Communications: Turned Up High

For those lucky U.S. entrepreneurs who are tuned into the radio business, the show has rarely been livelier or the volume higher. The U.S. has more radios than people—214 million—and the number is expanding by well over 10% a year. These figures make sweet music not only for the nation's radio manufacturers, but also for its 3,000 station owners, whose investments are increasing in value faster than the blue chips. Last week, in one of the largest deals in the industry's 44-year history, Manhattan's Capital Cities Broadcasting Corp. paid $15 million to Detroit's Goodwill Stations for WJR Radio in...