Document:

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                                                                   Exhibit 10.17

                       INFINITY BROADCASTING CORPORATION
                        EXECUTIVE ANNUAL INCENTIVE PLAN

SECTION 1. PURPOSE

     1.1 The purpose of the Infinity Broadcasting Corporation Executive Annual
Incentive Plan is to provide competitive annual or other incentive opportunities
that foster and promote the financial success of the Company by: (a) aiding the
Company in attracting and retaining key executives of outstanding ability; (b)
strengthening the Company's capability to develop, maintain and direct a
competent management team; and (c) motivating key executives who are in a
position to contribute materially to the success of the Company to achieve
measurable performance goals. The Plan is intended to permit the Company to pay
to Participants who are Covered Employees annual incentives that qualify as
performance-based compensation for purposes of Section 162(m) of the Internal
Revenue Code and that are fully deductible by the Company under the Code.

     1.2 Certain terms used in the Plan are defined in Section 10.

SECTION 2. EFFECTIVE DATE

     2.1 The Plan is effective as of December 7, 1998, as amended.

SECTION 3. ELIGIBILITY; SELECTION FOR PARTICIPATION

     3.1 Participation in the Plan will be limited to key executives of the
Company and/or its subsidiaries who are designated by the Committee as
Participants for a given Performance Period. In making this designation, the
Committee may give consideration to the functions and responsibilities of the
executive, his or her past, present and potential contributions to the Company,
and such other factors as the Committee deems relevant.

SECTION 4. AWARDS

     4.1 The Committee may award incentives to Participants with respect to
Performance Periods, subject to the terms and conditions set forth in the Plan.

     4.2 The Committee will establish one or more objective performance goals
for a given Performance Period. Such performance goal or goals will be based on
one or more of the following business criteria, as applied to the relevant
business unit or units, to a specified portion or portions of the Company, to
the Company as a whole, or to any combination thereof: revenues; earnings before
interest, taxes, depreciation and amortization ("EBITDA"); earnings before
interest and taxes ("EBIT"); free cash flow; earnings per share; ratings; cost
reductions; capital expenditure; and stock price.

     4.3 The Committee will also establish target and maximum incentive award
opportunity amounts for each Participant for the given Performance Period and
the objective formula or standard that will be used by the Committee to
determine the amount of incentive compensation that may be payable to such
Participant under the Plan if and to the extent that the established performance
goal or goals are achieved; provided, however, that in no event may the maximum
incentive award opportunity or the maximum incentive award for any one
Participant for any Performance Period exceed the amount of ten million dollars
($10,000,000). This maximum amount will be adjusted annually to reflect
increases in the Consumer Price Index-U published by the Bureau of Labor
Statistics, or any successor to such index, for each twelve-month period
commencing January 1.

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     4.4 After the close of the Performance Period, the Committee will determine
the extent to which the preestablished performance goal or goals for that
Performance Period have been achieved and the extent to which incentive
compensation for each Participant would be payable based on such performance and
the preestablished formula or method. Regardless of the degree to which a
performance goal or goals are achieved, incentive awards under the Plan will be
paid only when and if the Committee, in its sole discretion, determines to
approve the award or awards. The Committee, in its sole discretion, may reduce
(but may not increase) the amount which would otherwise be payable as incentive
compensation based on the extent to which the preestablished performance goal or
goals have been achieved and the preestablished formula or method, in which case
the Participant will receive only the reduced amount as an incentive award,
which may be zero, even if the performance goal or goals were achieved.

     4.5 Appropriate adjustments may be made by the Committee in performance
goals, target and maximum incentive award opportunities, formulas or standards,
and/or in the measurement of the extent of achievement of performance goals to
reflect the impact of acquisitions, divestitures, changes in accounting
standards, or unusual or extraordinary events.

SECTION 5. FORM OF PAYMENT; SHARES OF STOCK

     5.1 The Committee will also determine the time, form and manner of payment
of any incentive awards it may approve for payment under the Plan. Incentive
awards may be paid in cash, in shares of Stock, in Stock Options, in Stock
Appreciation Rights, in other Derivative Securities, in other securities of the
Company, or in any other form that the Committee may determine, or in any
combination of such forms, and may be paid in one or more installments and/or on
a deferred basis or on such other basis as the Committee may determine
("deferrals"), all on such terms and conditions as are set forth in the Plan and
otherwise as the Committee may from time to time determine.

     5.2 The maximum number of shares of Stock subject to incentive stock
options and Stock Options that may be issued under the Plan is ten million
(10,000,000); and the maximum number of such shares of Stock subject to Stock
Options and Stock Appreciation Rights granted to any one Participant under the
Plan in any one Performance Period is one million (1,000,000); in each case
subject to adjustment and substitution as set forth in this Section 5.

     5.3 Shares of Stock issued under the Plan may be in whole or in part
authorized and unissued or treasury shares of Stock. No fractional shares will
be issued, and the Committee will determine the manner in which fractional share
value will be treated.

     5.4 Any shares of Stock that are issued pursuant to the Plan and are
subsequently forfeited, any shares of Stock subject to a Stock Option, Stock
Appreciation Right and/or other Derivative Security which is canceled or
terminates without any shares having been issued pursuant thereto, any shares of
Stock tendered by a Participant to pay the Exercise Price of a Stock Option or
other Derivative Security, and any shares of Stock tendered or withheld to
satisfy withholding tax requirements will automatically become available again
for use under the Plan; provided, however, this Section 5.4 will apply only to
the 10,000,000 share limit set forth in Section 5.2 (as adjusted in accordance
with the Plan).

     5.5 If there is any change in the Stock and/or the corporate structure of
the Company, through merger, consolidation, division, share exchange,
combination, reorganization, recapitalization, stock dividend, stock split,
spin-off, split-up, dividend in kind or other change in the corporate structure
or distribution to the shareholders, appropriate adjustments may be made by the
Committee (or, if the Company is not the surviving corporation in any such
transaction, by the board of directors (or a committee thereof consisting solely
of Outside Directors) of the surviving corporation) in the aggregate

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number and kind of shares subject to the Plan, and the number and kind of shares
and the price per share subject to outstanding Stock Options, Stock Appreciation
Rights and other Derivative Securities or which may be issued under outstanding
deferrals. Appropriate adjustments may also be made by the Committee in the
terms of any incentive award opportunities under the Plan to reflect such
changes and to modify any of the terms of any outstanding Stock Options, Stock
Appreciation Rights or other Derivative Securities or deferrals.

SECTION 6. PAYMENT IN STOCK OPTIONS OR STOCK APPRECIATION RIGHTS

     6.1 The Committee may, from time to time, subject to the provisions of the
Plan and such other terms and conditions as the Committee may prescribe,
determine that an incentive award or a portion of an incentive award will be
paid in the form of Stock Options or Stock Appreciation Rights. Stock
Appreciation Rights may be granted in tandem with Stock Options or independently
of Stock Options. The number of Stock Options or Stock Appreciation Rights will
be determined by dividing the amount of the incentive award to be paid in the
form of Stock Options or Stock Appreciation Rights by the value, as determined
by the Committee, of a Stock Option or Stock Appreciation Right, as the case may
be, for one share of Stock on the relevant date.

     6.2 All Stock Options and all Stock Appreciation Rights will be evidenced
by a signed written agreement, with any amendments thereto, containing such
terms and conditions as are set forth in the Plan and otherwise as the Committee
may from time to time determine. Stock Appreciation Rights granted in tandem
with Stock Options will be evidenced by the Stock Option agreement. The
Committee may also at any time and from time to time provide for the deferral of
delivery of any shares and/or cash for which the Stock Option or Stock
Appreciation Right may be exercisable until a date or dates and subject to terms
and conditions determined by the Committee.

     6.3 The purchase price per share of Stock under each Stock Option and the
reference price per share of the Stock to which a Stock Appreciation Right
relates (in either case, "Exercise Price") will not be less than the Fair Market
Value of such Stock on the date the Stock Option is granted. A Stock
Appreciation Right may be exercised only when the Fair Market Value of the Stock
to which it relates exceeds the Exercise Price.

     6.4 The holder of a Stock Option, Stock Appreciation Right or other
Derivative Security will not have any of the rights of a shareholder with
respect to any shares of Stock that may be subject or relate thereto unless and
until such shares are issued by the Company following its exercise or otherwise.

SECTION 7. ADMINISTRATION

     7.1 Subject to the terms of the Plan, the Committee will have the sole and
complete authority: (a) to designate Participants, to approve incentive awards,
to determine the time, form and manner of payment of any incentive awards it may
approve, and to impose such limitations, restrictions and conditions thereon as
the Committee deems appropriate; (b) to interpret the Plan and the terms of any
document relating to the Plan and to adopt, amend and rescind administrative
guidelines and other rules and regulations relating to the Plan; (c) to
accelerate the time at which all or any part of Stock Options, Stock
Appreciation Rights and/or other Derivative Securities may be exercised or the
time when all or any part of deferrals and/or Derivative Securities will be
paid; (d) to otherwise amend or cancel incentive award opportunities, Stock
Options, Stock Appreciation Rights or other Derivative Securities or deferrals
under the Plan in whole or in part, except that the Committee may not, unless
otherwise provided in the Plan or unless the Participant affected thereby
consents, take any action under this clause that would adversely affect the
rights of such Participant with respect to outstanding Stock Options, Stock
Appreciation Rights or other Derivative Securities or deferrals under the Plan,
and

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except that the Committee may not, unless otherwise provided in the Plan, take
any action to amend any outstanding Stock Option or Stock Appreciation Right
under the Plan in order to decrease the Exercise Price of such Stock Option or
Stock Appreciation Right; and (e) to make all other determinations and to take
all other actions necessary or advisable for the interpretation, implementation
and administration of the Plan.

