Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT ("AGREEMENT"), dated as of May 8, 2000,
by and among RODRIGUEZ COMMUNICATIONS, INC., a Delaware corporation (the
"COMPANY"), each of the stockholders of the Company identified on ANNEX I (each
a "SELLER" and, collectively, "SELLERS") and SPANISH BROADCASTING SYSTEM, INC.,
a Delaware corporation ("PURCHASER").

                              W I T N E S S E T H:

         WHEREAS, Sellers own in the aggregate all the outstanding shares of
Common Stock, par value $0.01 per share, of the Company (the "SHARES"); and

         WHEREAS, the Company has entered into a Management Agreement, dated as
of November 1, 1999 (the "MANAGEMENT AGREEMENT"), with Viva Broadcasting, LLC, a
California corporation, and its owners (collectively, "VIVA"); and

         WHEREAS, Sellers desire to sell to Purchaser, and Purchaser desires to
purchase from Sellers, the Shares, subject to the approval of the Federal
Communications Commission (the "COMMISSION" or "FCC"); and

         WHEREAS, the Company desires to join in the execution of this Agreement
for the purpose of evidencing its consent to the consummation of the foregoing
transaction and for the purpose of making certain representations and warranties
to and covenants and agreements with Purchaser; and

         WHEREAS, the Company has entered into the contracts described below to
acquire the following radio stations:

                  KFOX-FM (Redondo Beach, California)
                  KREA-FM (Ontario, California)
                  KXJO-FM (Alameda, California)
                  KSAH-AM (Universal City, Texas)

(collectively, the "STATIONS") and associated assets and liabilities, including
without limitation, certain contracts and leases and, subject to the approval of
the FCC, to accept assignments from the sellers of the Stations certain licenses
and other authorizations issued by the Commission to such sellers; and

         WHEREAS, the Company has entered into an Asset Purchase Agreement with
Chagal Communications, Inc. ("CHAGAL"), dated as of November 2, 1999, as
amended, relating to the acquisition by the Company of KFOX-FM and KREA-FM (the
"LA AGREEMENT"); and

                                       1
<PAGE>   2

         WHEREAS, the Company has entered into an Asset Purchase Agreement with
Citicasters Co. ("CITICASTERS"), dated as of March 7, 2000, as amended, relating
to the acquisition by the Company of KXJO-FM (the "SF AGREEMENT"); and

         WHEREAS, the Company has entered into an Asset Purchase Agreement with
Ganadores Corporation, dated as of December 14, 1999, as amended, relating to
the acquisition by the Company of KSAH-AM (the "SA AGREEMENT"); and

         WHEREAS, New World Broadcasters Corp., a Texas corporation ("NEW
WORLD"), has entered into (a) an Asset Purchase Agreement, dated as of the date
hereof, with respect to the assets relating to radio station KTCY-FM and (b) a
Stock Purchase Agreement, dated as of the date hereof, with respect to the stock
of 910 Broadcasters Corp., a Texas corporation and a wholly owned subsidiary of
New World and the owner of radio station KXEB-AM ((a) and (b) together, the "NEW
WORLD AGREEMENTS"), whereby Purchaser will acquire from New World KTCY-FM and
certain related assets and liabilities and the capital stock of 910 Broadcasters
Corp.; and

         WHEREAS, the LA Agreement, the SF Agreement and the SA Agreement
(collectively, the "INITIAL PURCHASE AGREEMENTS") have not been consummated as
of the date of this Agreement; and

         WHEREAS, PURCHASER has agreed to lend funds to the Company and New
World for the Company to use to, among other things, consummate the Initial
Purchase Agreements and for New World to use to repay certain indebtedness and
to operate and maintain KTCY-FM and KXEB-AM, and Purchaser has agreed to lend an
additional amount of funds (the "KEPT ASSETS DEBT") to New World and the
Company, a portion of which the Company will utilize to acquire assets not
related to the Stations; and

         WHEREAS, Sellers desire to sell the Shares to Purchaser and Purchaser
desires to acquire the Shares as soon as practicable following the acquisition
by the Company of the Stations and such related assets;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto agree as follows;

                                    ARTICLE I
                                  DEFINED TERMS

         Section 1.01. CERTAIN DEFINED TERMS. As used in this Agreement, the
following terms shall have the following meanings:

         "ACTION" shall mean any claim, action, suit, arbitration, inquiry,
proceeding or investigation by any Governmental Authority or other third party.

