**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


Washington,
      DC 20549





**FORM
      10-QSB**





[X]
            Quarterly
                Report pursuant to Section 13 or 15(d) of the Securities Exchange
                Act of
                1934For
                the quarterly period endedSeptember
                30, 2007[
                ]
            Transition
                Report pursuant to 13 or 15(d) of the Securities Exchange Act of
                1934For
                the transition period from__________to__________Commission
                File Number:000-50762





Debut
      Broadcasting Corporation, Inc.


(Exact
      name of small business issuer as specified in its charter)





Nevada
            88-0417389(State
                or other jurisdiction of incorporation or organization)
            (IRS
                Employer Identification No.)




1209
                16thAvenue South, Nashville, TN 37212(Address
                of principal executive offices)





615-
                866-0530(Issuer’s
                telephone number)______________________________________________________________(Former
                name, former address and former fiscal year, if changed since last
                report)





Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the registrant was required to file such reports), and (2) has
      been
      subject to such filing requirements for the past 90 days [X] Yes [ ]
      No





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). [ ] Yes [X] No





State
      the
      number of shares outstanding of each of the issuer’s classes of common stock, as
      of the latest practicable date: 19,794,360  common
      shares as of September 30, 2007.





Transitional
      Small Business Disclosure Format (check one): Yes [ ] No [X]




Table
          of Contents


TABLE
                OF CONTENTS
            PagePART
                I - FINANCIAL INFORMATIONItem
                1.
            Financial
                Statements
            3Item
                2.
            Management’s
                Discussion and Analysis or Plan of
                Operation
            4Item
                3.
            Controls
                and Procedures
            18PART
                II - OTHER INFORMATIONItem
                6.
            Exhibits
            19


2
 Table
          of Contents


**PART
      I - FINANCIAL INFORMATION**





**Item1.**  **Financial
      Statements.**





Our
                unaudited financial statements included in this Form 10-QSB are as
                follows:F-1
            Condensed
                Consolidated Balance Sheets as of September 30, 2007
                and December 31, 2006;F-2
            Consolidated
                Statements of Operations for thethree
                and nine months ended September 30, 2007 and 2006;F-3
            Consolidated
                Statements of Cash Flows for the nine months ended
                September 30, 2007 and 2006;





These
      unaudited financial statements have been prepared in accordance with accounting
      principles generally accepted in the United States of America for interim
      financial information and the SEC instructions to Form 10-QSB. In the opinion
      of
      management, all adjustments considered necessary for a fair presentation have
      been included. Operating results for the interim period ended September 30,
      2007
      are not necessarily indicative of the results that can be expected for the
      full
      year.


3
 Table
          of Contents


**DEBUTBROADCASTING
        CORPORATION, INC.**


**CONDENSED
        CONSOLIDATED BALANCE SHEETS**
  ASSETSSeptember
                      30,2007
                    (Unaudited)
              
              December
                      31
                    2006Current
                  assetsCash
                  and cash equivalents
              $
              505,740
              
              $
              86,112Accounts
                  receivable, net
              
              573,408
              
              
              402,067Other
                  current assets
              
              46,437
              
              
              -Total
                  current assets
              
              1,125,585
              
              
              488,179Property
                  and equipment, net
              
              529,097
              
              
              62,026Goodwill
              
              79,280
              
              
              -FCC
                  licenses
              
              1,037,000
              
              
              -Other
                  intangible assets, net
              
              21,425
              
              
              -Total
                  assets
              $
              2,792,387
              
              $
              550,205LIABILITIES
                  AND STOCKHOLDERS' EQUITY (DEFICIT)Current
                  liabilitiesAccounts
                  payable
              $
              269,833
              
              $
              167,048Accrued
                  expenses and taxes
              
              360,396
              
              
              50,154Notes
                  payable to shareholders
              
              -
              
              
              215,158Lines
                  of credit
              
              240,375
              
              
              210,375Current
                  portion of long-term debt
              
              85,006
              
              
              -Total
                  current liabilities
              
              955,610
              
              
              642,735Long
                  term liabilitiesLong-term
                  debt
              
              605,290
              
              
              631,768Total
                  long term liabilities
              
              605,290
              
              
              631,768Total
                  liabilities
              
              1,560,900
              
              
              1,274,503Stockholders'
                  equity (deficit)Common
                  stock - $.003 par value, 100,000,000 shares authorized;
                19,794,360
                  and 19,794,360 shares issued and outstanding,
                  respectively.
              
              30,383
              
              
              1,000Additional
                  paid in capital
              
              3,162,272
              
              
              -Accumulated
                  deficit
              
              (1,961,168)
              
              
              (725,298)Total
                  stockholders' equity (deficit)
              
              1,231,487
              
              
              (724,298)Total
                  liabilities and stockholders' equity
              $
              2,792,387
              
              $
              550,205(1)
                  Derived from audited financial statements.
 The
          accompanying notes are an integral part of these financial
          statements.


F-1
 Table
          of Contents


**DEBUTBROADCASTING
        CORPORATION, INC.**
 **CONDENSED
        CONSOLIDATED STATEMENTS OF OPERATIONS**
 **(Unaudited)**
  Three
                  months ended September 30,
              
              Nine
                  months ended September 30,2007
              
              2006
              
              2007
              
              2006Net
                  Revenue
              $
              834,270
              
              $
              867,015
              
              $
              2,118,377
              
              $
              1,960,369Operating
                  expensesAdvertising
              
              6,580
              
              
              6,367
              
              
              14,358
              
              
              6,368Operating
                  expense
              
              1,252,742
              
              
              795,198
              
              
              2,846,629
              
              
              1,931,993Depreciation
                  and amortization expense
              
              26,611
              
              
              4,580
              
              
              38,023
              
              
              13,741Merger
                  and acquisition related expense
              
              57,634
              
              
              -
              
              
              397,462
              
              
              -Total
                  operating expenses
              
              1,343,567
              
              
              806,145
              
              
              3,296,472
              
              
              1,952,102Operating
                  (loss) income
              
              (509,297)
              
              
              60,870
              
              
              (1,178,095)
              
              
              8,267Other
                  expense (income)Interest
                  expense
              
              23,058
              
              
              38,515
              
              
              76,110
              
              
              98,818Interest
                  income
              
              (8,239)
              
              
              -
              
              
              (18,334)
              
              
              -Total
                  other expenses
              
              14,819
              
              
              38,515
              
              
              57,776
              
              
              98,818Net
                  (loss) income
              $
              (524,116)
              
              $
              22,355
              
              $
              (1,235,871)
              
              $
              (90,551)Loss
                  per common shareBasic
                  and diluted
              $
              (0.03)
              
              $
              -
              
              $
              (0.06)
              
              $
              -Weighted
                  average number of shares outstanding, basic
                  and diluted
              
              19,794,360
              
              
              19,794,360
              
              
              19,794,360
              
              
              19,794,360




The
      accompanying notes are an integral part of these financial
      statements.


F-2
 Table
          of Contents


**DEBUTBROADCASTING
        CORPORATION, INC. AND
        SUBSIDIARIES**
 **CONDENSED
        CONSOLIDATED STATEMENTS OF CASH FLOWS**
 **(Unaudited)**
  For
                  the Nine Months Ended September 30,2007
              
              2006Operating
                  activities:Net
                  loss
              $
              (1,235,871)
              
              $
              (90,551)Adjustments
                  to reconcile net loss to net cash provided by
                  (used in) operating activities:Depreciation
                  and amortization
              
              38,023
              
              
              13,741Changes
                  in operating assets and liabilities, net of effects of
                  acquisitions:(Increase)
                  decrease in accounts receivable
              
              (124,072)
              
              
              244,038Decrease
                  in other current assets
              
              (46,437)
              
              
              (3,476)Increase
                  in accounts payable
              
              102,784
              
              
              9,584Increase
                  (decrease) in accrued expenses and taxes
              
              295,962
              
              
              (8,163)Net
                cash (used in) provided by operating activities
              
              (969,611)
              
              
              165,173Investing
                  activities:Purchases
                  of property and equipment
              
              (328,518)
              
              
              (19,400)Acquisition
                  of Shamrock Broadcasting
              
              (300,000)
              
              
              -Acquisition
                  of River Broadcasting
              
              (1,037,134)
              
              
              -Net
                cash used in investing activities
              
              (1,665,652)
              
