Exhibit (c)(10)

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Cox Radio Business Description

Business Description (1)

• Cox Radio is one of the nation’s largest radio broadcasting companies and engages in the ownership, acquisition and operation of radio stations in the United States.

• Cox Radio owns, operates, or provides sales and other services to 80 stations in 18 markets, including 67 FM and 13 AM stations.

• Seventy five percent of profits from Top 50 markets, including Atlanta, Orlando, Houston and Tampa.

2007 Revenue Contribution (1)

Revenue Forecast (1)

EBITDA Forecast(1)

Notes

(I) Management provided information, 2007.

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Cox Radio Industry Overview

Radio Broadcasting Industry

Industry Description

The term “radio broadcasting” refers to the transmission of over-the-air sound waves from amplitude-modulated (AM) or frequency-modulated (FM) stations. Radio transmissions reach audiences in homes, cars, workplaces, and elsewhere. Radio reaches 96.0 percent of persons aged 12 years or older in an average week¹.

A typical listener tunes in for at least two hours each weekday, with about 41.7 percent of this listening occurring in a car or truck, 37.3 percent at home, and 21.0 percent at work or other places. During the weekends, listening in the car or truck jumps to 47.3 percent, home listening rises to 40.5 percent and listening at work or elsewhere falls to 12.2 percent¹.

Radio Station Revenues

Radio stations generate advertising revenues by providing programming, such as local news, talk, music, sports, weather, and traffic, serving the needs of their local communities. Programming may be produced in-house or acquired from syndicated networks, such as Westwood One Inc. and ABC Radio Network Inc. Local advertising sales typically account for about 80.0 percent of a station’s revenues, with the rest of revenues derived from national advertisers.

Broadcast Competition

Radio broadcasters generally compete for advertising dollars with a host of other in-home and out-of-home mass media outlets, including cable, newspapers, billboards, and the Internet. Increased competition has come in the form of advancements in newer digital outlets, such as the Internet, MP3 players, wireless applications, video games, and satellite radio.

Over the past few years satellite radio established itself as a viable platform. After winning FCC licenses in 1997, XM Satellite Radio Holdings Inc. launched (in November 2001) the nation’s first digital audio radio service (DARS), followed in July 2002 by Sirius Satellite Radio Inc. XM and Sirius have been adding customers rapidly, targeting a combined 17.6 million subscribers by the end of 2007. In February 2007, the two companies signed a definitive merger agreement. Subject to various approvals and conditions, the companies expect the merger to be consummated by the end of March 2008².

Industry Statistics & Expectations

• Radio continues to face challenges from the downturn in the economy to satellite radio. However, radio’s strongest growth potential may be the Internet. Revenue streams separate from traditional advertising, or “non-spot revenue” such as revenue from Internet advertising, grew 10 percent in the first three quarters of 2007¹.

• Network radio, which mainly composes nationally syndicated programs, also shows strong top-line growth potential. Although local advertising, (e.g., car delaers) is the main source of revenue, network revenue grew 5 percent in the first three quarters of 2007.

TOP 10 TERRESTRIAL RADIO GROUPS
(Ranked by 2005 revenues, in millions of dollars)

COMPANY	2006 REVENUES		NO. OF STATIONS		NO. OF MARKETS
1 Clear Channel Communications		3,535		1,171		191
2 CBS Radio		2,242		179		41
3 Entercom Communications		486		104		22
4 Cox Radio		483		78		19
5 Citadel/ABC		417		24		9
6 Citadel Communications		413		215		50
7 Radio One		389		70		22
8 Univision Communications		382		73		22
9 Cumulus Broadcasting		313		299		56
10 Emmis Communications		298		23		7

Source: BIA Financial Network.

Notes:

(1) The State of the News Media, 2008. http://www.stateofthenewsmedia.org/2008

(2) Churchwell, Damon. Value Line Publishing, Inc. XM Satellite Radio, Feb 15, 2008.

