the broadcasting industry and its impact on prices paid for radio
stations.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Conclusion</font></u></i></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
performed <b><i style="font-weight:bold;">step one</i></b> of its annual
impairment test of goodwill during the second quarter of 2008 and determined
that impairment <b><i style="font-weight:bold;">may</i></b> be implied in four
markets [Denver, Memphis, Indianapolis and Greenville].&#160; As a result, the Company performed the <b><i style="font-weight:bold;">second step</i></b> of its goodwill
impairment analysis for these four markets, and in estimating the fair value
allocation of the broadcasting licenses in these markets found that their
carrying value exceeded their fair value.&#160;
In accordance with paragraph 29 of SFAS 142, the Company recognized an
impairment loss for the broadcasting licenses in these markets prior to
goodwill being tested for impairment in each market.&#160; The Company recorded: (i)&nbsp;an FCC license
impairment charge of </font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;Note that: &#147;the relevant guidance in
paragraphs 35-38 of Statement 141 shall be used in determining how to allocate
the fair value of a reporting unit to the assets and liabilities of that
unit.&#148;, Ibid. paragraph 21.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$117.0 million in
an aggregate amount for four of its markets; and (ii)&nbsp;a goodwill
impairment charge of $67.6 million in an aggregate amount for two of those four
markets tested.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
proffers that the reference to <b><i style="font-weight:bold;">reporting unit</i></b>
rather than <b><i style="font-weight:bold;">unit of accounting</i></b> in the
context of testing its broadcasting licenses&nbsp;for impairment is not
material as the Company was correct in its execution of the process, but
incorrect in one of its references in a description of the process
employed.&#160; As suggested by the Staff in
its comment letter, the Company will address this comment in future filings and
will clearly reference <b><i style="font-weight:bold;">unit of accounting</i></b>
rather than <b><i style="font-weight:bold;">reporting unit</i></b> when
describing the process of testing broadcast licenses for impairment.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment
2.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Note 4
Acquisitions and unaudited pro forma summary, page&nbsp;16</u></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Please
refer to the exchange of radio stations with Bonneville in March&nbsp;2008. &#160;Based on your disclosures it appears that you
accounted for this transaction as a business combination as required by the
last sentence of paragraph 10 of SFAS 141; however, it is unclear why your
disclosure states that &#147;the fair value of the assets acquired in exchange for
the assets disposed was recorded for under SFAS 153, &#147;Exchange of Non-monetary
assets &#150; an amendment of APB 29&#148;.&nbsp; Please advise.</p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response
to Comment 2:</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As reported in the
Company&#146;s Form&nbsp;10Q for the quarter ended June&nbsp;30, 2008, on March&nbsp;14,
2008, the Company completed an exchange transaction with Bonneville
International Corporation (&#147;Bonneville&#148;) to exchange four of the Company&#146;s radio
stations in Cincinnati, Ohio, and three radio stations in Seattle, Washington,
for Bonneville&#146;s three radio stations in San Francisco, California, and $1.0
million in cash. &#160;No cash was paid by the
Company to complete this transaction.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The staff is
correct that the Company &#147;accounted for&#148; this transaction as a business
combination as required by the last sentence of paragraph 10 of SFAS No.&nbsp;141
(i.e., that &#147;An exchange of a business for a business also is a business
combination.&#148;).&#160; In addition, the Company
followed the guidance in paragraph 35 of SFAS No.&nbsp;141 which states, &#147;Following
the process described in paragraphs 36-46 (commonly referred to as the purchase
price allocation), an acquiring entity shall allocate the cost of an acquired
entity to the assets acquired and liabilities assumed based on their estimated
fair values at date of acquisition.&#160;
Prior to that allocation, the acquiring entity shall (a)&nbsp;review the
purchase consideration <u>if other than cash</u> to ensure that it has been
valued in accordance with the requirements in paragraphs 20 to 23 and (b)&nbsp;identify
all of the assets acquired and liabilities assumed, including intangible assets
that meet the recognition criteria in paragraph 39, regardless of whether they
had been recorded in the financial statements of the acquired entity.&#148; The
Company also reviewed the guidance in <i>SFAS No.&nbsp;153,
Exchanges of Nonmonetary Assets, an amendment of APB Opinion No.&nbsp;29</i>
to determine whether this pronouncement applied to the exchange of nonmonetary
assets in the Company&#146;s transaction.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company notes
that paragraph 2.b of <i>SFAS No.&nbsp;153,
Exchanges of Nonmonetary Assets an amendment of APB Opinion No.&nbsp;29,</i>
states that &#147;This Opinion does not apply to the following transactions: a. A
business combination accounted for by an enterprise according to the provisions
of FASB Statement No.&nbsp;141, Business Combinations.&#148; In making the statement
&#147;the fair value of the assets acquired in exchange for the assets disposed were
accounted for under SFAS No.&nbsp;153,&#148; the Company considered the guidance in
SFAS No.&nbsp;153 and acknowledges that the guidance in SFAS No.&nbsp;153
specifically exempts a business combination.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company
proffers that the reference to SFAS No.&nbsp;153 instead of SFAS No.&nbsp;141
is not material for the following reasons: (i)&nbsp;the Company did in fact
account for the exchange transaction under SFAS No.&nbsp;141; and (ii)&nbsp;the
Company did state in the Company&#146;s Form&nbsp;10K that the Company accounts for
business combinations under the provisions of SFAS No.&nbsp;141.&#160; As suggested by the Staff in its comment
letter, the Company will address this comment in future filings and will (a)&nbsp;clearly
articulate that the transaction in question (and future applicable transactions
prior to the adoption of SFAS No.&nbsp;141R) was accounted for as a business
combination<b>  </b>under SFAS No.&nbsp;141; and (b)&nbsp;exclude
any reference to SFAS No.&nbsp;153, &#147;Exchanges of Non-monetary Assets - an
Amendment of APB Opinion No.&nbsp;29.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen F.
  Fisher</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen F.
  Fisher</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive VP &#150;
  Operations and</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial
  Officer</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cc:</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eugene D. Levin,
  Chief Accounting Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John C.
  Donlevie, Executive Vice President and General Counsel</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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