Michelle begins the episode by discussing the FCC's intensified efforts to crack down on pirate radio operations, analyzing the potential implications for the radio industry. She then examines Nielsen's update to its radio measurement methodology, exploring how this change might affect industry ratings and advertising strategies. The episode continues with coverage of the National Association of Broadcasters' ongoing campaign and recent regulatory updates, highlighting key developments. Michelle also provides a preview of the NAB Show's Small and Medium Market Radio Forum, offering insights into what attendees can expect. The episode wraps up with a summary and key takeaways.