     7.2 The Committee's determinations on matters within its authority will be
conclusive and binding upon the Company and all other persons unless and until
the Committee determines otherwise.

SECTION 8. GENERAL PROVISIONS

     8.1 No employee or other person will have any claim or right to be
designated as a Participant or to receive an incentive award under the Plan.
Participation in the Plan will not be construed as a right to employment or
other relationship(s) with the Company and/or its subsidiaries, and the Company
retains the right to terminate the employment or other relationship(s) of an
individual with the Company and/or its subsidiaries for any reason, with or
without cause.

     8.2 During a Participant's lifetime, payments or distributions under the
Plan may be received only by the Participant or his or her legal representative.
Shares of restricted Stock during the applicable restriction period, Stock
Options, Stock Appreciation Rights, other Derivative Securities, rights to
deferral payments and any other rights or benefits under the Plan will not be
transferable or assignable by a Participant other than by will, by the
applicable laws of descent and distribution, or, if permitted by the Committee,
by transfer to a Properly Designated Beneficiary in the event of death;
provided, however, that the Committee may, in its sole discretion, permit the
transfer of Stock Options (including any tandem Stock Appreciation Rights) by a
Participant to Permissible Transferees, subject to such terms and conditions as
the Committee may determine. Any transfer or assignment contrary to these
provisions will be null and void.

     8.3 The Company will collect, through withholdings or otherwise, an amount
sufficient to satisfy all applicable statutory federal, state and local
withholding tax requirements with respect to payments made pursuant to the Plan.

     8.4 The Committee's determinations under the Plan, including without
limitation, (a) the selection of Participants, (b) the form, amount, timing and
payment of incentive awards, (c) the terms and provisions of incentive awards
and the payment thereof, and (d) any agreements evidencing the same, need not be
uniform and may be made by it selectively among Participants who receive, or who
are eligible to receive, incentive awards, whether or not such Participants are
similarly situated.

     8.5 The Committee may, but need not, establish or authorize the
establishment of procedures not inconsistent with Section 8.2 under which a
Participant may designate a beneficiary or beneficiaries in the event of the
Participant's death.

     8.6 The Company will not be required to establish any special or separate
fund or to segregate any assets for purposes of the Plan.

     8.7 Nothing contained in the Plan will be deemed to limit or restrict the
right of the Company and its subsidiaries to compensate any of their key
executives and/or employees in whole or in part under separate bonus or
incentive plans or other compensation arrangements.

     8.8 The Plan and all agreements or other documents relating to the Plan
will be construed in accordance with and governed by the laws of the State of
Delaware, without regard to the principles of conflict of laws.

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SECTION 9. CHANGE IN CONTROL

     9.1 Upon the determination of the Committee that a change in control has
occurred for purposes of the Plan, the Committee may deem all or any part of any
incentive award opportunity to have been earned on such basis as the Committee
may determine, and incentive awards and outstanding Derivative Securities and
deferrals may then be paid and Stock Options, Stock Appreciation Rights and
other Derivative Securities may then be modified, and all or any part of any
restrictions or conditions may be waived or modified, all on such basis, at such
time (which may, in the case of incentive awards, be prior to the end of the
Performance Period), in such form and subject to such terms and conditions as
the Committee may prescribe.

SECTION 10. CERTAIN DEFINITIONS

     10.1 The following terms or phrases will have the meanings set forth below.

     - "Board" means the Board of Directors of the Company.

     - "Code" or "Internal Revenue Code" means the Internal Revenue Code of
       1986, as amended from time to time, or any successor statute or statutes.
       Reference to any specific Code section will include any successor
       section.

     - "Committee" means the Compensation Committee of the Board (or a
       subcommittee thereof) or any successor committee (or a subcommittee
       thereof) established by the Board; provided, however, the Committee must
       consist of at least two members and each member of the Committee must be
       an Outside Director.

     - "Company" means Infinity Broadcasting Corporation, a Delaware
       corporation, and any successor thereto.

     - "Covered Employee" means a person who is a covered employee within the
       meaning of Section 162(m) of the Code and regulations promulgated
       thereunder.

     - "Derivative Security" means a derivative security with respect to an
       equity security of the Company, where "derivative security" has the
       meaning set forth in Rule 16a-1(c) under the Exchange Act, as such rule
       may be amended from time to time, or any successor rule.

     - "Exchange Act" means the Securities Exchange Act of 1934, as amended from
       time to time.

     - "Exercise Price" has the meaning assigned to it in Section 6.3.

     - "Fair Market Value" means the mean of the high and low prices of the
       Stock as reported by the Composite Tape of the New York Stock Exchange
       (or such successor reporting system as may be selected by the Committee)
       on the relevant date or, if no sale of the Stock has been reported for
       that day, the average of such prices on the next preceding day and the
       next following day for which there were reported sales.

     - "Immediate Family" has the meaning set forth in Rule 16a-1(e) under the
       Exchange Act, as such rule may be amended from time to time, or any
       successor rule.

     - "Outside Director" means an outside director as that term is defined by
       Section 162(m) of the Code and regulations promulgated thereunder.

     - "Participant" means a key executive of the Company and/or its
       subsidiaries who is designated by the Committee as a Plan participant for
       a given Performance Period in accordance with Section 3.1.

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     - "Performance Period" means a calendar year or other fiscal year of the
       Company or other longer or shorter period designated by the Committee
       with respect to which incentive awards may be paid.

     - "Permissible Transferee" means any of the following: (1) a member of the
       Participant's Immediate Family; (2) a trust solely for the benefit of the
       Participant and/or the Participant's Immediate Family; and (3) a
       partnership or limited liability company whose only partners or members,
       as the case may be, are the Participant and/or Permissible Transferees as
       otherwise identified in this definition.

     - "Plan" means the Company's Executive Annual Incentive Plan, as amended
       from time to time.

     - "Properly Designated Beneficiary" means a beneficiary or beneficiaries
       designated by a Participant pursuant to Section 8.5 in the event of the
       Participant's death, if such designation is permitted by the Committee.

     - "Stock" means the Class A Common Stock and any other equity stock of the
       Company, other than Class B Common Stock.

     - "Stock Appreciation Right" means a right to receive, on exercise, an
       amount, in cash or Stock or a combination thereof (such form to be
       determined by the Committee), determined by reference to appreciation in
       Stock value.

     - "Stock Option" means a non-statutory stock option (that is, a Stock
       Option which is not an incentive stock option as defined in Section
       422(b) of the Code) to purchase shares of Stock for the purchase price
       set forth in the relevant Stock Option Agreement, all in accordance with
       the terms of the Plan.

     10.2 Except where otherwise indicated by the context, references to
sections will mean the Sections of the Plan and the definition of any term
herein in the singular will also include the plural. Section or subsection
headings are inserted for convenience only. Such headings will not affect the
meaning of any of the provisions of the Plan and will not be deemed a part of
the Plan.

SECTION 11. AMENDMENT, SUSPENSION AND/OR TERMINATION OF PLAN

     11.1 The Board of Directors or the Committee may at any time and from time
to time amend the Plan, in whole or in part, for any purpose, or may at any time
or from time to time suspend or terminate the Plan.

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                                                                   Exhibit 10.30

                            ASSET PURCHASE AGREEMENT
                            ------------------------

         THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made as of March 3,
2000 among the company or companies designated as Seller on the signature page
hereto (collectively, "Seller") and the company or companies designated as Buyer
on the signature page hereto (collectively, "Buyer").

                                    Recitals
                                    --------

         A. Seller owns and operates the following radio broadcast stations
(collectively, the "Stations") pursuant to certain authorizations issued by the
Federal Communications Commission (the "FCC"):

                   WUBE-FM, Cincinnati, OH

                   WDOK(FM), Cleveland, OH
                   WQAL(FM), Cleveland, OH
                   WZJM(FM), Cleveland Heights, OH

                   KDJM(FM), Greeley, CO
                   KIMN(FM), Denver, CO
                   KXKL-FM, Denver, CO

                   WMFR(AM), High Point, NC
                   WSJS(AM), Winston-Salem, NC
                   WSML(AM), Graham, NC

                   WJHM(FM), Daytona Beach, FL
                   WOCL(FM), Deland, FL
                   WOMX-FM, Orlando, FL

                   KOOL-FM, Phoenix, AZ
                   KZON(FM), Phoenix, AZ
                   KMLE(FM), Chandler, AZ

                   KPLN(FM), San Diego, CA
                   KYXY(FM), San Diego, CA

         B. Subject to the terms and conditions set forth herein, Buyer desires
to acquire the Station Assets (defined below).

         C. Clear Channel Communications, Inc. and AMFM Inc. (parents of Seller)
and CCU Merger Sub, Inc. are parties to an Agreement and Plan of Merger dated
October 2, 1999 (the "AMFM Agreement").

