<PAGE>

                                                                    Exhibit 10.2

                            TIME BROKERAGE AGREEMENT

    TIME BROKERAGE AGREEMENT (the "Agreement") dated as of January 21, 1999, by
and between MULTICULTURAL RADIO BROADCASTING, INC. ("Multicultural")
(hereinafter referred to as "Licensee") and NASSAU BROADCASTING PARTNERS, L.P.,
a Delaware Limited Partnership (the "Broker").

                                   WITNESSETH:

    WHEREAS, Licensee is authorized to operate Radio Stations WJHR-AM licensed
to Flemington, New Jersey (hereinafter referred to as the "Station") pursuant to
a license issued by the Federal Communications Commission ("FCC");

    WHEREAS, Contemporaneously with the execution of this Agreement, Licensee
and Broker have entered into an Asset Purchase Agreement, dated even date
herewtih (the Asset Purchase Agreement) pursuant to which the Licensee has
agreed to sell to Broker all of the Stations' assets, including the License,
subject to the approval of the FCC, at the expiration of this Agreement;

    WHEREAS, the parties hereto have carefully considered the FCC's time
brokerage policies and intend that this Agreement in all respects comply with
such policies;

    WHEREAS, Licensee desires to enter into this Agreement to provide an interim
source of diverse programming and income to sustain the operations of the
Station until the expiration of the Time Brokerage Agreement;

    WHEREAS, Broker desires to provide an over-the-air program service to
Flemington, New Jersey and surrounding areas, using the facilities of the
Station;

                                       1
<PAGE>

    WHEREAS, Licensee agrees to provide time on the Station to Broker on terms
and conditions that conform to the policies of the Station and the FCC for time
brokerage arrangements and as set forth herein; and

    WHEREAS, Broker agrees to utilize the facilities of the Station solely to
broadcast programming that conforms with the policies of the Licensee and with
all rules, regulations and policies of the FCC and as set forth herein.

    NOW, THEREFORE, for and in consideration of the mutual covenants herein
contained, the parties hereto have agreed and do agree as follows:

         1 . FACILITIES. Licensee agrees to make broadcasting transmission
facilities of the Station, including its subcarrier, available to Broker for a
minimum of 158 hours per week (the "Minimum"), which will facilitate the
broadcasting of Broker's programs (the "Programs"), which shall originate either
from Broker's own studios or from Licensee's facilities or from other studios
contracted for by Broker. The Programs are described in ATTACHMENT I hereto.
Broker and Licensee represent to each other that they have, and will have
throughout the term of this Agreement, the capability of transmitting either by
STL or phone lines from their respective broadcast and transmission studios.

         2. PAYMENTS. Broker hereby agrees to pay Licensee for the broadcast of
the programs hereunder a fee in the amount of Two Hundred Thousand Dollars
($200,000) per annum, payable $50,000.00 quarterly, in advance, commencing on
the Effective Date of this Agreement as provided in Section 3 below.

                                       2
<PAGE>

         3. TERM. This Agreement shall become effective on the Effective Date
defined herein and shall continue until November 16, 2001, or if earlier, the
date of termination, pursuant to the provisions of Section 18.3 of this
Agreement.

              a. EFFECTIVE DATE. This Agreement shall become effective on
February 1, 1999.

         4. PROGRAMS. Broker shall furnish or cause to be furnished the artistic
personnel and material for the Programs as provided by this Agreement and all
Programs shall be in good taste and in accordance with the rules, regulations
and policies of the FCC. All Programs shall be prepared and presented in
conformity with the regulations prescribed in ATTACHMENT II hereto. All
advertising spots and promotional material or announcements shall comply with
all applicable federal, state and local regulations and policies.

         5. STATION'S FACILITIES.

            5.1 OPERATION OF STATION. Licensee represents that the Station now
operates and will continue to operate in accordance with the authorizations
issued by the FCC. Throughout the term of this Agreement, Licensee shall make
the Station available to the Broker for operation with the maximum authorized
facilities twenty-four (24) hours a day, seven (7) days a week, except for: (i)
up to ten (10) hours per week for public affairs, news, information and other
non-entertainment programming intended to address the needs and interests of the
Station's service area; (ii) down-time occasioned by routine maintenance not to
exceed two (2) hours each Sunday morning between the hours of 12 Midnight and
6:00 a.m. Any routine maintenance work affecting the operation of the Stations
at full power shall be scheduled upon, if

                                       3
<PAGE>

practicable, at least forty-eight (48) hours prior notice to Broker; and (iii)
STL and phone lines as set forth in Paragraph 1 hereof.