              
              (19,400)Financing
                  activities:Net
                  proceeds from private placement of common stock
              
              2,976,497
              
              
              -Proceeds
                  from bank credit facility
              
              30,000
              
              
              -Proceeds
                  from notes payable
              
              84,054Procceds
                  from shareholder notes
              
              -
              
              
              29,188Repayment
                  of long term debt
              
              (35,660)
              
              
              (11,464)Net
                cash provided by financing activities
              
              3,054,891
              
              
              17,724Net
                  increase in cash and cash equivalents
              
              419,628
              
              
              163,497Cash
                  and cash equivalents at beginning of period
              
              86,112
              
              
              (7,910)Cash
                  and cash equivalents at end of period
              $
              505,740
              
              $
              155,587




The
        accompanying notes are an integral part of these financial
        statements.
 F-3
 Table
            of Contents
 **DEBUT
            BROADCASTING CORPORATION, INC. AND SUBSIDIARIES**
 **CONDENSED
            CONSOLIDATED STATEMENTS OF CASH FLOWS**
 **(Unaudited)**
  For
                      the Nine Months Ended September 30,2007
                  
                  2006Supplemental
                      disclosure of cash flow information:Cash
                      paid during the period for:Interest
                  $
                  53,074
                  
                  $
                  60,304Schedule
                      of non-cash investing and financing activities:Issuance
                      of common stock in connection with conversion of debenture
                      payable
                  $
                  100,000
                  
                  $
                  -Issuance
                      of common stock in connection with conversion of shareholder
                      notes payable
                  $
                  215,158
                  
                  $
                  -Purchase
                      of assets of Shamrock Broadcasting and assumption
                      of liabilities in the acquisition as follows:Fair
                      value of non-cash tangible assets acquired
                  $
                  310,134
                  
                  $
                  -Cash
                      paid
                  
                  (300,000)
                  
                  
                  -Liabilities
                      assumed
                  $
                  (10,134)
                  
                  $
                  -Purchase
                    of assets of River Broadcasting and assumption
                    of liabilities in the acquisition as follows:Fair
                      value of non-cash tangible assets acquired
                  $
                  957,854
                  
                  $
                  -Goodwill
                  
                  79,280
                  
                  
                  -Cash
                      paid
                  
                  (1,037,134)
                  
                  
                  -Liabilities
                      assumed
                  $
                  -
                  
                  $
                  -
 The
            accompanying notes are an integral part of these financial
            statements.
 F-4
 Table
                of Contents





**Note
      1 - Organization**





Debut
      Broadcasting Corporation, Inc. (the “Company”) is located in Nashville,
      Tennessee and conducts business from its principal executive office at 1209
      16 th Avenue
      South, Nashville, Tennessee 37212. The Company produces and distributes
      syndicated radio programs to radio stations across the United States and Canada.
      In addition, the Company owns and operates five radio stations in Mississippi.





The
      Company maintains radio syndication in Nashville and produces and distributes
      14
      radio programs, which are broadcast over approximately 1,400 radio station
      affiliates. These radio programs have an estimated 40 million U.S. listeners
      per
      week. In addition to its syndication services the Company owns and operates
      a
      multi-media studio with audio, video and on-line content production
      capabilities. This facility is located on Music Row in Nashville, Tennessee.
      The
      Company also provides marketing, consulting and media buying (advertising)
      for
      its radio broadcast station customers in the United States.





On
      May
      17, 2007, the Company consummated a reverse merger with California News Tech,
      a
      public company that was organized in Nevada. Media Sentiment, Inc. (“MSI”), a
      wholly-owned subsidiary of California News Tech, held all of the assets and
      operations of California News Tech at the date of the merger (see Note 10 -
      Business Combinations). Pursuant to a Post-Merger Operating Agreement, dated
      as
      of May 17, 2007, MSI and the Company agreed to operate as separate businesses
      after the reverse merger, with neither entity exercising control over the assets
      or operations of the other.





On
      June
      27, 2007, MSI filed a registration statement with the SEC with respect to the
      issued and outstanding shares of common stock of MSI for the purpose of
      completing a spin-off of MSI by transferring all of the shares of common stock
      of MSI to shareholders of record of California News Tech as of April 20, 2007.
      We anticipate completing the spin-off of MSI during the fourth quarter of
      2007.





**Note
      2 - Basis of Presentation and Interim Results**





The
      condensed consolidated financial statements include the accounts of the Company,
      and its subsidiaries. The interim financial statements of the Company have
      been
      prepared without audit.





These
      interim results exclude the assets, liabilities and operations of MSI, a
      wholly-owned subsidiary that the Company does not control and expects to spin
      off during the fourth quarter of 2007 (See Note 10 - Business
      Combinations).





Certain
      information and note disclosures normally included in annual financial
      statements prepared in accordance with generally accepted accounting principles
      have been condensed or omitted. We believe that the disclosures are adequate
      to
      make the financial information presented not misleading. These condensed
      financial statements should be read in conjunction with the audited consolidated
      financial statements and the notes thereto for the year ended December 31,
      2006.
      All adjustments were of a normal recurring nature unless otherwise disclosed.
      In
      the opinion of management, all adjustments necessary for a fair statement of
      the





F-5
 Table
            of Contents





results
      of operations for the interim period have been included. The results of
      operations for such interim periods are not necessarily indicative of the
      results for the full year.





Revenue
      and Cost Recognition





The
      Company recognizes its advertising and programming revenues when the Company’s
      radio shows air on its contracted radio station affiliates. Generally, the
      Company is paid by a national advertising agency, which sells the commercial
      time provided by the affiliate.





As
      the
      Company earns its revenue from the national advertising agency it also
      recognizes any amounts due to the individual shows, which are based on the
      audience level generated by the specific program. Expenses are accrued at the
      time the shows are run.




Consulting
      projects are generally negotiated at a fixed price per project; however, if
      the
      Company utilizes its advertising capacity as part of the consulting project,
      it
      will charge the consulting client in the same manner as the affiliated stations
      described more fully above. Consulting fee income is recognized as time is
      incurred under the terms of the contract.





Advertising





The
      Company expenses advertising costs as they are incurred. Total advertising
      costs
      of $6,581 and $6,368 are included in the financial statements for the three
      months ended September 30, 2007 and September 30, 2006, respectively. Total
      advertising costs of $14,358 and $6,368 are included in the financial statements
      for the nine months ending September 30, 2007 and September 30, 2006,
      respectively.





**Note
      3 - Initial Adoption of FIN 48**





The
      Company adopted the provisions of Financial Accounting Standards Board (“FASB”)
      Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an
      interpretation of FASB Statement No. 109 (“FIN 48”), on May 17, 2007. This
      interpretation increases the relevancy and comparability of financial reporting
      by clarifying the way companies account for uncertainty in income taxes. FIN
      48
      prescribes a consistent recognition threshold and measurement attribute, as
      well
      as clear criteria for subsequently recognizing, derecognizing and measuring
      such
      tax positions for financial statement purposes. The interpretation also requires
      expanded disclosure with respect to the uncertainty in income
      taxes.





F-6
 Table
            of Contents





**Note
      4 - Loss Per Share**





All
      shares of common stock and prices have been restated in the accompanying
      consolidated financial statements and notes to give effect to the reverse merger
      of the Company with California News Tech. Therefore, the calculation of loss
      per
      share is equal to the number of shares of common stock outstanding assuming
      the
      reverse merger was completed on January 1, 2006. As of September 30, 2007,
      the
      Company had no stock options or securities convertible into any form of equity
      outstanding.





**Note
      5 - Property and equipment**





Property
      and equipment are stated at cost less accumulated depreciation. Depreciation
      of
      property and equipment are computed using the straight-line method based upon
      estimated lives of assets ranging between three to ten years. Property and
      equipment are summarized as follows:





September
                30, 2007
            
            December
                31,2006Land
            $
            49,500
            
            $
            -Buildings
                and leasehold improvements
            
            71,810
            
            
            -Towers
                and studio equipment
            
            287,623
            
            
            53,115Furniture
                and fixtures
            
            35,213
            
            
            24,987Office
                equipment
            
            13,088
            
            
            8,642Computer
                hardware
            
            66,935
            
            
            57,268Computer
                software
            
            22,084
            
            
            3,287Automotive
            
            97,565
            
            
            -Accumulated
                depreciation
            
            (114,721)
            
            
            (85,273)Property
                and equipment, net
            $
            529,097
            
            $
            62,026





Of
      the
      $529,097 in net property and equipment as of September 30, 2007, $461,226 was
      added through the acquisition of five broadcast radio stations during the second
      quarter and equipment purchased during the second and third quarters to support
      the newly acquired stations. (See Note 10 - Business Combinations).