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                                    Agreement
                                    ---------

         NOW, THEREFORE, taking the foregoing into account, and in consideration
of the mutual covenants and agreements set forth herein, the parties, intending
to be legally bound, hereby agree as follows:

ARTICLE 1: PURCHASE OF ASSETS
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         1.1. Station Assets. On the terms and subject to the conditions hereof,
on the Closing Date (defined below), Seller shall sell, assign, transfer, convey
and deliver to Buyer, and Buyer shall purchase and acquire from Seller the
following (the "Station Assets"): all of the right, title and interest of Seller
in and to all of the assets, properties, interests and rights of Seller of
whatsoever kind and nature, real and personal, tangible and intangible, which
are either used exclusively in the operation of the Stations or necessary to
operate the Stations in all material respects as currently operated, but
excluding the Excluded Assets as hereafter defined. Except as provided in
Section 1.2, the Station Assets include the following:

                  (a) all licenses, permits and other authorizations which are
issued to Seller by the FCC with respect to the Stations (the "FCC Licenses"),
including those described on Schedule 1.1(a), including any pending applications
for or renewals or modifications thereof between the date hereof and Closing;

                  (b) all Seller's equipment, electrical devices, antennae,
cables, tools, hardware, office furniture and fixtures, office materials and
supplies, inventory, motor vehicles, spare parts and other tangible personal
property of every kind and description which are either used exclusively in the
operation of the Stations or necessary to operate the Stations in all material
respects as currently operated, including those listed on Schedule 1.1(b),
except any retirements or dispositions thereof made between the date hereof and
Closing in the ordinary course of business and consistent with past practices of
Seller consistent with Article 9 (the "Tangible Personal Property"), and any
assignable vendor warranties with respect thereto;

                  (c) the contracts, agreements, and leases which are used in
the operation of the Stations and listed or described on Schedule 1.1(c),
together with all contracts, agreements, and leases made between the date hereof
and Closing in the ordinary course of business that are used in the operation of
the Stations consistent with Article 9 (the "Station Contracts");

                  (d) all of Seller's rights in and to the Stations' call
letters and Seller's rights in and to the trademarks, trade names, service
marks, internet domain names, franchises, copyrights, computer software,
programs and programming material, jingles, slogans, logos, and other intangible
property which are either used exclusively in the operation of the Stations or
necessary to operate the Stations in all material respects as currently operated
(except that, as to items used by more than one station, the Station Assets
include only the right to use such items in the manner used by Seller at the
applicable Station on a basis exclusive in the market

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so long as such items are used, but non-exclusive in that no right is granted to
Buyer hereunder with respect to other markets (some of which may overlap), and
such right is limited to the extent of Seller's rights), including those listed
on Schedule 1.1(d) (the "Intangible Property");

                  (e) Seller's rights in and to all the files, documents,
records, and books of account (or copies thereof) relating to the operation of
the Stations, including the Stations' local public files, programming
information and studies, blueprints, technical information and engineering data,
advertising studies, marketing and demographic data, sales correspondence, lists
of advertisers, credit and sales reports, and logs, but excluding records
relating to Excluded Assets (defined below); and

                  (f) except as set forth on Schedule 1.2(h), all interests in
real property which is used in the operation of the Stations (including any of
Seller's appurtenant easements and improvements located thereon), including the
real property described on Schedule 1.1(f) (the "Real Property").

                  The Station Assets shall be transferred to Buyer free and
clear of liens, claims and encumbrances ("Liens") except for (i) Assumed
Obligations (defined in Section 2.1), (ii) liens for taxes not yet due and
payable and for which Buyer receives a credit pursuant to Section 3.2, (iii)
such liens, easements, rights of way, building and use restrictions, exceptions,
reservations and limitations that do not in any material respect detract from
the value of the property subject thereto or impair the use thereof in the
ordinary course of the business of the Stations, and (iv) any items listed on
Schedule 1.1(b) (collectively, "Permitted Liens").

         1.2. Excluded Assets. Notwithstanding anything to the contrary
contained herein, the Station Assets shall not include the following assets
along with all rights, title and interest therein (the "Excluded Assets"):

                  (a) all cash and cash equivalents of Seller, including without
limitation certificates of deposit, commercial paper, treasury bills, marketable
securities, asset or money market accounts and all such similar accounts or
investments;

                  (b) all accounts receivable or notes receivable arising in the
operation of the Stations prior to Closing;

                  (c) all tangible and intangible personal property of Seller
disposed of or consumed in the ordinary course of business of Seller between the
date of this Agreement and Closing consistent with Article 9;

                  (d) all Station Contracts that terminate or expire prior to
Closing in the ordinary course of business of Seller;

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                  (e) Seller's name, corporate minute books, charter documents,
corporate stock record books and such other books and records as pertain to the
organization, existence or share capitalization of Seller, duplicate copies of
the records of the Stations, and all records not relating to the operation of
the Stations (it being understood that the Station Assets include copies of
records shared by one or more Stations and one or more other stations in the
market and that each party shall use reasonable efforts to maintain the
confidentiality of the other's non-public information that is related to the
Stations or other stations);

                  (f) contracts of insurance, and all insurance proceeds or
claims made thereunder;

                  (g) except as provided in Section 10.4, all pension, profit
sharing or cash or deferred (Section 401(k)) plans and trusts and the assets
thereof and any other employee benefit plan or arrangement and the assets
thereof, if any, maintained by Seller;

                  (h) all rights, properties and assets described on Schedule
1.2(h);

                  (i) all rights, properties and assets used in the operation of
the Stations and also used in the operation of any other radio station or
stations, except that any such items that are necessary to operate the Stations
in all material respects as currently operated shall not be excluded unless
replaced with items sufficient to operate the Stations in all material respects
as currently operated (and such obligation shall not be subject to any minimum
aggregate Damages limitations set forth in Article 15 hereof); and

                  (j) the rights and interests of any counter-party to any
Station Contract or licensor of Intangible Property

         1.3. Lease Agreements. At Closing, Buyer and Seller shall enter into
the lease agreements described on Schedule 1.2(h) pursuant to leases in the form
of Exhibit A attached hereto.

ARTICLE 2: ASSUMPTION OF OBLIGATIONS
           -------------------------

         2.1. Assumed Obligations. Subject to Section 3.2, on the Closing Date,
Buyer shall assume the obligations of Seller arising after Closing under the
Station Contracts (the "Assumed Obligations"), including without limitation all
agreements for the sale of advertising time on the Stations for cash in the
ordinary course of business ("Time Sales Agreements") and all agreements for the
sale of advertising time on the Stations for non-cash consideration entered into
in the ordinary course of business consistent with past practices ("Trade
Agreements").

         2.2. Retained Obligations. Buyer does not assume or agree to discharge
or perform and will not be deemed by reason of the execution and delivery of
this Agreement or any agreement, instrument or document delivered pursuant to or
in connection with this Agreement or otherwise by reason of the consummation of
the transactions contemplated hereby, to have

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assumed or to have agreed to discharge or perform, any liabilities, obligations
or commitments of Seller of any nature whatsoever whether accrued, absolute,
contingent or otherwise and whether or not disclosed to Buyer, other than the
Assumed Obligations (the "Retained Obligations").

ARTICLE 3: PURCHASE PRICE
           --------------

         3.1. Purchase Price. In consideration for the sale of the Station
Assets to Buyer, in addition to the assumption of the Assumed Obligations, Buyer
shall at Closing (defined below) deliver to Seller by wire transfer of
immediately available funds One Billion Four Hundred Two Million Five Hundred
Thousand Dollars ($1,402,500,000), subject to adjustment pursuant to Section 3.2
(the "Purchase Price").

         3.2. Prorations and Adjustments. Except as otherwise provided herein,
all deposits, reserves and prepaid and deferred income and expenses relating to
the Station Assets or the Assumed Obligations and arising from the conduct of
the business and operations of the Stations shall be prorated between Buyer and
Seller in accordance with generally accepted accounting principles consistently
applied ("GAAP") as of 11:59 p.m. on the date immediately preceding the Closing
Date. Such prorations shall include, without limitation, any prepayments on Time
Sales Agreements for time to be aired after the Closing, all ad valorem, real
estate and other property taxes (but excluding taxes arising by reason of the
transfer of the Station Assets as contemplated hereby which shall be paid as set
forth in Section 13.1), business and license fees, music and other license fees
(including any retroactive adjustments thereof), any vacation leave accrued for
Transferred Employees assumed by Buyer hereunder, utility expenses, amounts due
or to become due under Station Contracts, rents, lease payments and similar
prepaid and deferred items. Real estate taxes shall be apportioned on the basis
of taxes assessed for the preceding year, with a reapportionment, if any, as
soon as the new tax rate and valuation can be ascertained. Except as otherwise
provided herein, the prorations and adjustments contemplated by this Section
3.2, to the extent practicable, shall be made on the Closing Date. As to those
prorations and adjustments not capable of being ascertained on the Closing Date,
an adjustment and proration shall be made within ninety (90) calendar days of
the Closing Date. In the event of any disputes between the parties as to such
adjustments, the amounts not in dispute shall nonetheless be paid at the time
provided herein and such disputes shall be determined by an independent
certified public accountant mutually acceptable to the parties, and the fees and
expenses of such accountant shall be paid one-half by Seller and one-half by
Buyer. With respect to Trade Agreements, if there exists on the Closing Date an
aggregate negative trade balance in excess of $800,000 in the aggregate for all
Stations determined in accordance with GAAP, then such excess will be treated as
prepaid time sales and adjusted for as a proration in Buyer's favor, but no
adjustment in favor of Seller shall be made for any positive trade balance
existing on the Closing Date.

         3.3. Allocation. The Purchase Price shall be allocated among the
Station Assets in a manner as mutually agreed between the parties based upon an
appraisal prepared by Bond & Pecaro (whose fees shall be paid one-half by Seller
and one-half by Buyer). Seller and Buyer agree to use the allocations determined
pursuant to this Section 3.3 for all tax purposes,

                                      -5-
<PAGE>   6

including without limitation, those matters subject to Section 1060 of the
Internal Revenue Code of 1986, as amended.