            5.2 INTERRUPTION OF NORMAL OPERATIONS. If the Station suffers loss
or damage of any nature to their transmission facilities which results in the
interruption of service or the inability of the Station to operate with its
maximum authorized facilities, pursuant to the authorization under which the
Station is then operating, Licensee shall immediately notify Broker and shall
undertake such repairs as necessary to restore the full-time operation of the
Station with its then maximum authorized facilities within thirty (30) days from
the occurrence of such loss or damage. If such repairs are not made within the
allotted period, Broker may give notice to Licensee of Broker's intention to
terminate this Agreement and the Asset Purchase Agreement, in which event this
Agreement and the Asset Purchase Agreement shall terminate on the thirtieth (30)
day following Licensee's receipt of such notice, any other provision of this
Agreement notwithstanding unless the repairs are made prior to the expiration of
said thirty (30) day period.

         6. HANDLING OF MAIL. Except as required to comply with the FCC rules
and policies, including those regarding the maintenance of the public inspection
file (which shall at all times remain the responsibility of Licensee), Licensee
shall not be required to receive or handle mail, cables, telegraph or telephone
calls in connection with the Programs broadcast hereunder unless Licensee has
agreed in writing to do so.

         7. PROGRAMMING AND OPERATIONS STANDARDS. Broker agrees to abide by the
standards set forth in ATTACHMENT II hereto in its programming and operations.
Broker further agrees that if, in the sole judgment of Licensee, or the
Station's General

                                       4
<PAGE>

Manager, Broker does not comply with said standards, Licensee may suspend or
cancel any program not in compliance.

         8. RESPONSIBILITY FOR EMPLOYEES AND EXPENSES.

            8.1 Broker shall employ and be responsible for the salaries, taxes,
insurance and related costs for all personnel used in the production of its
programming (including salespeople, traffic personnel, board operators and
programming staff). Licensee will provide and be responsible for the Station's
personnel necessary for the broadcast transmission of the Programs (including,
without limitation, a full-time Station Manager) and will be responsible for the
salaries, taxes, insurance and related costs for such Station personnel used in
the broadcast transmission of the Programs. Whenever on the Station's premises,
all personnel shall be subject to the supervision and the direction of
Licensees' Station Manager. Broker shall reimburse Licensee for all telephone
calls associated with program production and listener responses, for all fees to
ASCAP, BMI and SESAC, and for any other copyright fees attributable to its
programming broadcast on the Station.

            8.2 PROGRAM TRANSMISSION COST AND MAINTENANCE. Broker shall be
solely responsible, and shall directly pay or, if appropriate, reimburse
Licensee for all expenses incurred in the organization and/or delivery of
programming from any remote location and the main studios of the Station,
including electric power at the Station's transmitter sites, and further shall
be responsible for reimbursement of all maintenance, including all expenses
related thereto, of the Station's transmitter antennae, towers, and equipment,
used in conjunction with the broadcasting of programming, and

                                       5
<PAGE>

otherwise agrees to turn over all of such equipment to Licensee at the
termination of this Agreement in good and working order, normal wear and tear
excepted.

         9. TREATMENT OF LICENSEE'S REVENUES. Licensee shall retain all of
Licensee's revenues received on or before the Effective Date and shall be
entitled to all accounts receivable produced on or before the Effective Date,
and Broker shall cooperate with Licensee in the collection of the receivables, a
true and correct list of which is attached hereto and marked ATTACHMENT III.
Licensee shall be responsible for all accounts payable incurred by Licensee up
to the Effective Date.

         10. CONTROL OF STATION. Notwithstanding anything to the contrary in
this Agreement, Licensee shall have full authority and power over the operations
of the Station during the period of this Agreement, Licensee shall provide and
pay for the Manager(s) of the Station, who shall report and be accountable
solely to Licensee and who shall direct the day-to-day operation of the Station.
Licensee shall retain control, said control to be reasonably exercised, over the
policies, programming and operations of the Station, including, without
limitation, the right to decide whether to accept or reject any programming or
advertisements, the right to preempt any Programs in order to broadcast a
program deemed by Licensee to be of greater national, regional or local
interest, and the right to take any other actions necessary for compliance with
the laws of the United States, the State of New Jersey, the rules, regulations
and policies of the FCC, and the rules, regulations and policies of other
federal governmental authorities, including the Federal Trade Commission and the
Department of Justice. Licensee and Broker shall cooperate with one another in
meeting all of the FCC's requirements with respect to public service
programming, for maintaining the political and public

                                       6
<PAGE>

inspection files of each of the Station's logs and for the preparation of
issues/program lists. Broker shall, upon request by Licensee, provide Licensee
with information with respect to such of the Programs which are responsive to
public needs and interest so as to assist Licensee in the preparation of
required programming reports and will provide, upon request, other information
to enable Licensee to prepare other records, reports and logs required by the
FCC or other local, state or federal governmental agencies.