[VRC Logo] 3

Cox Radio Adjusted Operating Balance Sheet

AS OF DECEMBER 31, 2007
(THOUSANDS)

	AS OF DECEMBER 31
	2007		%			2006		%			2005		%			2004		%			2003		%
CURRENT ASSETS:
Cash & Investments (1)	$	0		0.0	%	$	0		0.0	%	$	0		0.0	%	$	0		0.0	%	$	0		0.0	%
Accounts Receivable		85,555		4.3	%		87,640		4.1	%		83,388		3.7	%		84,066		3.7	%		84,516		3.7	%
Other		5,650		0.3	%		5,254		0.2	%		6,026		0.3	%		14,271		0.6	%		13,478		0.6	%
Total		91,205		4.6	%		92,894		4.4	%		89,414		4.0	%		98,337		4.3	%		97,994		4.3	%
LONG TERM ASSETS:
Net Property and Equipment		72,528		3.6	%		74,334		3.5	%		74,025		3.3	%		74,322		3.3	%		78,333		3.4	%
Other		1,831,624		91.8	%		1,946,308		92.1	%		2,099,170		92.8	%		2,105,986		92.4	%		2,098,263		92.2	%
Total		1,904,152		95.4	%		2,020,642		95.6	%		2,173,195		96.0	%		2,180,308		95.7	%		2,176,596		95.7	%
TOTAL ASSETS:	$	1,995,357		100.0	%	$	2,113,536		100.0	%	$	2,262,609		100.0	%	$	2,278,645		100.0	%	$	2,274,590		100.0	%
CURRENT LIABILITIES
Accounts Payable	$	33,091		1.7	%	$	27,987		1.3	%		26,664		1.2	%	$	26,849		1.2	%	$	28,602		1.3	%
Other		6,484		0.3	%		9,431		0.4	%		25,081		1.1	%		17,928		0.8	%		26,996		1.2	%
Total		39,575		2.0	%		37,418		1.8	%		51,745		2.3	%		64,777		2.8	%		55,598		2.4	%
LONG TERM LIABILITIES:
Deferred Taxes		442,859		22.2	%		468,082		22.1	%		520,040		23.0	%		500,304		22.0	%		502,015		22.1	%
Long-Term Debt		320,000		16.0	%		380,000		18.0	%		404,988		17.9	%		454,877		20.0	%		534,744		23.5	%
Other		23,957		1.2	%		14,378		0.7	%		8,631		0,4	%		4,244		0.2	%		4,767		0.2	%
Total		786,816		39.4	%		862,460		40.8	%		933,659		41.3	%		959,425		42.1	%		1,041,526		45.8	%
EQUITY:
Common Stock		33,635		1.7	%		33,545		1.6	%		33,305		1.5	%		33,277		1.5	%		33,149		1.5	%
Retained Earnings (2)		492,705		24.7	%		626,508		29.6	%		649,716		28.7	%		587,627		25.8	%		519,664		22.8	%
Additional Paid-in Capital		642,626		32.2	%		553,605		26.2	%		594,184		26.3	%		633,539		27.8	%		624,653		27.5	%
Total		1,168,966		58.6	%		1,213,658		57.4	%		1,277,205		56.4	%		1,254,443		55.1	%		1,177,466		51.8	%
TOTAL LIABILITIES & EQUITY	$	1,995,357		100.0	%	$	2,113,536		100.0	%	$	2,262,609		100.0	%	$	2,278,645		100.0	%	$	2,274,590		100.0	%

Notes:

(1)	Adjusted for Nonoperational Assets — Cash.
(2)	Adjusted Retained Earnings for Nonoperational Asset Adjustments in Order to Balance Accounts.

[VRC Logo] 4

Cox Radio	Adjusted Income Statement Summary
(THOUSANDS)

