We hear a lot of about the impending economic recession, but that does not imply an ad recession. In the last 20 economic downturns, only in one year has there been a decline, and that was 1.3 percent. So the doomsayers might be wrong again if we do have a downturn.

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We are quite pleased with our results for the quarter and continue to believe that we have a powerful operating platform that can generate strong growth well into the future.

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This transaction allows Clear Channel, through SFX, to gain immediate leadership in the highly attractive live entertainment segment, while taking advantage of the natural relationship between radio and live music events.

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