         11. SPECIAL EVENTS. Licensee reserves the right, to preempt any of the
broadcasts of the Programs referred to herein and to use part or all of the time
contracted for herein by Broker to broadcast special events of importance. In
all such cases, Licensee will use their best efforts to give Broker reasonable
notice of their intention to preempt such broadcast or broadcasts and, in the
event of such preemption, Broker shall receive a payment credit for the
broadcasts so omitted. In addition, Licensee shall be responsible for insuring
that the Station's identification announcements are broadcast in accordance with
FCC requirements, and Broker shall cooperate with Licensee to facilitate such
broadcasts.

         12. FORCE MAJEURE. Any failure or impairment of facilities or any delay
or interruption in broadcasting Programs or failure at any time to furnish
facilities, in whole or in part, for broadcasting due to acts of God, strikes,
or threats thereof, force MAJEURE, or due to causes beyond the control of
Licensee, shall not constitute a breach of this Agreement, and Licensee will not
be liable to Broker.

                                       7
<PAGE>

         13. RIGHT TO USE THE PROGRAMS. The right to use the Programs produced
by Broker and to authorize their use in any manner and in any media whatsoever
shall be and remain vested in Broker.

         14. PAYOLA. Broker agrees that neither it nor any of its employees or
agents will accept any compensation or any kind of gift or gratuity of any kind
whatsoever, regardless of its value or form, including, but not limited to, a
commission, discount, bonus, materials, supplies or other merchandise, services
or labor, whether or not pursuant to written contracts or agreements between
them and merchants or advertisers, unless, to the extent required by the FCC,
the payer is identified in the program as having paid -for or furnished such
consideration. Broker agrees annually, or more frequently upon the request of
Licensee, to provide Licensee with Payola Affidavits substantially in the form
attached hereto as ATTACHMENT IV.

         15. COMPLIANCE WITH LAW. Broker agrees that, throughout the term of
this Agreement, Broker will materially comply with all laws and regulations
applicable in the conduct of Licensee's business, and Broker acknowledges that
Licensee has not urged, counseled or advised the use of any unfair business
practice.

         16. POLITICAL ADVERTISING. Broker shall cooperate with Licensee as
Licensee complies with the political broadcasting requirements of the Federal
Communications Act of 1934, as amended (the "Act") and the FCC's rules and
policies thereunder. Broker shall supply such information promptly to Licensee
as may be necessary to comply with the lowest unit charge requirements of
Section 315 of the Act. To the extent that Licensee believes necessary, in
Licensee's sole discretion, Broker shall release advertising availability's to
Licensee to permit them to comply with its

                                       8
<PAGE>

reasonable access provisions of Section 312(a)(7) of the Act, the equal
opportunities provision of Section 315 of the Act, and the rules and policies of
the FCC thereunder; PROVIDED, HOWEVER, that all revenues realized by Licensee as
a result of such a release of advertising time shall promptly be remitted to
Broker. In any event, with respect to the Station, Licensee must oversee and
take ultimate responsibility with respect to the provision of equal
opportunities, lowest unit charge, and reasonable access to political
candidates, and compliance with the political broadcast rules and policies of
the FCC.

         17. INDEMNIFICATION; WARRANTY. Broker will indemnify and hold Licensee
harmless against all liability for its material breach of representations,
warranties or covenants as well as for libel, slander, illegal competition or
trade practice, infringement of trademarks, trade names or program titles,
violation of rights of privacy, and infringement of copyrights and proprietary
rights resulting from the broadcast of Programs furnished by Broker. Further,
Broker warrants that the broadcasting of the Programs will not violate any
rights of others, and Broker agrees to hold Licensee harmless from any and all
claims, damages, liability, costs and expenses, including reasonable attorneys'
fees, arising from the broadcasting of the Programs. Licensee reserves the right
to refuse to broadcast any Programs containing matter which is or, in the
reasonable opinion of Licensee, may be, or which a third party claims to be,
violative of any right of Licensee or which may constitute a personal attack as
the term is and has been defined by the Commission. Broker's obligation to hold
Licensee harmless against the liabilities specified above shall survive any
termination of this Agreement until the expiration of all applicable statutes of
limitation. Reciprocally, Licensee shall indemnify and hold Broker harmless
against all liability for its material

                                       9
<PAGE>

breach of representations, warranties or covenants as well as for libel,
slander, illegal competition or trade practices, infringement or trademarks,
trade names or program titles, violations of rights of privacy and infringement
of copyrights and proprietary rights resulting from programming furnished by
Licensees. Further, Licensee warrants that the broadcasting of the Programs will
not violate any rights of others, and Licensee agrees to hold Broker harmless
for any loss, damage or injury or any kind (including reasonable legal fees and
related costs) arising from the broadcast of programming on the Station
furnished by Licensee. Licensee's obligation to hold Broker harmless against the
liabilities specified above shall survive any termination of this Agreement
until the expiration of the applicable statute of limitations.