	AS OF DECEMBER 31
	2007		%			2006			%			2005			%			2004			%			2003			%			2002			%
Net Sales	$	444,858		100.0	%	$	440,468			100.0	%	$	437,930			100.0	%	$	438,213			100.0	%	$	425,873			100.0	%	$	420,592			100.0	%
Adjustment		0		0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%
Adjusted Net Sales	$	444,858		100.0	%	$	440,468			100.0	%	$	437,930			100.0	%	$	438,213			100.0	%	$	425,873			100.0	%	$	420,592			100.0	%
Cost of Sales (1)		93,564		21.0	%		86,440			19.6	%		86,252			19.7	%		98,219			22.4	%		95,617			22.5	%		93,152			22.1	%
Adjustment		0		0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%
Adjusted Cost Of Sales (1)		93,564		21.0	%		86,440			19.6	%		86,252			19.7	%		98,219			22.4	%		95,617			22.5	%		93,152			22.1	%
Gross Profit		351,294		79.0	%		354,028			80.4	%		351,678			80.3	%		339,994			77.6	%		330,256			77.5	%		327,440			77.9	%
Operating Expenses (1):
Sales & Marketing Expenses		191,139		43.0	%		172,160			39.1	%		169,804			38.8	%		166,774			38.1	%		163,061			38.3	%		161,406			38.4	%
Adjustment		0		0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%
Adjusted Sales & Marketing Expenses		191,139		43.0	%%		172,160			39.1	%		169,804			38.8	%		166,774			38.1	%		163,061			38.3	%		161,406			38.4	%
Administrative Expenses		6,264		1.4	%		196,200			44.5	%		33,790			7.7	%		17,676			4.0	%		16,272			3.8	%		15,489			3.7	%
Adjustments:
Corporate Overhead (2)		7,033		1.6	%		9,143			2.1	%		9,090			2.1	%		9,096			2.1	%		8,840			2.1	%		8,730			2.1	%
Other (3)		0		0.0	%		(176,331	)		-40.0	%		(14,351	)		-3.3	%		(3,064	)		-0.7	%		(471	)		-0.1	%		(789	)		-0.2	%
Adjusted Administrative Expenses		13,297		3.0	%		29,012			6.6	%		28,529			6.5	%		23,708			5.4	%		24,641			5.8	%		23,430			5.6	%
Adjusted Total Operating Expenses		204,436		46.0	%		201,172			45.7	%		198,333			45.3	%		190,482			43.5	%		187,702			44.1	%		184,836			43.9	%
EBITDA (4)		146,858		33.0	%		152,856			34.7	%		153,345			35.0	%		149,512			34.1	%		142,554			33.5	%		142,604			33.9	%
Depreciation & Amortization		11,171		2.5	%		11,195			2.5	%		11,245			2.6	%		11,867			2.7	%		11,831			2.8	%		12,214			2.9	%
EBIT (5)		135,687		30.5	%		141,661			32.2	%		142,100			32.4	%		137,645			31.4	%		130,723			30.7	%		130,390			31.0	%
Other Expense (Income)		63,381		14.2	%		0			0.0	%		39			0.0	%		387			0.1	%		479			0.1	%		508			0.1	%
Adjustment		0		0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%
Adjusted Other Expense (Income)		63,381		14.2	%		0			0.0	%		39			0.0	%		387			0.1	%		479			0.1	%		508			0.1	%
Pretax Earnings	$	72,306		16.3	%	$	141,661			32.2	%	$	142,061			32.4	%	$	137,258			31.3	%	$	130,244			30.6	%	$	129,882			30.9	%
Adjusted Five-Year Average EBITDA												$	149,025
Adjusted Five-Year Average EBIT												$	137,563

Notes:

(1)	Excludes Depreciation.
(2)	Allocation of Corporate Overhead based on projections by management.
(3)	Excludes Non-Recurring Items.
(4)	Earnings Before Interest, Taxes, Depreciation and Amortization.
(5)	Earnings Before Interest and Taxes.

[VRC Logo] 5

Cox Radio	Management Operating Projections
(THOUSANDS)

