Regent Communications, Inc. (Regent) a radio broadcasting company focused on acquiring, developing and operating radio stations in mid-sized markets. The Company owns 49 frequency modulation (FM) and 13 amplitude modulation (AM) radio stations in 13 markets in Colorado, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, New York and Texas. The Company’s revenue is generated from the sale of local, regional and national advertising for broadcast on its radio stations. During the year ended December 31, 2008, approximately 86% of the Company’s net broadcast revenue was generated from the sale of locally driven advertising. Additional broadcast revenue is generated from the sale of national advertising, network compensation payments and other miscellaneous transactions, including its Interactive initiative, which focuses on generating advertising revenues via the Internet. The major categories of its advertisers include automotive, retail, telecommunications and entertainment.