<PAGE>   1
                                                              EXHIBIT 10.144



--------------------------------------------------------------------------------


                            ASSET PURCHASE AGREEMENT

                                 BY AND BETWEEN

                            PAXSON COMMUNICATIONS OF
                              KANSAS CITY-50, INC.

                                      AND

                       KANSAS CITY YOUTH FOR CHRIST, INC.

                                      FOR

                           TELEVISION STATION KYFC-TV
                             KANSAS CITY, MISSOURI

                                   *   *   *

                               DECEMBER 10, 1996


--------------------------------------------------------------------------------



<PAGE>   2




                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>       <C>                                                                                                         <C>
SECTION 1.  DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
         "Accounts Receivable"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
         "Assets" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
         "Assumed Contracts"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
         "Closing"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
         "Closing Date" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Consents" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Contracts"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Escrow Agent" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Escrow Agreement" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "FCC"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "FCC Consent"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "FCC Licenses" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Final Order"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Intangibles"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Licenses" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
         "Purchase Price" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3
         "Real Property"  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3
         "Tangible Personal Property" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3

SECTION 2.  PURCHASE AND SALE OF ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3
         2.1     Agreement to Sell and Buy  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3
         2.2     Excluded Assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4
         2.3     Purchase Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  4
         2.4     Payment of Purchase Price  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5
         2.5     Assumption of Liabilities and Obligations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5

SECTION 3.  REPRESENTATIONS AND WARRANTIES OF SELLER  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5
         3.1     Organization, Standing, and Authority  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5
         3.2     Authorization and Binding Obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6
         3.3     Absence of Conflicting Agreements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6
         3.4     Governmental Licenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6
         3.5     Title to and Condition of Real Property  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  7 
         3.6     Title to and Condition of Tangible Personal Property . . . . . . . . . . . . . . . . . . . . . . . . .  7
         3.7     Contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  7
         3.8     Consents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8
         3.9     Intangibles  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8
         3.10    Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8
         3.11    Reports  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8
         3.12    Personnel  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  9
         3.13    Taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10



</TABLE>


                                    - i -
<PAGE>   3

<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>      <C>                                                                                                         <C>
         3.14    Claims and Legal Actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  10
         3.15    Environmental; Hazardous Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  10
         3.16    Compliance with Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12
         3.17    Transactions with Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12
         3.18    Broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12
         3.19    Conduct of Business in Ordinary Course . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12
         3.20    Full Disclosure  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13

SECTION 4.  REPRESENTATIONS AND WARRANTIES OF BUYER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
         4.1     Organization, Standing, and Authority  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
         4.2     Authorization and Binding Obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
         4.3     Absence of Conflicting Agreements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
         4.4     Broker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
         4.5     Full Disclosure  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         4.6     Qualifications of Buyer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14

SECTION 5.  OPERATION OF THE STATION PRIOR TO CLOSING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         5.1     Generally  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         5.2     Contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         5.3     Disposition of Assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         5.4     Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         5.5     Licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  14
         5.6     Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.7     No Inconsistent Action . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.8     Access to Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.9     Maintenance of Assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.10    Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.11    Consents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.12    Books and Records  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
         5.13    Notification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16
         5.14    Compliance with Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16
         5.15    Financing Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16
         5.16    Preservation of Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16
         5.17    Personnel Recommendations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16

SECTION 6.  SPECIAL COVENANTS AND AGREEMENTS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16
         6.1     FCC Consent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  16
         6.2     Control of the Station . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  17
         6.3     Risk of Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  17
         6.4     Confidentiality  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  17
         6.5     Cooperation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  17
         6.6     Bulk Sales Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18
         6.7     Access to Books and Records  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18



</TABLE>


                                    - ii -
<PAGE>   4

<TABLE>
<CAPTION>
                                                                                                                     Page
                                                                                                                     ----
<S>      <C>                                                                                                         <C>
         6.8     Noncompetition Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18
         6.9     Environmental Audit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18
         6.10    Engineering Study  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18
         6.11    Move . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18

SECTION 7.  CONDITIONS TO OBLIGATIONS OF BUYER AND SELLER AT CLOSING  . . . . . . . . . . . . . . . . . . . . . . . .  19
         7.1     Conditions to Obligations of Buyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  19
         7.2     Conditions to Obligations of Seller  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  20

SECTION 8.  CLOSING AND CLOSING DELIVERIES  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  20
         8.1     Closing  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  20
         8.2     Deliveries by Seller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  21
         8.3     Deliveries by Buyer  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  22

SECTION 9.  TERMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  22
         9.1     Termination by Seller  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  22
         9.2     Termination by Buyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  23
         9.3     Rights on Termination  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  24

SECTION 10.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES;              
                  INDEMNIFICATION; CERTAIN REMEDIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  25
         10.1    Representations and Warranties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  25
         10.2    Indemnification by Seller  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  25
         10.3    Indemnification by Buyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  26
         10.4    Procedure for Indemnification  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  26
         10.5    Certain Limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  27
         10.6    Specific Performance.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  27

SECTION 11.  MISCELLANEOUS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  28
         11.1    Fees and Expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  28
         11.2    Arbitration  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  28
         11.3    Notices  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  28
         11.4    Benefit and Binding Effect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  29
         11.5    Further Assurances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.6    Governing Law  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.7    Headings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.8    Gender and Number  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.9    Entire Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.10   Waiver of Compliance; Consents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.11   Press Release. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  30
         11.12   Counterparts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  31



</TABLE>


                                   - iii -
<PAGE>   5

                               LIST OF SCHEDULES

<TABLE>
                 <S>                       <C>      <C>
                 Schedule 2.2              --      Excluded Assets
                 Schedule 3.3              --      Consents
                 Schedule 3.4              --      Licenses
                 Schedule 3.5              --      Real Property
                 Schedule 3.6              --      Tangible Personal Property
                 Schedule 3.7              --      Contracts
                 Schedule 3.9              --      Intangibles
                 Schedule 3.10             --      Insurance Matters
                 Schedule 3.12             --      Personnel
                 Schedule 6.8              --      Noncompetition Agreement
                 Schedule 6.11             --      Leased Premises
                 Schedule 8.2(f)           --      Opinion of Seller's Counsel
                 Schedule 8.3(d)           --      Opinion of Buyer's Counsel
                 Schedule 9.4              --      Escrow Agreement


</TABLE>



                                    - iv -

<PAGE>   6



                            ASSET PURCHASE AGREEMENT


         This ASSET PURCHASE AGREEMENT is dated as of the 10th day of December,
1996, by and between Paxson Communications of Kansas City-50, Inc., a Florida
corporation ("Buyer"), and Kansas City Youth for Christ, Inc., a Kansas
corporation ("Seller").

                                R E C I T A L S

         A.      Seller is the licensee of television station KYFC-TV, Channel
50, Kansas City, Missouri (the "Station"), pursuant to licenses issued by the
Federal Communications Commission ("FCC").

         B.      Seller desires to sell, and Buyer desires to buy,
substantially all the assets that are used in the operation of the Station, for
the price and on the terms and conditions set forth in this Agreement.

                              A G R E E M E N T S

         In consideration of the above recitals and of the mutual agreements
and covenants contained in this Agreement, Buyer and Seller, intending to be
bound legally, agree as follows:

SECTION 1.  DEFINITIONS

         The following terms, as used in this Agreement, shall have the
meanings set forth in this Section:

         "Accounts Receivable" means the rights of Seller to payment for the
sale of advertising time run on the Station by Seller prior to the Closing
Date.

         "Assets" means the assets to be sold, transferred, or otherwise
conveyed to Buyer under this Agreement, as specified in Section 2.1.

         "Assumed Contracts" means (i) all Contracts listed in Schedule 3.7
that are specifically designated in Schedule 3.7 as Contracts to be assumed by
Buyer upon its purchase of the Station, and (ii) any Contracts entered into by
Seller between the date of this Agreement and the Closing Date that Buyer
agrees in writing to assume.

         "Closing" means the consummation of the purchase and sale of the
Assets pursuant to this Agreement in accordance with the provisions of Section
8.





<PAGE>   7


         "Closing Date" means the date on which the Closing occurs, as
determined pursuant to Section 8.

         "Consents" means the consents, permits, or approvals of government
authorities and other third parties necessary to transfer the Assets to Buyer
or otherwise to consummate the transactions contemplated by this Agreement.

         "Contracts" means all contracts, leases, non-governmental licenses,
and other agreements (including leases for personal or real property and
employment agreements), written or oral (including any amendments and other
modifications thereto), to which Seller is a party or which are binding upon
Seller and which relate to or affect the Assets or the business or operation of
the Station, and (i) which are in effect on the date of this Agreement or (ii)
which are entered into by Seller between the date of this Agreement and the
Closing Date.

         "Escrow Agent" means First Union National Bank of Florida.

         "Escrow Agreement" means the Escrow Agreement dated as of the date
hereof among Buyer, Seller and the Escrow Agent.

         "FCC" means the Federal Communications Commission.

         "FCC Consent" means action by the FCC granting its consent to the
assignment of the FCC Licenses to Buyer as contemplated by this Agreement.

         "FCC Licenses" means all Licenses issued by the FCC to Seller in
connection with the construction or operation of the Station.

         "Final Order" means an action by the FCC that has not been reversed,
stayed, enjoined, set aside, annulled, or suspended, and with respect to which
no requests are pending for administrative or judicial review, reconsideration,
appeal, or stay, and the time for filing any such requests and the time for the
FCC to set aside the action on its own motion have expired.

         "Intangibles" means all copyrights, trademarks, trade names, service
marks, service names, licenses, patents, permits, jingles, proprietary
information, technical information and data, machinery and equipment
warranties, and other similar intangible property rights and interests (and any
goodwill associated with any of the foregoing) applied for, issued to, or owned
by Seller or under which Seller is licensed or franchised and which are used in
the construction, business and operation of the Station, together with any
additions thereto between the date of this Agreement and the Closing Date.

         "Licenses" means all licenses, permits, and other authorizations
issued by the FCC, the Federal Aviation Administration, or any other federal,
state, or local governmental 





                                    - 2 -
<PAGE>   8

authorities to Seller in connection with the construction, business or
operation of the Station, together with any additions thereto between the date
of this Agreement and the Closing Date.