**Note
      6 - Lines of Credit**





On
      May 3,
      2002 and amended on April 26, 2004, the Company entered into an unsecured
      promissory note establishing a revolving line of credit with the Bank of America
      for $75,000. The note requires monthly interest payments and the interest rate
      is based on the prime rate set by the bank, 9.25% at September 30, 2007. The
      interest rate is adjusted monthly based on the changes in the bank’s prime rate.
      The note, which matured in April, 2005, was renewed twice, most recently on
      May
      7, 2007, and matures on May 3, 2008. The balance of the line of credit at both
      September 30, 2007 and 2006 was $75,000.





F-7
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            of Contents





The
      Company signed a promissory note and established a revolving line of credit
      on
      August 15, 2006 for $200,000 with Regions Bank to refinance existing debt.
      The
      note matures on November 30, 2007 and requires monthly interest payments
      accruing at an initial rate of 7.58%. The rate is subject to monthly change
      based on an independent index plus 2.25%. The note is secured by a personal
      guarantee of certain officers of the Company and all inventory, chattel paper,
      accounts, equipment and general intangibles existing or purchased after the
      signing of the related agreement. The principal balance as of September 30,
      2007
      was $165,375.





**Note
      7 - Notes Payable to Shareholders**





Shareholder
      loans to the Company were made under various promissory notes dated May 15,
      2003
      through May 17, 2006. The interest rate for these loans was the prime rate.
      Principal and interest were payable upon shareholder demand. The total balance
      of these loans at September 30, 2007 and 2006 was $0 and $182,158,
      respectively.





On
      June
      6, 2005, the Company entered into an unsecured loan agreement with Rush Capital,
      LLC for $50,000. Rush Capital is an entity owned and controlled by an officer
      and shareholder of the Company. The promissory note, plus interest accrued
      at
      prime, was payable upon demand. The total balance of these loans at September
      30, 2007 and 2006 was $0 and $50,000.





On
      June
      5, 2006 the Company entered into a loan agreement with Rush Capital, LLC for
      $3,000. The promissory note, plus interest accrued at prime, is payable upon
      demand. The total balance of this loan at September 30, 2007 and 2006 was $0
      and
      $3,000.





Effective
      with the reverse merger of the Company on May 17, 2007, the Rush Capital and
      other shareholder notes were converted into 430,316 shares of common stock
      in
      the Company. (See Note 10 - Business Combinations). Therefore, the balance
      of
      these loans at September 30, 2007 was $0.





Total
      interest expense associated with the shareholder loans was $0 and $6,680 for
      the
      three and nine months ended September 30, 2007, respectively. As of September
      30, 2007 all accrued interest associated with the shareholder loans was paid
      out
      with a corresponding balance of $0. Total interest expense associated with
      the
      shareholder loans was $4,850 and $13,046 for the three and nine months ended
      September 30, 2006, respectively. Accrued interest due to shareholders was
      $24,054 as of September 30, 2006.





**Note
      8 - Loans Payable**





On
      August
      15, 2006, the Company signed a promissory note with Regions Bank for $300,000
      with an initial interest rate of 7.58%. The loan is secured by all inventory,
      chattel paper, accounts, equipment and general intangibles of the Company.
      The
      loan matures August 30, 2011 and is payable in monthly instalments of $6,058,
      including variable interest at 2.250% points per annum over the London Interbank
      Offered Rate for the applicable index period.





F-8
 Table
            of Contents





Total
      interest expense on the Regions Bank loan was $5,006 and $15,453 for the three
      and nine months ended September 30, 2007, respectively. The balance of the
      loan
      at September 30, 2007 was $245,239, of which $55,787 classified as current
      portion of long-term debt.





On
      August
      28, 2002, the Company signed an unsecured promissory note with Citadel
      Communications for $430,415. The loan has no maturity date and accrues interest
      at a rate of 12%. The note was amended in April, 2003 requiring interest only
      payments indefinitely. The balance of the loan at September 30, 2007 was
      $347,491.





On
      August
      28, 2007 the Company signed a direct purchase money loan and security agreement
      with DaimlerChrysler for the purchase of two vehicles for $50,068 with an
      effective interest rate of 7.3%. The corresponding promissory note is to be
      paid
      over a five-year period with a monthly payment of $1,011.





On
      September 25, 2007, the Company signed a retail instalment sale contract with
      GMAC for the purchase of two vehicles for $47,498 with an effective interest
      rate of 5.0%. The corresponding promissory note is to be paid over a three-year
      period with a monthly payment of $1,424. The purchased vehicles will be used
      in
      conjunction with the radio broadcast operations.





The
      corresponding balance relating to the vehicle loans as of September 30, 2007
      was
      $97,566 and $29,219 was classified as the current portion.




**Note
      9 - Shareholders’ Equity**





In
      connection with the reverse merger on May 17, 2007, all shares of common stock
      of Debut Broadcasting (as hereinafter defined) outstanding prior to the merger
      were exchanged for 10,000,000 shares of Company common stock (See Note 10 -
      Business Combinations).





In
      addition, in connection with the reverse merger, the Company completed a private
      placement of 6,000,000 shares of Company common stock at $0.50 per share. The
      transaction was recorded net of financing costs of $23,503.





Finally,
      in connection with the reverse merger, the Company converted notes payable
      to
      shareholders in the amount of $215,158 into 430,316 shares of Company common
      stock at $0.50 per share.





The
      pre-merger shareholders of the Company maintained 364,044 shares of Company
      common stock.





On
      May
      21, 2007, $100,000 of convertible debentures issued on May 15, 2007 were
      converted into 3,000,000 shares of Company common stock.





F-9
 Table
            of Contents





**Note
      10 - Business Combinations**





**California
      News Tech**





On
      May
      17, 2007, the Company entered into an Agreement and Plan of Merger with
      California News Tech. The merger was accounted for as a reverse merger using
      the
      purchase method of accounting. Accordingly, the acquisition has been treated
      as
      an acquisition of California News Tech by the Company. MSI held all of the
      assets and operations of California News Tech at the date of the
      merger.





As
      part
      of the reverse merger, each share common stock of Debut Broadcasting, Inc.,
      a
      Tennessee Corporation formerly known as the Marketing Group (“Debut
      Broadcasting”), issued and outstanding immediately prior to the closing of the
      merger was converted into the right to receive one share of common stock. As
      a
      result, the shareholders of Debut Broadcasting received 10,000,000 newly issued
      shares of common stock.





Also
      as
      part of the reverse merger, the Company issued 6,430,316 shares of Company
      common stock to investors as a result of closing a private offering that was
      exempt from registration under Rule 506 of Regulation D of the Securities Act
      of
      1933. The shares were issued for a combination of cash and debt reduction.




On
      June
      27, 2007, MSI filed a registration statement with the Securities and Exchange
      Commission with the respect to the issued and outstanding shares of common
      stock
      of MSI for the purpose of completing a spin-off of MSI by transferring all
      of
      the shares of common stock of MSI to shareholders of record of California News
      Tech as of April 20, 2007. We anticipate completing the spin-off of MSI during
      the fourth quarter of 2007.





As
      part
      of the reverse merger, the Company also entered into a Post-Merger Operating
      Agreement in which the Company and MSI agreed to operate their respective
      businesses separately and the Company specifically agreed that it would not
      interfere in any manner with the operations of MSI, have any rights to use,
      acquire or otherwise operate any of the assets or intellectual property of
      MSI
      or create any liabilities for which MSI would be obligated. In addition, MSI
      agreed that it would not interfere in any manner with the operations of the
      Company, have any rights to use, acquire or otherwise operate any of the assets
      or intellectual property of the Company or create any liabilities for which
      the
      Company would be obligated.





Moreover,
      as part of this Post-Merger Operating Agreement, the Company agreed that if
      for
      any reason California News Tech is unable to register the MSI shares, that
      the
      Company would sell its MSI shares to the Company’s former president and
      director, Marian Munz, for $1.00. As a consequence, MSI has and will continue
      to
      operate completely separate from the Company effective as of the date of the
      reverse merger.