         "AFFILIATES" of a party shall mean persons or entities that directly,
or indirectly through one or more intermediaries, control or are controlled by,
or are under common control with, such party.

                                       2
<PAGE>   3

         "ASSETS" shall mean all of the assets, properties and rights acquired
by the Company upon consummation of the Initial Purchase Agreements.

         "CODE" shall mean the United States Internal Revenue Code of 1986, as
amended.

         "ENCUMBRANCES" shall mean liens, charges, pledges, options, mortgages,
deeds of trust, security interests, claims, restrictions (whether on voting,
sale, transfer, disposition or otherwise), easements and other encumbrances of
every type and description, whether imposed by Law, agreement, understanding or
otherwise.

         "ENVIRONMENTAL LAW" shall mean any law, ordinance, or regulation,
whether national, Federal, state, local or other, pertaining to the protection
of human health or the environment, including, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
Sections 11001, et seq., and the Resource Conversation and Recovery Act, 42
U.S.C. Sections 6901, et seq.

         "GOVERNMENTAL AUTHORITY" shall mean any United States federal, state or
local or any foreign government, governmental, regulatory or administrative
authority, agency or commission or any court, tribunal or arbitral body.

         "GOVERNMENTAL ORDER" shall mean any claim, action, suit, arbitration,
order, writ, judgment, injunction, decree, stipulation, determination or award
entered into by or with any Governmental Authority.

         "HAZARDOUS MATERIALS" shall mean any waste or substance that is listed,
defined, designated, or classified as, or otherwise determined to be, hazardous,
radioactive, or toxic or a pollutant or a contaminant under or pursuant to any
Environmental Law, including any admixture or solution thereof, and specifically
including petroleum and all derivatives thereof or synthetic substitutes
therefor and asbestos or asbestos-containing materials.

         "IRS" shall mean the United States Internal Revenue Service.

         "KEPT ASSETS" shall mean the assets of the Company and its Subsidiaries
other than the Assets.

         "LAW" shall mean any federal, state, local or foreign statute, law,
ordinance, regulation, rule, code, Governmental Order, permit, franchise, grant,
authorization, easement, consent, certificate or requirement or rule of common
law of any Governmental Authority.

         "LIABILITIES" shall mean any and all debts, liabilities and
obligations, whether accrued or fixed, absolute or contingent, matured or
unmatured, or determined or determinable, including, without limitation, those
arising under any Law (including, without limitation, any environmental law),
Action or Governmental Order and those arising under any contract agreement,
arrangement, commitment or undertaking.

                                       3
<PAGE>   4

         "MATERIAL ADVERSE EFFECT" shall mean a single event, occurrence or fact
that (together with all other events, occurrences and facts that could
reasonably be expected to result in a loss) would have, or might reasonably be
expected to have, a material adverse effect on a Person's assets, business,
operations or financial condition, or that might reasonably be expected to
prevent such Person from consummating the transactions contemplated by this
Agreement.

         "PERMITTED ENCUMBRANCES" shall mean any and all of the following
Encumbrances:

         (a) Liens for taxes and assessments which are not yet due and payable
or, if due and payable, the validity of which is being contested in good faith
by appropriate legal proceedings;

         (b) Rights existing under applicable laws or operating agreements or
similar contracts to assert liens against the relevant assets or properties, but
not including liens and other rights which have actually been asserted, unless
the relevant Person disputes the validity of any such lien or the amount claimed
to be owed in connection therewith, or such lien or other right is not
enforceable against the interest of such Person;

         (c) Any obligations or duties affecting any property to any
municipality or public authority with respect to any franchise, grant, license
or permit and all applicable laws, rules and orders of any Governmental
Authority;

         (d) Any other Encumbrance that is not substantial in character, amount
or extent and does not materially detract from the value of the property subject
thereto;

         (e) Any Encumbrance created by or in favor of Purchaser or any of its
Affiliates; and

         (f) Such Encumbrances or impairments to the quality of title arising as
a result of the sale to Purchaser of the Shares pursuant to this Agreement.

         "PERSON" shall mean any individual, corporation (including any
non-profit corporation), general or limited partnership, limited liability
company, joint venture, estate, trust, association, organization, labor union,
or other entity or Governmental Authority.