ARTICLE 4: CLOSING
           -------

         4.1. Closing. The consummation of the sale and purchase of the Station
Assets (the "Closing") shall occur on a date (the "Closing Date") and at a time
and place designated solely by Seller after FCC Consent (defined below) (which
date may be before, but shall not be later than, five business days after
closing under the AMFM Agreement), subject to satisfaction or waiver of the
conditions to Closing contained herein (other than those to be satisfied at
Closing). If requested by Seller, prior to Closing the parties shall hold a
pre-closing conference at a time and place designated by Seller, at which the
parties shall provide (for review only) all documents to be delivered at Closing
under this Agreement, each duly executed but undated, and otherwise confirm
their ability to timely consummate the Closing.

ARTICLE 5: GOVERNMENTAL CONSENTS
           ---------------------

         Closing is subject to and conditioned upon (i) prior FCC consent (the
"FCC Consent") to the assignment of the FCC Licenses to Buyer, (ii) United
States Department of Justice ("DOJ") prior approval (the "DOJ Consent") of the
transactions contemplated hereby, including without limitation any such approval
as may be necessary to enable Seller to consummate the merger under the AMFM
Agreement, and (iii) expiration or termination of any applicable waiting period
("HSR Clearance") under the HSR Act (defined below).

         5.1. FCC. On a date designated by Seller not earlier than three
business days and not later than thirty calendar days after the date of this
Agreement, Buyer and Seller shall file an application with the FCC (the "FCC
Application") requesting the FCC Consent. Buyer and Seller shall diligently
prosecute the FCC Application and otherwise use their best efforts to obtain the
FCC Consent as soon as possible. If the FCC Consent imposes upon Buyer any
condition, Buyer shall timely comply therewith, except as set forth in Section
5.3.

         5.2. HSR. If not previously filed, then within five (5) business days
after the execution of this Agreement, Buyer and Seller shall make any required
filings with the Federal Trade Commission and the DOJ pursuant to the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act")
with respect to the transactions contemplated hereby (including a request for
early termination of the waiting period thereunder), and shall thereafter
promptly respond to all requests received from such agencies for additional
information or documentation.

         5.3. General. Buyer and Seller shall notify each other of all documents
filed with or received from any governmental agency with respect to this
Agreement or the transactions contemplated hereby. Buyer and Seller shall
furnish each other with such information and assistance as such the other may
reasonably request in connection with their preparation of any governmental
filing hereunder. If Buyer becomes aware of any fact relating to it which would
prevent or delay the FCC Consent, the DOJ Consent or HSR Clearance, Buyer shall
promptly

                                      -6-
<PAGE>   7

notify Seller thereof and take such steps as necessary to remove such
impediment, except as set forth below. During the four month period after the
date of this Agreement, the parties shall use their best efforts to obtain the
FCC Consent, the DOJ Consent and HSR Clearance. No party shall be required to
divest any assets in order to obtain FCC Consent, DOJ Consent or HSR Clearance,
unless related to a new acquisition or necessary to cure any inaccuracy in
Buyer's representations under the first three sentences of Section 6.4 based
upon the Communications Act and rules, regulations and policies of the FCC as in
existence on the date of the Agreement.

ARTICLE 6: REPRESENTATIONS AND WARRANTIES OF BUYER
           ---------------------------------------

         Buyer hereby makes the following representations and warranties to
Seller:

         6.1. Organization and Standing. Buyer is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization, and is or at Closing will be qualified to do business in each
jurisdiction in which the Station Assets are located. Buyer has the requisite
power and authority to execute and deliver this Agreement and all of the other
agreements and instruments to be executed and delivered by Buyer pursuant hereto
(collectively, the "Buyer Ancillary Agreements"), to consummate the transactions
contemplated hereby and thereby and to comply with the terms, conditions and
provisions hereof and thereof.

         6.2. Authorization. The execution, delivery and performance of this
Agreement and the Buyer Ancillary Agreements by Buyer have been duly authorized
and approved by all necessary action of Buyer and do not require any further
corporate authorization or consent of Buyer. This Agreement is, and each Buyer
Ancillary Agreement when executed and delivered by Buyer and the other parties
thereto will be, a legal, valid and binding agreement of Buyer enforceable in
accordance with its respective terms, except in each case as such enforceability
may be limited by bankruptcy, moratorium, insolvency, reorganization or other
similar laws affecting or limiting the enforcement of creditors' rights
generally and except as such enforceability is subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

         6.3. No Conflicts Neither the execution and delivery by Buyer of this
Agreement and the Buyer Ancillary Agreements or the consummation by Buyer of any
of the transactions contemplated hereby or thereby nor compliance by Buyer with
or fulfillment by Buyer of the terms, conditions and provisions hereof or
thereof will: (i) conflict with any organizational documents of Buyer or any
law, judgment, order or decree to which Buyer is subject; or (ii) require the
approval, consent, authorization or act of, or the making by Buyer of any
declaration, filing or registration with, any third party or any foreign,
federal, state or local court, governmental or regulatory authority or body,
except the FCC Consent and DOJ Consent, and, if applicable, HSR Clearance.

         6.4. Qualification. Buyer is legally, financially and otherwise
qualified to be the licensee of, acquire, own and operate the Stations under the
Communications Act of 1934, as

                                      -7-
<PAGE>   8

amended (the "Communications Act") and the rules, regulations and policies of
the FCC. There are no facts that would, under existing law and the existing
rules, regulations, policies and procedures of the FCC, disqualify Buyer as an
assignee of the FCC Licenses or as the owner and operator of the Stations. No
waiver of any FCC rule or policy is necessary for the FCC Consent to be
obtained. As of the date of this Agreement, to Buyer's knowledge, there is no
action, suit or proceeding pending or threatened against Buyer which questions
the legality or propriety of the transactions contemplated by this Agreement or
could materially adversely affect Buyer's ability to perform its obligations
hereunder. Buyer has and will have available on the Closing Date sufficient
funds to enable it to consummate the transactions contemplated hereby.

         6.5. No Finder. No broker, finder or other person is entitled to a
commission, brokerage fee or other similar payment in connection with this
Agreement or the transactions contemplated hereby as a result of any agreement
or action of Buyer or any party acting on Buyer's behalf.

ARTICLE 7: REPRESENTATIONS AND WARRANTIES OF SELLER
           ----------------------------------------

         Seller makes the following representations and warranties to Buyer:

         7.1. Organization. Seller is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization, and is
qualified to do business in each jurisdiction in which the Station Assets are
located. Seller has the requisite power and authority to execute and deliver
this Agreement and all of the other agreements and instruments to be executed
and delivered by Seller pursuant hereto (collectively, the "Seller Ancillary
Agreements"), to consummate the transactions contemplated hereby and thereby and
to comply with the terms, conditions and provisions hereof and thereof.

         7.2. Authorization. The execution, delivery and performance of this
Agreement and the Seller Ancillary Agreements by Seller have been duly
authorized and approved by all necessary action of Seller and do not require any
further corporate authorization or consent of Seller. This Agreement is, and
each Seller Ancillary Agreement when executed and delivered by Seller and the
other parties thereto will be, a legal, valid and binding agreement of Seller
enforceable in accordance with its respective terms, except in each case as such
enforceability may be limited by bankruptcy, moratorium, insolvency,
reorganization or other similar laws affecting or limiting the enforcement of
creditors' rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

         7.3. No Conflicts. Neither the execution and delivery by Seller of this
Agreement and the Seller Ancillary Agreements or the consummation by Seller of
any of the transactions contemplated hereby or thereby nor compliance by Seller
with or fulfillment by Seller of the terms, conditions and provisions hereof or
thereof will: (i) conflict with any organizational documents of Seller or any
law, judgment, order, or decree to which Seller is subject or,

                                      -8-
<PAGE>   9

except as set forth on Schedule 1.1(c) (which identifies Station Contracts that
require third party consent to assign), any Station Contract; or (ii) require
the approval, consent, authorization or act of, or the making by Seller of any
declaration, filing or registration with, any other third party or any foreign,
federal, state or local court, governmental or regulatory authority or body,
except the FCC Consent and DOJ Consent and, if applicable, HSR Clearance. Except
for any Affiliate (defined below) that conveys the appropriate interest to Buyer
pursuant to this Agreement upon Closing, no Affiliate of Seller owns or holds
any assets which are either used exclusively in the operation of the Stations or
necessary to operate Stations in all material respects as currently operated
other than Excluded Assets.

         7.4. FCC Licenses. Seller (or one of the companies comprising Seller)
is the holder of the FCC Licenses described on Schedule 1.1(a). The FCC Licenses
listed in Schedule 1.1(a) comprise all material FCC licenses used in the present
operation of the Stations and each is in full force and effect and has not been
revoked, suspended, canceled, rescinded or terminated and has not expired. There
is not pending any action by or before the FCC to revoke, suspend, cancel,
rescind or materially adversely modify any of the FCC Licenses (other than
proceedings to amend FCC rules of general applicability), and there is not now
issued or outstanding, by or before the FCC, any order to show cause, notice of
violation, notice of apparent liability, or notice of forfeiture against Seller
with respect to the Stations. The Stations are operating in compliance in all
material respects with the FCC Licenses, the Communications Act, and the rules,
regulations and policies of the FCC.

         7.5. Taxes. Seller has, in respect of the Stations' business, filed all
foreign, federal, state, county and local income, excise, property, sales, use,
franchise and other tax returns and reports which are required to have been
filed by it under applicable law and has paid all taxes which have become due
pursuant to such returns or pursuant to any assessments which have become
payable.

         7.6. Personal Property. Schedule 1.1(b) contains a list of all material
items of Tangible Personal Property included in the Station Assets. Seller has
title to the Tangible Personal Property free and clear of Liens other than
Permitted Liens. The Station Assets include all items of Seller's equipment and
other tangible personal property that are necessary to operate the Stations in
all material respects as currently operated (or replacement items as provided by
Section 1.2(i)). The items of Tangible Personal Property listed on Schedule
1.1(b) are in all material respects in normal working condition consistent with
Seller's past practices, ordinary wear and tear excepted.