         "Purchase Price" means the purchase price specified in Section 2.3.

         "Real Property" means the Leasehold Interests to be conveyed to Buyer
pursuant to Section 3.5 hereof.

         "Tangible Personal Property" means all machinery, equipment, tools,
vehicles, furniture, leasehold improvements, office equipment, plant,
inventory, spare parts, and other tangible personal property which is used in
the construction, business or operation of the Station, including the
Transmission Tower used by the Station and is listed on Schedule 3.6 hereof
together with any additions thereto between the date of this Agreement and the
Closing Date.

SECTION 2.  PURCHASE AND SALE OF ASSETS

         2.1     Agreement to Sell and Buy.  Subject to the terms and
conditions set forth in this Agreement, Seller hereby agrees to sell, transfer,
and deliver to Buyer on the Closing Date, and Buyer agrees to purchase, all of
Seller's right, title and interest in and to the tangible and intangible assets
used in connection with the business or operation of the Station, together with
any additions thereto between the date of this Agreement and the Closing Date,
but excluding the assets described in Section 2.2, free and clear of any
claims, liabilities, security interests, mortgages, liens, pledges, conditions,
charges, or encumbrances of any nature whatsoever (except for liens for current
taxes not yet due and payable), including the following:

                 (a)      The Tangible Personal Property;

                 (b)      The Real Property;

                 (c)      The Licenses;

                 (d)      The Assumed Contracts;

                 (e)      The Intangibles and all intangible assets of Seller
relating to the Station that are not specifically included within the
Intangibles, including the goodwill of the Station, if any;

                 (f)      All of Seller's proprietary information, technical
information and data, machinery and equipment warranties, maps, computer discs
and tapes, plans, diagrams, blueprints, and schematics, including filings with
the FCC relating to the operation of the Station; and





                                    - 3 -
<PAGE>   9

                 (g)      All books and records relating to the business or
operation of the Station, including executed copies of the Assumed Contracts,
and all records required by the FCC to be kept by the Station but not including
books and records related to the fundraising necessary for the operation of the
Station and other financial statements regarding Seller.

         2.2     Excluded Assets.  The Assets shall exclude the following
assets:

                 (a)      Seller's cash or cash equivalents on hand as of the
Closing and all other cash in any of Seller's bank or savings accounts;
Accounts Receivable; any insurance policies, letters of credit, or other
similar items and cash surrender value in regard thereto; and any stocks,
bonds, certificates of deposit and similar investments;

                 (b)      Any pension, profit-sharing, or employee benefit
plans, and any collective bargaining agreements;

                 (c)      The real property and building located at 4715
Rainbow Boulevard in Shawnee Mission, Kansas (the "Rainbow Property") and the
real property and certain identified property located at 6309 E. 56th Street,
Kansas City, Missouri, subject to the lease arrangement of Section 3.5 hereof;

                 (d)      The call sign "KYFC"; and

                 (e)      All property listed on Schedule 2.2 hereto (including
studio equipment).

         2.3     Purchase Price.  The Purchase Price for the Assets and the
covenants of Seller set forth in the Noncompetition Agreement referred to in
Section 6.12 shall be SIXTEEN MILLION FOUR HUNDRED THOUSAND DOLLARS
($16,400,000), adjusted as provided below:

                 (a)      Prorations.  The Purchase Price shall be increased or
decreased as required to effectuate the proration of expenses.  All expenses
arising from the operation of the Station, including business and license fees,
utility charges, real and personal property taxes and assessments levied
against the Assets, property and equipment rentals, applicable copyright or
other fees, sales and service charges, taxes (except for taxes arising from the
transfer of the Assets under this Agreement), FCC annual regulatory fees and
similar prepaid and deferred items, shall be prorated between Buyer and Seller
in accordance with the principle that Seller shall be responsible for all
expenses, costs, and liabilities allocable to the period prior to the Closing
Date, and Buyer shall be responsible for all expenses, costs, and obligations
allocable to the period on and after the Closing Date.  Notwithstanding the
preceding sentence, there shall be no adjustment for, and Seller shall remain
solely liable with respect to, any Contracts not included in the Assumed
Contracts and any other obligation or liability not being assumed by Buyer in
accordance with Section 2.5.





                                    - 4 -
<PAGE>   10

                 (b)      Manner of Determining Adjustments.  Any adjustments
will, insofar as feasible, be determined and paid on the Closing Date, with
final settlement and payment by the appropriate party occurring no later than
ninety (90) days after the Closing Date or such other date as the parties shall
mutually agree upon.  Seller shall prepare and deliver to Buyer not later than
five (5) days before the Closing Date a preliminary settlement statement which
shall set forth Seller's good faith estimate of the adjustments to the Purchase
Price under Section 2.3(a).  The preliminary settlement statement (i) shall
contain all information reasonably necessary to determine the adjustments to
the Purchase Price under Section 2.3(a), to the extent such adjustments can be
determined or estimated as of the date of the preliminary settlement statement,
and such other information as may be reasonably requested by Buyer, and (ii)
shall be certified by Seller to be true and complete in all material respects
as of the date thereof.

         2.4     Payment of Purchase Price.  The Purchase Price, as adjusted,
shall be paid by Buyer to Seller at Closing by wire transfer of same-day funds
pursuant to wire instructions which shall be delivered by Seller to Buyer at
least two (2) days prior to the Closing Date.

         2.5     Assumption of Liabilities and Obligations.  As of the Closing
Date, Buyer shall assume and undertake to pay, discharge, and perform all
obligations and liabilities of Seller under the Licenses and the Assumed
Contracts insofar as they relate to the time on and after the Closing Date, and
arise out of events related to Buyer's ownership of the Assets or its operation
of the Station on or after the Closing Date (the "Assumed Liabilities").  Buyer
shall not assume any other obligations or liabilities of Seller, including (i)
any obligations or liabilities under any Contract not included in the Assumed
Contracts, (ii) any obligations or liabilities under the Assumed Contracts
relating to the period prior to the Closing Date, (iii) any claims or pending
litigation or proceedings relating to the operation of the Station prior to the
Closing, (iv) any obligations or liabilities arising under capitalized leases
or other financing agreements which are not Assumed Contracts, (v) any
obligations or liabilities arising under agreements entered into other than in
the ordinary course of business which are not Assumed Contracts, (vi) any
obligations or liabilities of Seller under any employee pension, retirement,
health and welfare, or other benefit plans or collective bargaining agreements,
(vii) any obligation to any employee of the Station for severance benefits,
vacation time, or sick leave accrued prior to the Closing Date, or (viii) any
obligations or liabilities caused by, arising out of, or resulting from any
action or omission of Seller prior to the Closing, and all such obligations and
liabilities shall remain and be the obligations and liabilities solely of
Seller.

SECTION 3.  REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller represents and warrants to Buyer as follows:

         3.1     Organization, Standing, and Authority.  Seller is a
corporation duly organized, validly existing, and in good standing under the
laws of the State of Kansas.  Seller has all requisite power and authority (i)
to own, lease, and use the Assets as now owned, leased, 





                                    - 5 -
<PAGE>   11

and used, (ii) to conduct the business and operations of the Station as now
conducted, and (iii) to execute and deliver this Agreement and the documents
contemplated hereby, and to perform and comply with all of the terms,
covenants, and conditions to be performed and complied with by Seller hereunder
and thereunder.  Seller is not a participant in any joint venture or
partnership with any other person or entity with respect to any part of the
construction or operations of the Station or any of the Assets.

         3.2     Authorization and Binding Obligation. The execution, delivery,
and performance of this Agreement by Seller have been duly authorized by all
necessary actions on the part of Seller.  This Agreement has been duly executed
and delivered by Seller and constitutes the legal, valid, and binding
obligation of Seller, enforceable against it in accordance with its terms
except as the enforceability of this Agreement may be affected by bankruptcy,
insolvency, or similar laws affecting creditors' rights generally, and by
judicial discretion in the enforcement of equitable remedies.

         3.3     Absence of Conflicting Agreements.  Subject to obtaining the
Consents listed on Schedule 3.3, the execution, delivery, and performance of
this Agreement and the Escrow Agreement and the documents contemplated hereby
and thereby (with or without the giving of notice, the lapse of time, or both):
(i) do not require the consent of any third party; (ii) will not conflict with,
result in a breach of, or constitute a default under, any law, judgment, order,
ordinance, injunction, decree, rule, regulation, or ruling of any court or
governmental instrumentality; (iii) will not conflict with, constitute grounds
for termination of, result in a breach of, constitute a default under, or
accelerate or permit the acceleration of any performance required by the terms
of, any agreement, instrument, license, or permit to which Seller is a party or
by which Seller may be bound;(iv) will not create any claim, liability,
mortgage, lien, pledge, condition, charge, or encumbrance of any nature
whatsoever upon any of the Assets; and (v) will not conflict with any provision
of the organizational documents of Seller.

         3.4     Governmental Licenses.  Schedule 3.4 includes a true and
complete list of the Licenses.  Seller has delivered to Buyer true and complete
copies of the Licenses (including any amendments and other modifications
thereto).  The Licenses have been validly issued, and Seller is the authorized
legal holder thereof.  The Licenses listed on Schedule 3.4 comprise all of the
licenses, permits, and other authorizations required from any governmental or
regulatory authority for the lawful construction and operation of the Station,
and none of the Licenses is subject to any restriction or condition that would
delay or adversely affect such construction and operation.  The Licenses are in
full force and effect. Seller has no reason to believe that any of the Licenses
would not be extended or renewed by the FCC or other granting authority in the
ordinary course (except for an occupational permit which must be obtained by
Buyer from local authorities.  The Station's city of license, as determined by
the FCC, is located within the Kansas City, Missouri Area of Dominant Influence
as defined by the 1991-1992 Area of Dominant Influence Market Guide published
by The Arbitron Co. and the Kansas City, Missouri Designated Market Area as 
defined by 




                                    - 6 -
<PAGE>   12

the 1994 United States Television Household Estimates published by Nielsen
Media Research.