	Actual
	2007		%			2008			%			2009			%			2010			%			2011			%			2012			%
Net Sales	$	444,858		100.0	%	$	459,938			100.0	%	$	472,389			100.0	%	$	485,772			100.0	%	$	499,558			100.0	%	$	514,387			100.0	%
Cost of Sales (1)		93,564		21.0	%		94,064			20.5	%		96,115			20.3	%		97,955			20.2	%		100,047			20.0	%		101,959			19.8	%
Gross Profit		351,294		79.0	%		365,873			79.5	%		376,274			79.7	%		387,817			79.8	%		399,511			80.0	%		412,428			80.2	%
Total Operating Expenses (1)		204,436		46.0	%		209,849			45.6	%		216,263			45.8	%		222,256			45.8	%		227,857			45.6	%		233,336			45.4	%
EBITDA(2)		146,858		33.0	%		156,024			33.9	%		160,011			33.9	%		165,562			34.1	%		171,654			34.4	%		179,093			34.8	%
Depreciation & Amortization		11,171		2.5	%		11,566			2.5	%		11,586			2.5	%		11,616			2.4	%		11,358			2.3	%		10,855			2.1	%
EBIT(3)		135,687		30.5	%		144,458			31.4	%		148,425			31.4	%		153,946			31.7	%		160,296			32.1	%		168,238			32.7	%
Interest Expense		20,911		4.7	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%
Other Expense (Income)		63,381		14.2	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%		0			0.0	%
Pretax Profit		51,395		11.6	%		144,458			31.4	%		148,425			31.4	%		153,946			31.7	%		160,296			32.1	%		168,238			32.7	%
Taxes (4)		23,494		5.3	%		57,783			12.6	%		59,370			12.6	%		61,578			12.7	%		64,118			12.8	%		67,295			13.1	%
Net Income	$	27,901		6.3	%	$	86,675			18.8	%	$	89,055			18.9	%	$	92,368			19.0	%	$	96,178			19.3	%	$	100,943			19.6	%
Capital Expenditures	$	9,420				$	13,798					$	14,172					$	14,573					$	14,987					$	15,432
Annual Sales Growth							3.4	%					2.7	%					2.8	%					2.8	%					3.0	%
Annual EBITDA Growth							6.2	%					2.6	%					3.5	%					3.7	%					4.3	%

	Forecast
	Period (5)
Compound Growth:
Sales		2.8	%
EBITDA		3.5	%
Averages as a % of Sales:
Cost of Sales		20.2	%
Operating Expenses		45.6	%
EBITDA		34.2	%

Notes:

(1)	Excludes Depreciation
(2)	Earnings Before Interest, Taxes, Depreciation, and Amortization
(3)	Earnings Before Interest and Taxes.
(4)	Assume 40.0 percent Tax Rate.
(5)	FYE 2008 — 2012.

[VRC Logo] 6

Cox Radio Discounted Cash Flow Analysis

AS OF
DECEMBER 31, 2007
(THOUSANDS)

	AS OF DECEMBER 31
Year	2008			2009			2010			2011			2012			2013			2014			2015			2016			2017
Sales	$	459,938		$	472,389		$	485,772		$	499,558		$	514,387		$	529,819		$	545,714		$	562,085		$	578,947		$	596,316
Growth Rate		3.4	%		3.9	%		3.4	%		3.7	%		3.3	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
Cost of Sales (1)		94,064			96,115			97,955			100,047			101,959			105,018			108,168			111,413			114,756			118,198
Gross Profit		365,873			376,274			387,817			399,511			412,428			424,801			437,545			450,672			464,192			478,118
% of Sales		79.5	%		79.7	%		79.8	%		80.0	%		80.2	%		80.2	%		80.2	%		80.2	%		80.2	%		80.2	%
Corporate Overhead		7,398			7,257			7,758			7,666			8,354			8,604			8,862			9,128			9,402			9,684
Operating Expenses (1)		209,849			216,263			222,256			227,857			233,336			240,336			247,546			254,972			262,622			270,500
Total Operating Expenses (1)		217,247			223,520			230,013			235,523			241,690			248,940			256,408			264,101			272,024			280,184
% of Sales		47.2	%		47.3	%		47.4	%		47.1	%		47.0	%		47.0	%		47.0	%		47.0	%		47.0	%		47.0	%
EBITDA(2)		148,626			152,754			157,804			163,987			170,739			175,861			181,137			186,571			192,168			197,933
% of Sales		32.3	%		32.3	%		32.5	%		32.8	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%		33.2	%
Depreciation		11,566			11,586			11,616			11,358			10,855			13,245			15,826			15,738			16,789			17,889
EBIT (3)		137,060			141,168			146,188			152,630			159,884			162,616			165,311			170,833			175,379			180,044
EBIT Margin		29.8	%		29.9	%		30.1	%		30.6	%		31.1	%		30.7	%		30.3	%		30.4	%		30.3	%		30.2	%
Tax Provision @ 40%		54,824			56,467			58,475			61,052			63,954			65,046			66,124			68,333			70,151			72,017
Net Income		82,236			84,701			87,713			91,578			95,930			97,569			99,187			102,500			105,227			108,026
Depreciation		11,566			11,586			11,616			11,358			10,855			13,245			15,826			15,738			16,789			17,889
Capital Expenditures		(13,798	)		(14,172	)		(14,573	)		(14,987	)		(15,432	)		(15,895	)		(16,371	)		(16,863	)		(17,368	)		(17,889	)
Working Capital Changes		(25,754	)		(8,380	)		(8,822	)		(9,313	)		(9,852	)		(3,413	)		(3,515	)		(3,620	)		(3,729	)		(3,841	)
Free Cash Flow		54,250			73,735			75,933			78,636			81,502			91,508			95,126			97,755			100,919			104,185
PV Factor		0.958			0.879			0.806			0.740			0.679			0.623			0.571			0.524			0.481			0.441
Discount Rate 9.0%
PV of Cash Flows	$	51,962		$	64,794		$	61,216		$	58,160		$	55,303		$	56,966		$	54,328		$	51,220		$	48,512		$	45,947
Sum of PV Cash Flows													$	548,408					$	104,185	4
PV of Residual														864.635						* 18,818	5
Operating Business Enterprise Value													$	1,413,043						1960579.2
Nonoperational Value														2,500						* 0.441	6
Total Business Enterprise Value													$	1,415,543					$	864,635