In
      addition, at the time of the reverse merger, the Company was released from
      certain liabilities to its former president and director, Mr. Munz, and his
      spouse; however, these liabilities continued as the sole responsibility of
      MSI
      in the form of two separate convertible promissory notes. These notes remain
      outstanding but, if converted under their terms into shares of MSI





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common
      stock, would represent over an 80% interest and full voting control over MSI.





As
      a
      result, the Company considers MSI a non-controlled subsidiary and has not
      included any operating results, cash flow analysis or assets and liabilities
      of
      MSI in its consolidated financial statements.





The
      Company reported the details of the Agreement and Plan of Merger and the related
      transactions on a Form 8-K filed May 22, 2007.





**Shamrock
      Broadcasting, Inc.**





On
      June
      7, 2007, the Company acquired two radio broadcast stations identified as WNLA
      FM
      105.5 MHz and WNLA AM 1380 kHz in Indianola, Mississippi, from Shamrock
      Broadcasting, Inc., including all of the facilities, equipment, licenses and
      intellectual property necessary to operate these stations, in exchange for
      $300,000. In a separate agreement, the Company purchased the accounts receivable
      of Shamrock Broadcasting through issuance of a $10,134 promissory note payable
      in equal instalments made in each of three months following completion of the
      transaction.





The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            10,134Land
            
            14,500Buildings
                and structures
            
            13,500Equipment
            
            30,000FCC
                licenses
            
            237,000Non-compete
                agreement
            
            5,000Liabilities
                assumed
            
            (10,134)Total
            $
            300,000





**River
      Broadcasting Company**





On
      June
      19, 2007, the Company acquired three radio broadcast stations identified as
      WIQQ
      FM 102.3 MHz in Leland, Mississippi, WBAQ FM 97.9 MHz and WNIX AM 1330 kHz
      in
      Greenville, Mississippi, from River Broadcasting Company, including all of
      the
      facilities, equipment, licenses and intellectual property necessary to operate
      these stations, in exchange for $1,037,134. In
      September 2007, the Company identified a $14,280 liability that was not recorded
      as of the closing date of the transaction. This was recorded as an adjustment
      to
      goodwill.





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The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            37,134Land
            
            35,000Buildings
                and structures
            
            50,000Equipment
            
            25,000FCC
                licenses
            
            800,000Non-compete
                agreement
            
            25,000Goodwill
            
            79,280Liabilities
                assumed
            
            (14,280)Total
            $
            1,037,134








The
      Company reported our acquisition of these five radio stations on a Form 8-K
      filed June 22, 2007.





**Note
      11 - Income Taxes**





The
      tax
      effect of significant temporary differences representing future tax assets
      and
      future tax liabilities has been fully offset by a valuation allowance. The
      Company has determined that realization is uncertain and, therefore, a valuation
      allowance has been recorded against this future income tax asset.




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**Item2.     Management’s
      Discussion and
      Analysis or Plan of Operation**





**Forward-Looking
      Statements**





Certain
      statements contained in this report may not be based on historical facts and
      are
“forward-looking statements” within the meaning of Section 27A of the
      Securities Act of 1933, as amended, and Section 21E of the Securities
      Exchange Act of 1934, as amended. These forward-looking statements may be
      identified by reference to a future period(s) or by the use of forward-looking
      terminology, such as “anticipate,” “believe,” “estimate,” “expect,” “foresee,”
“may,” “might,” “will,” “intend,” “could,” “would” or “plan,” or future or
      conditional verb tenses, and variations or negatives of such terms. These
      forward-looking statements include, without limitation, those relating to our
      operating results, completion of the spin-off of MSI, consulting projects,
      the
      use of purchased vehicles, our interference with the operations of MSI, the
      sale
      of our shares of MSI common stock, the separate operation of MSI, expansions
      into different programming formats, the number of employees dedicated to radio
      programs, the expansion of our programming and services, our creation of 24-hour
      programming in certain formats, our ability to identify and consummate potential
      acquisitions, cost-efficient operation of radio stations, the proliferation
      of
      HD Radio, the prices for HD Radio receivers, investing in undervalued and
      under-performing radio stations, our investment in medium- and small-market
      radio stations, market trends in purchase prices for radio stations, our
      investment criteria, our ability to accomplish revenue growth and cost-cutting,
      our ability to generate new event and promotion revenues, the implementation
      of
      our national advertising sales plan at radio stations we acquire, our ability
      to
      leverage technology, the impact of future acquisition on our margins and cash
      flow, our network of contacts within the radio industry, the rating of the
      Greenville, Mississippi market, the creation of station clusters and their
      impact on market share and revenues, our ability to achieve cost reductions,
      our
      need for additional capital to grow and make additional acquisitions, our
      ability to raise capital through debt and equity, the terms of any financing
      that we may obtain, the incurrance of accounting and legal fees in connection
      with acquisitions, compliance with environmental laws and our disclosure
      controls and procedures. We caution you not to place undue reliance on the
      forward-looking statements contained in this report, in that actual results
      could differ materially from those indicated in such forward-looking statements
      as a result of a variety of factors. These factors include, but are not limited
      to, our ability to provide and market competitive services and products, our
      ability to diversify revenue, our ability to attract, train and retain qualified
      personnel, our ability to operate and integrate new technology, changes in
      consumer preferences, changes in our operating or expansion strategy, changes
      in
      economic conditions, fluctuations in prevailing interest rates, our ability
      to
      identify and effectively integrate potential acquisitions, FCC and government
      approval of potential acquisitions, our inability to renew one or more of our
      broadcast licenses, our ability to manage growth and effectively serve an
      expanding customer and market base, geographic concentrations of our assets
      and
      susceptibility to economic downturns in that area, availability of and costs
      associated with maintaining and/or obtaining adequate and timely sources of
      capital and liquidity, our ability to compete with other companies that produce
      and distribute syndicated radio programs and/or own radio stations, shifts
      in
      population and other demographics, changes
      in governmental regulations, industry
      conditions, the
      popularity of radio as a broadcasting and advertising medium,  cancellation,
      disruptions or postponements of advertising schedules in response to national
      or
      world events, our lack of control over MSI, possible adverse rulings, judgments,
      settlements and other outcomes of pending or threatened litigation, other
      factors generally understood to affect the financial condition or results of
      companies that produce and distribute syndicated radio programs and/or own
      radio
      stations and other factors detailed from time to time in our press releases
      and
      filings with the Securities and Exchange Commission. We undertake no obligation
      to update these forward-looking statements to reflect events or circumstances
      that occur after the date of this report.


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**Overview**





We
      were
      originally incorporated in Nevada on January 22, 1999 as NewsSurfer.com
      Corporation. In January 2001, we changed our name to California News Tech and
      in
      November 2001 shifted our business plan to focus on providing online access
      to
      news media analysis for a subscription fee. On October 31, 2006, we moved all
      our assets and business to a new wholly-owned subsidiary, Media Sentiment,
      Inc.
      (“MSI”).





On
      May
      17, 2007, we issued a control block of our common stock to the former
      shareholders of Debut Broadcasting, Inc. (“Debut Broadcasting”), a privately
      held Tennessee corporation. Through a series of related transactions (the
“Reverse Merger”), we acquired Debut Broadcasting, which became our wholly-owned
      subsidiary, and subsequently changed our name to Debut Broadcasting Corporation,
      Inc..





As
      part
      of the reverse merger, the we also entered into a Post-Merger Operating
      Agreement in which we agreed to operate our respective businesses separately,
      and we specifically agreed that we would not interfere in any manner with the
      operations of MSI, have any rights to use, acquire or otherwise operate any
      of
      the assets or intellectual property of MSI or create any liabilities for which
      MSI would be obligated. In addition, MSI agreed that it would not interfere
      in
      any manner with our operations, have any rights to use, acquire or otherwise
      operate any of our assets or intellectual property of California News Tech
      or
      create any liabilities for which we would be obligated.





Moreover,
      as part of this Post-Merger Operating Agreement, we agreed that if for any
      reason California News Tech is unable to register the MSI shares, that the
      Company would sell our shares to the Company’s former president and director,
      Marian Munz, for $1.00. As a consequence, MSI has and will continue to operate
      completely separate from us effective as of the date of the reverse merger.





