------
      LETTERHEAD --------

    
 

    January
      10, 2008

    


    


    Private
      and Confidential

    


    Mr.
      Patrick Doran

    4780
      Outlook Way

    Marietta,
      GA 30066

     

    


    Dear
      Mr.
      Doran,


    


    On
      behalf
      of Equity Media Holdings Corporation (“EMHC”), I am pleased to offer you a
      position as Chief Financial Officer. In this position you will report directly
      to Larry Morton, President and CEO of EMHC. Your office will be located at
      our
      facility in Little Rock, Arkansas. We understand that up to one week per month
      you, at your sole expense, may work from a remote location at your expense.
      Your
      official start date will be January 10, 2008.

     

    This
      letter summarizes the components of your compensation package:

    


    
      	·	
              Your
                annual base salary for this position will be
                $280,000.

            


    

    


    
      	·	
              You
                will be eligible for two (2) weeks of Personal Days, as defined by
                the
                Equity Media Handbook (“Handbook”, during your first year of employment
                and then your Personal Days will be governed by the
                Handbooko.

            


    

    


    
      	·	
              You
                will be eligible for a $30,000 annual bonus with the parameters for
                achieving the bonus to be agreed to in the next 60 days. The bonus
                will be
                designed so that it is based on quarterly results and paid within
                30 days
                of the quarterly SEC filings being
                made.

            


    

    


    
      	·	
              You
                will be responsible for all travel and lodging expenses when not
                on a
                previously approved business trip. You will be responsible for your
                living
                expense in Little Rock and travel expenses between Little Rock and
                Atlanta
                or any other remote work location.

            


    

    


    
      	·	
              You
                will be granted options for 200,000 shares of EMHC which will vest
                according to EMHC’s stock option
                plan.

            


    

     

    You
      will
      be provided the Handbook and additional information as to the other company
      benefits including family health insurance. Your employment will be governed
      by
      the Handbook.

    


    This
      offer is subject to the customary background and screening tests that EMHC
      requires. 

    In
      addition, although your employment with EMHC will be “at will”, EMHC will agree
      to provide you with severance equal to the remaining balance of one year’s base
      salary in the event that your employment is involuntarily terminated for any
      reason other than “for cause”. “For cause” will include, but not be limited to
      your inability to perform the essential functions of your position after
      reasonable notice, gross negligence or willful misfeasance, breach of a
      fiduciary duty in the performance of duties, an act of fraud, embezzlement
      or
      any other crime, or conviction of a felony which involves dishonesty or a breach
      of trust.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    It
      is our
      understanding that you are not currently a party to any employment agreement
      that would restrict your ability to work for EMHC. Please advise immediately
      if
      our understanding is incorrect. 

    


    The
      Immigration Reform Control Act requires all employers to verify the identity
      and
      employment eligibility of new employees. Therefore, please provide us with
      your
      United States Passport or valid driver’s license and social security card on
      your first day of employment.

    


    We
      are
      very excited about you joining our team and look forward to your positive
      response. Please feel free to contact me regarding any questions you may have
      regarding this offer or any other matters you have discussed with my colleagues.
      Please indicate your acceptance of this offer by signing in the space below
      and
      returning to me.

    


    Warmest
      Regards,

     

    


    Larry
      Morton

    President
      & CEO

    Equity
      Media Holdings Corp.


     

    


    
      	/s/
              Patrick Doran	January 22, 2008	 
	Accepted: Patrick Doran	Date