In recent months, a sector that I have devoted a large amount of time to examining has been Radio Broadcasting. The sector itself is small, fragmented and has been largely ignored by the general investing public over the past several years. As a result of this neglect, many companies operating in this area are trading at attractive valuations, generating substantial free cash flow and, after rehabilitating their balance sheets during the aftermath of the financial crisis, are beginning to pay healthy dividends.
While many investors are quick to write the terrestrial radio sector off as being antiquated and unfashionable, I believe that there is significant opportunity to be had. These companies have survived the "stress test" of the...
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