Absolutely. Knew a guy that sold his AM & FM in a small town to a big boy that moved them to the city. He started a NCE with 3 person morning show, News Director, local high school sports and mass appeal music format. No fundraising at all, just a team of folks selling underwriting and calling it the sort of advertising their audience appreciated and responded to. I'm likely to start an argument here but when you sit down to write an Underwriting spot versus a commercial it is all in the selection of the wording most of the time. Obviously price and item and such are off the table but much of the content advertised on commercial radio, especially outside the major market is institutional or simply who you are, what you do and how to get in touch. In a commercial you'd say 'Give them a call'. In Underwriting you say 'the number is'. Not a heck of a lot of difference in many respects. Correct me if I'm wrong, but Underwriting is who you are, what you do and how to get in touch. And in the scheme of things, that's what advertising is all about: letting people know you're out there, what you offer and how to find you.