         7.7. Real Property. Schedule 1.1(f) contains a description of all Real
Property included in the Station Assets. Seller has fee simple title to the
owned Real Property ("Owned Real Property") free and clear of Liens other than
Permitted Liens. Schedule 1.1(f) includes a description of each lease of Real
Property or similar agreement included in the Station Assets (the "Real Property
Leases"). The Owned Real Property includes, and the Real Property Leases
provide, access to the Stations' facilities. To Seller's knowledge, the Real
Property is not subject to any suit for condemnation or other taking by any
public authority. Seller has received no notice of termination of any material
Real Property Leases.

                                      -9-
<PAGE>   10

         7.8. Contracts. Each of the Station Contracts (including without
limitation each of the Real Property Leases) is in effect and is binding upon
Seller and, to Seller's knowledge, the other parties thereto (subject to
bankruptcy, insolvency, reorganization or other similar laws relating to or
affecting the enforcement of creditors' rights generally). Seller has performed
its obligations under each of the Station Contracts in all material respects,
and is not in material default thereunder, and to Seller's knowledge, no other
party to any of the Station Contracts is in default thereunder in any material
respect. Seller has made available to Buyer for review all material Station
Contracts existing as of the date of this Agreement.

         7.9. Environmental. Except as set forth on Schedule 1.1(f), to Seller's
knowledge, no hazardous or toxic substance or waste regulated under any
applicable environmental, health or safety law has been generated, stored,
transported or released on, in, from or to the Real Property included in the
Station Assets. Except as set forth on Schedule 1.1(f), to Seller's knowledge,
Seller has complied in all material respects with all environmental, health and
safety laws applicable to the Stations.

         7.10. Intangible Property. Schedule 1.1(d) contains a description of
the material Intangible Property included in the Station Assets. Except as set
forth on Schedule 1.1(d), Seller has received no notice of any claim that its
use of the Intangible Property infringes upon any third party rights. Except as
set forth on Schedule 1.1(d), Seller owns or has the right to use the Intangible
Property free and clear of Liens other than Permitted Liens.

         7.11. Compliance with Law. Seller has complied in all material respects
with all laws, regulations, rules, writs, injunctions, ordinances, franchises,
decrees or orders of any court or of any foreign, federal, state, municipal or
other governmental authority which are applicable to the operation of the
Stations. There is no action, suit or proceeding pending or threatened against
Seller in respect of the Stations that will subject Buyer to liability or which
questions the legality or propriety of the transactions contemplated by this
Agreement. To Seller's knowledge, there are no governmental claims or
investigations pending or threatened against Seller in respect of the Stations
(except those affecting the industry generally).

         7.12. No Finder. No broker, finder or other person is entitled to a
commission, brokerage fee or other similar payment in connection with this
Agreement or the transactions contemplated hereby as a result of any agreement
or action of Seller or any party acting on Seller's behalf.

         7.13. Financial Statements. Seller has delivered to Buyer copies of the
unaudited results of operations of the Stations for the twelve months ended
December 31, 1999, prepared in accordance with the books and records of the
Stations.

ARTICLE 8: ACCOUNTS RECEIVABLE
           -------------------

         8.1. Accounts Receivable. All accounts receivable arising prior to the
Closing Date in connection with the operation of the Stations, including but not
limited to accounts

                                      -10-
<PAGE>   11

receivable for advertising revenues for programs and announcements performed
prior to the Closing Date and other broadcast revenues for services performed
prior to the Closing Date, shall remain the property of Seller (the "Accounts
Receivable") and Buyer shall not acquire any right or interest therein;
provided, however, that prepaid income and expenses of the Stations shall be
prorated as of Closing as set forth in Section 3.2 hereof. For a period of six
months from Closing (the "Collection Period"), Buyer shall collect the Accounts
Receivable in the normal and ordinary course of Buyer's business and shall apply
all such amounts collected to the debtor's oldest account receivable first
unless the account debtor disputes the oldest receivable in good faith and
expressly directs otherwise. Buyer's obligation shall not extend to the
institution of litigation, employment of counsel or a collection agency or any
other extraordinary means of collection. During the Collection Period, neither
Seller nor its agents shall make any direct solicitation of any such account
debtor for collection purposes or institute litigation for the collection of
amounts due. Any amounts relating to the Accounts Receivable that are paid
directly to Seller shall be retained by Seller. Within ten calendar days after
the end of each month, Buyer shall make a payment to Seller equal to the amount
of all collections of Accounts Receivable during the preceding month. At the end
of the Collection Period, any remaining Accounts Receivable shall be returned to
Seller for collection.

ARTICLE 9: COVENANTS OF SELLER
           -------------------

         9.1. Seller's Covenants. Seller covenants and agrees with respect to
the Stations that, between the date hereof and Closing, except as permitted by
this Agreement or with the prior written consent of Buyer, which shall not be
unreasonably withheld, Seller shall:

                  (a) continue to promote and advertise the Stations consistent
with past practice, make any capital expenses previously budgeted by Seller for
the Stations for such period, and otherwise operate the Stations in the ordinary
course of business consistent with past practice and in all material respects in
accordance with FCC rules and regulations and with all other applicable laws,
regulations, rules and orders;

                  (b) not materially adversely modify any of the FCC Licenses or
materially change the format of any of the Stations, or, other than in the
ordinary course of business in accordance with past practice (and with
replacement of any items that should be replaced in accordance with such
practices), sell, lease or dispose of or agree to sell, lease or dispose of any
of the Station Assets;

                  (c) furnish Buyer with such information relating to the
Station Assets as Buyer may reasonably request, at Buyer's expense and provided
such request does not interfere unreasonably with the business of the Stations;

                  (d) make available to Buyer, and authorize its accountants to
cooperate and make available to Buyer, at Buyer's expense and reasonable request
such financial information regarding the Stations as is maintained by Seller on
a basis not consolidated with other stations, and provide to Buyer copies of any
unaudited monthly results of operation of the Stations generated in the ordinary
course of business;

                                      -11-
<PAGE>   12

                  (e) after Seller publicly announces the transaction
contemplated hereby and files this Agreement with the FCC, then, when reasonably
requested by Buyer, provide Buyer access to the Stations' facilities that are
included in the Station Assets during normal business hours, provided, however,
that such access shall not interfere with the Stations' business;

                  (f) (i) notify Buyer promptly if a Station is off the air for
a continuous period of eight (8) hours or more or a Station's normal broadcast
transmissions are interrupted or impaired in any material respect for a
continuous period of 48 hours or more, (ii) maintain the Stations' inventories
of spare parts and expendable supplies at levels in the ordinary course of
business consistent with past practice, and (iii) maintain the Tangible Personal
Property in the ordinary course of business consistent with past practice, and
in the event of any loss or damage thereto, replace the lost or damaged items in
the ordinary course of business; and

                  (g) comply with reasonable requests of Buyer to request
ordinary course renewals or cancellations of any of the Station Contracts, and,
unless pursuant to Buyer's request or consent, and except for those terminable
on ninety (90) days or less notice without penalty, not enter into any new
Station Contracts (other than Time Sales Agreements or Trade Agreements) that
involve a post-Closing term of more than one year or a post-Closing expense to
Buyer in excess of $100,000 per Station Contract or that is with an Affiliate of
Seller (unless the terms are no less favorable to the Stations than could be
obtained on an arms-length basis from an unaffiliated third party).

         9.2. Real Property. Buyer may at its expense conduct an environmental
review of the Real Property and a title review of the owned Real Property prior
to Closing. If it is established prior to Closing that there exists a material
adverse violation of, or condition requiring remediation under, applicable
environmental law at any of the Stations' owned Real Property (an "Environmental
Condition"), then Buyer may elect to designate the affected Real Property as an
Excluded Asset (but such exclusion shall not deprive Buyer of any other Station
Assets at such site to which it is entitled upon Closing), and upon Closing the
parties shall cooperate to facilitate Buyer's transition from such site to a new
location at Buyer's expense (except as set forth below) and without delay of
Closing. If Buyer makes such election with respect to an Environmental Condition
that is not disclosed in any environmental report set forth on Schedule 1.1(f)
and that at Closing has a remediation cost exceeding $250,000, then upon Closing
Seller shall either (at Seller's option): (i) lease such Real Property to Buyer
for a term of thirty years without basic rent but with reimbursement of all
costs of ownership of such Real Property other than costs related to the
Environmental Condition (and with reciprocal options to convey and acquire such
Real Property for no additional consideration if the Environmental Condition is
later remediated in all material respects) or (ii) acquire other Real Property,
build out such property (in a manner substantially comparable to than the
affected property) and move the affected Station facilities to such property or
(iii) remediate the Environmental Condition in all material respects after
Closing. If it is established prior to Closing that Seller's title to any owned
real property currently used by Seller in the operation of the Stations is
subject to a title defect or deficiency that materially adversely affects the
operation of a Station located thereon as currently operated, then, except for
Permitted Liens,

                                      -12-
<PAGE>   13

Seller shall remedy such defect in all material respects, but the Closing shall
not be delayed and Seller may remedy any such condition after Closing.

ARTICLE 10: JOINT COVENANTS
            ---------------

         Buyer and Seller hereby covenant and agree that between the date hereof
and Closing:

         10.1. Cooperation. Subject to express limitations contained elsewhere
herein, each party (i) shall cooperate fully with one another in taking any
reasonable actions (including without limitation, reasonable actions to obtain
the required consent of any governmental instrumentality or any third party)
necessary or helpful to accomplish the transactions contemplated by this
Agreement, including but not limited to the prompt satisfaction of any condition
to Closing set forth herein, and (ii) shall not take any action that conflicts
with its obligations hereunder or that causes its representations and warranties
to become untrue in any material respect.