         18. EVENTS OF DEFAULT: CURE PERIODS AND REMEDIES.

             18.1 EVENTS OF DEFAULT. The following shall, after the expiration
of the applicable cure periods, constitute Events of Default under the
Agreement:

                 18.1.1 NON-PAYMENT. Broker's failure to timely pay the
consideration provided for in Paragraph 2 hereof; or

                 18.1.2 DEFAULT IN COVENANTS OR ADVERSE LEGAL ACTION. The
default by either party hereto in the material observance or performance of any
material covenant, condition or agreement contained herein or in the Asset
Purchase Agreement, or if either party shall (a) make a general assignment for
the benefit of creditors, (b) files or has filed

                                       10
<PAGE>

against it a petition for bankruptcy, for reorganization or for the appointment
of a receiver, trustee or similar creditors' representative for the property or
assets of such party under any federal or state insolvency law, which, if filed
against such party, has not been dismissed or discharged within sixty (60) days
thereof; or

                 18.1.3 BREACH OF REPRESENTATION. If any material representation
or warranty herein or in the Asset Purchase Agreement made by either party or in
any certificate or document furnished by either party to the other pursuant to
the provisions thereof shall prove to have been false or misleading in any
material respect as of the time made or furnished; or

                 18.1.4 SUBSTITUTION OF PROGRAMMING. If, other than the hours
described in Section 5.1(i) hereof, Licensee preempts or substitutes other
programming for that supplied by Broker during five and one-half (5.5%) percent
or more of the total hours of operation of each of the Stations during any
calendar month.

            18.2 CURE PERIODS. An Event of Default shall not be deemed to have
occurred until thirty (30) business days, or fifteen (15) days in the event of a
monetary default, after the non-defaulting party has provided the defaulting
party with written notice specifying the event or events that, if not cured,
would constitute an Event of Default and specifying the actions necessary to
cure within such period. This period may be extended for a reasonable period of
time if the defaulting party is acting in good faith to cure and such delay is
not materially adverse to the other party.

            18.3 TERMINATION UPON DEFAULT. In the event of the occurrence of an
Event of Default pursuant to this Agreement the non-defaulting party may
terminate this Agreement after any relevant cure period provided herein or
therein if that party is not also in material default pursuant to this Agreement
 . If Licensee terminates this Agreement because Broker has defaulted in the
performance of its obligations under

                                       11
<PAGE>

this Agreement, Licensee shall be underno further obligation to make available
to Broker any further broadcast time or broadcast transmission facilities and
all amounts accrued or payable to Licensee up to the date of termination which
have not been paid, less any payments made on behalf of Licensee by Broker and
any payment credits, shall immediately become due and payable.

            18.4 LIABILITIES UPON TERMINATION. Broker shall be responsible for
all liabilities, debts and obligations of Broker accrued from the purchase of
air time and use of transmission facilities, including, without limitation,
Broker's accounts payable, barter agreements and unaired advertisements, but not
for Licensee's federal, state and local tax liabilities associated with Broker's
payments to Licensee as provided herein. With respect to Broker's obligations
for consideration in the form of air time, Broker may propose compensation to
Licensee for meeting these obligations, but Licensee shall be under no duty to
accept such compensation or to perform such obligations.

          19. TERMINATION UPON ORDER OF GOVERNMENTAL AUTHORITY. The parties
intend that this Agreement shall comply with all applicable federal, state and
local regulations. In the event that a federal, state or local governmental
authority designates a hearing with respect to the continuation or renewal of
any licenses,permits or authorizations held by Licensee for the operation of
each of the Station or orders the termination of this Agreement and/or the
curtailment in any manner material to the relationship between the parties
hereto of the provision of programming by Broker hereunder, Broker, at its
option, may seek administrative or judicial appeal of or relief from such
order(s) (in which event Licensee shall cooperate with Broker provided that
Broker shall be responsible for legal fees incurred in such proceedings) or
Broker

                                       12
<PAGE>

shall notify Licensee that they will terminate this Agreement in
accordance with such order(s). If the FCC designates any renewal application of
the Station for a hearing or commences a hearing to consider revocation of any
license or permit for the Station as a consequence of this Agreement or for any
reason other than the fault of Broker, Licensee shall be responsible for
expenses they incur as a consequence of the FCC proceeding; PROVIDED, however,
that Broker shall cooperate and comply with any reasonable request of Licensee
to assemble and provide to the FCC information relating to Broker's performance
under this Agreement. In the event of termination upon such governmental
order(s), Broker shall pay to Licensee any fees due but unpaid as of the date of
termination unless prohibited by such order(s) and Licensee shall reasonably
cooperate with Broker to the extent permitted to enable Broker to fulfill
advertising or other programming contracts then outstanding, in which event
Licensee shall receive as compensation for such advertising or programming that
which otherwise would have been paid to Broker thereunder. Thereafter, neither
party shall have any liability to the other under the Agreement except as may be
provided pursuant to Paragraph 16 hereof.