         "SUBSIDIARY" shall mean any corporation or other Person of which
securities or other interests having the power to elect a majority of that
corporation's or other person's board of directors or similar governing body, or
otherwise having the power to direct the business and policies of that
corporation or other Person (other than securities or other interests having
such power only upon the happening of a contingency that has not occurred) are
held on the date in question by such Person or one or more of its Subsidiaries;
when used without reference to a particular Person, "Subsidiary" means a
Subsidiary on the date in question of the Company.

         "TAX" shall mean any federal, state, local or foreign tax (including,
without limitation, any income tax, franchise tax, doing business tax, branch
profits tax, capital gains tax, value-added tax, ad valorem tax, excise tax,

                                       4
<PAGE>   5

transfer tax, employment tax, social security tax, sales tax, use tax, property
tax, or any other kind of tax or payment in lieu of tax no matter how
denominated), levy, assessment, tariff, duty (including any customs duty),
deficiency or other fee, and any related charge or amount (including any fine,
penalty, interest or addition to tax), imposed, assessed or collected by or
under the authority of any Governmental Authority or payable pursuant to any
tax-sharing agreement or any other contract relating to the sharing or payment
of any such tax, levy, assessment, tariff, duty, deficiency or fee.

         "TAX RETURN" shall mean any return (including any information return),
report, statement, schedule, notice, form or other document or information filed
with or submitted to or required to be filed with or submitted to, any
Governmental Authority in connection with the determination, assessment,
collection or payment of any Tax or in connection with the administration,
implementation or enforcement of or compliance with any legal requirement
relating to any Tax.

         Section 1.02. OTHER DEFINED TERMS. The following terms shall have the
meanings defined for such terms in the Sections of this Agreement set forth
below:

-------------------------------------------------------------------------------
     TERM                                                     SECTION
-------------------------------------------------------------------------------

     Agreement                                                Preamble
     Ancillary Documents                                      Section 4.02
     Assignment Application                                   Section 2.03
     Balance Sheet Date                                       Section 4.14
     Basket Amount                                            Section 7.04
     Bridge Loan Agreement                                    Section 3.02
     Capital Lease                                            Section 2.02
     Cash Amount                                              Section 2.02
     Chagal                                                   Preamble
     Citicasters                                              Preamble
     Cleanup                                                  Section 7.02
     Closing                                                  Section 3.01
     Closing Date                                             Section 3.01
     Commission                                               Preamble
     Communications Act                                       Section 2.03
     Company                                                  Preamble
     Company Agreements                                       Section 4.24
     FCC                                                      Preamble
     FCC Licenses                                             Section 2.03
     FCC Orders                                               Section 2.03
     Final Orders                                             Section 2.03
     Financial Statements                                     Section 4.14
     GAAP                                                     Section 4.14
     HSR Act                                                  Section 2.03
     Indebtedness                                             Section 2.02
     Initial Purchase Agreements                              Preamble

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

                                       5
<PAGE>   6

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

     KXJO Adjustment                                          Section 6.14
     KXJO Note                                                Section 6.14
     KXJO Sub                                                 Section 6.14
     KXJO Sub Agreement                                       Section 6.14
     Kept Assets Debt                                         Preamble
     LA Agreement                                             Preamble
     LMA                                                      Section 3.02
     Liquid Amount                                            Section 2.02
     Liquidated Damages                                       Section 6.14
     Losses                                                   Section 7.02
     Management Agreement                                     Preamble
     Management Personnel                                     Section 6.07
     New World                                                Preamble
     New World Agreements                                     Preamble
     Newco Note                                               Section 2.02
     Newco Subs                                               Section 4.08
     Purchase Price                                           Section 2.02
     Purchaser                                                Preamble
     Purchaser Common Stock                                   Section 2.02
     Purchaser Shares                                         Section 2.02
     Purchaser's Brokers                                      Section 5.05
     SA Agreement                                             Preamble
     SF Agreement                                             Preamble
     Sellers                                                  Preamble
     Sellers' Brokers                                         Section 4.27
     Securities Act                                           Section 4.10
     Shares                                                   Preamble
     Stations                                                 Preamble
     Straddle Period                                          Section 7.05
     Transfer Taxes                                           Section 6.03
     Viva                                                     Preamble
     Viva Agreement                                           Section 3.02
     Viva Shares                                              Section 3.04

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

                                   ARTICLE II
                                PURCHASE AND SALE

         Section 2.01. PURCHASE AND SALE OF SHARES. At the Closing, and on the
terms and subject to the conditions set forth in this Agreement, each Seller
shall sell and deliver to Purchaser, and Purchaser shall purchase and accept
from each Seller, the number of Shares owned by such Seller and set forth
opposite such Seller's name on ANNEX I. Notwithstanding the foregoing, if any
Seller shall fail or refuse to deliver any of the Shares as provided in this
Section 2.01, or if any Seller shall fail or refuse to consummate the
transactions described in this Agreement prior to or on the Closing Date, such
failure or refusal shall not relieve the other Sellers of any obligations under
this Agreement, and Purchaser, at its option and without prejudice to its rights
against any such defaulting Seller, may either (i) acquire the remaining Shares
which it is entitled to acquire hereunder or (ii) refuse to make such
acquisition and terminate this Agreement pursuant to Section 8.01.