         10.2. Control of Stations. Buyer shall not, directly or indirectly,
control, supervise or direct the operations of the Stations prior to Closing.
Such operations, including complete control and supervision of all Station
programs, employees and policies, shall be the sole responsibility of Seller.

         10.3. Consents to Assignment. Seller shall request, and the parties
shall use commercially reasonable efforts to obtain, (i) any third party
consents necessary for the assignment of any Station Contract (which shall not
require any payment to any such third party unless specifically required by such
Station Contract, in which case such payment shall be paid equally by Seller and
Buyer), and (ii) the execution of reasonable estoppel certificates by lessors
under any Real Property Leases requiring consent to assignment. To the extent
that any Station Contract may not be assigned without the consent of any third
party, and such consent is not obtained prior to Closing, this Agreement and any
assignment executed pursuant hereto shall not constitute an assignment thereof,
but to the extent permitted by law shall constitute an equitable assignment by
Seller and assumption by Buyer of Seller's rights and obligations under the
applicable Station Contract, with Seller making available to Buyer the benefits
thereof and Buyer performing the obligations thereunder on Seller's behalf.

         10.4. Employee Matters.
               -----------------

                  (a) After Seller publicly announces this transaction and files
this Agreement with the FCC, Buyer may interview (and offer employment upon
Closing) to the Stations' exclusive employees and the shared employees of the
Stations allocated to it under Section 10.4(c); provided that (i) such activity
shall not interfere with the business of the Stations and (ii) Buyer is
obligated to hire only those employees that are under employment contracts (and
assume Seller's obligations and liabilities under such employment contracts)
which are included in the Station Contracts. With respect to employees
potentially to be hired by Buyer, to the extent permitted by law Seller shall
provide access to its personnel records and such other information as may be
reasonably requested prior to Closing. With respect to employees

                                      -13-
<PAGE>   14

hired by Buyer ("Transferred Employees"), Seller shall be responsible for the
payment of all compensation and accrued employee benefits payable by it until
Closing and thereafter Buyer shall be responsible for all such obligations
payable by it. Buyer shall cause all Transferred Employees to be eligible to
participate in its "employee welfare benefit plans" (as defined in Section 3(1)
of ERISA) and its "defined contribution plans" (as defined in Section 414(i) of
the Code) to the extent Buyer's similarly-situated employees are generally
eligible to participate; provided, however, that all Transferred Employees and
their spouses and dependents shall be eligible for coverage immediately after
Closing (and shall not be excluded from coverage under any employee welfare
benefit plan that is a group health plan on account of any pre-existing
condition, as long as such condition was covered under Buyer's group health
plan) to the extent provided under such employee welfare benefit plans. For
purposes of any length of service requirements, waiting periods, vesting periods
or differential benefits based on length of service in any such employee welfare
benefit plans for which Transferred Employees may be eligible after Closing,
Buyer shall ensure, to the extent permitted by applicable law (including,
without limitation, ERISA and the Code), that service with Seller shall be
deemed to have been service with Buyer. No such service credit must be granted
with respect to participation or eligibility in any employee defined
contribution plan. In addition, Buyer shall ensure, to the extent permitted by
applicable law (including, without limitation, ERISA and the Code), that
Transferred Employees receive credit under any welfare benefit plan of Buyer for
any deductibles or co-payments paid by Transferred Employees and their spouses
and dependents for the current plan year under a plan maintained by Seller.
Notwithstanding any other provision contained herein, Buyer shall grant credit
for all unused sick leave accrued by Transferred Employees on the basis of their
service during the current calendar year as employees of Seller. Notwithstanding
any other provision contained herein, Buyer shall assume and discharge Seller's
liabilities for the payment of all unused vacation leave accrued by Transferred
Employees on the basis of their service as employees of Seller. As provided in
Section 3.2, Buyer shall be entitled to a proration in its favor for any accrued
vacation leave (but not accrued sick leave) assumed hereunder.

                  (b) At such time as the Seller can represent to the Buyer as
to the tax-qualified status of the 401(k) savings plan(s) in which Transferred
Employees retain account balances with the Seller or its subsidiaries (the
"Saving Plan(s)") and furnish to Buyer a favorable Internal Revenue Service
determination letter as to the tax-qualified status of such Savings Plan(s)
under Section 401(a) of the Code (or an opinion of counsel that the form of the
Savings Plan(s) is so qualified), Buyer and Seller may, at Buyer's sole
discretion after review of Seller's Plan(s), enter into a 401(k) plan asset
transfer agreement pursuant to which Buyer shall establish a defined
contribution plan (or cover Transferred Employees under an existing defined
contribution plan sponsored by Buyer) for the benefit of Transferred Employees
who were participants in the Savings Plan(s).

                  (c) Seller shall promptly provide Buyer a list of the
Stations' exclusive employees (those who perform services solely for the
Stations) and shared employees (those who perform services for the Stations and
other radio stations). The parties will cooperate to equitably allocate the
Stations' shared employees (in each market in a manner consistent with the
relative size of operations of the Stations in such market compared to Seller's
affected

                                      -14-
<PAGE>   15

stations (being those for which any shared employee provided services on the
date of this Agreement) based upon relative operating income). Those exclusive
and shared Station employees so allocated to Buyer to whom Buyer before Closing
offers post-Closing employment (and does not rescind such offer) are referred to
herein as "Designated Employees." During the period from the date of this
Agreement until the date three months after Closing, Buyer shall not solicit or
hire Seller's radio station employees in the markets in which the Stations are
located (other than solicitation and hiring (for post-Closing employment) of
Designated Employees) and Seller shall not solicit or hire Buyer's radio station
employees in the markets in which the Stations are located or Designated
Employees (other than to retain Designated Employees until Closing but not
transfer them from out of the market), in either case for employment at a radio
station in the markets in which the Stations are located. During the three month
period thereafter, Seller shall not solicit or hire Buyer's Designated
Employees. The parties' nonsolicitation and no-hire obligations hereunder shall
not apply to new hires or any employees terminated without cause.

         10.5. 1031 Exchange. At or prior to Closing, Seller may assign its
rights under this Agreement (in whole or in part) to a qualified intermediary
(as defined in Treasury regulation section 1.1031(k)-1(g)(4)) or similar entity
or arrangement ("Qualified Intermediary"). Upon any such assignment, Seller
shall promptly give written notice thereof to Buyer, and Buyer shall cooperate
with the reasonable requests of Seller and any Qualified Intermediary in
connection therewith. Without limiting the generality of the foregoing, if
Seller gives notice of such assignment, Buyer shall (i) promptly provide Seller
with written acknowledgment of such notice and (ii) at Closing, pay the Purchase
Price (or any portion thereof designated by the Qualified Intermediary) to or on
behalf of the Qualified Intermediary (which payment shall, to the extent
thereof, satisfy the obligations of Buyer to make such payment hereunder).
Seller's assignment to a Qualified Intermediary will not relieve Seller of any
of its duties or obligations herein. Except for the obligations of Buyer set
forth in this Section, Buyer shall not have any liability or obligation to
Seller for the failure of the contemplated exchange to qualify as a like-kind
exchange under Section 1031 of the Internal Revenue Code.

         10.6. Trust. Notwithstanding anything in this Agreement to the
contrary, Seller may at it option assign this Agreement (in whole or part) and
assign and transfer the Station Assets (in whole or in part) to a trustee to
hold and operate pursuant to a trust agreement, provided such trustee assumes
Seller's duties and obligations hereunder with respect to the Station Assets
held in such trust.

ARTICLE 11: CONDITIONS OF CLOSING BY BUYER
            ------------------------------

         The obligations of Buyer hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

         11.1. Representations, Warranties and Covenants. The representations
and warranties of Seller made in this Agreement shall be true and correct in all
material respects as of the Closing Date except for changes permitted or
contemplated by the terms of this Agreement, and the covenants and agreements to
be complied with and performed by Seller at or prior to

                                      -15-
<PAGE>   16

Closing shall have been complied with or performed in all material respects.
Buyer shall have received a certificate dated as of the Closing Date from
Seller, executed by an authorized officer of Seller to the effect that the
conditions set forth in this Section have been satisfied.

         11.2. Governmental Consents. The FCC Consent and DOJ Consent, and, if
applicable, HSR Clearance, shall have been obtained, and no court or
governmental order prohibiting Closing shall be in effect.

ARTICLE 12: CONDITIONS OF CLOSING BY SELLER
            -------------------------------

         The obligations of Seller hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

         12.1. Representations, Warranties and Covenants. The representations
and warranties of Buyer made in this Agreement shall be true and correct in all
material respects as of the Closing Date except for changes permitted or
contemplated by the terms of this Agreement, and the covenants and agreements to
be complied with and performed by Buyer at or prior to Closing shall have been
complied with or performed in all material respects. Seller shall have received
a certificate dated as of the Closing Date from Buyer, executed by an authorized
officer of Buyer, to the effect that the conditions set forth in this Section
have been satisfied.

         12.2. Governmental Consents. The FCC Consent and DOJ Consent, and, if
applicable, HSR Clearance, shall have been obtained, and no court or
governmental order prohibiting Closing shall be in effect.

         12.3. AMFM Closing. The closing under the AMFM Agreement shall have
been consummated.

ARTICLE 13: EXPENSES
            --------

         13.1. Expenses. Each party shall be solely responsible for all costs
and expenses incurred by it in connection with the negotiation, preparation and
performance of and compliance with the terms of this Agreement, except that (i)
all recordation, transfer and documentary taxes, fees and charges, and any
excise, sales or use taxes, applicable to the transfer of the Station Assets
shall be paid equally by Seller and Buyer, (ii) all FCC filing fees shall be
paid equally by Buyer and Seller, and (iii) all HSR Act filing fees and expenses
shall be paid equally by Seller and Buyer.