         3.5     Title to and Condition of Real Property.  Seller will grant to
Buyer a leasehold interest in the Real Property set forth on Schedule 3.5
hereto for a period of fifty years at a nominal rental pursuant to a Lease
Agreement mutually acceptable to Buyer and Seller.  Buyer shall pay one-half of
the property taxes on the Real Property where the leasehold interest is located
(currently $3,500).  The building located on said Real Property is being
acquired by Buyer "AS IS WHERE IS" with all faults and Seller makes no
representations and warranties of any kind or nature with respect to the
building.  All towers, guy anchors, and buildings and other improvements
included in the Assets are located entirely on the Real Property listed in
Schedule 3.5.  Seller has full legal and practical access to the Real Property.
All easements, rights-of-way, and real property licenses necessary for the
operation of the Station by Seller have been properly recorded in the
appropriate public recording offices.

         3.6     Title to and Condition of Tangible Personal Property.
Schedule 3.6 lists all items of Tangible Personal Property.  Except as
described on Schedule 3.6, the Tangible Personal Property listed on Schedule
3.6 comprises all items of tangible personal property necessary to operate the
Station in accordance with the terms of the Licenses.  Except as described in
Schedule 3.6, Seller owns and has good title to each item of Tangible Personal
Property, and none of the Tangible Personal Property owned by Seller is subject
to any security interest, mortgage, pledge, conditional sales agreement, or
other lien or encumbrance, except for liens for current taxes not yet due and
payable.  Each item of Tangible Personal Property is available for immediate
use in the operation of the Station.  All items of transmitting and
transmission equipment included in the Tangible Personal Property (i) have been
installed and maintained in a manner consistent with generally accepted
standards of good engineering practice, and (ii) will permit the Station to
operate in accordance with the terms of the FCC Licenses and the rules and
regulations of the FCC, and with all other applicable federal, state, and local
statutes, ordinances, rules, and regulations.  Except as provided above, Seller
makes no representations and warranties of any kind regarding the condition of
the Tangible Personal Property.  In addition, the parties recognize that Buyer
will not be operating the Station from the Rainbow Property but will be moving
the Tangible Personal Property located at the Rainbow Property within sixty
(60) days after the Closing Date to a different location and this property may
be damaged during such relocation and Seller shall have no responsibility for
such damage but will cooperate with Buyer's efforts to relocate the property.

         3.7     Contracts.  Schedule 3.7 is a true and complete list of all
Contracts.  Seller has delivered to Buyer true and complete copies of all
written Contracts, and true and complete memoranda of all oral Contracts
(including any amendments and other modifications to such Contracts).  Other
than the Contracts listed on Schedule 3.7, Seller requires no material
contract, lease, or other agreement to enable it to operate the Station in
accordance with the terms of the Licenses.  All of the Contracts are in full
force and effect, 





                                    - 7 -
<PAGE>   13

and are valid, binding, and enforceable in accordance with their terms.  To the
knowledge of Seller, there is not under any Contract any default by any party
thereto or any event that, after notice or lapse of time or both, could
constitute a default. Seller is not aware of any intention by any party to any
Contract (i) to terminate such contract or amend the terms thereof, (ii) to
refuse to renew the Contract upon expiration of its term, or (iii) to renew the
Contract upon expiration only on terms and conditions which are more onerous
than those now existing.  Except for the need to obtain the Consents listed in
Schedule 3.3, Seller has full legal power and authority to assign its rights
under the Assumed Contracts to Buyer in accordance with this Agreement, and
such assignment will not affect the validity, enforceability, or continuation
of any of the Assumed Contracts.

         3.8     Consents.  Except for the FCC Consent provided for in Section
6.1 and the other Consents described in Schedule 3.3, no material consent,
approval, permit, or authorization of, or declaration to or filing with any
governmental or regulatory authority, or any other third party is required (i)
to consummate this Agreement and the transactions contemplated hereby, (ii) to
permit Seller to assign or transfer the Assets to Buyer, or (iii) to enable
Buyer to conduct the business and operations of the Station. Seller
specifically represents to Buyer that Seller does not meet the filing
requirements specified by the Hart-Scott-Rodino Antitrust Improvements Act of
1972, as amended ("HSR Act") and no HSR Act filing or approval is required to
consummate the transaction provided for in this Agreement.

         3.9     Intangibles.  Schedule 3.9 is a true and complete list of all
Intangibles, all of which are valid and in good standing and uncontested.  To
Seller's knowledge, Seller is not infringing upon or otherwise acting adversely
to any trademarks, trade names, service marks, service names, copyrights,
patents, patent applications, know-how, methods, or processes owned by any
other person or persons, and there is no claim or action pending, or to the
knowledge of Seller threatened, with respect thereto.

         3.10    Insurance.  Schedule 3.10 is a true and complete list of all
insurance policies of Seller that insure any part of the Assets or operation of
the Station.  All policies of insurance listed in Schedule 3.10 are in full
force and effect.  The insurance policies listed in Schedule 3.10 are adequate
in amount with respect to, and for the full value (subject to customary
deductibles) of, the Assets, and insure the Assets and the business of the
Station against all customary and foreseeable risks.  During the past three
years, no insurance policy of Seller on the Assets or the Station has been
canceled by the insurer and no application of Seller for insurance has been
rejected by any insurer.

         3.11    Reports.  All material returns, reports, and statements that
the Station is currently required to file with the FCC or with any other
governmental agency have been filed, and all material reporting requirements of
the FCC and other governmental authorities having jurisdiction over Seller and
the Station have been complied with.  All of such returns, reports, and
statements are substantially complete and correct as filed.





                                    - 8 -
<PAGE>   14

         3.12    Personnel.

                 (a)      For purposes of this Agreement, the following terms
shall have the meaning indicated: (i) "Employee Plan" shall mean any pension,
profit-sharing, deferred compensation, vacation, bonus, incentive, medical,
vision, dental, disability, life insurance or any other employee benefit plan
as defined in Section 3(3) of ERISA to which Seller or any entity related to
Seller (under the terms of Section 414(b), (c), (m) or (o) of the Code)
contributes or to which Seller or any entity related to Seller (under the terms
of Sections 414(b), (c), (m) or (o) of the Code) sponsors, maintains or
otherwise is bound which provides benefits to persons employed or previously
employed at the Station; (ii)  "Code" shall mean the Internal Revenue Code of
1986, as amended, any successor thereto and any regulations promulgated
thereunder; (iii)  "Compensation Arrangement" shall mean any plan or
compensation arrangement other than an Employee Plan, whether written or
unwritten, which provides to employees, former employees, officers, directors
and shareholders of Seller or any entity related to Seller (under the terms of
Section 414(b), (c), (m) or (o) of the Code) employed or previously employed at
the Station any compensation or other benefits, whether deferred or not, in
excess of base salary or wages, including, but not limited to, any bonus or
incentive plan, stock rights plan, deferred compensation arrangement, life
insurance, stock purchase plan, severance pay plan and any other employee
fringe benefit plan; (iv)  "ERISA" shall mean the Employee Retirement Income
Security Act of 1974, as amended, any successor thereto and any regulations
promulgated thereunder; and (v) "Multi-employer Plan" means a plan, as
defined in ERISA Section 3(37), to which Seller or any entity related to Seller
(under the terms of Section 414(b) or (c) of the Code) contributes or is
required to contribute.

                 (b)      There exists no action, suit or claim with respect to
any Employee Plan or Compensation Arrangement pending or, to the knowledge of
Seller, threatened against any of such plans or arrangements.  Seller possesses
no knowledge of any facts which could give rise to any such action, suit or
claim.

                 (c)      Schedule 3.12 also contains a true and complete list
of all employees whose primary duties involve the operation of the Station,
their job description, date of hire, salary and amount and date of last salary
increase.

                 (d)      Seller does not contribute to and is not required to
contribute to any Multi-employer Plan with respect to the employees of the
Station, and neither Seller nor any other trade or business under common
control with Seller (within the meaning of Sections 414(b), (c), (m) or (o) of
the Code) has incurred or reasonably expects to incur any "withdrawal
liability," as defined under Section 4201 et seq. of ERISA.

                 (e)      Seller is not a party to or subject to any collective
bargaining agreements with respect to the Station.  Seller has no written or
oral contracts of employment with any employee of the Station.  Seller will
hold Buyer harmless for any violation of Seller of laws, rules, and 
regulations relating to the employment of labor, including those related to 






                                    - 9 -
<PAGE>   15

wages, hours, collective bargaining, occupational safety, discrimination, and
the payment of social security and other payroll related taxes, and Seller has
not received any notice alleging that it has failed to comply in any material
respect with any such laws, rules, or regulations.  No controversies, disputes,
or proceedings are pending or, to the best of Seller's knowledge, threatened,
between Seller and any employee (singly or collectively) of the Station.  No
labor union or other collective bargaining unit represents or claims to
represent any of the employees of the Station.  To the best of Seller's
knowledge, there is no union campaign being conducted to represent any
employees of the Station or to solicit cards from employees to authorize a
union to request a National Labor Relations Board certification election with
respect to any employees at the Station.

         3.13    Taxes.  There are no governmental investigations or other
legal, administrative, or tax proceedings pursuant to which Seller is or could
be made liable for any taxes, penalties, interest, or other charges, the
liability for which could extend to Buyer as transferee of the Station, and no
event has occurred that could impose on Buyer any transferee liability for any
taxes, penalties, or interest due or to become due from Seller.

         3.14    Claims and Legal Actions.  Except for any FCC rulemaking
proceedings generally affecting the broadcasting industry, there is no claim,
legal action, counterclaim, suit, arbitration, governmental investigation or
other legal, administrative, or tax proceeding, nor any order, decree or
judgment, in progress or pending, or to the knowledge of Seller threatened,
against Seller with respect to its ownership or operation of the Station or the
Assets or the Station, nor does Seller know or have reason to be aware of any
basis for the same.  In particular, but without limiting the generality of the
foregoing, there are no applications, except as disclosed on Schedule 3.4,
complaints or proceedings pending or, to the best of Seller's knowledge,
threatened (i) before the FCC relating to the business or operation of the
Station other than rule making proceedings which affect the television industry
generally, (ii) before any federal or state agency relating to the business or
operation of the Station involving charges of illegal discrimination under any
federal or state employment laws or regulations, or (iii) before any federal,
state, or local agency relating to the business or operation of the Station
involving zoning issues under any federal, state, or local zoning law, rule, or
regulation.