                                       6
<PAGE>   7

         Section 2.02. PURCHASE PRICE AND PAYMENT. In consideration of the sale
of the Shares to Purchaser, Purchaser shall pay to Sellers at the Closing the
aggregate purchase price of $25,250,000 minus the sum of (i) any indebtedness
for borrowed money of the Company and its Subsidiaries outstanding at the
Closing, and any accrued interest on and any redemption or prepayment premiums
or penalties, breakage costs and fees thereon and other expenses or amounts
(including amounts due pursuant to indemnification rights of lenders or holders
of indebtedness) ("INDEBTEDNESS"), but excluding any Indebtedness under the
Bridge Loan Agreements, (ii) any lease of any of the Company and its
Subsidiaries required so to be capitalized in accordance with GAAP (each, a
"CAPITAL LEASE"), (iii) the redemption or repurchase price of (A) any options,
warrants or convertible notes exercisable or convertible for equity securities
of the Company or any of its Subsidiaries, or (B) any preferred stock, common
stock or other capital stock, including all liquidation payments and accrued
dividends, (iv) any liability for legal, accounting or any other professional
and brokerage/investment banking fees and expenses incurred by the Company, its
Subsidiaries or its shareholders in connection with the transactions
contemplated hereby, but only to the extent that they are not reimburseable to
the Company or any of its Subsidiaries pursuant to the LMA, and (v) accrued but
unpaid salary and bonuses to employees of the Company and its Subsidiaries, but
only to the extent that they are not reimburseable to the Company or any of its
Subsidiaries pursuant to the LMA (such amount being referred to herein as the
"PURCHASE PRICE"). The Purchase Price shall be paid as follows:

                  (i) At the Closing, Purchaser shall assign to Sellers all of
Purchaser's rights with respect to the then outstanding Kept Asset Bridge Loans
made pursuant to the Bridge Loan Agreement and shall deliver to Seller a
promissory note of Newco Sub, dated the Closing Date, representing the joint and
several obligation of Newco Sub to repay the Kept Asset Bridge Loans made
pursuant to the Bridge Loan Agreement (the "NEWCO NOTE"). The principal amount
of the Newco Note shall equal the then aggregate unpaid principal amount of the
Kept Asset Bridge Loans made pursuant to the Bridge Loan Agreement. The
principal amount of the Newco Note shall be payable upon demand and shall bear
interest at a rate equal to the applicable federal rate, and interest accruing
on the Newco Note shall be due and payable upon presentment of the Newco Note
for payment. Notwithstanding the provisions of the Bridge Loan Agreement and
related documents, the Newco Note and the obligations of each Newco Sub
evidenced thereby shall, upon such assignment to Sellers, represent an
unsecured, general obligation of Newco Sub. The assignment by Purchaser to
Sellers of Purchaser's rights with respect to the Kept Asset Bridge Loans made
pursuant to the Bridge Loan Agreement and the Newco Note shall be made by
Purchaser without any representation, warranty or recourse, except that
Purchaser hereby warrants that such rights and the Newco Note shall be assigned
free and clear of any lien, claim or encumbrance resulting from the action or
inaction of Purchaser or any of its Affiliates. Purchaser and Sellers agree, and
Sellers agree to cause Newco Sub and all other parties to the Bridge Loan
Agreement and related documents (other than Purchaser) to execute and deliver
such amendment, assignment and other agreements and instruments as are
reasonably required in order to effect the foregoing assignment.

                  (ii) Purchaser shall deliver to Sellers at the Closing cash in
an aggregate amount equal to (1) the lesser of the Purchase Price and
$24,700,000, minus (2) the principal amount of the Newco Note (the "CASH
AMOUNT").

