WHATS A STATION WORTH - MODELS FOR DETERMINING RADIO-STATION VALUE

I use data on a census of radio station transfers from a 30-month period starting in 1988 to derive models for predicting and explaining radio station sales prices. I use readily available proxies for audience size and revenues to develop models explaining roughly 30% to 40% of the variation in listed sales prices. These models can be used as the basis for further studies of radio economics and the impact of policy changes, such as the increase in ownership limits in radio.