We believe the medium-sized markets offer significant advantages over larger markets. Many result from a lower level of competition. There are fewer well-capitalized acquirers with medium-market focus. This has resulted in our succesful purchasing of stations with more favorable terms than acquirers of large market stations. In many of our markets, there are only two or three other local commercial television stations. As a result, we achieve lower programming costs than stations in larger markets because the supply of quality programming exceeds demand.
Properties we operate or provide services to are better managed than many of our competitors' stations. By providing equity incentives, we attract and retain station general managers with experience in larger markets with marketing and sales techniques that are not typically utilized in our size markets.