<PAGE>   1

                        CONSENT OF INDEPENDENT AUDITORS




We consent to the incorporation by reference in this Annual Report (Form 10-K)
of Lynch Corporation of our report dated March 24, 1998 included in the 1997
Annual Report to Shareholders of Lynch Corporation.

Our audits also included the financial statement schedules of Lynch Corporation
listed in Item 14(a).  These schedules are the responsibility of the Company's
management.  Our responsibility is to express an opinion based on our audits.
In our opinion, based on our audits and the reports of other auditors, the
financial statement schedules referred to above, when considered in relation
to the basic financial statements taken as a whole, present fairly in all
material respects the information set forth therein.

We also consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-46953) pertaining to the Lynch Corporation 401 (k) Savings Plan
of our report dated March 24, 1998, with respect to the consolidated financial
statements incorporated by reference, and our report included in the preceding
paragraph with respect to the financial statement schedules included in this
Annual Report (Form 10-K) of Lynch Corporation.


                                             /s/ Ernst & Young, LLP



Stamford, CT
March 25, 1998
<PAGE>   2
                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTS


As independent public accountants, we hereby consent to the use of our report
dated February 5, 1996 on The Morgan Group, Inc., which is included in The
Morgan Group, Inc.'s Form 10-K for the year ended December 31, 1997, and
incorporated by reference into The Morgan Group, Inc.'s previously filed
Registration Statements on Form S-8 (Registration Nos. 33-72996, 33-72998), as
an exhibit in Lynch Corporation's Form 10-K for the year ended December 31,
1997, and into Lynch Corporation's previously filed Registration Statements on
Form S-8 (Registration No. 33-46953).  It should be noted that we have not
audited any financial statements of The Morgan Group, Inc. subsequent to
December 31, 1995 or performed any audit procedures subsequent to the date of
our report.

ARTHUR ANDERSEN LLP



Chicago, Illinois
March 25, 1998
<PAGE>   3
                      CONSENT OF INDEPENDENT ACCOUNTANTS



To the Partners
Coronet Communications Company
Bronxville, New York

We hereby consent to the incorporation by reference in the previously filed
Registration Statement on Form S-8 (Registration No.  33-46953) of our report,
dated January 24, 1997, except for Note 4, which is as of January 31, 1997,
on the financial statements of Coronet Communications Company which appears in
this annual report on Form 10-K of Lynch Corporation and subsidiaries, for the
year ended December 31, 1997.

McGLADREY & PULLEN, LLP



New York, New York
March 27, 1998
<PAGE>   4
                      CONSENT OF INDEPENDENT ACCOUNTANTS


To the Partners
Capital Communications Company, Inc.
Bronxville, New York

We hereby consent to the incorporation by reference in the previously filed
Registration Statement on Form S-8 (Registration No.  33-46953) of our report,
dated January 29, 1997 on the financial statements of Capital Communications
Company, Inc. which appears in this annual report on Form 10-K of Lynch
Corporation and subsidiaries, for the year ended December 31, 1997.

McGLADREY & PULLEN, LLP



New York, New York
March 27, 1998
<PAGE>   5

                        INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration Statement No.
33-46953 of Lynch Corporation on Form S-8 of our report dated February 21, 1997
relating to the financial statements of Central Products Company (not presented
separately herein), appearing in this Annual Report on Form 10-K of Lynch
Corporation for the year ended December 31, 1997.



DELOITTE & TOUCHE LLP

Milwaukee, Wisconsin
March 26, 1998
<PAGE>   6
                      CONSENT OF INDEPENDENT ACCOUNTANTS

March 26, 1998

To the Board of Directors
Dunkirk & Fredonia Telephone Company
Fredonia, New York 14063

We hereby consent to the incorporation by reference in the previously filed
Registration Statement on Form S-8 (Registration No.  33-46953) of our report,
dated January 31, 1997 on the financial statements of Dunkirk & Fredonia
Telephone Company which appears in this annual report on Form 10-K of Lynch
Corporation and subsidiaries, for the year ended December 31, 1997.

JOHNSON, MACKOWIAK, MOORE & MYOTT, LLP


<PAGE>   7
                      CONSENT OF INDEPENDENT ACCOUNTANTS


To the Board of Managers
CLR Video, L.L.C.
Wetmore, Kansas


         We hereby consent to the incorporation by reference in the previously
filed Registration Statement on Form S-8 (Registration No. 33-46953) or our
report, dated January 29, 1997, on the financial statements of CLR Video,
L.L.C. which appears in this annual report on Form 10-K of Lynch Corporation
and subsidiaries, for the year ended December 31, 1997.





Frederick & Warinner, L.L.C.


Lenexa, Kansas
March 30, 1998