In
      addition, at the time of the reverse merger, the Company was released from
      certain liabilities to its former president and director, Mr. Munz, and his
      spouse; however, these liabilities continued as the sole responsibility of
      MSI
      in the form of two separate convertible promissory notes. These notes remain
      outstanding but, if converted under their terms into shares of MSI common stock,
      would represent over an 80% interest and full voting control over MSI.





As
      a
      result, we consider MSI a non-controlled subsidiary and have not included any
      operating results, cash flow analysis or assets and liabilities of MSI in our
      consolidated financial statements.





On
      June
      27, 2007, MSI filed a registration statement with the SEC with respect to the
      issued and outstanding shares of common stock of MSI for the purpose of
      completing a spin-off of MSI by transferring all of the shares of common stock
      of MSI to shareholders of record of California News Tech as of April 20, 2007.
      We anticipate completing the spin-off of MSI during the fourth quarter of
      2007.


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**Existing
      Business Operations of Debut**





All
      of
      our current material business operations are conducted through our wholly-owned
      subsidiaries, Debut Broadcasting, Inc. and Debut Broadcasting Mississippi,
      Inc..





***Existing
      Radio Syndication Business***





Our
      core
      business is the production and distribution of syndicated radio programming
      to
      radio stations in the U.S. and Canada. We have grown from a single radio program
      in 1999 to approximately 14 distinct programs and services currently offered
      to
      radio stations in the U.S. and Canada. Our customer base of nearly 1,400 radio
      stations generates an audience nearly 40 million listeners each week in the
      US.
      Current programming focuses on country, Christian, and urban formats. Our
      planned expansion includes adult contemporary and rock formats.





Revenue
      is generated from advertising and sponsorship sold in the syndicated radio
      programs, as well as revenue-sharing agreements with radio station affiliates.
      Key advertising relationships include Wal-Mart, Pfizer, GEICO Insurance, Johnson
      & Johnson, General Mills, Proctor & Gamble and others.





During
      the past decade, rapid consolidation of the radio industry resulted from
      government de-regulation of ownership limits. Companies that owned the maximum
      of 24 radio stations prior to 1996 are now free to own far more licenses. At
      the
      beginning of 2007, the larger companies owned an average of 254 stations each
      and the largest, Clear Channel Communications, owned over 1,100 stations
      (although it is in the process of divesting stations in some smaller
      markets).





The
      process of consolidation has dramatically reduced staffing levels. Most radio
      stations now rely on automation systems and syndicated programming to fill
      airtime. Management believes that the average number of employees dedicated
      to
      each on-air radio signal in 1996 was eight; today, that number is below three.
      We have exploited this need, providing radio stations with daily features and
      hourly weekend programming.





We
      intend
      to continue our rapid expansion of the programming and services we offer to
      radio stations, including increased penetration of larger markets with long-form
      programming. Specifically, we will focus on creating a new-generation of
      long-form, 24-hour programming in the following formats:




1.  Country


2.  Rock


3.  Urban


4.  Adult
      Contemporary




Relying
      on our management’s experience with 24-hour programming, which has been
      historically delivered via satellite to radio station affiliates, we now utilize
      a more efficient delivery method facilitated by the Internet. The result is
      a
      more “hands-off” operation on the radio station end of the service,
      higher-quality; much greater flexibility, more localized programming for radio
      station affiliates, and more reliable delivery (eliminating vulnerabilities
      in
      the traditional satellite-delivery systems).


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In
      addition, our planned expansion of program and service offerings
      includes:





1.  24-hour
      weather and on-call severe weather coverage;


2.  Format-specific
      news and sports reporters; and


3.  Production
      music and station imaging.





By
      increasing the rate of the expansion of our programming and services even
      further, we hope to acquire a higher number of radio station affiliates and
      earn
      increased ratings, which should translate into increased revenues.





**Diversification**





We
      have
      recently expanded our business plan to include the acquisition and management
      of
      radio stations (“Properties”) in small to mid-sized radio markets in the United
      States. Properties acquired by us will serve as flagships for the new 24-hour
      programming and other programs and services provided by us. We further
      anticipate that these acquisitions will also increase margins and cash flow
      for
      the Properties and existing syndication operations as we leverage unique
      synergies resulting from our existing lines of business. In furtherance of
      this
      strategy, during June 2007 we acquired and now own and operate five broadcast
      radio stations in the area of Greenville, Mississippi, identified as WIQQ FM
      102.3 MHz in Leland, Mississippi, WBAQ FM 97.9 MHz, WNIX AM 1330 kHz in
      Greenville, Mississippi, and WNLA FM 105.5 MHz and WNLA AM 1380 kHz in
      Indianola, Mississippi. We will continue to review the potential of additional
      acquisitions of radio stations in proximity to this area, although there is
      no
      assurance that we will be able to consummate such acquisitions.





We
      believe that ownership of Properties has the potential to increase our margins
      and cash flow. Management believes we are uniquely capable of more
      cost-efficient operation of radio stations than other owners because of our
      ability to generate the programming out of our existing syndication operation
      in
      Nashville, overlay national advertising revenues and then localize the content
      in each market.





Further,
      this strategy blends elements of the new and old economies to diversify risk
      in
      three key ways:





1.  HD
      radio
      and webcasting





The
      Federal Communications Commission (“FCC”) approved digital radio (known as “HD
      Radio”) in March 2007. Similar to digital television, HD Radio allows
      broadcasters to transmit two channels digitally through the equivalent of one
      analog channel.





We
      anticipate that the years 2008 - 2010 will see rapid proliferation of HD Radio.
      Many radio stations in the top 50 markets have already converted to the new
      broadcast format, and major retailers, including Radio Shack, Best Buy and
      Wal-Mart, carry the receivers, which already compete favorably with hardware
      prices for satellite radio and should continue to drop.


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HD
      Radio
      will provide a wide range of new free listening options to consumers without
      the
      monthly subscription charged by satellite radio. All existing FM license-holders
      have the right to convert to HD Radio without further approval from the
      FCC.





Further,
      the growth potential offered by the new technologies of HD Radio and webcasting
      into the future provide additional diversification opportunities. The radio
      industry has created an educational website that explains the current and future
      potential of HD Radio at www.HDRadio.com .





2.  Diversification
      of Revenue Streams and the Future Potential of New Technologies





While
      revenues from syndication and radio station operations are both primarily
      derived from advertising, budgets and clients are quite separate. By
      diversifying revenues to include both national syndication revenues and
      local-market revenues, we are less vulnerable to any potential changes in future
      market conditions than companies that operate only radio stations.





3.  Diversification
      of assets





Ownership
      of Properties also adds hard assets to our balance sheet (such as licenses,
      real
      estate, towers, etc.) in addition to the extensive intellectual assets we have
      in our content and brands.





**Strategy
      for Investing in Properties**





Our
      management and members of our Board have extensive experience in the radio
      industry, ranging from programming, sales and management to acquisitions and
      financing. That experience has been key to our success in syndication and is
      the
      genesis of our unique and proprietary radio station acquisition
      strategy.




Radio
      has
      typically provided a short turnaround cycle and near-term horizon for return
      on
      investment for investors who focus on strong operational fundamentals. As the
      largest radio companies in the U.S. consolidate into the top 100 markets, prices
      in medium and small markets have reached levels where Management believes that
      stations are greatly undervalued and attractive for investment when certain
      other conditions exist.





The
      largest radio companies (Clear Channel, Cumulus, Citadel, CBS, etc.) are
      increasingly focused on larger markets because they have determined that they
      find the greatest cost-efficiency there. We perceive that there is a virtual
      absence of and need for a company with an effective strategy for medium and
      small markets - a successful and repeatable business model for radio stations
      that relies primarily on local, direct advertising revenues.





We
      intend
      to create shareholder value by investing in medium and small market radio
      stations that we perceive are not taking advantage of modern operational
      strategies designed to maximize revenue and minimize cost. It is our view that
      many such stations are underperforming financially because of poor sales
      strategies and inefficient costs of operation.