         3.15    Environmental; Hazardous Materials.

                 (a)      To Seller's knowledge, Seller has complied in all
material respects with all laws, rules, and regulations of all federal, state,
and local governments (and all agencies thereof) concerning the environment,
public health and safety, and employee health and safety, and no charge,
complaint, action, suit, proceeding, hearing, investigation, claim, demand, or
notice has been filed or commenced against Seller in connection with its
construction, ownership or operation of the Station alleging any failure to
comply with any such law, rule, or regulation.





                                   - 10 -
<PAGE>   16


                 (b)      To Seller's knowledge, Seller has no material
liability relating to its construction, ownership and operation of the Station
(and there is no basis related to the past or present operations, properties,
or facilities of Seller for any substantial present or future charge,
complaint, action, suit, proceeding, hearing, investigation, claim, or demand
against Seller giving rise to any such liability) under any law, rule, or
regulation of any federal, state, or local government (or agency thereof)
concerning release or threatened release of hazardous substances, public health
and safety, or pollution or protection of the environment.

                 (c)      To Seller's knowledge, Seller has no material
liability relating to its construction, ownership and operation of the Station
(and Seller has not handled or disposed of any substance, arranged for the
disposal of any substance, or owned or operated any property or facility in any
manner that could form the basis for any substantial present or future charge,
complaint, action, suit, proceeding, hearing, investigation, claim, or demand
(under the common law or pursuant to any statute) against Seller giving rise to
any such liability) for damage to any site, location, or body of water (surface
of subsurface) or for illness or personal injury.

                 (d)      To Seller's knowledge, Seller has no material
liability relating to its construction, ownership and operation of the Station
(and there is no basis for any substantial present or future charge, complaint,
action, suit, proceeding, hearing, investigation, claim, or demand against
Seller giving rise to any such liability) under any law, rule, or regulation of
any federal, state, or local government (or agency thereof) concerning employee
health and safety.

                 (e)      To Seller's knowledge, Seller has no material
liability relating to its construction, ownership and operation of the Station
(and Seller has not exposed any employee to any substance or condition that
could form the basis for any substantial present or future charge, complaint,
action, suit, proceeding, hearing, investigation, claim, or demand (under the
common law or pursuant to statute) against Seller giving rise to any such
liability) for any illness or personal injury to any employee.

                 (f)      In connection with its construction, ownership or
operation of the Station, to Seller's knowledge, Seller has obtained and been
in compliance in all material respects with all of the terms and conditions of
all permits, licenses, and other authorizations which are required under, and
has complied with all other limitations, restrictions, conditions, standards,
prohibitions, requirements, obligations, schedules, and timetables which are
contained in, all federal, state, and local laws, rules, and regulations
(including all codes, plans, judgments, orders, decrees, stipulations,
injunctions, and charges thereunder) relating to public health and safety,
worker health and safety, and pollution or protection of the environment,
including laws relating to emissions, discharges, releases, or threatened
releases of pollutants, contaminants, or chemical, industrial, hazardous, or
toxic materials or wastes into ambient air, surface water, ground water, or
lands or otherwise relating to the manufacture, processing, distribution, use, 
treatment, storage, disposal, transport, or 




                                   - 11 -
<PAGE>   17

handling of pollutants, contaminants, or chemical, industrial, hazardous, or
toxic materials or wastes.

                 (g)      To Seller's knowledge, no pollutant, contaminant, or
chemical, industrial, hazardous, or toxic material or waste has ever been
manufactured, buried, stored, spilled, leaked, discharged, emitted, or released
by Seller in connection with its construction, ownership and operation of the
Station or, to Seller's knowledge, by any other party on any Real Property in
violation of any environmental laws or which is likely to require any remedial
action with respect to said Real Property.

         3.16    Compliance with Laws.  Seller has complied in all material
respects with the Licenses and all material, federal, state, and local laws,
rules, regulations, and ordinances applicable or relating to the ownership or
operation of the Station.  Neither the ownership or use of the properties of
the Station nor the operation of the Station conflicts with the rights of any
other person or entity.

         3.17    Transactions with Affiliates.  Seller has not been involved in
any business arrangement or relationship relating to the Station with any
affiliate of Seller, and no affiliate of Seller owns any property or right,
tangible or intangible, which is used in the construction or operation of the
Station.  As used in this paragraph, "affiliate" has the meaning set forth in
Rule 12b-2 promulgated under the Securities and Exchange Act of 1934.

         3.18    Broker.  Neither Seller nor any person acting on Seller's
behalf has incurred any liability for any finders' or brokers' fees or
commissions in connection with the transactions contemplated by this Agreement.

         3.19    Conduct of Business in Ordinary Course.  Since December 31,
1995, Seller has conducted the business and operations of the Station only in
the ordinary course and has not:

                 (a)      Suffered any material adverse change in the business,
assets, or properties of the Station, including any damage, destruction, or
loss affecting any assets used or useful in the conduct of the business of the
Station except that charitable contributions towards the operation of the
Station have declined;

                 (b)      Made any sale, assignment, lease, or other transfer
of any of the Station's properties other than in the normal and usual course of
business with suitable replacements being obtained therefor; or

                 (c)      Transferred or granted any right under, or entered
into any settlement regarding the breach or infringement of, any license,
patent, copyright, trademark, trade name, franchise, or similar right, or
modified any existing right relating to the Station.





                                   - 12 -
<PAGE>   18

         3.20    Full Disclosure.  No representation or warranty made by Seller
in this Agreement or in any certificate, document, or other instrument
furnished or to be furnished by Seller pursuant hereto contains or will contain
any untrue statement of a material fact, or omits or will omit to state any
material fact and required to make any statement made herein or therein not
misleading.

SECTION 4.  REPRESENTATIONS AND WARRANTIES OF BUYER

         Buyer represents and warrants to Seller as follows:

         4.1     Organization, Standing, and Authority.  Buyer is a corporation
duly organized, validly existing, and in good standing under the laws of the
State of Florida and at Closing will be duly qualified to conduct business as a
foreign corporation in the State of Missouri.  Buyer has all requisite
corporate power and authority to execute and deliver this Agreement and the
Escrow Agreement and the documents contemplated hereby and thereby, and to
perform and comply with all of the terms, covenants, and conditions to be
performed and complied with by Buyer hereunder and thereunder.

         4.2     Authorization and Binding Obligation.  The execution,
delivery, and performance of this Agreement and the Escrow Agreement by Buyer
have been duly authorized by all necessary corporate actions on the part of
Buyer.  This Agreement and the Escrow Agreement have been duly executed and
delivered by Buyer and constitute the legal, valid, and binding obligations of
Buyer, enforceable against Buyer in accordance with their respective terms
except as the enforceability of this Agreement and the Escrow Agreement may be
affected by bankruptcy, insolvency, or similar laws affecting creditors' rights
generally and by judicial discretion in the enforcement of equitable remedies.

         4.3     Absence of Conflicting Agreements.  Subject to obtaining the
Consents, the execution, delivery, and performance by Buyer of this Agreement
and the Escrow Agreement and the documents contemplated hereby and thereby
(with or without the giving of notice, the lapse of time, or both):  (i) do not
require the consent of any third party; (ii) will not conflict with the
Articles of Incorporation or Bylaws of Buyer; (iii) will not conflict with,
result in a breach of, or constitute a default under, any law, judgment, order,
injunction, decree, rule, regulation, or ruling of any court or governmental
instrumentality; or (iv) will not conflict with, constitute grounds for
termination of, result in a breach of, constitute a default under, or
accelerate or permit the acceleration of any performance required by the terms
of, any agreement, instrument, license, or permit to which Buyer is a party or
by which Buyer may be bound, such that Buyer could not acquire or operate the
Assets.

         4.4     Broker.  Neither Buyer nor any person acting on Buyer's behalf
has incurred any liability for any finders' or brokers' fees or commissions in
connection with the transactions contemplated by this Agreement, except for a
commission payable by Buyer to Patrick Communications Corporation.





                                   - 13 -
<PAGE>   19

         4.5     Full Disclosure.  No representation or warranty made by Buyer
in this Agreement or in any certificate, document, or other instrument
furnished or to be furnished by Buyer pursuant hereto contains or will contain
any untrue statement of a material fact, or omits or will omit to state any
material fact and required to make any statement made herein or therein not
misleading.

         4.6     Qualifications of Buyer.  To be the best of Buyer's knowledge,
information and belief, Buyer is legally and financially qualified to be the
assignee of the Licenses hereunder, and it is not engaged in any proceedings
with the FCC which would prevent the assignment of the Licenses hereunder nor
is it aware of any claim which would result in such a proceeding or which would
prevent the sale contemplated herein.

SECTION 5.  OPERATION OF THE STATION PRIOR TO CLOSING

         5.1     Generally.  Seller agrees that, between the date of this
Agreement and the Closing Date, Seller shall take all actions required to
operate the Station diligently in the ordinary course of business (except where
such conduct would conflict with the following covenants or with Seller's other
obligations under this Agreement), and in accordance with the other covenants
in this Section 5.

         5.2     Contracts.  Seller will not enter into any contract or
commitment relating to the Station or the Assets, or amend or terminate any
Contract (or waive any material right thereunder), or incur any obligation
(including obligations relating to the borrowing of money or the guaranteeing
of indebtedness) that will be binding on Buyer after Closing.  Prior to the
Closing Date, Seller shall deliver to Buyer a list of all Contracts entered
into between the date of this Agreement and the Closing Date, together with
copies of such Contracts.

         5.3     Disposition of Assets.  Seller shall not sell, assign, lease,
or otherwise transfer or dispose of any of the Assets, except where no longer
used or useful in the construction or operation of the Station or in connection
with the acquisition of replacement property of equivalent kind and value.

