Cumulus Media Inc. owns and operates FM and AM radio station clusters serving mid-size markets throughout the United States. They are the second largest radio broadcasting company in the United States based on the number of stations owned or operated. According to Arbitron’s Market Report and data published by Miller Kaplan, they have assembled market-leading groups or clusters of radio stations that rank first or second in terms of revenue share or audience share in substantially all of our markets. As of March 31, 2004, they owned and operated 306 radio stations in 61 mid-sized U.S. media markets. In addition, they own and operate a multi-market network of five radio stations in the English-speaking Caribbean.