ARTICLE 14: DOCUMENTS TO BE DELIVERED AT CLOSING
            ------------------------------------

         14.1. Seller's Documents. At Closing, Seller shall deliver or cause to
be delivered to Buyer:

                                      -16-
<PAGE>   17

                  (i) certified copies of resolutions authorizing its execution,
delivery and performance of this Agreement, including the consummation of the
transactions contemplated hereby;

                  (ii) the certificate described in Section 11.1; and

                  (iii) such bills of sale, assignments, special warranty deeds,
documents of title and other instruments of conveyance, assignment and transfer
as may be necessary to convey, transfer and assign the Station Assets to Buyer,
free and clear of Liens, except for Permitted Liens.

         14.2. Buyer's Documents. At Closing, Buyer shall deliver or cause to be
delivered to Seller:

                  (i) the certified copies of resolutions authorizing its
execution, delivery and performance of this Agreement, including the
consummation of the transactions contemplated hereby;

                  (ii) the certificate described in Section 12.1; and

                  (iii) such documents and instruments of assumption as may be
necessary to assume the Assumed Obligations; and

                  (iv) the Purchase Price in accordance with Section 3.1 hereof.

ARTICLE 15: SURVIVAL; INDEMNIFICATION.
            --------------------------

         15.1. Survival. The covenants, agreements, representations and
warranties in this Agreement shall survive Closing for a period of twelve (12)
months from the Closing Date whereupon they shall expire and be of no further
force or effect, except those under (i) this Article 15 that relate to Damages
(defined below) for which written notice is given by the indemnified party to
the indemnifying party prior to the expiration, which shall survive until
resolved and (ii) Sections 2.1 (Assumed Obligations), 3.2 (Adjustments), 3.3
(Allocation), 8.1 (Accounts Receivable), 13.1 (Expenses) and 17.1 (Casualty
Loss), and indemnification obligations with respect to such provisions, which
shall survive until performed.

         15.2. Indemnification.

                  (a) From and after the Closing, Seller shall defend, indemnify
and hold harmless Buyer from and against any and all losses, costs, damages,
actions, suits, claims, demands, judgments, liabilities and expenses, including
reasonable attorneys' fees and expenses ("Damages") incurred by Buyer arising
out of or resulting from: (i) any breach or default by Seller under this
Agreement or any Seller Ancillary Agreements; (ii) the Retained Obligations; or
(iii) the business or operation of the Stations before Closing; provided,
however, that (i) Seller shall have no liability to Buyer hereunder until
Buyer's aggregate Damages exceed $500,000 and, once exceeded, Seller's liability
shall be for all such Damages

                                      -17-
<PAGE>   18

(except as provided in the following clause), and (ii) the maximum liability of
Seller hereunder shall be an amount equal to 20% of the Purchase Price.

                  (b) From and after the Closing, Buyer shall defend, indemnify
and hold harmless Seller from and against any and all Damages incurred by Seller
arising out of or resulting from: (i) any breach or default by Buyer under this
Agreement or any Buyer Ancillary Agreements; (ii) the Assumed Obligations; or
(iii) the business or operation of the Stations after Closing.

         15.3. Procedures. The indemnified party shall give prompt written
notice to the indemnifying party of any demand, suit, claim or assertion of
liability by third parties or other circumstances that could give rise to an
indemnification obligation hereunder against the indemnifying party (a "Claim"),
but a failure to give such notice or delaying such notice shall not affect the
indemnified party's right to indemnification and the indemnifying party's
obligation to indemnify as set forth in this Agreement, except to the extent the
indemnifying party's ability to remedy, contest, defend or settle with respect
to such Claim is thereby prejudiced. The obligations and liabilities of the
parties with respect to any Claim shall be subject to the following additional
terms and conditions:

                  (a) The indemnifying party shall have the right to undertake,
by counsel or other representatives of its own choosing, the defense or
opposition to such Claim.

                  (b) In the event that the indemnifying party shall elect not
to undertake such defense or opposition, or, within twenty (20) days after
written notice (which shall include sufficient description of background
information explaining the basis for such Claim) of any such Claim from the
indemnified party, the indemnifying party shall fail to undertake to defend or
oppose, the indemnified party (upon further written notice to the indemnifying
party) shall have the right to undertake the defense, opposition, compromise or
settlement of such Claim, by counsel or other representatives of its own
choosing, on behalf of and for the account and risk of the indemnifying party
(subject to the right of the indemnifying party to assume defense of or
opposition to such Claim at any time prior to settlement, compromise or final
determination thereof).

                  (c) Anything herein to the contrary notwithstanding: (i) the
indemnified party shall have the right, at its own cost and expense, to
participate in the defense, opposition, compromise or settlement of the Claim;
(ii) the indemnifying party shall not, without the indemnified party's written
consent, settle or compromise any Claim or consent to entry of any judgment
which does not include as an unconditional term thereof the giving by the
claimant or the plaintiff to the indemnified party of a release from all
liability in respect of such Claim; and (iii) in the event that the indemnifying
party undertakes defense of or opposition to any Claim, the indemnified party,
by counsel or other representative of its own choosing and at its sole cost and
expense, shall have the right to consult with the indemnifying party and its
counsel or other representatives concerning such Claim and the indemnifying
party and the indemnified party and their respective counsel or other
representatives shall cooperate in good faith with respect to such Claim.

                                      -18-
<PAGE>   19

                  (d) All claims not disputed shall be paid by the indemnifying
party within thirty (30) days after receiving notice of the Claim. "Disputed
Claims" shall mean claims for Damages by an indemnified party which the
indemnifying party objects to in writing within thirty (30) days after receiving
notice of the Claim. In the event there is a Disputed Claim with respect to any
Damages, the indemnifying party shall be required to pay the indemnified party
the amount of such Damages for which the indemnifying party has, pursuant to a
final determination, been found liable within ten (10) days after there is a
final determination with respect to such Disputed Claim. A final determination
of a Disputed Claim shall be (i) a judgment of any court determining the
validity of a Disputed Claim, if no appeal is pending from such judgment and if
the time to appeal therefrom has elapsed; (ii) an award of any arbitration
determining the validity of such disputed claim, if there is not pending any
motion to set aside such award and if the time within which to move to set aside
such award has elapsed; (iii) a written termination of the dispute with respect
to such claim signed by the parties thereto or their attorneys; (iv) a written
acknowledgment of the indemnifying party that it no longer disputes the validity
of such claim; or (v) such other evidence of final determination of a disputed
claim as shall be acceptable to the parties.

ARTICLE 16: TERMINATION
            -----------

         16.1. Termination. This Agreement may be terminated at any time prior
to Closing as follows:

                  (a) by mutual written consent of Buyer and Seller;

                  (b) by written notice of Buyer to Seller if Seller (i) does
not satisfy the conditions or perform the obligations to be satisfied or
performed by it on the Closing Date; or (ii) otherwise breaches in any material
respect any of its representations or warranties or defaults in any material
respect in the performance of any of its covenants or agreements herein
contained and such breach or default is not cured within the Cure Period
(defined below);

                  (c) by written notice of Seller to Buyer if Buyer (i) does not
satisfy the conditions or perform the obligations to be satisfied or performed
by it on the Closing Date; or (ii) otherwise breaches in any material respect
any of its representations or warranties or defaults in any material respect in
the performance of any of its covenants or agreements herein contained and such
breach or default is not cured within the Cure Period (defined below);

                  (d) by written notice of Buyer to Seller, or by Seller to
Buyer, if the FCC denies the FCC Application;

                  (e) by written notice of Seller to Buyer if the Closing shall
not have been consummated on or before the date four months after the date of
this Agreement and Seller determines in good faith that FCC Consent or HSR
Clearance will not be obtained on or before March 31, 2001;

                                      -19-
<PAGE>   20

                  (f) by written notice of Buyer to Seller if the Closing shall
not have been consummated on or before the date nine months after the date of
this Agreement and Buyer determines in good faith that FCC Consent or HSR
Clearance will not be obtained on or before March 31, 2001;

                  (g) by written notice of Seller to Buyer or Buyer to Seller if
the Closing is not consummated on or before March 31, 2001; or

                  (h) by written notice of Seller to Buyer if the AMFM Agreement
is terminated or expires.

         The term "Cure Period" as used herein means a period commencing the
date Buyer or Seller receives from the other written notice of breach or default
hereunder and continuing until the earlier of (i) thirty (30) days thereafter or
(ii) the Closing Date; provided, however, that if the breach or default cannot
reasonably be cured within such period but can be cured before the Closing Date,
and if diligent efforts to cure promptly commence, then the Cure Period shall
continue as long as such diligent efforts to cure continue, but not beyond the
Closing Date. Except as set forth below, the termination of this Agreement shall
not relieve any party of any liability for breach or default under this
Agreement prior to the date of termination. Notwithstanding anything contained
herein to the contrary, Section 13.1 shall survive any termination of this
Agreement.