																2013
Assumptions:	2008			2009			2010			2011			2012			-2017
Sales Growth Rate		3.4	%		2.7	%		2.8	%		2.8	%		3.0	%		3.0	%
Cost of Sales/Sales		20.5	%		20.3	%		20.2	%		20.0	%		19.8	%		19.8	%
Corporate Overhead/Sales		1.6	%		1.5	%		1.6	%		1.5	%		1.6	%		1.6	%
Operating Expenses/Sales		45.6	%		45.8	%		45.8	%		45.6	%		45.4	%		45.4	%
EBITDA/Sales		32.3	%		32.3	%		32.5	%		32.8	%		33.2	%		33.2	%
Depreciation/Sales		2.5	%		2.5	%		2.4	%		2.3	%		2.1	%	2.5% to 3.0		%
Capital Expenditures/Sales		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%		3.0	%
Working Capital/Sales		16.8	%		18.2	%		19.5	%		20.8	%		22.1	%		22.1	%
Discount Rate		9.0	%		9.0	%		9.0	%		9.0	%		9.0	%		9.0	%

Notes:
(1)	Excludes Depreciation.
(2)	Earnings Before Interest, Taxes, Depreciation, and Amortization.
(3)	Earnings Before Interest and Taxes.
(4)	Available Debt-Free Cash Flow in Year 2017
(5)	Residual Value Multiple Based on Gordon Growth Model and Long-Term Growth Rate.
(6)	Discount Rate Factor Based on 9.0 percent Discount Rate at Year 2017.

[VRC Logo] 7

Cox Radio	Guideline Comparable Company Ratios
AS OF DECEMBER 31, 2007
(THOUSANDS)