                                       7
<PAGE>   8

                  (iii) A number of shares (the "PURCHASER SHARES") of Class A
Common Stock, par value $.0001 per share, of Purchaser ("PURCHASER COMMON
STOCK") shall be issued to Sellers at Closing. The number of shares constituting
the Purchaser Shares shall be the quotient of (i) the Purchase Price minus the
principal amount of the Newco Note minus the Cash Amount, divided by (ii) the
average last trade price per share of Purchaser Common Stock for the 30-day
period ending on the day immediately preceding the Closing Date, as reported
under Nasdaq National Market Issues in THE WALL STREET JOURNAL.

         The Newco Note, the Cash Amount and the Purchaser Shares shall be
allocated among Sellers as set forth on ANNEX I. The allocable portion of the
Cash Amount payable to each Seller shall be paid to such Seller by wire transfer
of immediately available funds made to a bank account to be designated by such
Seller (such designation to occur no later than the third business day prior to
the Closing Date).

         The Shares shall be delivered without any representation or warranty by
Sellers or the Company except as expressly set forth in this Agreement, and
Purchaser acknowledges that it has not relied on or been induced to enter into
this Agreement by any representation or warranty other than those expressly set
forth in Article IV hereof.

         Section 2.03. ASSIGNMENT OF FCC LICENSES.

         (a) In order to consummate the sale of the Shares, Purchaser and the
Company and Sellers will file within 10 business days after consummation of each
of the Initial Purchase Agreements assignments of license applications (the
"ASSIGNMENT APPLICATIONS") requesting FCC consent to the transfer of control of
the Company to Purchaser with regard to the licenses, permits and other
authorizations that are issued by the FCC to the Company relating to the
operation of the Station or Stations acquired by Seller ("FCC LICENSES") as a
result of such consummation. The parties agree to prosecute the Assignment
Applications in good faith and with due diligence. Each party will be solely
responsible for the expenses incurred by it in the preparation, filing and
prosecution of the Assignment Applications (it being agreed that each of the
Sellers, as a group, and Purchaser will pay one-half of the FCC filing fee). As
used herein, the term "FCC ORDERS" shall mean that the FCC has granted or given
its consent, without any condition materially adverse to Purchaser, to each of
the Assignment Applications; the term "FINAL ORDERS" shall mean that the FCC
Orders shall have become final that none of such FCC Orders are reversed,
stayed, enjoined or set aside, and with respect to each of such FCC Orders, no
timely request for stay, reconsideration, review, rehearing or notice of appeal
is pending, and as to each of which FCC Orders the time set forth in the FCC
rules or the Communications Act of 1934, as amended (the "COMMUNICATIONS ACT"),
for filing any such request, petition or notice of appeal or for review by the
FCC staff on its own motion has expired.

         (b) Within 20 days after the date hereof, Purchaser and Sellers shall
make or cause to be made any and all necessary filings under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR ACT")
with respect to the transactions contemplated by this Agreement and the New
World Agreements. Purchaser shall pay any notification filing fee associated
with the filing under the HSR Act.

                                       8
<PAGE>   9

                                   ARTICLE III
                                     CLOSING

         Section 3.01. CLOSING. Subject to the terms of this Agreement, the sale
and purchase of the Shares shall take place at a closing of the transactions
contemplated hereby (the "CLOSING") to be held at the offices of Thompson &
Knight L.L.P., in Dallas, Texas, at 10:00 a.m., local time, on the date which is
the later of (i) the fifth day after the issuance of the FCC Orders, (ii) the
date on which all closing conditions set forth in this Article III have been
satisfied or, to the extent permitted under applicable Law, waived, and (iii)
November 8, 2000, or at such other place or at such other time or on such other
date as Seller and Purchaser may mutually agree upon in writing (the day on
which the Closing takes place being the "CLOSING DATE"). Notwithstanding the
foregoing, if the Final Order with respect to radio station KXJO-FM has not been
obtained prior to November 3, 2000, then, unless Seller and Purchaser mutually
agree to a later Closing Date, the Closing Date shall be November 8, 2000, and
shall be conducted in accordance with this Article III, subject to Section 6.14.

         Section 3.02. CONDITIONS TO THE CLOSING.

         (a) The obligations of Sellers and Purchaser hereunder shall be subject
to the satisfaction or written waiver on or prior to the Closing Date of the
following conditions:

                  (i) The waiting period (and any extension thereof), if any,
applicable to the transactions contemplated by this Agreement under the HSR Act,
shall have been terminated or shall have expired, and no restrictive order or
other requirements pursuant to the HSR Act shall have been placed on the
parties.