         16.2. Remedies. The parties recognize that if either party refuses to
consummate the Closing pursuant to the provisions of this Agreement or either
party otherwise breaches or defaults such that the Closing has not occurred
("Breaching Party"), monetary damages alone will not be adequate to compensate
the non-breaching party ("Non-Breaching Party") for its injury. Such
Non-Breaching Party shall therefore be entitled to obtain specific performance
of the terms of this Agreement (without being required to prove actual damages,
post bond or furnish other security) in lieu of, and not in addition to, any
other remedies, including but not limited to monetary damages, that may be
available to it; provided however, that Seller may elect to recover liquidated
damages in lieu of obtaining specific performance. If any action is brought by
the Non-Breaching Party to enforce this Agreement, the Breaching Party shall
waive the defense that there is an adequate remedy at law. In the event of a
default by the Breaching Party which results in the filing of a lawsuit for
damages, specific performance, or other remedy, the Non-Breaching Party shall be
entitled to reimbursement by the Breaching Party of reasonable legal fees and
expenses incurred by the Non-Breaching Party, provided that the Non-Breaching
Party is successful in such lawsuit.

         16.3. Liquidated Damages. If Seller terminates this Agreement pursuant
to Section 16.1(c)(i) due to Buyer's failure to consummate the Closing on the
Closing Date or if this Agreement is otherwise terminated by Seller pursuant to
Section 16.1(c), then Buyer shall pay Seller as liquidated damages an amount
equal to 20% of the Purchase Price. If elected by and paid to Seller, such
liquidated damage payment shall be Seller's sole remedy hereunder. It is
understood and agreed that such liquidated damages amount represents Buyer's and
Seller's reasonable estimate of actual damages and does not constitute a
penalty.

                                      -20-
<PAGE>   21

ARTICLE 17: MISCELLANEOUS PROVISIONS
            ------------------------

         17.1. Casualty Loss. In the event any loss or damage of the Station
Assets exists on the Closing Date, Buyer and Seller shall consummate the Closing
and after Closing the parties shall cooperate to repair or replace (as
appropriate under the circumstances) the lost or damaged items at Seller's
reasonable expense.

         17.2. Further Assurances. After the Closing, Seller shall from time to
time, at the request of and without further cost or expense to Buyer, execute
and deliver such other instruments of conveyance and transfer and take such
other actions as may reasonably be requested in order to more effectively
consummate the transactions contemplated hereby to vest in Buyer good title to
the Station Assets, and Buyer shall from time to time, at the request of and
without further cost or expense to Seller, execute and deliver such other
instruments and take such other actions as may reasonably be requested in order
more effectively to relieve Seller of any obligations being assumed by Buyer
hereunder.

         17.3. Assignment. Except as set forth in Sections 10.5 (1031 Exchange)
and 10.6 (Trust), neither party may assign this Agreement without the prior
written consent of the other party hereto, provided that Buyer may assign its
right to acquire one or more Stations to one or more Affiliates of Buyer if such
assignment does not delay the governmental consents contemplated by Article 5
(or otherwise delay Closing), the representations made by it under this
Agreement are true with respect to the assignee(s), the assigning party gives
Seller prior written notice thereof, and the assignee(s) deliver to Seller a
written assumption hereof. No such assignment shall relieve Buyer of any
obligation or liability under this Agreement. With respect to any permitted
assignment, the parties shall take all such actions as are reasonably necessary
to effectuate such assignment, including but not limited to cooperating in any
appropriate filings with the FCC or other governmental authorities. All
covenants, agreements, statements, representations, warranties and indemnities
in this Agreement by and on behalf of any of the parties hereto shall bind and
inure to the benefit of their respective successors and permitted assigns of the
parties hereto.

         17.4. Amendments. No amendment, waiver of compliance with any provision
or condition hereof or consent pursuant to this Agreement shall be effective
unless evidenced by an instrument in writing signed by the party against whom
enforcement of any waiver, amendment, change, extension or discharge is sought.

         17.5. Headings; Affiliates. The headings set forth in this Agreement
are for convenience only and will not control or affect the meaning or
construction of the provisions of this Agreement. As used herein, the term
"Affiliate" means an entity controlling, controlled by or under common control
with any other entity.

         17.6. Governing Law. The construction and performance of this Agreement
shall be governed by the laws of the State of New York without giving effect to
the choice of law

                                      -21-
<PAGE>   22

provisions thereof. Each party irrevocably waives all right to trial by jury in
any legal proceeding arising out of this Agreement.

         17.7. Notices. Any notice, demand or request required or permitted to
be given under the provisions of this Agreement shall be in writing, including
by facsimile, and shall be deemed to have been received on the date of personal
delivery, on the third day after deposit in the U.S. mail if mailed by
registered or certified mail, postage prepaid and return receipt requested, on
the day after delivery to a nationally recognized overnight courier service if
sent by an overnight delivery service for next morning delivery or when
delivered by facsimile transmission, and shall be addressed as follows (or to
such other address as any party may request by written notice):

if to Seller:                               c/o Clear Channel Broadcasting, Inc.
                                            200 Concord Plaza, Suite 600
                                            San Antonio, Texas 78216
                                            Attention:  President
                                            Facsimile:  (210) 822-2299

with a copy (which shall not
constitute notice) to:                      Wiley, Rein & Fielding
                                            1776 K Street, N.W.
                                            Washington, D.C.  20006
                                            Attention:  Richard J. Bodorff, Esq.
                                            Facsimile:  (202) 719-7049

if to Buyer:                                Infinity Broadcasting Corporation
                                            40 West 57th Street
                                            14th Floor
                                            New York, NY 10019
                                            Attention:  Mr. Farid Suleman
                                            Fax: (212) 314-9336

with a copy (which shall not
constitute notice) to:                      Leventhal, Senter & Lerman, P.L.L.C.
                                            2000 K Street, N.W., Suite 600
                                            Washington, D.C. 20006
                                            Attn: Steven A. Lerman, Esq.
                                            Fax: (202) 293-7783

                                            Stephen A. Hildebrandt, Esq.
                                            Infinity Broadcasting Corporation
                                            10220 River Road, Suite 305
                                            Potomac, MD  20854
                                            Fax:  301-983-6439

                                      -22-
<PAGE>   23

         17.8. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original and all of which together
will constitute one and the same instrument.

         17.9. No Third Party Beneficiaries. Nothing herein expressed or implied
is intended or shall be construed to confer upon or give to any person or entity
other than the parties hereto and their successors or permitted assigns, any
rights or remedies under or by reason of this Agreement. Without limiting the
foregoing, no third party rights are created by the provisions of Section 10.4
or Article 15.

         17.10. Severability. The parties agree that if one or more provisions
contained in this Agreement shall be deemed or held to be invalid, illegal or
unenforceable in any respect under any applicable law, this Agreement shall be
construed with the invalid, illegal or unenforceable provision deleted, and the
validity, legality and enforceability of the remaining provisions contained
herein shall not be affected or impaired thereby.

         17.11. Entire Agreement. This Agreement embodies the entire agreement
and understanding of the parties hereto and supersedes any and all prior
agreements, arrangements and understandings relating to the matters provided for
herein. This Agreement does not supersede any confidentiality agreement relating
to the Stations other than any non-solicitation provision contained therein.

                            [SIGNATURE PAGE FOLLOWS]

                                      -23-
<PAGE>   24

                   SIGNATURE PAGE TO ASSET PURCHASE AGREEMENT
                   ------------------------------------------

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first set forth above.

BUYER:                                    CBS RADIO, INC.

                                          By: /s/ FARID SULEMAN
                                             -----------------------------------
                                             Name:  Farid Suleman
                                             Title: Executive Vice President -
                                                    Chief Financial Officer

SELLER:

CLEAR CHANNEL BROADCASTING, INC.          AMFM SAN DIEGO, INC.
CLEAR CHANNEL BROADCASTING
    LICENSES, INC.

By: /s/ MARK P. MAYS                      By: /s/ WILLIAM S. BANOWSKY, JR.
   -----------------------------------       -----------------------------------
   Name:  Mark P. Mays                       Name:  William S. Banowsky, Jr.
   Title: President                          Title: Executive Vice President

CAPSTAR TX LIMITED PARTNERSHIP            AMFM HOUSTON, INC.

By: /s/ WILLIAM S. BANOWSKY, JR.          By: /s/ WILLIAM S. BANOWSKY, JR.
   -----------------------------------       -----------------------------------
   Name:  William S. Banowsky, Jr.           Name:  William S. Banowsky, Jr.
   Title: Executive Vice President           Title: Executive Vice President

AMFM OHIO, INC.                           AMFM RADIO LICENSES, LLC

By: /s/ WILLIAM S. BANOWSKY, JR.          By: /s/ WILLIAM S. BANOWSKY, JR.
   -----------------------------------       -----------------------------------
   Name:  William S. Banowsky, Jr.           Name:  William S. Banowsky, Jr.
   Title: Executive Vice President           Title: Executive Vice President

CLEVELAND RADIO LICENSES LLC              ZEBRA BROADCASTING CORPORATION

By: /s/ WILLIAM S. BANOWSKY, JR.          By: /s/ WILLIAM S. BANOWSKY, JR.
   -----------------------------------       -----------------------------------
   Name:  William S. Banowsky, Jr.           Name:  William S. Banowsky, Jr.
   Title: Executive Vice President           Title: Executive Vice President

<PAGE>   25

                   SIGNATURE PAGE TO ASSET PURCHASE AGREEMENT
                   ------------------------------------------

                                   (CONTINUED)

SELLER:                                   CAPSTAR RADIO OPERATING COMPANY

                                          By: /s/ WILLIAM S. BANOWSKY, JR.
                                             -----------------------------------
                                             Name:  William S. Banowsky, Jr.
                                             Title: Executive Vice President

<PAGE>   26

Schedules
---------

1.1(a)            -        FCC Licenses

1.1(b)            -        Tangible Personal Property

1.1(c)            -        Station Contracts

1.1(d)            -        Intangible Property

1.1(f)            -        Real Property

1.2(h)            -        Excluded Assets

Exhibit
-------

A                 -        Form of Lease

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