         20. REPRESENTATIONS AND WARRANTIES.

             20.1 MUTUAL REPRESENTATIONS AND WARRANTIES. Licensee and Broker
represent that they are legally qualified, empowered and able to enter into this
Agreement, and that the execution, delivery and performance hereof shall not
constitute a breach or violation of any agreement, contract or undertaking to
which any party is subject or by which it is bound. Licensee and Broker warrant,
represent, covenant and certify that Licensee maintains, and shall continue to
maintain, ultimate control over

                                       13
<PAGE>

each of the Station's facilities during the term of this Agreement, including,
without limitation, control over the Station's finances, personnel and
programming. Licensee and Broker represent and warrant that they have taken all
necessary corporate and other action to make this Agreement legally binding on
such party, and that the individuals signing this Agreement on their behalf have
been fully authorized and empowered to execute this Agreement.

             20.2 LICENSEE'S REPRESENTATIONS, WARRANTIES AND COVENANTS.
Licensee makes the following further representations, warranties and covenants:

                  1 . AUTHORIZATIONS. Licensee holds and owns all licenses and
other permits and authorizations necessary for the operation of the Station as
presently conducted (including licenses, permits and authorizations issued by
the FCC), and such licenses, permits and authorizations will be in full force
and effect for the entire term hereof, unimpaired by any acts or omissions of
Licensee or of any of their principals, employees, or agents.

                  2. LITIGATION. There is not now pending or, to the knowledge
of Licensee, threatened, any action by the FCC or any other party to revoke,
cancel, suspend, refuse to renew or modify adversely, any of the licenses,
permits or authorizations necessary to the operation of the Station (other than
proceedings of general applicability to the radio broadcast industry). Licensee
has no reason to believe that any such license, permit or authorization will not
be renewed in its ordinary course.

             20.3 BROKER'S REPRESENTATIONS. WARRANTIES ANDCOVENANTS. The Broker
hereby verifies that the arrangement contemplated by this Agreement complies

                                       14
<PAGE>

with the ownership limitations set forth in the Telecommunications Act of 1996,
as adopted February 8, 1996.

         21. FCC COMPLIANCE. Notwithstanding anything herein contained to the
contrary, this Agreement, any related agreements and the parties' performance
hereunder and thereunder (i) do not and will not constitute, create, or have the
effect of constituting or creating, directly or indirectly, actual or practical
ownership of Licensee or the Station by Broker or control, affirmative or
negative, direct or indirect, by the Broker over the programming, management, or
any other aspect of the operation of the Licensee or the Station, which
ownership and control will remain exclusively and at all times in the Licensee;
and (ii) do not and will not constitute the transfer, assignment, or disposition
in any manner, voluntarily or involuntarily, directly or indirectly, of any
license or permit at any time issued by the FCC to the License or the transfer
of control of the Licensee within the meaning of Section 310(d) of the Act,
without the FCC's necessary prior written consent having been obtained.

         22. MODIFICATION AND WAIVER. No modification or waiver of any provision
of this Agreement shall in any event be effected unless the same shall be in
writing and signed by the party adversely affected by the waiver or
modification, and then such waiver and consent shall be effective only in the
specific instance and for the purpose for which given.

         23. NO WAIVER - REMEDIES CUMULATIVE. No failure or delay on the part of
Licensees or Broker in exercising any right or power hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any

                                       15
<PAGE>

other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of Licensee and Broker herein
provided are cumulative and are not exclusive of any right or remedies which
they may otherwise have.

         24. CONSTRUCTION. This Agreement shall be construed in accordance with
the laws of the State of New Jersey, and the obligations of the parties hereto
are subject to all federal, state or municipal laws or regulations now or
hereafter in force and to the regulations of the FCC and all other governmental
bodies or authorities presently or hereafter to be constituted.

         25. HEADINGS. The headings contained in this Agreement are included for
convenience only and no such heading shall in any way alter the meaning of any
provision.