                  (ii) Subject to Section 6.14, the FCC shall have approved the
Assignment Applications (and such other applications as may be required by
applicable law, rule or regulation to be filed with respect to the transactions
contemplated by this Agreement in order to permit the transfer of control of the
Company to Purchaser).

                  (iii) No temporary restraining order, preliminary or permanent
injunction or other order issued by any court of competent jurisdiction or other
legal restraint or prohibition preventing the consummation of the transactions
contemplated hereby shall be in effect, nor shall any proceeding by or with any
Governmental Authority or third party seeking any of the foregoing be pending
(excluding, in each case, any such matter initiated by any Seller, the Company,
Purchaser or any of their Affiliates). There shall not be any Action taken, or
any Law enacted, entered, enforced or deemed applicable to the transactions
contemplated hereby, which makes the consummation of such transactions illegal
(excluding, in each case, any such matter initiated by any Seller, the Company,
Purchaser or any of their Affiliates).

                  (iv) Purchaser and the Company shall have entered into a local
marketing agreement in substantially the form of EXHIBIT 3.02(A)(V) with respect
to each Station concurrently with entering into this Agreement (the "LMA").

                                       9
<PAGE>   10

         (b) The obligations of any Seller to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment on or prior
to the Closing Date of each of the following conditions:

                  (i) Purchaser shall have entered into a loan agreement with
the Company and New World in substantially the same form as EXHIBIT 3.02(B)(I)
(the "BRIDGE LOAN AGREEMENT") and Purchaser shall have advanced all funds
required to be advanced under the Bridge Loan Agreement in accordance with the
terms thereof.

                  (ii) All the representations and warranties of Purchaser
contained in this Agreement, and in any agreement, instrument, or document
delivered pursuant hereto or in connection herewith on or prior to the Closing
Date that are not qualified by materiality, Material Adverse Effect or a dollar
threshold shall be true and correct in all material respects, and all other
representations and warranties of Purchaser shall be true and correct, as of the
date made and (having been deemed to have been made again on and as of the
Closing Date) shall be true and correct in all material respects on and as of
the Closing Date, except to the extent that any such representation or warranty
is made as of a specified date, in which case such representation or warranty
shall have been true and correct as of such specified date.

                  (iii) Purchaser shall have performed and complied with in all
material respects all covenants and agreements required by this Agreement, and
any agreement, instrument, or document delivered pursuant hereto or in
connection herewith on or prior to the Closing Date, to be performed or complied
with by it on or prior to the Closing Date.

                  (iv) Purchaser shall not be in default under any LMA, which
default has resulted in a Material Adverse Effect on the Company or any Seller.

                  (v) Viva shall have entered into an agreement with the Company
and Purchaser in substantially the form of Exhibit 3.02(b)(v) (the "VIVA
AGREEMENT"), pursuant to which Viva agrees to release any and all claims it has
against the Company and Purchaser under the Management Agreement upon receipt by
Viva of the Viva Shares, and Purchaser shall have delivered to Viva the Viva
Shares, at or prior to the Closing.

         (c) The obligations of Purchaser to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment on or prior
to the Closing Date of each of the following conditions:

                  (i) All the representations and warranties of the Company and
Sellers contained in this Agreement, and in any agreement, instrument, or
document delivered pursuant hereto or in connection herewith on or prior to the
Closing Date, that are not qualified by materiality, Material Adverse Effect or
a dollar threshold, shall be true and correct in all material respects, and all
other representations and warranties of the Company and each Seller shall be
true and correct, as of the date made and (having been deemed to have been made
again on and as of the Closing Date) shall be true and correct in all material

                                       10
<PAGE>   11

respects on and as of the Closing Date, except as affected by actions taken or
omitted to be taken by Purchaser pursuant to the LMA, and except to the extent
that any such representation or warranty is made as of a specified date, in
which case such representation or warranty shall have been true and correct as
of such specified date.

                  (ii) The Company and each Seller shall have performed and
complied with in all material respects all covenants and agreements required by
this Agreement, and any agreement, instrument, or document delivered pursuant
hereto or in connection herewith on or prior to the Closing Date, to be
performed or complied with by it on or prior to the Closing Date.

                  (iii) Charles J. Brooks shall have entered into an employment
agreement with Purchaser substantially in the form of EXHIBIT 3.02(C)(III)
hereto.