         5.4     Encumbrances.  Seller shall not create, assume or permit to
exist any claim, liability, mortgage, lien, pledge, condition, charge, or
encumbrance of any nature whatsoever upon the Assets, except for (i) liens
disclosed on Schedule 3.5 and Schedule 3.6, which shall be removed prior to the
Closing Date, (ii) liens for current taxes not yet due and payable, and (iii)
mechanics' liens and other similar liens, which shall be removed prior to the
Closing Date.

         5.5     Licenses.  Seller shall not cause or permit, by any act or
failure to act, any of the Licenses to expire or to be revoked, suspended, or
modified, or take any action that could cause the FCC or any other governmental
authority to institute proceedings for the suspension, revocation, or adverse
modification of any of the Licenses.  Seller shall not fail 





                                   - 14 -
<PAGE>   20

to prosecute with due diligence any applications to the FCC or any other
governmental authority in connection with the construction or operation of the
Station.

         5.6     Rights.  Seller shall not waive any right relating to the
Station or any of the Assets.

         5.7     No Inconsistent Action.  Seller shall not intentionally take
any action that is inconsistent with its obligations under this Agreement that
is reasonably likely to hinder or delay the consummation of the transactions
contemplated by this Agreement.

         5.8     Access to Information.  Seller shall give Buyer and its
counsel, accountants, engineers, and other authorized representatives
reasonable access to the Assets and to all other properties, equipment, books,
records, Contracts, and documents relating to the Station for the purpose of
audit and inspection, subject to appropriate confidentiality agreements.  The
parties acknowledge and agree that Seller will not be obligated to provide
Buyer with a list of or any information related to the persons who have
contributed funds for Seller in the operation of the Station or Seller's
fundraising efforts.

         5.9     Maintenance of Assets.  Seller shall use its best efforts and
take all reasonable actions to maintain all of the Assets in good condition
(ordinary wear and tear excepted), and reasonable use, operate, and maintain
all of the Assets in a reasonable manner and in accordance with the terms of
the FCC Licenses, all rules and regulations of the FCC and generally accepted
standards of good engineering practice.  Except as provided in Section 6.3(b),
if any loss, damage, impairment, confiscation, or condemnation of or to any of
the Assets occurs, Seller shall repair, replace, or restore the Assets to their
prior condition as represented in this Agreement as soon thereafter as
possible, and Seller shall use the proceeds of any claim under any insurance
policy solely to repair, replace, or restore any of the Assets that are lost,
damaged, impaired, or destroyed.

         5.10    Insurance.  Seller shall maintain the existing insurance
policies on the Station and the Assets.

         5.11    Consents.  Seller shall use reasonable commercial efforts to
obtain the Consents and the estoppel certificates described in Section 8.2(b),
without any change in the terms or conditions of any Contract or License that
could be less advantageous to the Station than those pertaining under the
Contract or License as in effect on the date of this Agreement.  Seller shall
promptly advise Buyer of any difficulties experienced in obtaining any of the
Consents and of any conditions proposed, considered, or requested for any of
the Consents and Seller shall be required to cure any default under any such
contracts including any payment defaults; provided, however, Seller shall not
be obligated to pay any other funds to obtain such Consents.

         5.12    Books and Records.  Seller shall maintain its books and
records relating to the Station in accordance with past practices.




                                   - 15 -
<PAGE>   21

         5.13    Notification.  Seller shall promptly notify Buyer in writing
of any unusual or material developments with respect to the operation of the
Station, and of any material change in any of the information contained in
Seller's representations and warranties contained in Section 3 of this
Agreement.

         5.14    Compliance with Laws.  Seller shall comply in all material
respects with all laws, rules, and regulations applicable or relating to the
ownership, construction and operation of the Station.

         5.15    Financing Leases.  Seller will satisfy at or prior to Closing
all outstanding obligations under capital and financing leases with respect to
any of the Assets and obtain good title to the Assets leased by Seller pursuant
to those leases so that those Assets shall be transferred to Buyer at Closing
free of any interest of the lessors.

         5.16    Preservation of Business.  Seller shall use its best efforts
to preserve the Station's present relationships with suppliers and others
having business relations with it, to the end that the business, operations,
and prospects of the Station shall be unimpaired at the Closing Date.

         5.17    Personnel Recommendations.  Buyer shall consider for
employment all personnel recommended by Seller.

         SECTION 6.  SPECIAL COVENANTS AND AGREEMENTS

         6.1     FCC Consent.

                 (a)      The assignment of the FCC Licenses in connection with
the purchase and sale of the Assets pursuant to this Agreement shall be subject
to the prior consent and approval of the FCC.

                 (b)      Seller and Buyer shall promptly prepare an
appropriate application for the FCC Consent and shall file the application with
the FCC within fifteen (15) business days of the execution of this Agreement.
The parties shall prosecute the application with all reasonable diligence and
otherwise use their best efforts to obtain a grant of the application as
expeditiously as practicable.  Each party agrees to comply with any condition
imposed on it by the FCC Consent, except that no party shall be required to
comply with a condition if (1) the condition was imposed on it as the result of
a circumstance the existence of which does not constitute a breach by the party
of any of its representations, warranties, or covenants under this Agreement,
and (2) compliance with the condition would have a material adverse effect upon
it.  Buyer and Seller shall oppose any requests for reconsideration or judicial
review of the FCC Consent.  If the Closing shall not have occurred for any 
reason within the original effective period of the FCC Consent, and neither
party shall have terminated this Agreement under Section 9, the parties shall
jointly request 





                                   - 16 -
<PAGE>   22

an extension of the effective period of the FCC Consent.  No extension of the
FCC Consent shall limit the exercise by either party of her or its rights under
Section 9.

         6.2     Control of the Station.  Prior to Closing, Buyer shall not,
directly or indirectly, control, supervise, direct, or attempt to control,
supervise, or direct, the operations of the Station; such operations, including
complete control and supervision of all of the Station programs, employees, and
policies, shall be the sole responsibility of Seller until the Closing.

         6.3     Risk of Loss.

                 (a)      The risk of any loss, damage, impairment,
confiscation, or condemnation of any of the Assets from any cause whatsoever
shall be borne by Seller at all times prior to the Closing.

                 (b)      If any damage or destruction of the Assets or any
other event occurs which (A) causes the Station to cease broadcasting
operations for a period of three or more days or (B) prevents in any material
respect signal transmission by the Station in the normal and usual manner and
Seller fails to restore or replace the Assets so that normal and usual
transmission is resumed within seven days of the damage, destruction or other
event, Buyer, in its sole discretion, may (x) terminate this Agreement
forthwith without any further obligations hereunder upon written notice to
Seller, in which event all funds held by the Escrow Agent pursuant to the
Escrow Agreement, including all interest and other proceeds from the investment
of such funds, shall be immediately returned to Buyer, or (y) proceed to
consummate the transaction contemplated by this Agreement and complete the
restoration and replacement of the Assets after the Closing Date, in which
event Seller shall deliver to Buyer all insurance proceeds received in
connection with such damage, destruction or other event.

         6.4     Confidentiality.  Except as necessary for the consummation of
the transaction contemplated by this Agreement, including Buyer's obtaining of
financing related hereto, and except as and to the extent required by law,
including, without limitation, disclosure requirements of federal or state
securities laws and the rules and regulations of securities markets, each party
will keep confidential any information obtained from the other party in
connection with the transactions contemplated by this Agreement.  If this
Agreement is terminated, each party will return to the other party all
information obtained by the such party from the other party in connection with
the transactions contemplated by this Agreement.

         6.5     Cooperation.  Buyer and Seller shall cooperate fully with each
other and their respective counsel and accountants in connection with any
actions required to be taken as part of their respective obligations under this
Agreement, and Buyer and Seller shall execute such other documents as may be
necessary and desirable to the implementation and consummation of this
Agreement, and otherwise use their best efforts to consummate the transaction
contemplated hereby and to fulfill their obligations under this Agreement. 
Notwithstanding 




                                   - 17 -
<PAGE>   23

the foregoing, neither Seller nor Buyer shall have any obligation (i) to expend
funds to obtain any of the Consents (except as provided in Section 5.11 hereof)
or (ii) to agree to any adverse change in any License or Assumed Contract to
obtain a Consent required with respect thereto.

         6.6     Bulk Sales Law.  If applicable, the Bulk Sales law of the
State of Missouri shall be complied with by Seller.  Any loss, liability,
obligation, or cost suffered by Seller or Buyer as the result of the failure of
Seller or Buyer to comply with the provisions of any bulk sales law applicable
to the transfer of the Assets as contemplated by this Agreement shall be borne
by Seller.

         6.7     Access to Books and Records.  Seller shall provide Buyer
access and the right to copy for a period of three years from the Closing Date
any books and records relating to the Assets that are not included in the
Assets.  Buyer shall provide Seller access and the right to copy for a period
of three years from the Closing Date any books and records relating to the
Assets.

         6.8     Noncompetition Agreement.  At Closing, Buyer and Seller shall
enter into a Noncompetition Agreement in the form of Schedule 6.12 and $328,000
of the Purchase Price shall be allocated to the covenants of Seller set forth
therein.

         6.9     Environmental Audit.  Buyer may, at its option and expense,
retain an environmental consultant to be selected by Buyer to perform a Phase I
environmental survey of the Real Property.  If the survey discloses any
material environmental hazard or material possibility of future liability for
environmental damages or clean-up costs, Buyer shall so notify Seller as soon
as practicable.

         6.10    Engineering Study.  Buyer may, at its option and expense,
retain an engineering firm to conduct a proof of performance study of the
Station and to prepare a report on the Station's compliance with customary
engineering practices and all applicable FCC rules, regulations, prescribed
practices, and technical standards.  If the survey discloses any material
deficiencies in the Assets of the Station, Buyer shall so notify Seller as soon
as practicable.