         26. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and assigns,
including, without limitation, any assignee of the Licensee for the FCC licenses
for the Stations. Licensee and Broker shall not be permitted to assign this
Agreement without obtaining the consent of the other party, which consent may be
withheld for any reason whatsoever.

         27. COUNTERPART SIGNATURE. This Agreement may be signed in one or more
counterparts, each of which shall be deemed a duplicate original, binding on the
parties hereto notwithstanding that the parties are not signatory to the
original or the same counterpart.

         28. NOTICES. Any notice required hereunder shall be in writing and any
payment, notice or other communications shall be deemed given when delivered

                                       16
<PAGE>

personally or mailed by certified mail or Federal Express, postage prepaid, with
return receipt requested, and addressed In accordance with the listing set forth
in ATTACHMENT V hereto. If mailed, notice shall be deemed given three (3) days
after it is mailed.

         29. ENTIRE AGREEMENT. This Agreement, which includes the attached
Exhibits and Schedules and the Asset Purchase Agreement, embodies the entire
agreement between the parties and there are no other agreements,
representations, warranties or understandings, oral or written, between them
with respect to the subject matter hereof. No alterations, modification or
change of this Agreement shall be valid unless by like written instrument.

         30. NO PARTNERSHIP OR JOINT VENTURE CREATED. Nothing in this Agreement
shall be construed to make Licensee and Broker partners or joint venturers of
the other. None of the parties hereto shall have the right to bind the others to
transact any business in the other's name or on its behalf, in any form or
manner or to make any promises or representations on behalf of the other except
as expressly provided for herein.

         31. SEVERABILITY. In the event that any of the provisions contained in
this Agreement are held to be invalid, illegal or unenforceable it shall not
affect any other provision hereof and this Agreement shall be construed as if
such invalid, illegal or unenforceable provisions had not been contained herein.

                                       17
<PAGE>


   IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.

MULTICULTURAL RADIO                  NASSAU BROADCASTING PARTNERS, L.P.
BROADCASTING, INC.                   BY NASSAU BROADCASTING PARTNERS,
INC.
                                     ITS GENERAL PARTNER

By:                                  By:
   ----------------------------          -------------------------------------
   Arthur Liu, President                 Louis F.Mercatanti, Jr., President

                                       18
<PAGE>

                            TIME BROKERAGE AGREEMENT

                                  ATTACHMENT I

      Broker will broadcast the Business News Network and may also provide news
as well as promotions (including on-air giveaways) and contests. Programming
provided by Broker may include commercial matter, including both program and
spot announcement forms, as well as entertainment and public service
programming.





















                                       19
<PAGE>

                           TIME BROKERAGE AGREEMENT

                                 ATTACHMENT II

    Broker agrees to cooperate with Licensee in the broadcasting of Programs of
the highest possible standard of excellence and for this purpose to observe the
following regulations in the preparation, writing and broadcasting of its
Programs:

I. RESPECTFUL OF FAITHS. The subject of religion and references to particular
faiths, tenets and customs shall be treated with respect at all times.

II. NO DENOMINATIONAL ATTACKS. Programs shall not be used as a medium for attack
on any faith, denomination or sect or upon any individual or organization.

III. CONTROVERSIAL ISSUES. Any discussion of controversial issues of public
importance shall be reasonably balanced with the presentation of contrasting
viewpoints in the course of overall programming; no attacks on the honesty,
integrity or like personal qualities of any person or group of persons shall be
made during the discussion of controversial issues of public importance; and
during the course of political campaigns, Programs are not to be used as a forum
for editorializing about individual candidates. If such events occur, Licensees
may require that responsive programming be aired.

IV. DONATION SOLICITATION. Requests for donations in the form of a specific
amount, for example, $1.00 to $5.00, shall not be made if there IS any
suggestion that such donation will result In miracles, cures or prosperity.
However, statements generally requesting donations to support the broadcast or
church may be permitted.

V. NO MINISTERIAL SOLICITATIONS. No invitations by a minister or other
individual appearing on the program to have listeners come and visit him or her
for consultation or

                                       20
<PAGE>

the like shall be made if such invitation implies that the listeners will
receive consideration, monetary gain or cures for illness.

VI. NO VENDING OF Miracles. Any exhortation to listeners to bring money to a
church affair or service is prohibited if the exhortation, affair or service
contains any suggestion that miracles, cures or prosperity will result.

VII. SALE OF RELIGIOUS ARTIFACTS. The offering for sale of religious artifacts
or other items for which listeners would send money is prohibited unless such
items are readily available in ordinary commerce or are clearly being sold for
legitimate fundraising purposes.

VIII. NO MIRACLE SOLICITATION. Any invitations to listeners to meet at places
other than the church and/or to attend other than regular services of the church
is prohibited if the invitation, meeting or service contains any claim that
miracles, cures or prosperity will result.

