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ONE FM 98.5 (call sign: 3ONE), "The Pulse of the Valleys", is a community radio station in Shepparton, Victoria, Australia. The radio station was established in 1980 and licensed for permanent full time operation in 1989. Based in Shepparton, ONE FM 98.5 is considered to be one of the largest community radio stations in regional Australia. The radio station produces predominantly live local content to the Shepparton region.