         6.11    Move.  Within sixty (60) days of the Closing Date, Buyer shall
have removed all of the Tangible Personal Property from the Rainbow Property
and Seller shall provide all commercially reasonable assistance.  Prior to
moving the Tangible Personal Property from the Rainbow Property, Buyer shall
lease the portion of the Rainbow Property devoted to air operations (the
"Leased Premises" as described in Schedule 6.11) pursuant to a Lease Agreement
to be executed by Seller and Buyer at the Closing and be provided ingress and
egress to the Leased Premises for a rent of $500 per week (or pro rata portion
thereof if less than a full week) payable on a weekly basis in advance until
all of the Tangible Personal Property is removed by Buyer from the Rainbow
Property.  While Buyer is leasing the Leased Premises, Buyer shall maintain
property damage insurance on the Tangible Personal




                                   - 18 -
<PAGE>   24

Property, workmen's compensation insurance for Buyer's employees and
general liability insurance (naming Seller as an additional named insured on
the general liability policy), and will provide Seller a certificate of
insurance showing the insurance required hereby is in existence.  Buyer will be
solely responsible and liable for providing the employees to operate the
Station after the Closing and for the acts and omissions of its employees while
Buyer's employees are on the Leased Premises and the Rainbow Property and Buyer
shall provide routine maintenance and repair for the equipment leased.  Buyer
will indemnify, hold harmless and defend Seller and its employees, officers,
directors and affiliates from and against any and all liabilities damages,
demands, claims, costs and expenses of every kind and nature arising directly
or indirectly from acts, actions and omissions by Buyer or its employees,
agents or invitees.  While Buyer leasing the Leased Premises, Buyer will not
cause mail to be delivered to the Rainbow Property; provided however, Seller
will use reasonable commercial efforts to cause all phone calls to Buyer or its
employees to be directed to the appropriate person.  Buyer will also reimburse
Seller for all out-of-pocket expenses incurred by Seller as a result of Buyer's
use of the Leased Premises (e.g., long distance telephone calls by Buyer's
employees).  If Buyer is unable to remove all of the Tangible Personal Property
from the Rainbow Property within 60 days of the Closing Date, for reasons
beyond its control, Seller shall permit Buyer to continue to utilize the Leased
Premises, on the terms contained herein, for a reasonable period.

SECTION 7.  CONDITIONS TO OBLIGATIONS OF BUYER AND
            SELLER AT CLOSING

         7.1     Conditions to Obligations of Buyer.  All obligations of Buyer
at the Closing are subject at Buyer's option to the fulfillment prior to or at
the Closing Date of each of the following conditions:

                 (a)      Representations and Warranties.  All representations
and warranties of Seller contained in this Agreement shall be true and complete
in all material respects at and as of the Closing Date as though made at and as
of that time.

                 (b)      Covenants and Conditions.  Seller shall have
performed and complied in all material respects with all covenants, agreements,
and conditions required by this Agreement to be performed or complied with by
her prior to or on the Closing Date.

                 (c)      Consents.  All Consents shall have been obtained and
delivered to Buyer without any adverse change in the terms or conditions of any
agreement or any governmental license, permit, or other authorization.

                 (d)      FCC Consent.  The FCC Consent shall have been granted
without the imposition on Buyer of any conditions that need not be complied
with by Buyer under Section 6.1 hereof, Seller shall have complied with any
conditions imposed on it by the FCC Consent, and the FCC Consent shall have
become a Final Order.





                                   - 19 -
<PAGE>   25

                 (e)      Governmental Authorizations.  Seller shall be the
holder of all Licenses and there shall not have been any modification of any
License that could have an adverse effect on the Station or the conduct of its
business and operations.  No proceeding shall be pending or threatened, the
effect of which could be to revoke, cancel, fail to renew, suspend, or modify
adversely any License.

                 (f)      Deliveries.  Seller shall have made or stand willing
to make all the deliveries to Buyer set forth in Section 8.2.

                 (g)      Adverse Change.  Between the date of this Agreement
and the Closing Date, there shall have been no material adverse change in the
assets or properties of the Station, including any damage, destruction, or loss
affecting any assets used or useful in the conduct of the business of the
Station.

         7.2     Conditions to Obligations of Seller.  All obligations of
Seller at the Closing are subject at Seller's option to the fulfillment prior
to or at the Closing Date of each of the following conditions:

                 (a)      Representations and Warranties.  All representations
and warranties of Buyer contained in this Agreement shall be true and complete
in all material respects at and as of the Closing Date as though made at and as
of that time.

                 (b)      Covenants and Conditions.  Buyer shall have performed
and complied in all material respects with all covenants, agreements, and
conditions required by this Agreement to be performed or complied with by it
prior to or on the Closing Date.

                 (c)      Deliveries.  Buyer shall have made or stand willing
to make all the deliveries set forth in Section 8.3.

                 (d)      FCC Consent.  The FCC Consent shall have been granted
without the imposition on Seller of any conditions that need not be complied
with by Seller under Section 6.1 hereof and Buyer shall have complied with any
conditions imposed on it by the FCC Consent.

SECTION 8.  CLOSING AND CLOSING DELIVERIES

         8.1     Closing.

                 (a)      Closing Date.  The Closing shall take place at 10:00
a.m. on a date, to be set by Buyer on at least five days' written notice to
Seller, that is (1) not earlier than the first business day after the FCC
Consent is granted, and (2) not later than ten business days following the date
upon which the FCC Consent has become a Final Order, subject to satisfaction or
waiver of all other conditions precedent to the holding of the Closing.  If
Buyer fails to specify the date for Closing prior to the fifth business day 
after the date upon 




                                   - 20 -
<PAGE>   26

which the FCC Consent becomes a Final Order, the Closing shall take place on
the tenth business day after the date upon which the FCC Consent becomes a
Final Order.

                 (b)      Closing Place.  The Closing shall be held at the
offices of  Dow, Lohnes & Albertson, 1200 New Hampshire Avenue, N.W., Suite
800, Washington, D.C. 20036, or any other place that is agreed upon by Buyer
and Seller.

         8.2     Deliveries by Seller.  Prior to or on the Closing Date, Seller
shall deliver to Buyer the following, in form and substance reasonably
satisfactory to Buyer and its counsel:

                 (a)      Transfer Documents.  Duly executed warranty bills of
sale, motor vehicle titles, assignments, and other transfer documents which
shall be sufficient to vest good and marketable title to the Assets in the name
of Buyer, free and clear of all claims, liabilities, security interests,
mortgages, liens, pledges, conditions, charges or encumbrances of any nature
whatsoever, except for liens for current taxes not yet due and payable;

                 (b)      Consents.  A manually executed copy of any instrument
evidencing receipt of any Consent;

                 (c)      Officer's Certificate.  A certificate, dated as of
the Closing Date, executed on behalf of Seller by an Officer of Seller,
certifying (1) that the representations and warranties of Seller contained in
this Agreement are true and complete in all material respects as of the Closing
Date as though made on and as of that date; and (2) that Seller has in all
material respects performed and complied with all of her obligations,
covenants, and agreements set forth in this Agreement to be performed and
complied with on or prior to the Closing Date;

                 (d)      Tax, Lien, and Judgment Searches.  Results of a
search for tax, lien, and judgment filings in the Secretary of State's records
of the State of Missouri as well as the records of those counties in Missouri
in which any of the Assets are located, such searches having been made no
earlier than fifteen days prior to the Closing Date;

                 (e)      Licenses, Contracts, Business Records, Etc.  Copies
of all Licenses, Assumed Contracts, blueprints, schematics, working drawings,
plans, projections, engineering records, and all files and records used by
Seller in connection with the Station's construction or operation;

                 (f)      Opinion of Counsel.  An Opinion of Seller's counsel
dated as of the Closing Date, substantially in the form of Schedule 8.2(f)
hereto;

                 (g)      Noncompetition Agreement.  The Noncompetition
Agreement in the form of Schedule 6.8, duly executed on behalf of Seller;





                                   - 21 -
<PAGE>   27

                 (h)      Lenders Certificates.  Such certificates and
confirmations to Buyer's lenders as Buyer may reasonably request in connection
with obtaining financing for the performance of its payment obligations
hereunder.

                 (i)      Tower Site.  A Lease (the "Lease") executed by Buyer
and Seller in form and substance satisfactory to the parties for the Real
Property (which shall include Buyer's obligation to pay one-half of the real
estate taxes).  Written documentation, satisfactory to Buyer, that Buyer shall
have access to the Transmission Tower through exclusive easements and licenses
for a period of not less than fifty (50) years.

         8.3     Deliveries by Buyer.  Prior to or on the Closing Date, Buyer
shall deliver to Seller the following, in form and substance reasonably
satisfactory to Seller and its counsel:

                 (a)      Purchase Price.  The Purchase Price as provided in
Section 2.3;

                 (b)      Assumption Agreements.  Appropriate assumption
agreements pursuant to which Buyer shall assume and undertake to perform
Seller's obligations under the Licenses and Assumed Contracts insofar as they
relate to the time on and after the Closing Date, and arise out of events
related to Buyer's ownership of the Assets or its operation of the Station on
or after the Closing Date;

                 (c)      Officer's Certificate.  A certificate, dated as of
the Closing Date, executed on behalf of Buyer by an officer of Buyer,
certifying (1) that the representations and warranties of Buyer contained in
this Agreement are true and complete in all material respects as of the Closing
Date as though made on and as of that date, and (2) that Buyer has in all
material respects performed and complied with all of its obligations,
covenants, and agreements set forth in this Agreement to be performed and
complied with on or prior to the Closing Date;

                 (d)      Opinion of Counsel.  An opinion of Buyer's counsel
dated as of the Closing Date, substantially in the form of Schedule 8.3(d)
hereto.

                 (e)      Noncompetition Agreement.  The Noncompetition
Agreement in the form of Schedule 6.8 duly executed by Buyer and the payment of
$328,000 to Seller thereunder.

                 (f)      Lease.  The Lease as executed by Buyer and Seller.

SECTION 9.  TERMINATION

         9.1     Termination by Seller.  This Agreement may be terminated by
Seller and the purchase and sale of the Station abandoned, if Seller is not
then in material default, upon written notice to Buyer, upon the occurrence of
any of the following:





                                   - 22 -
<PAGE>   28

                 (a)      Conditions.  If on the date that would otherwise be
the Closing Date any of the conditions precedent to the obligations of Seller
set forth in this Agreement have not been satisfied or waived in writing by
Seller.

                 (b)      Judgments.  If there shall be in effect on the date
that would otherwise be the Closing Date any judgment, decree, or order that
would prevent or make unlawful the Closing.

