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                      [LETTERHEAD OF INTEREP APPEARS HERE]
                                                                    EXHIBIT 99.1

                                                        N E W S    R E L E A S E


                   INTEREP RAISES $5 MILLION THROUGH PRIVATE
                            PLACEMENT OF SECURITIES

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------

NEW YORK -- May 8, 2002 -- Interep (NASDAQ: IREP), the largest independent sales
and marketing company specializing in radio, the Internet and new media, today
announced it has raised $5 million through a private placement of securities
with a group of institutional investors including current shareholders.

The investors are receiving 50,000 units consisting of: 1 share of $100 face
value, 4% pay in kind, Series A convertible preferred stock; together with 6.25
warrants. Each share of preferred stock is convertible into twenty-five shares
of Interep's Class A common stock. Each warrant may be exercised within the next
five years to acquire one share of Class A common stock at $4 per share.

"We are pleased to close this financing with such a well respected group of
institutional investors," stated Ralph Guild, Chairman and CEO. "We believe this
vote of confidence in the Company will benefit all our shareholders."

"As we have expressed on our last few conference calls, the additional funds
will provide added working capital to compensate for the impact of the problems
the media industry encountered in 2001," stated Bill McEntee, Vice President and
Chief Financial Officer. "We have, and are continuing to, explore additional
financing alternatives. In view of the current market conditions, we believe
this transaction provides an excellent opportunity for continued growth at
Interep and value for our shareholders."

About Interep:

Interep is the nation's largest independent advertising sales and marketing
company specializing in radio, the Internet and complementary media, with
offices in 21 cities. Interep is the parent company of ABC Radio Sales, Allied
Radio Partners, Cumulus Radio Sales, D&R Radio, Infinity Radio Sales, McGavren
Guild Radio, MG/Susquehanna, SBS/Interep, as well as Interep Interactive, the
company's interactive representation and web publishing division specializing in
the sales and marketing of on-line advertising, including streaming media.
Interep Interactive includes Cybereps, Winstar Interactive and Perfect Circle
Media. In addition, Interep provides a variety of support services, including:
consumer and media research, sales and management training, promotional programs
and unwired radio "networks." Clients also benefit from Interep's new business
development team, the Interep Marketing Group. For more information, visit the
company's website at www.interep.com.

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The information contained in this news release, other than historical
information, consists of forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
described in such statements. For a discussion of certain factors that could
cause actual results to differ materially from those described in the
forward-looking statements, please refer to Interep's recent filings with the
Securities and Exchange Commission.

For more information, visit the company's website at www.interep.com.
                                                     ----------------

Contact: Ralph Guild  (212) 916-0508

         Bill McEntee (561) 227-0601

               Or

         Mike Frank   (201) 659-0101   mike@mikefrankassociates.com
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