In the mid-1990s we acquired Jacor, a highly overleveraged, Cincinnati radio station company with a strong management team. The bad balance sheet had become an obstacle for the company in effectively executing business strategy. We provided capital and Jacor pursued a growth strategy within the federal regulation limits at the time. Then in 1996, Congress passed the Telecommunications Deregulation Act, which included a clause removing the cap on the number of stations a broadcast company could own. We immediately recognized the opportunity, and while the industry digested the Act, we seized a first-mover advantage to acquire radio stations across the country. We grew Jacor from 20 to 230 stations in just three years, and sold the company to Clear Channel in 1999.