Lowry Mays

Lowry Mays is the chairman and CEO of Clear Channel Communications, a Texas-based media company. After the Telecommunications Act of 1996 lifted national radio ownership caps, Clear Channel aggressively acquired radio stations nationwide to become America’s largest radio company. The following viewpoint is taken from testimony Mays provided for Congress in January 2003. Mays argues that the radio industry was in dire financial shape prior to 1996 and that deregulation has left the radio industry healthier than ever before, to the benefit of both radio listeners and station owners. He rejects arguments that the radio industry is too consolidated, asserting that Clear Channel owns less than 10 percent of radio stations nationwide.

As you read, consider the following questions:

1. What evidence does Mays provide to support his assertion that the radio industry is healthy?
2. How...