	Beasley									Cumulus
	Broadcast			Clear Channel			Citadel			Media			Entercom			Radio One,			Salem			Spanish			Saga			Sirius											Cox Radio
	Group			Communications			Broadcasting			Inc.			Communications			Inc.			Communications			Broadcasting			Communications			Satellite			XM Satellite			COMPARABLES					Inc.
	BBGI			CCU			CDL			CMLS			ETM			ROIAK			SALM			SBSA			SGA			SIRI			Radio XMSR			Average/Median					CXR
ENTERPRISE VALUE RATIOS:
EBIT:(1)
Current		12.8			14.4			14.9			16.0			11.9			10.9			12.5			14.0			8.3			-10.3			-11.4			12.6		12.7			10.4
Five-Year Average		11.5			14.8			27.3			16.1			10.7			8.1			13.5			11.5			8.2			-7.6			-11.2			11.8		11.5			10.3
EBITDA: (1)
Current		11.3			10.7			12.9			13.1			10.5			9.4			9.1			12.4			6.5			-13.0			-19.3			10.4		10.6			9.7
Five-Year Average		10.3			10.6			17.1			12.6			9.6			7.2			10.0			10.6			6.5			-8.8			-17.1			9.7		10.2			9.5
Sales: (1)
Current		2.3			3.5			4.0			3.2			3.2			3.1			2.2			2.7			1.7			5.7			4.6			2.7		2.9			3.2
FINANCIAL RATIOS:
SALES (MILLIONS)		$134			$6,817			$720			$332			$468			$330			$232			$178			$145			$922			$1,137			$1,080		$281			$445
ASSETS (MILLIONS)		337			18,806			3,843			1,248			1,919			1,668			681			938			331			1,694			1,609		$	3241		1,609			1,997
ASSET TURNOVER
Current		0.4			0.4			0.2			0.3			0.2			0.2			0.3			0.2			0.4			0.5			0.7			0.3		0.3			0.2
Five-Year Average		0.4			0.4			0.2			0.2			0.3			0.2			0.3			0.2			0.5			0.2			0.3			0.3		0.3			0.1
D.F..EARNINGS/SALES		11.0	%		14.7	%		16.3	%		12.3	%		16.3	%		17.4	%		10.7	%		11.9	%		12.2	%		-33.9	%		-24.5	%		13.3	%	12.2	%		18.3	%
EBIT/SALES:
Current		20.3	%		32.4	%		31.0	%		24.8	%		30.3	%		33.1	%		24.1	%		22.2	%		25.6	%		-44.1	%		-23.8	%		26.6	%	25.2	%		30.5	%
Five-Year Average		24.2	%		29.2	%		36.3	%		28.0	%		35.9	%		42.5	%		25.3	%		29.0	%		27.8	%		-781.0	%		-114.7	%		30.2	%	28.5	%		31.4	%
EBITA/SALES:
Current		23.3	%		32.3	%		33.4	%		24.7	%		30.9	%		35.9	%		24.5	%		21.7	%		25.7	%		-68.3	%		-20.8	%		27.4	%	25.2	%		33.0	%
Five-Year Average		24.6	%		28.5	%		35.2	%		27.8	%		35.4	%		43.1	%		25.3	%		28.7	%		26.5	%		-5298.4	%		-349.7	%		30.0	%	28.2	%		34.1	%
EBIT/ASSETS:
Current		7.3	%		8.8	%		5.3	%		5.4	%		6.6	%		5.7	%		6.0	%		4.0	%		9.0	%		-42.1	%		-31.5	%		6.6	%	6.3	%		6.8	%
Five-Year Average		9.5	%		7.9	%		4.0	%		4.6	%		8.2	%		6.3	%		6.2	%		5.5	%		11.0	%		-59.0	%		-35.2	%		7.4	%	7.1	%		6.3	%
EBITDA/ASSETS:
Current		8.2	%		11.8	%		6.1	%		6.6	%		7.4	%		6.6	%		8.2	%		4.5	%		11.6	%		-33.3	%		-18.6	%		8.1	%	7.8	%		7.4	%
Five Year Average		10.6	%		11.0	%		6.7	%		6.0	%		9.2	%		7.1	%		8.4	%		5.9	%		13.8	%		-50.5	%		-23.1	%		9.0	%	8.8	%		6.8	%
AVERAGE COMPOUND ANNUAL GROWTH:
Sales		4.0	%		-6.5	%		18.0	%		5.9	%		4.0	%		2.2	%		7.6	%		5.1	%		5.0	%		190.9	%		87.6	%		3.4	%	4.5	%		1.1	%
EBITDA		-2.4	%		-0.6	%		13.1	%		1.2	%		-1.8	%		-37.2	%		8.3	%		-2.9	%		1.0	%		5.6	%		-2.3	%		-4.3	%	-1.2	%		0.5	%

Notes:
(1)	Excludes SIRI, XMSR and CDL

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Cox Radio
AS OF DECEMBER 31, 2007
(THOUSANDS) Market Comparable Analysis Summary

					Operating				Total
					Business				Business
	Earnings /				Enterprise		NonOperating		Enterprise
	Revenue Base		Multiplier		Value		Asset Value		Value
EBIT
Current	$	135,687		12.9	$	1,750,362	$	2,500	$	1,752,862
Five-Year Average		137,563		13.0		1,788,319		2,500		1,790,819
EBITDA
Current		146,858		11.2		1,644,809		2,500		1,647,309
Five-Year Average		149,025		11.0		1,639,275		2,500		1,641,775
Sales		444,858		2.7		1,201,117		2,500		1,203,617
Operating Business Enterprise Value					$	1,604,776
Add: Non-Operating Asset Value						2,500
Total Business Enterprise Value					$	1,607,276

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Cox Radio Private Market Transactions