IX. NO CLAIMS OF UNDOCUMENTED MIRACLES. Any claims of miracles or cures not
documented in biblical scripture and quoted in context are prohibited; also.,
this prohibits the minister and/or other individual appearing on the program
from personally claiming any cures or miracles and also prohibits the
presentation of any testimonials regarding such claims, either in person or in
writing.



X. NO PLUGOLA OR PAYOLA. The mention of any business activity or "plug" for any
commercial, professional or other related endeavor, except where contained in an
actual commercial message of a sponsor, is prohibited.

                                       21
<PAGE>

XI. NO LOTTERIES. Announcements giving any information about lotteries or games
prohibited by federal or state law or regulation are prohibited.

XII. NO "DREAM BOOKS". References to "dream books", the "straight line" or other
direct or indirect descriptions or solicitations relative to the "numbers game"
or the policy game" or any other form of gambling are prohibited.

XIII. NO NUMBERS GAMES. References to chapter and verse numbers, paragraph
numbers or song numbers which involve three (3) digits should be avoided and,
when used, must relate to the overall theme of the program.

XIV. ELECTION PROCEDURES. At least ninety (90) days before the start of any
primary or regular election campaign, Broker will clear with Licensee's General
Manager the rate Broker will charge for the time to be sold to candidates for
public office and/or their supporters to make certain that the rate charged
conforms to all applicable laws and Station policy.

XV. SPOT COMMERCIAL LIMITATIONS. with respect to any given segment of air time
hereunder, the amount of spot commercial matter shall not exceed twenty (20)
minutes during any sixty (60) minute segment. Broker will provide, for
attachment to each of the Stations' logs, a list of all commercial announcements
carried during its programming,

XVI. ANNOUNCEMENTS. Broker shall broadcast (i) an announcement in a form
satisfactory to Licensees at the beginning of each hour to identify Station call
letters, (ii) an announcement at the beginning and end of each program and
hourly, as appropriate, to indicate that program time has been purchased by
Broker; and (iii) any other announcement that may be required by law, regulation
or Station policy.

                                       22
<PAGE>

XVII. CREDIT TERMS ADVERTISING. Pursuant to rules of the Federal Trade
Commission, no advertising of credit terms shall be made over the Stations
beyond mention of the fact that, if desired, credit terms are available.

XVIII. COMMERCIAL RECORDKEEPING. Broker shall not receive any consideration in
violation of the FCC's sponsorship identification rule and the anti-payola
provisions of the Communications Act. No commercial messages ("plugs") or undue
references shall be made in programming presented over each of the Stations to
any business venture, profit-making activity, or other interest (other than
non-commercial announcements for BONA fide. charities, church activities or
other public service activities) in which Broker (or anyone else) is directly or
indirectly interested without the same having been approved in advance by
Licensee's General Managers and such broadcast being announced and logged and
sponsored.

XIX. NO ILLEGAL ANNOUNCEMENTS. No announcements or promotion prohibited by
federal or state law or regulation of any lottery or game shall be made over
each of the Stations. Any game, contest or promotion relating to or to be
presented over the Stations must be fully stated and explained in advance to
Licensee which reserves the right, in its sole discretion, to reject any game,
contest or promotion.

XX. PROGRAMMING PROHIBITIONS. Broker shall not knowingly broadcast any of the
following Programs or announcements:

    A. FALSE CLAIMS. False or unwarranted claims for any product or service.

    B. UNFAIR IMITATION. Infringements of another advertiser's rights

                                       23
<PAGE>

through plagiarism or unfair limitation or either program idea or copy, or any
other unfair competition.

    C. COMMERCIAL DISPARAGEMENT. Any disparagement of competitors or competitive
goods.

    D. PROFANITY. Any Programs or announcements that are slanderous, obscene,
profane, vulgar, repulsive or offensive, either in them or treatment.

    E. PRICE DISCLOSURE. Any price mentions except as permitted by Licensees'
policies current at the time.

    F. DESCRIPTIONS OF BODILY FUNCTIONS. Any programming which describes in a
repellent manner internal bodily functions or symptomatic results or internal
disturbances.

    G. UNAUTHENTICATED TESTIMONIALS. Any testimonials which cannot be
authenticated.

    H. CONFLICT ADVERTISING. Any advertising matter or announcement which may,
in the opinion of Licensee, be injurious or prejudicial to the interests of the
public, each of the Stations, or honest advertising and reputable business in
general.

    Licensee, may waive any of the foregoing regulations in specific instances
if, in its reasonable opinion, good broadcasting in the public interest will be
served thereby.

