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Consolidation among radio station groups and radio/outdoor groups provide one-time benefits in terms of improved operating efficiencies and increased effectiveness in selling advertising. That is, as radio becomes a more powerful competitor for advertising dollars and gains share, it will grow faster than the overall advertising market. Once radio reaches its peak efficiency, however, its advertising growth will moderate, since its share gains will have already been realized. This process, of course, is not instantaneous. It may take a year or two for acquired properties to be fully integrated before the benefits of consolidation can be achieved. Moreover, since consolidation has been ongoing, new properties are continually being absorbed into exising entities. The current wave of consolidation began in 1992, accelerated in 1996, and has continued since then. Consolidation in the large markets is virtually complete, but in medium-size and small markets, opportunities for consolidation remain.

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