EXHIBIT 99.3


                      SUBSTANTIAL ORGANIC GROWTH POTENTIAL

<TABLE>
<CAPTION>
                                NUMBER OF               TYPICAL
CATEGORY                        STATIONS              BCF MARGINS
- --------                        --------              -----------
<S>                             <C>                   <C>
MATURE                            16                      50%+

DEVELOPED WITH UPSIDE             23                   30% TO 49%

UNDERDEVELOPED                    23                    0% TO 29%

STICK                             17                    NEGATIVE
</TABLE>

- -       A Q1 BCF MARGIN IMPROVEMENT FROM 34% TO 45% WOULD RESULT IN
        APPROXIMATELY $13 MILLION OF ANNUALIZED INCREMENTAL BCF

- -       FOCUS ON IMPROVING SAME STATION REVENUE AND BCF AND ACHIEVING ABOVE
        INDUSTRY AVERAGE CASH FLOW GROWTH

- -       FOCUS ON IMPROVING PERFORMANCE OF RECENTLY ACQUIRED RADIO STATIONS

- -       STICK AND UNDERDEVELOPED RADIO STATIONS REPRESENT SIGNIFICANT ASSET
        VALUE NOT YET REFLECTED IN CASH FLOWS