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By
      investing only in Properties that are under-performing, we hope to capture the
      gap between low purchase prices (typically four times net revenue or seven
      times
      broadcast cash flow) and the public market for healthy stations (estimated
      at
      between nine to 15 times broadcast cash flow). A recent article in the trade
      publication *Inside
      Radio* reported
      on a Kagan study that showed the largest transactions in 2006 averaged as high
      as 17 times broadcast cash flow. The worst state, Louisiana, averaged 8.2 times
      broadcast cash flow. Management believes the benchmark nine to 15 times multiple
      is holding up against market trends. Management has strong confidence in its
      strategy to selectively acquire Properties because industry researchers like
      Kagan continue to report a robust flow of private capital into both large and
      small acquisitions within the radio industry.





In
      broad
      terms, our investment criteria include:





1.
            Consolidation.
                The opportunity to consolidate multiple Properties in a single market
                is a
                key investment criteria because it offers immediate cost
                savings.





2.
            Dominance.
                The opportunity to own a substantial majority of the Properties competing
                for advertising in a single market (the maximum number allowed by
                FCC
                ownership limits or close to it) is a key investment criteria for
                competitive reasons. Markets where Clear Channel, Citadel, Cumulus,
                CBS or
                other major national competitors are present will be
                avoided.





3.
            Good
                Infrastructure.
                Radio stations that are broken, abused or neglected can be turned
                around
                quickly with good management. Others that we determine are in particularly
                poor physical condition will require too much time and resources
                to turn
                around and therefore will not meet our acquisition
                criteria.





4.
            Demographics
                and the Local Economy.
                High-priority acquisition markets will have positive growth trends
                for
                population, retail sales and other lifestyle and economic factors
                because
                the extent of the turnaround can be more accurately projected on
                these
                bases.





**Sales
      and Programming Strategies**





Management’s
      experience is that radio station turn-arounds are achieved most quickly with
      a
      combination of revenue growth and cost-cutting. We believe that we have the
      potential to accomplish both in some new, unique ways based on synergies with
      our existing lines of business.





Our
      sales
      plan for our acquired Properties is to expand revenue from a single source
      to
      three distinct revenue streams:





1.
            Local
                Advertising.
                This is typically the existing revenue stream for any acquisition.
                By
                utilizing tighter structure, ongoing training and new technology
                (i.e.
                presentation and sales tracking software), we hope to make account
                executives more effective. There can be no assurance that we will
                be
                successful in achieving similar increases with Properties we
                acquire.


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2.
            Event
                & Promotion Revenues.
                It has been our management’s experience that overall revenues have the
                potential to increase as much as 20 percent with the addition of
                event and
                promotion revenues. This also has the effect of generating new revenues
                from non-traditional advertisers, such as employers, professional
                services
                companies, and smaller advertisers who are typically priced out of
                standard radio advertising. There can be no assurance that we will
                be
                successful in generating new event and promotion
                revenues.





3.
            National
                Advertising.
                Because we have an existing national advertising sales plan, we anticipate
                that any acquired Properties will immediately be able to access this
                new
                revenue stream, increasing overall sales by 10-15 percent within
                30 days.
                There can be no assurance that we will be successful in implementing
                our
                national advertising sales plan at Properties we
                acquire.





Our
      programming plan for the acquired Properties has been centered around our
      expansion into 24-hour syndicated music programming. Our existing syndication
      operation in Nashville now provides the music, imaging and most of the air
      talent. This has resulted in a better-sounding radio station at a reduced
      expense. Localized staffing at the radio station level now concentrates on
      localization of the content (i.e. weather, news and information, promotions,
      remotes and community events).





Taking
      advantage of the latest technology, we anticipate that approximately 90 percent
      of each radio station acquired can be programmed from a central studio location
      in Nashville. As a result, the local staff in each market can concentrate on
      serving the local audience by localizing the content, marketing the radio
      stations and generating revenue through ad sales and promotional events. This
      represents a more efficient use of resources and is more cost-efficient than
      current practice.





**The
      Overall Impact of Our Acquisitions**




We
      anticipate that the impact on margins and cash flow will become even greater
      as
      more acquisitions are made. Fixed costs of programming on a per station basis
      continue to fall as the expense is distributed over a larger number of radio
      stations, and new revenue streams - particularly “non-traditional” forms of
      revenue - increase as the scale of our business increases. Also, as we acquire
      additional radio stations, the impact on the existing syndication operation
      also
      increases because of added revenue potential from the owned and operated radio
      stations.





Members
      of management and the Board of Directors have extensive networks of contacts
      within the radio industry that we believe will generate a consistent and
      reliable flow of potential deals for evaluation, as well as extensive experience
      in radio station operation, acquisition and financing.


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**The
      Greenville, Mississippi Acquisitions**





In
      June
      2007, we completed the initial two radio station acquisitions consisting of
      five
      radio stations in and around Greenville, Mississippi, which we are assembling
      into a station cluster (the “Greenville Cluster”).




The Market:
            Greenville, MississippiDesignated Marketing Area
              (“DMA”):
            Greenville-Greenwood,
              MississippiRank:
            184




On
      June
      7, 2007, we acquired two radio broadcast stations identified as WNLA FM 105.5
      MHz and WNLA AM 1380 kHz in Indianola, Mississippi, from Shamrock Broadcasting,
      Inc., including all of the facilities, equipment, licenses and intellectual
      property necessary to operate these stations, in exchange for $300,000. In
      a
      separate agreement, we purchased the accounts receivable of Shamrock
      Broadcasting through issuance of a $10,134 promissory note payable in
      instalments made in each of three months following completion of the
      transaction.





The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            10,134Land
            
            14,500Buildings
                and structures
            
            13,500Equipment
            
            30,000FCC
                licenses
            
            237,000Non-compete
                agreement
            
            5,000Liabilities
                assumed
            
            (10,134)Total
            $
            300,000





On
      June
      19, 2007, we acquired three radio broadcast stations identified as WIQQ FM
      102.3
      MHz in Leland, M ississippi,
      WBAQ FM 97.9 MHz and WNIX AM 1330 kHz in Greenville, Mississippi, from River
      Broadcasting Company, including all of the facilities, equipment, licenses
      and
      intellectual property necessary to operate these stations in exchange for
      $1,037,134. In September 2007, we identified a $14,280 liability that was not
      recorded as of the closing date of the transaction. This was recorded as an
      adjustment to goodwill.


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The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            37,134Land
            
            35,000Buildings
                and structures
            
            50,000Equipment
            
            25,000FCC
                licenses
            
            800,000Non-compete
                agreement
            
            25,000Goodwill
            
            79,280Liabilities
                assumed
            
            (14,280)Total
            $
            1,037,134





Negotiations
      are ongoing with a third potential seller for two additional stations within
      the
      market, but there is no assurance that any additional acquisitions will be
      consummated in the Greenville, Mississippi area.





Greenville,
      Mississippi falls into the Greenville-Greenwood, Mississippi DMA, which is
      rated
      by Arbitron. Although there is no rating book specifically prepared for
      Greenville, Mississippi, we will have the option to make Greenville a rated
      market by entering into a subscription agreement with Arbitron. However,
      management does not currently believe that this would be
      beneficial.





We
      selected these Properties for investment for a number of reasons. First, they
      are in close proximity to each other and they operate in the same market.
      Second, each of the stations, each of the two station groups and the stations
      collectively have underperformed fiscally in recent years in terms of revenue
      generation and operating income.





The
      third
      factor in our investment decision was the community of Greenville, Mississippi,
      and the surrounding area. An estimated 130,000 listeners live within the range
      of the stations of the Greenville Cluster. A smaller market would not be able
      to
      support the advertising necessary to make this a profitable cluster, and a
      significantly larger market would likely already have station clusters owned
      by
      competing groups, as opposed to fragmented station ownership by individuals,
      making our entrance into the market significantly more difficult.





The
      final
      factor in our decision to invest in the Greenville cluster is the fact that
      we
      are able to assemble enough Properties to create a station cluster. By creating
      a station cluster, we expect to be able to consolidate the operations of the
      stations and eliminate redundancies, thereby cutting our per-station operational
      costs. A station cluster also allows us to program multiple, advertiser-friendly
      formats to reach a cross-section of key demographic and lifestyle groups within
      the community. By simultaneously selling all the stations as a single offering
      to advertisers, we anticipate that market share and overall revenues will
      increase.





We
      intend
      to achieve cost reductions through the elimination of redundant management
      and
      administrative positions, consolidation of facilities and the use of technology
      to reduce programming and technical expenses.