                  (iv) Each of Marcos A. Rodriguez, James L. Anderson and James
A. Gammon shall have entered into Non-Competition Agreements substantially in
the form of EXHIBIT 3.02(C)(IV) hereto.

                  (v) The Company shall have applied any amounts advanced under
the Bridge Loan Agreement in accordance with the terms thereof.

                  (vi) The Company shall have transferred the Kept Assets to
Newco Sub and the shares of Newco Sub shall have been distributed to the
stockholders of the Company.

                  (vii) The Company and Viva shall have entered into the Viva
Agreement with Purchaser and the Company and Viva shall not be in material
breach of such agreement.

                  (viii) The Company shall have ceased employing all employees
servicing the Kept Assets and shall have terminated all other employees of the
Company unless requested to do otherwise by Purchaser prior to the Closing.

                  (ix) Chagal shall have entered into a lease with respect to
KFOX-FM, which lease shall be for a period of at least 10 years, commencing
prior to the Closing Date, and shall provide for an annual lease rate of no more
than $24,000, and such lease shall have been validly assigned to the Company.

                  (x) The Company shall have entered into a lease agreement with
The Siegal Family Trust substantially in the form of Exhibit 8.13 of the LA
Agreement pursuant to which the Company shall lease the KREA transmitter site
from The Siegal Family Trust for a period of 10 years at a monthly rental rate,
triple net, of $2,250 (with annual CPI (Southern California) increases). Such
lease shall contain such other terms and conditions as the Company and The
Siegal Family Trust shall agree, and to which Purchaser shall consent in writing
prior to execution, which consent shall not unreasonably be withheld, which
terms shall include (i) rights to the Company to sublease the premises, (ii) an
option in favor of the Company to purchase the premises during the first five
years of the lease for $250,000 and (iii) two five-year renewal options in favor
of the Company at a monthly rental rate commensurate with the original rental
rate, as adjusted.

                                       11
<PAGE>   12

                  (xi) Each of Sellers and Viva shall have executed and
delivered Lock-Up Letters in the form of EXHIBIT 3.02(C)(XI)-1 and -2,
respectively.

                  (xii) The Company shall have paid off or terminated all
Indebtedness of the Company and shall have provided evidence thereof to
Purchaser in a form that is reasonably acceptable to Purchaser.

                  (xiii) The Company or Sellers shall have assigned to Newco or
terminated each of the agreements identified on SCHEDULE 3.02(C)(XIII) requested
by the Purchaser to be terminated prior to the Closing without incurring any
liability to the Company.

         Section 3.03. CLOSING DELIVERIES BY SELLERS. At the Closing, each
Seller shall execute, acknowledge (where appropriate) and deliver, or cause to
be executed, acknowledged (where appropriate) and delivered, to Purchaser the
following:

         (a) Certificates evidencing the Shares, duly endorsed in blank or
accompanied by appropriate stock powers.

         (b) A certificate, executed by an officer of the Company and each
Seller, dated as of the Closing Date, certifying that (i) the representations
and warranties that are not qualified by materiality, Material Adverse Effect or
a dollar threshold of the Company and each Seller in this Agreement are true and
correct in all material respects, and all other representations and warranties
of the Company and each Seller are true and correct, in each case, as of the
Closing Date, with the same effect as though made as of such date (or, in the
case of representations and warranties which address matters only as of a
particular date, as of such particular date), (ii) each covenant or agreement of
the Company and each Seller in this Agreement to be complied with at or prior to
Closing shall have been complied with in all material respects and (iii) no
Action (excluding any such matter initiated by Purchaser or any of its
Affiliates) is pending or, to the Company's or any Seller's knowledge,
threatened before, and no injunction has been issued by, any Governmental
Authority seeking to enjoin or restrain or prohibit, delay, or restrain the
performance of or to obtain damages or other relief in connection with this
Agreement, or the consummation of the transactions contemplated hereby.

         (c) A certificate of such Seller certifying that such Seller is not a
"foreign person" within the meaning of Section 1445 of the Code in substantially
the form of EXHIBIT 3.03(C).

         Section 3.04. CLOSING DELIVERIES BY PURCHASER. At the Closing,
Purchaser shall execute, acknowledge (where appropriate) and deliver, or cause
to be executed, acknowledged (where appropriate) and delivered, the following:

         (a) To Sellers, the Newco Note.

         (b) To Sellers, the Cash Amount.

         (c) To Sellers, certificates evidencing each Seller's allocable share
of the Purchaser Shares, duly issued and registered in the name of each such
Seller.

