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Capstar Broadcasting is the largest radio broadcaster in the United States operating primarily in mid-sized markets based on number of stations and, on a pro forma basis after giving effect to the Completed Transactions, the SFX Transactions and the Pending Acquisitions, based on 1997 revenue. Since its first acquisition in October 1996, the Company has assembled, on a pro forma basis after giving effect to the SFX Transactions, a nationwide portfolio of 299 owned and operated or programmed stations in 75 mid-sized markets.

Capstar Broadcasting Corporation

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