		Target				EV-
Announcement		Revenue		Assets		Enterprise				EV/								EBITDA			EBIT
Date	Seller	LTM($mm)		($mm)		Value($mm)		EV / Sales		EBITDA		EV/EBIT		EBITDA		EBIT		Margin			Margin
11/16/2006	Clear Channel Communications, Inc.	$	6,906.5	$	18,931.2	$	27,313.3		4.0		12.4		17.5	$	2,202.3	$	1,559.2		31.9	%		22.6	%
07/12/2006	CHUM Ltd.		615.8		954.5		1,450.7		2.4		12.2		15.4		118.9		93.9		19.3	%		15.3	%
05/08/2006	Emmis Communications Corp.		650.4		2,110.0		2,146.2		3.3		9.4		14.1		229.1		152.5		35.2	%		23.4	%
06/21/2005	Scottish Radio Holdings PLC		185.7		401.7		827.0		4.5		16.0		23.8		51.5		34.8		27.8	%		18.8	%
06/03/2004	RG Capital Radio Ltd.		40.0		123.3		157.3		3.9		13.0		13.0		12.1		12.1		30.2	%		30.2	%
01/16/2004	Scottish Radio Holdings PLC		138.8		337.5		644.6		4.6		22.9		26.9		28.1		23.9		20.2	%		17.2	%
Average:			1,422.9		3,809.7				3.8		14.3		18.5		440.3		312.7		27.4	%		21.2	%
Median:			400.7		678.1				3.9		12.7		16.5		85.2		64.4		29.0	%		20.7	%
Cox Radio		$	444.9	$	1,995.4				3.2		10.4		9.7		$146.9		$135.7		33.0	%		30.5	%

Notes:

Source: Mergerstat 2007.

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Cox Radio Market Price Analysis Summary

AS OF DECEMBER 31, 2007
(THOUSANDS)

Market Determined Invested Capital

Number of Fully Diluted Shares Outstanding1		94,513
Share Price2	$	12.15
Market Value Of Common Equity	$	1,148,333
Long-Term Debt	$	336,600
Operating Business Enterprise Value	$	1,484,933
Non Operating Assets		2,500
Total Business Enterprise Value	$	1,487,433

Notes:

(1)	Fully diluted shares outstanding from Cox Radio 2007 Form 10-K, p. 52.
(2)	Based on closing market price per share on December 31, 2007.

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Cox Radio Summary of Valuations — Control Value

AS OF DECEMBER 31, 2007
(THOUSANDS)

	Weight			Value Indication
Operating Business Enterprise Value Indications:
Discounted Cash Flow Analysis		25	%	$	1,413,043
Market Comparable Analysis		25	%	$	1,604,776
Market Price Analysis		50	%	$	1,484,933
Operating Business Enterprises Value Conclusion:				$	1,496,921
Add: Non-Operating Asset Value					2,500
Total Business Enterprises Value Conclusion:				$	1,499,421

Multiples of Value
Conclusions

Operating Business Enterprises to:
LTM Sales	3.4
EBITDA:
Current	10.2
Average	10.0
EBIT:
Current	11.0
Average	10.9

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Cox Radio Summary Analysis

• Concluded Operating Business Enterprise Value for Cox Radio, based on a market comparison and discounted cash flow analysis, supported by transactions, is $1.50 billion, or 10.2x FYE 2007 EBITDA.

• Discounted cash flow approach:

• Management provided projections which were analyzed relative to past performance as well as management’s plan (key cash flow drivers).

• Calculated weighted average cost of capital.

• Market approach multiples were calculated and then adjusted as follows:

• Identified comparable companies to Cox Radio.

• Developed multiples as of the Valuation Date.

• The multiples were adjusted to reflect differences between the comparable companies and the subject company as follows:

• An adjustment was made based on the market capitalization of Cox Radio relative to its guideline companies¹ ,

• An adjustment was made for growth based on Sales and EBITDA margins of Cox Radio relative to its guideline companies; and

• An adjustment for asset utilization, based on operating income, and growth sustainability was made after comparing Cox Radio to its guideline companies².

• Market price analysis:

• Market determined BEV (NYSE Ticker: CXR)

• Calculated by adding the Market Capitalization plus Long-Term Debt and Non-operating assets.

Selected Publicly Traded Company EBITDA Multiples

Notes:

(1)	Based upon Ibbotson Associates Data.
(2)	Adjustment for Expected Longer-Term Sustainable Growth.

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