    In any case where questions of policy or Interpretation arise, Broker shall
submit the same to Licensee for decision before making any commitments in
connection therewith.

                                       24
<PAGE>

                            TIME BROKERAGE AGREEMENT

                                 ATTACHMENT III

                         LICENSEE'S ACCOUNTS RECEIVABLE

                                       25
<PAGE>

                            TIME BROKERAGE AGREEMENT

                                  ATTACHMENT IV

County of

State of New Jersey

                          ANTI-PAYOLA/PLUGOLA AFFIDAVIT

    Louis F. Mercatanti, Jr., being first duly sworn, deposes and says as
follows:

                                       26
<PAGE>

    1 . He is the President of the General Partner for NASSAU BROADCASTING
PARTNERS, L.P. ("BROKER").

    2. He has acted in the above capacity since (DATE)

    3. No matter has been provided for broadcast by Station WJHR-AM (hereinafter
collectively referred to as the "Station"), for which service, money or other
valuable consideration has been directly or indirectly paid, or promised to, or
charged, or accepted, by him from any person, which matter at the time so
broadcast has not been announced or otherwise indicated as paid for or furnished
by such person.

    4. So far as he is aware, no matter has been provided for broadcast by the
Station for which service, money or other valuable consideration has been
directly or indirectly paid, or promised to, or charged, or accepted by the
Station by the Broker, or by any independent contractor engaged by the Broker in
furnishing Programs, from any person, which matter at the time so broadcast has
not been announced or otherwise indicated as paid for or furnished by such
person.

    5. In the future, he will not pay, promise to pay, request or receive any
service, money or any other valuable consideration, direct or indirect, from a
third-party in exchange for the influencing of, or the attempt to influence, the
preparation or presentation of broadcast matter on the Station.

    6. Except as may be reflected in Paragraph 7 hereof, neither he, his spouse
nor any member of his immediate family, has any present, direct or indirect,
ownership interest In any entity engaged in the following business or activities
(other than an investment in a corporation whose stock is publicly held), serves
as an officer or

                                       27
<PAGE>

director of, whether with or without compensation, or serves as
an employee of, any entity engaged in the following business or activities:

        a. the publishing of music;

        b. the production, distribution (including wholesale and retail sales
outlets), manufacture or exploitation of music, films, tapes, recordings or
electrical transcriptions of any program material intended for radio broadcast
use;

        c. the exploitation, promotion or management of persons rendering
artistic, production and/or other services in the entertainment field;

        d. the ownership or operation of one or more radio or television
stations;

        e. the wholesale or retail sale of records intended for public purchase;
and

        f. the sale of advertising time other than on the Station or any other
station owned by the Broker.

    7.A full disclosure of any such interest referred to in Paragraph 6 above is
as follows:




Affiant



Subscribed and sworn to before me

this      DAY of               199

                                       28
<PAGE>

Notary Public

My commission expires:











                            TIME BROKERAGE AGREEMENT

                                  ATTACHMENT V



If the notice is to Licensees, to It at:

       Multicultural Radio Broadcasting, Inc.
       449 Broadway
       New York, New York  10013
       Attention:  Arthur Liu, President

       with a copy to:

       Mark N. Lipp, Esq.
       Shook, Hardy & Bacon, LLP
       801 Pennsylvania Avenue, NW
       Suite 600
       Washington, DC  20004

                                       29
<PAGE>

If the notice is to Broker:

     Nassau Broadcasting Partners, L.P.
     619 Alexander Road, Third Floor
     Princeton, New Jersey 08540
     Attention: Louis F. Mercatanti, Jr.

     with a copy to:

     Mark D. Schorr, Esq.
     Sterns & Weinroth
     A Professional Corporation
     50 West State Street, Suite 1400
     P.O. Box 1298
     Trenton, New Jersey 08607-1298

                                       30
<PAGE>

                            TIME BROKERAGE AGREEMENT



                                  ATTACHMENT V



If the notice is to Licensees, to It at:

       Multicultural Radio Broadcasting, Inc.
       449 Broadway
       New York, New York  10013
       Attention:  Arthur Liu, President

       with a copy to:

       Mark N. Lipp, Esq.
       Shook, Hardy & Bacon, LLP
       801 Pennsylvania Avenue, NW
       Suite 600
       Washington, DC  20004

If the notice is to Broker:

     Nassau Broadcasting Partners, L.P.
     619 Alexander Road, Third Floor
     Princeton, New Jersey 08540
     Attention: Louis F. Mercatanti, Jr.

     with a copy to:

     Mark D. Schorr, Esq.
     Sterns & Weinroth
     A Professional Corporation
     50 West State Street, Suite 1400
     P.O. Box 1298
     Trenton, New Jersey 08607-1298

                                       31