Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Christopher Ensley for Victor Miller – Bear Stearns.
Christopher Ensley – Bear Stearns
Lot of talk about discrepancies between large market radio and small market radio and I wondered if you could talk about Austin, San Fran and Seattle and how you’re doing in those markets and how those markets are faring?
David J. Field
There is certainly some truth to the fact that some of the larger markets have been more challenged than some of the smaller markets. I think that’s a fair comment on business conditions for the first quarter. To I think some extent that’s reflective of national being much weaker than local for first quarter. Whether that’s a prevailing trend as we go through the year or not I think remains to be seen, Chris. We’ve only really seen evidence of that in first quarter and I wouldn’t be in too much of a rush to pound the table and think that’s a long term trend. I would look at it as a one quarter blip for now and let’s see what happens.
Christopher Ensley – Bear Stearns
In those markets are you outperforming in those three markets, or how are you faring?
David J. Field
Yes, we’re doing quite well in our larger markets.
Christopher Ensley – Bear Stearns
Just an update on the Renaissance deal and you’ve also got the Celtics in the Playoffs, so I guess one year into the Red Sox deal you now have ratings that you probably didn’t have a year ago. How is that shaping up?
David J. Field
It’s fine. We continue to do fine with our Red Sox broadcast. Obviously we pay at full price but it’s also a good revenue source for us. The Celtics are a, it’s great to see them in the Playoffs but I also wouldn’t overstate its significance. Basketball on radio is generally not a huge factor. Baseball tends to be a bigger importance.
Operator
Your next question comes from the line of Marci Ryvicker – Wachovia Securities.
Marci Ryvicker – Wachovia Securities
I have a couple of questions, David, I just want to be very clear so I’m going to ask you a couple questions on the dividend. Was any part of this cut a function of your debt level, any pressure from the banks whatsoever?
Stephen F. Fisher
Simple answer, no.
Marci Ryvicker – Wachovia Securities
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