                 (c)      Upset Date.  If the Closing shall not have occurred
by November 1, 1997.

                 (d)      Breach.  Without limiting Seller's rights under the
other provisions of this Section 9.1, if Buyer has failed to cure any material
breach of any of its representations, warranties, or covenants under this
Agreement within fifteen days after Buyer received written notice of such
breach from Seller.

         9.2     Termination by Buyer.  This Agreement may be terminated by
Buyer and the purchase and sale of the Station abandoned, if Buyer is not then
in material default, upon written notice to Seller, upon the occurrence of any
of the following:

                 (a)      Conditions.  If on the date that would otherwise be
the Closing Date any of the conditions precedent to the obligations of Buyer
set forth in this Agreement have not been satisfied or waived in writing by
Buyer.

                 (b)      Judgments.  If there shall be in effect on the date
that would otherwise be the Closing Date any judgment, decree, or order that
would prevent or make unlawful the Closing.

                 (c)      Upset Date.  If the Closing shall not have occurred
by November 1, 1997.

                 (d)      Environmental Hazards.  Buyer shall have notified
Seller of material environmental hazards or the material possibility of
environmental damages or clean-up costs, as indicated in the environmental
study described in Section 6.9, at least 30 days prior to the Closing Date, and
the cause thereof shall not have been remedied prior to the Closing Date, or if
Seller shall not have agreed to escrow an amount of money from the purchase
price reasonably sufficient to remedy such environmental problem following the
Closing Date.

                 (e)      Technical Deficiencies.  Buyer shall have notified
Seller of material deficiencies in the operations or equipment of the Station,
as indicated in the engineering study described in Section 6.10, at least 30
days prior to the Closing Date, and the cause thereof shall not have been
remedied prior to the Closing Date, or if Seller shall not have 





                                   - 23 -
<PAGE>   29

agreed to a purchase price reduction, reasonably satisfactory to Buyer, to
remedy the technical deficiency.                                           

                 (f)     Breach.  Without limiting Buyer's rights under the
other provisions of this Section 9.2, if Seller has failed to cure any material
breach of any of her representations, warranties, or covenants under this
Agreement within fifteen days after Seller received written notice of such
breach from Buyer.

         9.3     Rights on Termination.  If this Agreement is terminated
pursuant to Section 9.1 or Section 9.2 and neither party is in material breach
of this Agreement, the parties hereto shall not have any further liability to
each other with respect to the purchase and sale of the Assets.  If this
Agreement is terminated by Seller due to Buyer's material breach of this
Agreement, then the payment to Seller of $810,000 pursuant to Section 9.4 below
shall be liquidated damages and shall constitute full payment and the exclusive
remedy for any damages suffered by Seller by reason of Buyer's material breach
of this Agreement.  Seller and Buyer agree in advance that actual damages would
be difficult to ascertain and that the amount of $810,000 is a fair and
equitable amount to reimburse Seller for damages sustained due to Buyer's
material breach of this Agreement.  If this Agreement is terminated by Buyer
due to Seller's material breach of this Agreement, Buyer shall have all rights
and remedies available at law or equity; provided, however, in no event will
Buyer be entitled to require Seller to return or claim that Seller is obligated
or liable in any way to Buyer regarding the $300,000 paid by Buyer to M&M
Investments, L.L.C.

         9.4     Escrow Deposit.  Buyer has deposited with the Escrow Agent the
sum of $810,000 in accordance with the Escrow Agreement in the form of Schedule
9.4 hereof.  All such funds deposited with the Escrow Agent shall be held and
disbursed in accordance with the terms of the Escrow Agreement and the
following provisions:

                 (a)      At the Closing, all amounts held by the Escrow Agent
pursuant to the Escrow Agreement, including any interest or other proceeds from
the investment of funds held by the Escrow Agent, shall be disbursed to or at
the direction of Buyer.

                 (b)      If this Agreement is terminated pursuant to Section
9.1 or 9.2 and Buyer is not in material breach of this Agreement, all amounts
held by the Escrow Agent pursuant to the Escrow Agreement, including any
interest or other proceeds from the investment of funds held by the Escrow
Agent, shall be disbursed to or at the direction of Buyer.

                 (c)      If this Agreement is terminated by Seller due to
Buyer's material breach of this Agreement, then $810,000 of the amount held by
the Escrow Agent pursuant to the Escrow Agreement shall be disbursed to or at
the direction of Seller as liquidated damages under Section 9.3 above and any
interest or other proceeds from the investment of funds held by the Escrow
Agent shall be disbursed by the Escrow Agent to or at the direction of Buyer.





                                    24 -
<PAGE>   30

SECTION 10.  SURVIVAL OF REPRESENTATIONS AND WARRANTIES;
             INDEMNIFICATION; CERTAIN REMEDIES

         10.1    Representations and Warranties.  All representations and
warranties contained in this Agreement shall be deemed continuing
representations and warranties and shall survive the Closing for a period of
eighteen months; provided, however, that as to any representation or warranty
made by either the Buyer or Seller which the other party knows is not true as
of the Closing Date, such representation or warranty shall not survive the
Closing.  Until the Closing, Buyer and Seller will immediately advise each
other, in a detailed written notice, of any fact or occurrence or any pending
or threatened occurrence of which any of them obtains knowledge and which (a)
(if existing and known at the date of the execution of this Agreement) would
have been required to be set forth or disclosed in or pursuant to this
Agreement or a Schedule hereto, (b) (if existing and known at any time prior to
or at the Closing) would make the performance by any party of a covenant
contained in this Agreement impossible or make that performance materially more
difficult than in the absence of that fact or occurrence, or (c) (if existing
and known at the time of the Closing) would cause a condition to any party's
obligations under this Agreement not to be fully satisfied. Any investigations
by or on behalf of any party hereto shall not constitute a waiver as to
enforcement of any representation, warranty, or covenant contained in this
Agreement.  No notice or information delivered by Seller shall affect Buyer's
right to rely on any representation or warranty made by Seller or relieve
Seller of any obligations under this Agreement as the result of a breach of any
of its representations and warranties.

         10.2    Indemnification by Seller.  Seller hereby agrees to indemnify
and hold Buyer harmless against and with respect to, and shall reimburse Buyer
for:

                 (a)      Subject to the proviso contained in the first
sentence of Section 10.1, any and all losses, liabilities, or damages resulting
from any untrue representation, breach of warranty, or nonfulfillment of any
covenant by Seller contained in this Agreement or in any certificate, document,
or instrument delivered to Buyer under this Agreement.

                 (b)      Any and all obligations of Seller not assumed by
Buyer pursuant to this Agreement, including any liabilities arising at any time
under any Contract not included in the Assumed Contracts.

                 (c)      Any loss, liability, obligation, or cost resulting
from the failure of the parties to comply with the provisions of any bulk sales
law applicable to the transfer of the Assets.

                 (d)      Any and all losses, liabilities, or damages resulting
from the ownership, construction or operation of the Station prior to the
Closing, including any liabilities arising under the Licenses or the Assumed
Contracts which relate to events occurring prior the Closing Date.





                                   - 25 -
<PAGE>   31

                 (e)      Any and all actions, suits, proceedings, claims,
demands, assessments, judgments, costs, and expenses, including reasonable
legal fees and expenses, incident to any of the foregoing or incurred in
investigating or attempting to avoid the same or to oppose the imposition
thereof, or in enforcing this indemnity.

         10.3    Indemnification by Buyer.  Buyer hereby agrees to indemnify
and hold Seller harmless against and with respect to, and shall reimburse
Seller for:

                 (a)      Subject to the proviso contained in the first
sentence of Section 10.1, any and all losses, liabilities, or damages resulting
from any untrue representation, breach of warranty, or nonfulfillment of any
covenant by Buyer contained in this Agreement or in any certificate, document,
or instrument delivered to Seller under this Agreement.

                 (b)      Any and all obligations of Seller assumed by Buyer
pursuant to this Agreement.

                 (c)      Any and all losses, liabilities, or damages resulting
from the operation or ownership of the Station on and after the Closing.

                 (d)      Any and all actions, suits, proceedings, claims,
demands, assessments, judgments, costs and expenses, including reasonable legal
fees and expenses, incident to any of the foregoing or incurred in
investigating or attempting to avoid the same or to oppose the imposition
thereof, or in enforcing this indemnity.

         10.4    Procedure for Indemnification.  The procedure for
indemnification shall be as follows:

                 (a)      The party claiming indemnification (the "Claimant")
shall promptly give notice to the party from which indemnification is claimed
(the "Indemnifying Party") of any claim, whether between the parties or brought
by a third party, specifying in reasonable detail the factual basis for the
claim.  If the claim relates to an action, suit, or proceeding filed by a third
party against Claimant, such notice shall be given by Claimant within five days
after written notice of such action, suit, or proceeding was given to Claimant.

                 (b)      With respect to claims solely between the parties,
following receipt of notice from the Claimant of a claim, the Indemnifying
Party shall have thirty days to make such investigation of the claim as the
Indemnifying Party deems necessary or desirable.  For the purposes of such
investigation, the Claimant agrees to make available to the Indemnifying Party
and/or its authorized representatives the information relied upon by the
Claimant to substantiate the claim.  If the Claimant and the Indemnifying Party
agree at or prior to the expiration of the thirty-day period (or any mutually
agreed upon extension thereof) to the validity and amount of such claim, the
Indemnifying Party shall immediately pay to the Claimant the full amount of the
claim.  If the Claimant and the Indemnifying Party do not agree within the
thirty-day period (or any mutually agreed upon extension thereof), the





                                   - 26 -
<PAGE>   32

Claimant may seek appropriate remedy at law or equity or under the arbitration
provisions of this Agreement, as applicable.

                 (c)      With respect to any claim by a third party as to
which the Claimant is entitled to indemnification under this Agreement, the
Indemnifying Party shall have the right at its own expense, to participate in
or assume control of the defense of such claim, and the Claimant shall
cooperate fully with the Indemnifying Party, subject to reimbursement for
actual out-of-pocket expenses incurred by the Claimant as the result of a
request by the Indemnifying Party.  If the Indemnifying Party elects to assume
control of the defense of any third-party claim, the Claimant shall have the
right to participate in the defense of such claim at its own expense.  If the
Indemnifying Party does not elect to assume control or otherwise participate in
the defense of any third party claim, it shall be bound by the results obtained
by the Claimant with respect to such claim.