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We
      expect
      to take an aggressive stance on HD Radio as a content provider, and we plan
      to
      install HD transmitters as revenue streams develop and as long as current sales
      trends for HD receivers continue. When we are able to install HD transmitters,
      we will have at least three additional terrestrial signals for delivery of
      content to consumers.





While
      we
      have successfully acquired five stations in our plan for creating the Greenville
      cluster, and management anticipates having the ability to consummate additional
      acquisitions in the Greenville, Mississippi area, there can be no assurance
      that
      any additional acquisitions will be completed or that the resulting station
      cluster will be profitable.





**Anticipated
      Financing**





We
      will
      require additional capital to provide working capital and to execute on our
      plan
      to grow through the acquisition of Properties and radio station clusters. We
      do
      not currently have sufficient capital to make additional acquisitions. We intend
      to raise additional capital over the next 12 months through additional equity
      offerings.





We
      have
      made our initial radio station acquisitions without taking on any additional
      debt financing. However, debt financing may be advisable and attractive as
      we
      contemplate future additional acquisitions.





Although
      we are and will be unable to predict the precise terms of any financing until
      the time that such financing is actually obtained, it is likely that any such
      financing will fit within the following parameters:





•  None
      of
      the indebtedness to which the Properties would be subject will be recourse
      to
      the shareholders, although some or all of the indebtedness may be recourse
      to
      us. However, each obligation will be secured by a first lien and/or second
      lien
      security interest in the financed Property. It is probable that all of our
      Properties will be subject to substantial security interests.





•  We
      expect
      any indebtedness will be first repaid with the operating revenues of the
      Properties. Operating revenues will first be applied to the payment of interest,
      principal amortization (if any), and principal on primary indebtedness. Next,
      operating revenues will be applied to interest on and principal of any
      subordinate financing.





•  Each
      of
      these financing arrangements may be subject to acceleration in the event of
      default, including non-payment, insolvency or the sale of a Property. Upon
      an
      acceleration, if we are unable to effect an immediate refinancing, we may lose
      one or more of our Properties by foreclosure.





There
      can
      be no assurances that additional capital will be available on the terms
      acceptable to the Company.


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While
      financing may initially be available only on a Property by Property basis,
      we
      may eventually seek to refinance all of our Properties in one non-recourse
      loan
      which will, in all likelihood, be secured by all of our Properties.





In
      connection with acquisitions, dispositions and financing, we will incur
      appropriate accounting and legal fees.





**Governmental
      Regulation of Radio Broadcasting**





The
      following is a brief summary of certain provisions of the Communications Act
      of
      1934, the Telecommunications Act of 1996, and related FCC rules and policies
      (collectively, the "Communications Laws"). This description does not purport
      to
      be comprehensive, and reference should be made to the Communications Laws,
      public notices and decisions issued by the FCC for further information
      concerning the nature and extent of federal regulation of radio broadcast
      stations. Failure to observe the provisions of the Communications Laws can
      result in the imposition of various sanctions, including monetary forfeitures
      and the grant of a "short-term" (less than the maximum term) license renewal.
      For particularly egregious violations, the FCC may deny a station's license
      renewal application, revoke a station's license or deny applications in which
      an
      applicant seeks to acquire additional broadcast properties.





*License
      Grant and Renewal.* Radio
      broadcast licenses are granted and renewed for maximum terms of eight years.
      Licenses are renewed by filing an application with the FCC. Petitions to deny
      license renewal applications may be filed by interested parties, including
      members of the public.





*Service
      Areas.* The
      area
      served by AM stations is determined by a combination of frequency, transmitter
      power and antenna orientation. To determine the effective service area of an
      AM
      station, the station's power, operating frequency, antenna patterns and its
      day/night operating modes are required. The area served by an FM station is
      determined by a combination of transmitter power and antenna height, with
      stations divided into classes according to these technical
      parameters.





Class
      C
      FM stations operate with the equivalent of 100 kilowatts of effective radiated
      power ("ERP") at an antenna height of up to 1,968 feet above average terrain.
      They are the most powerful FM stations, providing service to a large area,
      typically covering one or more counties within a state. Class B FM stations
      operate with the equivalent of 50 kilowatts ERP at an antenna height of up
      to
      492 feet above average terrain. Class B stations typically serve large
      metropolitan areas as well as their associated suburbs. Class A FM stations
      operate with the equivalent of 6 kilowatts ERP at an antenna height of up to
      328
      feet above average terrain, and generally serve smaller cities and towns or
      suburbs of larger cities.





The
      minimum and maximum facilities requirements for an FM station are determined
      by
      its class. FM class designations depend upon the geographic zone in which the
      transmitter of the FM station is located.


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**Compliance
      with Environmental Laws**





We
      have
      not incurred and do not anticipate incurring any expenses associated with
      environmental laws.





**Spin** **-off
      of the Company’s Pre-existing Subsidiary**





Prior
      to
      the Reverse Merger and subsequent to our assignment of all of our then assets
      and operations in October 2006, our operations were conducted through a
      wholly-owned subsidiary, MSI. Our pre-existing subsidiary will be spun off
      as
      soon as practicable.





Upon
      the
      spin-off of MSI, our shareholders of record as of April 20, 2007 will be the
      sole shareholders of MSI and we will have no interest in or right to shares
      of
      MSI common stock or its business operations or revenue following the spin-off.
      This spin-off will be consummated as soon as practicable after the effectiveness
      of the registration statement MSI filed with the SEC on June 19, 2007 to
      register the shares of MSI common stock that we hold.





**Results
      of Operations**





**For
      the three months ended September 30, 2007 and 2006**





On
      a
      consolidated basis, we generated $834,270 in net revenue for the quarter ended
      September 30, 2007, an overall decrease of $32,745 ,
      or
      3.8%, compared to $867,015 for the quarter ended September 30, 2006. The 2006
      net revenue included approximately $290,000 from a non-recurring project for
      one
      customer. Excluding this non-recurring revenue, the net revenue increased
      approximately $257,000 for the quarter ended September 30, 2007 compared to
      the
      same quarter in 2006. Approximately $103,000 of this growth relates to increases
      in core syndication net revenues and approximately $154,000 relates to the
      Mississippi radio station acquisitions.





On
      a
      consolidated basis, advertising expense was $6,580 for the quarter ended
      September 30, 2007 compared to $6,367 for the quarter ended September 30, 2006.





On
      a
      consolidated basis, operating expense was $1,252,742 for the quarter ended
      September 30, 2007, an increase of $457,544 or 58%, compared to $795,198 for
      the
      quarter ended September 30, 2006. Of the total increase in operating expenses,
      $241,000 relates to the Mississippi radio acquisitions made in June 2007.
      Additional reasons for increase in operating expenses include bad debt expense
      of $43,000, the majority of which pertains to one specific write-off for an
      uncollectible account, the establishment of a standard company benefit plan
      necessitating corresponding accrual increases of approximately $23,000, and
      incremental costs associated with our status as a public company and management
      of the newly acquired radio stations of approximately $150,000.





On
      a
      consolidated basis, depreciation and amortization expense was $26,611 for the
      quarter ended September 30, 2007, an increase of $22,031 compared to $4,580
      for
      the quarter ended September 30, 2006. The reason for the significant increase
      relates primarily to the new assets we acquired through the Shamrock
      Broadcasting and River Broadcasting acquisitions.


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During
      the quarter ended September 30, 2007, we recorded $57,634 in non-recurring
      merger and acquisition related expenses compared to $0 for the third quarter
      of
      2006.





As
      a
      result of the foregoing revenue and expenses, our overall net loss for the
      three
      month period ending September 30, 2007 was $524,116 compared to net income
      of
      $22,355 for the three month period ending September 30, 2006.





**For
      the nine months ended September 30, 2007 and 2006**





On
      a
      consolidated basis, we generated $2,118,377 in net
      revenue for the nine months ended September 30, 2007, an increase of $158,008
      or
      8.1% compared to $1,960,369 for the nine months ended September 30, 2006. The
      2006 net revenue included approximately $464,000 from a non-recurring project
      for one customer. Excluding this non-recurring revenue, the overall net revenue
      increased approximately $622,000 for the nine months ended September 30, 2007
      compared to the nine months ended September 30, 2006, of which $447,000 relates
      to increases in core syndication net revenues and approximately $175,000 relates
      to the Mississippi radio station acquisitions.





On
      a
      consolidated basis, advertising expense was $14,358 for the nine months ended
      September 30, 2007 compared to $6,368 for the corresponding period during 2006.





