In 1998, the number of U.S. commercial radio stations had grown to 4,793 AM stations and 5,662 FM stations. In addition, there are 1,460 public radio stations. Most of these stations are run by universities and public authorities for educational purposes and are financed by public or private funds, subscriptions, and corporate underwriting. Much public radio broadcasting is supplied by NPR. NPR was incorporated in February 1970 under the Public Broadcasting Act of 1967; its television counterpart, PBS, was created by the same legislation. , there are 15,433 licensed full-power radio stations in the U.S. according to the U.S. Federal Communications Commission (FCC).