Live Events Our primary source of Live Events net revenue is ticket sales. Stable, Locally Significant Institutions. Stable and Engaged Audience Base. Deepen Relationships with Advertisers to Increase Share of Advertising Spend. Competition The local media industry is very competitive. Political spending is typically highest during the fourth quarter. We employ individuals in a large variety of roles. License Renewal Radio broadcast licenses are generally renewed for terms of eight years. Licenses are renewed by filing an application with the FCC. We have been the subject of several EEO audits. Joint Sales Agreements From time to time, radio stations enter into JSAs. Our digital businesses are dependent on technology and technical and sales talent. In addition, the emergence of one or more new PROs could increase the royalties we pay. Our substantial indebtedness could have an adverse impact on us. There are inherent risks involved with producing live events. We cannot guarantee that this historical growth will continue. Most of our contracts with subscribers are terminable upon short or no notice.