On
      a
      consolidated basis, operating expense was $2,846,629 for the nine months ended
      September 30, 2007, an increase of $914,636, or 47.3%, compared to $1,931,993
      for the nine months ended September 30, 2006. Of the total increase in operating
      expenses, $263,000 relates to the Mississippi radio acquisitions made in June
      2007, and $185,000 relates to a change in accounting methodology recorded in
      June, 2007 whereby we established a producer sharing accrual to more accurately
      match the national advertising agency revenue to our corresponding producer
      sharing expense. During the nine months ended September 30, 2007 we also
      recognized an incremental $112,000 in costs associated with agency commissions
      related to corresponding increases in net revenues. Additional reasons for
      our
      growth in operating expenses pertain to bad debt expense of $83,000 relating
      to
      three specific write-offs for uncollectible accounts recorded during the second
      and third quarters of 2007, the establishment of a standard company benefit
      plan
      necessitating corresponding accrual increases of approximately $21,000, and
      incremental costs of approximately $250,000 associated with our status as a
      public company, management of the newly acquired radio stations and growth
      of
      the syndication business.





On
      a
      consolidated basis, depreciation and amortization expense was $38,023 for the
      nine months ended September 30, 2007, an increase of $24,282, or 177%, compared
      to $13,741 for the nine months ended September 30, 2006. The reason for the
      significant increase relates primarily to the new assets acquired as part of
      the
      Shamrock Broadcasting and River Broadcasting acquisitions.





During
      the nine months ended September 30, 2007, the Company recorded $397,462 in
      non-recurring merger and acquisition related expenses compared to $0 for the
      nine months ended September 30, 2006.


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As
      a
      result of the foregoing revenue and expenses, our overall net loss for the
      nine-month period ending September 30, 2007 and September 30, 2006 was
      $1,235,871 and $90,551, respectively.





**Liquidity** **** **and
      Capital Resources**





As
      of
      September 30, 2007, we had current assets in the amount of $1,125,585,
      consisting of $505,740 in cash and cash equivalents, $573,408 in accounts
      receivable and $46,437 in other current assets. As of September 30, 2007, we
      had
      current liabilities in the amount of $955,610, consisting of $269,833 in
      accounts payable, $360,396 in accrued expenses and taxes, $240,375 in lines
      of
      credit and $85,006 in current portion of long-term debt. This combination of
      assets and liabilities resulted in working capital in the amount of $169,975
      for
      our overall operations.





Currently,
      our primary source of liquidity is cash flows provided by our operations. We
      will require additional capital to execute our plan, to grow through the
      acquisition of radio stations and radio station clusters and for working capital
      requirements. Our current cash flows from operations are not sufficient to
      meet
      our working capital requirements over the next 12 months. We do not presently
      have sufficient capital to make additional acquisitions. We intend to raise
      additional capital over the next twelve months through equity offerings or
      by
      incurring debt.





**Off-Balance
      Sheet Arrangements**





As
      of
      September 30, 2007, we had no off-balance sheet arrangements.





**Critical
      Accounting Policies**





Revenue
      and Cost Recognition





We
      recognize our advertising and programming revenues when our radio shows air
      on
      our contracted radio station affiliates. Generally, we are paid by a national
      advertising agency, which sells the commercial time provided by the
      affiliate.





As
      we
      earn our revenue from the national advertising agency, we also recognize any
      amounts due to the individual shows, which are based on the audience level
      generated by the specific program. We accrue expenses at the time the shows
      are
      run.





Consulting
      projects are generally negotiated at a fixed price per project; however, if
      we
      utilize our advertising capacity as part of the consulting project, we will
      charge the consulting client in the same manner as the affiliated stations
      described more fully above. We recognize consulting fee income as time is
      incurred under the terms of the contract.





Advertising





We
      expense advertising costs as they are incurred. Total advertising costs of
      $6,580 and $6,367 are included in the financial statements for the quarter
      ended
      September 30, 2007 and September 30, 2006, respectively.


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**Recently
      Issued Accounting Pronouncements**





We
      adopted the provisions of Financial Accounting Standards Board (“FASB”)
      Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an
      interpretation of FASB Statement No. 109 (“FIN 48”), on May 17, 2007. This
      interpretation increases the relevancy and comparability of financial reporting
      by clarifying the way companies account for uncertainty in income taxes. FIN
      48
      prescribes a consistent recognition threshold and measurement attribute, as
      well
      as clear criteria for subsequently recognizing, derecognizing and measuring
      such
      tax positions for financial statement purposes. The interpretation also requires
      expanded disclosure with respect to the uncertainty in income
      taxes.





**Item3.     Controls
      and Procedures**





We
      carried out an evaluation of the effectiveness of the design and operation
      of
      our disclosure controls and procedures (as defined in Exchange Act Rules
      13a-15(e) and 15d-15(e)) as of September 30, 2007. This evaluation was carried
      out under the supervision and with the participation of our Chief Executive
      Officer, Mr. Steve Ludwig, and our Chief Financial Officer, Ms. Shannon
      Farrington. Based upon that evaluation, our Chief Executive Officer and Chief
      Financial Officer concluded that, as of September 30, 2007, our disclosure
      controls and procedures were effective.





Disclosure
      controls and procedures are controls and other procedures that are designed
      to
      ensure that information required to be disclosed in our reports filed or
      submitted under the Exchange Act are recorded, processed, summarized and
      reported, within the time periods specified in the SEC's rules and forms.
      Disclosure controls and procedures include, without limitation, controls and
      procedures designed to ensure that information required to be disclosed in
      our
      reports filed under the Exchange Act is accumulated and communicated to
      management, including our Chief Executive Officer and Chief Financial Officer,
      to allow timely decisions regarding required disclosure.





Limitations
      on the Effectiveness of Controls and Procedures





Our
      management does not expect that our disclosure controls and procedures will
      necessarily prevent all fraud and material error. Our disclosure controls and
      procedures are designed to provide reasonable assurance of achieving our
      objectives and our Chief Executive Officer and Chief Financial Officer concluded
      that our disclosure controls and procedures are effective at that reasonable
      assurance level. Further, the design of a control system must reflect the fact
      that there are resource constraints, and the benefits of controls must be
      considered relative to their costs. Because of the inherent limitations in
      all
      control systems, no evaluation of controls can provide absolute assurance that
      all control issues and instances of fraud, if any, within us have been detected.
      These inherent limitations include the realities that judgments in
      decision-making can be faulty, and that breakdowns can occur because of simple
      error or mistake. Additionally, controls can be circumvented by the individual
      acts of some persons, by collusion of two or more people, or by management
      override of the internal control. The design of any system of controls also
      is
      based in part upon certain assumptions about the likelihood of future events,
      and there can be no assurance that any design will succeed in achieving its
      stated goals under all potential future conditions. Over time, control may
      become inadequate because of changes in conditions, or the degree of compliance
      with the policies or procedures may deteriorate.


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**PART
      II - OTHER INFORMATION**





**Item6.      Exhibits**





**Exhibit****Number**
            **Description
                of Exhibit**10.1
            Letter
                Agreement by and between The Marketing Group, Inc. and Regions Bank,
                dated
                August 15, 2007(1)31.1
            Certification
                of Chief Executive Officer pursuant to 18
                U.S.C. Section 1350, as adopted pursuant to Section 302 of the
                Sarbanes-Oxley Act of 200231.2
            Certification
                of Chief Financial Officer pursuant to 18
                U.S.C. Section 1350, as adopted pursuant to Section 302 of the
                Sarbanes-Oxley Act of 200232.1
            Certification
                of Chief Executive Officer and Chief
                Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
                pursuant
                to Section 906 of the Sarbanes-Oxley Act of
                2002


(1) Filed
      as
      an exhibit to the Company’s Current Report on Form 8-K filed on August 29, 2007
      (file number 000-50762) and incorporated by reference thereto.


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**SIGNATURES**





In
      accordance with the requirements of the Securities and Exchange Act of 1934,
      the
      registrant caused this report to be signed on its behalf by the undersigned,
      thereunto duly authorized.





**Debut
                Broadcasting Corporation, Inc.**Date:
            November
                14, 2007By:       
                /s/ Steven Ludwig
              Steven Ludwig
              Title:**Chief
                Executive Officer and
                Director**