                 (d)      If a claim, whether between the parties or by a third
party, requires immediate action, the parties will make every effort to reach a
decision with respect thereto as expeditiously as possible.

                 (e)      The indemnifications rights provided in Sections 10.2
and 10.3 shall extend to the shareholders, directors, officers, employees, and
representatives of any Claimant although for the purpose of the procedures set
forth in this Section 10.4, any indemnification claims by such parties shall be
made by and through the Claimant.

         10.5    Certain Limitations.  Notwithstanding anything in this
Agreement to the contrary,

                 (a)      neither party shall indemnify or otherwise be liable
to the other party for any breach of a representation or warranty, or for the
breach of any covenant contained in this Agreement, except to the extent the
losses, obligations, liabilities, costs and expenses of such party arising
therefrom exceed in the aggregate Thirty-Two Thousand Dollars ($32,000)
provided, however, that Buyer's obligation under the Assumed Liabilities shall
be applicable from the first dollar of liability;

                 (b)      either party's liability to the other party with
respect to any claim for any breach of a representation or warranty, or for the
breach of any covenant contained in this Agreement is limited to Five Million
Dollars ($5,000,000), provided, further, that there is no limitation on
indemnification for third party claims.

         10.6    Specific Performance.  The parties recognize that if Seller
breaches this Agreement and refuses to perform under the provisions of this
Agreement, monetary damages alone would not be adequate to compensate Buyer for
its injury.  Buyer shall therefore be entitled, in addition to any other
remedies that may be available, including money damages, to obtain specific
performance of the terms of this Agreement.  If any 





                                   - 27 -
<PAGE>   33

action is brought by Buyer  to enforce this Agreement, Seller shall waive the
defense that there is an adequate remedy at law.

SECTION 11.  MISCELLANEOUS

         11.1    Fees and Expenses.  Any federal, state, or local sales or
transfer tax arising in connection with the conveyance of the Assets by Seller
to Buyer pursuant to this Agreement shall be paid by Seller.  Buyer and Seller
shall each pay one-half of any fees payable to the Escrow Agent and all filing
fees required by the FCC in connection with the FCC Consent.  Except as
otherwise provided in this Agreement, each party shall pay her or its own
expenses incurred in connection with the authorization, preparation, execution,
and performance of this Agreement, including all fees and expenses of counsel,
accountants, agents, and representatives.  Buyer shall pay at the Closing all
brokerage fees and commissions payable to Patrick Communications Corporation,
and each party shall be responsible for all fees or commissions payable to any
other finder, broker, advisor, or similar person retained by or on behalf of
such party.

         11.2    Arbitration.  Except as otherwise provided to the contrary
below, any dispute arising out of or related to this Agreement and any
agreement ancillary hereto that Seller and Buyer are unable to resolve by
themselves shall be settled by arbitration by a panel of three (3) neutral
arbitrators who shall be selected in accordance with the procedures set forth
in the commercial arbitration rules of the American Arbitration Association.
The persons selected as arbitrators shall have prior experience in the
broadcasting industry but need not be professional arbitrators, and persons
such as lawyers, accountants, brokers and bankers shall be acceptable.  Before
undertaking to resolve the dispute, each arbitrator shall be duly sworn
faithfully and fairly to hear and examine the matters in controversy and to
make a just award according to the best of his or her understanding.  The
arbitration hearing shall be conducted in accordance with the commercial
arbitration rules of the American Arbitration Association in Washington, D.C.
The written decision of a majority of the arbitrators shall be final and
binding on Seller and Buyer.  The costs and expenses (including attorneys fees
and expenses) of the arbitration proceeding shall be assessed between Seller
and Buyer in a manner to be decided by a majority of the arbitrators, and the
assessment shall be set forth in the decision and award of the arbitrators.
Judgment on the award, if it is not paid within thirty days, may be entered in
any court having jurisdiction over the matter.  No action at law or suit in
equity based upon any claim arising out of or related to this Agreement shall
be instituted in any court by Seller or Buyer against the other except (i) an
action to compel arbitration pursuant to this Section, (ii) an action to
enforce the award of the arbitration panel rendered in accordance with this
Section, or (iii) a suit for specific performance pursuant to Section 10.6.

         11.3    Notices.  All notices, demands, and requests required or
permitted to be given under the provisions of this Agreement shall be (a) in
writing, (b) delivered by personal delivery, or sent by commercial delivery
service or registered or certified mail, return receipt requested, (c) deemed
to have been given on the date of personal delivery or the date set 




                                   - 28 -
<PAGE>   34

forth in the records of the delivery service or on the return receipt, and (d)
addressed as follows:

If to Seller:                     Ronnie Metsker
                                  President
                                  Kansas City Youth for Christ, Inc.
                                  4715 Rainbow Boulevard
                                  Shawnee Mission, Kansas  66205

With a copy to:                   James P. Pryde, Esquire
                                  Bryan Cave LLP
                                  3500 One Kansas City Place
                                  1200 Main Street
                                  Kansas City, Missouri   64141-6914

If to Buyer:                      Lowell W. Paxson, Chairman
                                  Paxson Communications of
                                    Kansas City-50, Inc.
                                  601 Clearwater Park Road
                                  West Palm Beach, FL  33401

With a copy to:                   John R. Feore, Jr., Esq.
                                  Dow, Lohnes & Albertson,
                                  A Professional Limited Liability Company
                                  1200 New Hampshire Avenue, N.W.
                                  Suite 800
                                  Washington, D.C.  20036

or to any other or additional persons and addresses as the parties may from
time to time designate in a writing delivered in accordance with this Section
11.3.

         11.4    Benefit and Binding Effect.  Neither party hereto may assign
this Agreement without the prior written consent of the other party hereto;
provided, however, that Buyer may assign its rights and obligations under this
Agreement, in whole or in part, to one or more subsidiaries or commonly
controlled affiliates of Buyer without seeking or obtaining Seller's prior
approval provided that Buyer remains obligated with respect to the assumption
of the Assumed Contracts and Article 10 hereof and Buyer may collaterally
assign its rights and interests hereunder to its lenders without seeking or
obtaining Seller's prior approval.  Upon any permitted assignment by Buyer or
Seller in accordance with this Section 11.4, all references to"Buyer" herein
shall be deemed to be references to Buyer's assignee and all references to
"Seller" herein shall be deemed to be references to Seller's assignee, as the
case may be.  This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns.





                                   - 29 -
<PAGE>   35


         11.5    Further Assurances.  The parties shall take any actions (other
than payment of monies) and execute any other documents that may be necessary
or desirable to the implementation and consummation of this Agreement,
including, in the case of Seller, any additional bills of sale, deeds, or other
transfer documents that, in the reasonable opinion of Buyer, may be necessary
to ensure, complete, and evidence the full and effective transfer of the Assets
to Buyer pursuant to this Agreement.

         11.6    Governing Law.  THIS AGREEMENT SHALL BE GOVERNED, CONSTRUED,
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT
REGARD TO THE CHOICE OF LAW PROVISIONS THEREOF).

         11.7    Headings.  The headings in this Agreement are included for
ease of reference only and shall not control or affect the meaning or
construction of the provisions of this Agreement.

         11.8    Gender and Number.  Words used in this Agreement, regardless
of the gender and number specifically used, shall be deemed and construed to
include any other gender, masculine, feminine, or neuter, and any other number,
singular or plural, as the context requires.

         11.9    Entire Agreement.  This Agreement, the schedules, hereto, and
all documents, certificates, and other documents to be delivered by the parties
pursuant hereto, collectively represent the entire understanding and agreement
between Buyer and Seller with respect to the subject matter hereof.  This
Agreement supersedes all prior negotiations between the parties and cannot be
amended, supplemented, or changed except by an agreement in writing that makes
specific reference to this Agreement and which is signed by the party against
which enforcement of any such amendment, supplement, or modification is sought.

         11.10   Waiver of Compliance; Consents.  Except as otherwise provided
in this Agreement, any failure of any of the parties to comply with any
obligation, representation, warranty, covenant, agreement, or condition herein
may be waived by the party entitled to the benefits thereof only by a written
instrument signed by the party granting such waiver, but such waiver or failure
to insist upon strict compliance with such obligation, representation,
warranty, covenant, agreement, or condition shall not operate as a waiver of,
or estoppel with respect to, any subsequent or other failure.  Whenever this
Agreement requires or permits consent by or on behalf of any party hereto, such
consent shall be given in writing in a manner consistent with the requirements
for a waiver of compliance as set forth in this Section 11.10.

         11.11   Press Release.  Neither party shall publish any press release,
make any other public announcement or otherwise communicate with any news media
concerning this Agreement or the transactions contemplated hereby without the
prior written consent of the other party; which consent will not be
unreasonably withheld or delayed (it being understood





                                   - 30 -
<PAGE>   36

that Seller desires to send notice of this Agreement to its contributors as
soon as reasonably possible);  provided, however, that nothing contained herein
shall prevent either party from promptly making all filings with governmental
authorities as may, in her or its judgement be required or advisable in
connection with the execution and delivery of this Agreement or the
consummation of the transactions contemplated hereby.

         11.12   Counterparts.  This Agreement may be signed in counterparts
with the same effect as if the signature on each counterpart were upon the same
instrument.

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                                   - 31 -
<PAGE>   37

         IN WITNESS WHEREOF, the parties hereto have duly executed this Asset
Purchase Agreement as of the day and year first above written.

                                      PAXSON COMMUNICATIONS OF 
                                      KANSAS CITY-50, INC.



                                      By: /s/  William L. Watson
                                         --------------------------------------
                                         Name:   William L. Watson
                                         Title:  Secretary



                                      KANSAS CITY YOUTH FOR CHRIST, INC.



                                      By: /s/  Ronnie Metsker
                                         --------------------------------------
                                         Name:   Ronnie Metsker
                                         Title:  President