Spanish Broadcasting System (SBS) owns 14 Spanish-language stations, including five stations in top-ten markets. Hispanic Broadcasting Corporation (HBC) owns 55 Spanishlanguage stations and is in all top-ten markets. Clear Channel (CC) owns the largest English-language radio network in the United States, with 1,200 stations, and it owns 26 percent of HBC.
SBS sued CC and HBC, claiming they conspired to drive SBS out of the Spanish-language radio market by practices that violate the Sherman Act. SBS claimed that the two stations discouraged advertisers from placing ads with SBS and induced SBS employees to quit and then join HBC. SBS contended that the stations made it difficult for SBS to enter new markets by bidding up prices and taking away business opportunities, and interfered with SBS's ability to raise money in capital markets. The district court dismissed the suit, holding that SBS did not meet the standards necessary to maintain an antitrust suit under the Sherman Act; SBS appealed.

1. The appeals court affirmed that no antitrust violation occurred. The court focused on damage to competition in the market. What is the relevant product market that was under consideration?
2. If it is true that HBC lured away SBS employees, which weakend SBS's ability to compete, why was the court not concerned?