                                       12
<PAGE>   13

         (d) To Sellers, a certificate, executed by the duly authorized officer
of Purchaser, dated as of the Closing Date, certifying that (i) the
representations and warranties of Purchaser in this Agreement are true and
correct in all material respects, and all other representations and warranties
of Purchaser are true and correct, in each case, as of the Closing Date, with
the same effect as though made as of such date (or, in the case of
representations and warranties which address matters only as of a particular
date, as of such particular date), (ii) each covenant or agreement of Purchaser
in this Agreement to be complied with at or prior to Closing shall have been
complied with in all material respects and (iii) no Action (excluding any such
matter initiated by Seller or any of its Affiliates) is pending or, to
Purchaser's knowledge, threatened before, and no injunction has been issued by,
any Governmental Authority seeking to enjoin or restrain or prohibit, delay, or
restrain the performance of or to obtain damages or other relief in connection
with this Agreement, or the consummation of the transactions contemplated
hereby.

         (e) To Viva, a certificate evidencing $8,500,000 worth of shares of
Purchaser Common Stock (the "VIVA SHARES"), with each such share to be valued in
the manner agreed to in the Viva Agreement. The Viva Shares shall be duly issued
and registered in the name of Viva.

                                   ARTICLE IV
                    REPRESENTATIONS AND WARRANTIES OF SELLERS
                                 AND THE COMPANY

         Sellers and the Company jointly and severally (except with respect to
the representations and warranties set forth in Sections 4.05(b), 4.06(b), 4.09,
4.10, 4.11, 4.12 and 4.13, which are made by each Seller (i) severally and not
jointly and (ii) only as to such Seller and not any other Seller) represent and
warrant to Purchaser that:

         Section 4.01. ORGANIZATION; GOOD STANDING. The Company is a
corporation, and each Subsidiary of the Company is a corporation or other
entity, duly formed and validly existing under the laws of the jurisdiction of
its formation and has all requisite power and authority to own and lease its
properties and assets and to carry on its business as currently conducted. The
Subsidiaries of the Company as of the date of this Agreement are set forth on
SCHEDULE 4.01.

         Section 4.02. QUALIFICATION. The Company and each of the Subsidiaries
is duly qualified or licensed to do business as a foreign corporation or other
entity in each of the jurisdictions set forth opposite its name on SCHEDULE
4.01, and each of the Company and the Subsidiaries is in good standing in each
of such jurisdictions, which are all the jurisdictions in which such
qualification or licensing is required for the conduct of its business and the
ownership and leasing of its properties, except jurisdictions in which the
failure to be so qualified or licensed would not, individually or in the
aggregate, have a Material Adverse Effect on the Company and the Subsidiaries
considered as a whole.

         Section 4.03. CHARTER AND BYLAWS. The Company has made available to
Purchaser accurate and complete copies of (i) the charter and bylaws of each of
the Company and the Subsidiaries as currently in effect, (ii) the stock records
of each of the Company and the Subsidiaries, and (iii) the minutes of all

                                       13
<PAGE>   14

meetings of the respective Boards of Directors of the Company and the
Subsidiaries, any committees of such Boards, and the stockholders of the Company
and the Subsidiaries (and all consents in lieu of such meetings).

         Section 4.04. CAPITALIZATION OF THE COMPANY. The authorized capital
stock of the Company consists of 10,000 shares of Common Stock, par value $0.01
per share, of which, as of the date hereof, 1,000 shares are outstanding and no
shares are held in the Company's treasury. All outstanding shares of capital
stock of the Company have been validly issued and are fully paid and
nonassessable, and no shares of capital stock of the Company are subject to, nor
have any been issued in violation of, preemptive or similar rights. The Shares
constitute (and at the Closing will constitute) all the outstanding shares of
capital stock of the Company. Except as set forth above in this Section, or in
SCHEDULE 4.04, there are (and as of the Closing Date there will be) outstanding
(i) no shares of capital stock or other voting securities of the Company, (ii)
no securities of the Company convertible into or exchangeable for shares of
capital stock or other voting securities of the Company, (iii) no options or
other rights to acquire from the Company, and no obligation of the Company to
issue or sell, any shares of capital stock or other voting securities of the
Company or any securities of the Company convertible into or exchangeable for
such capital stock or voting securities, and (iv) no equity equivalents,
interests in the ownership or earnings, or other similar rights of or with
respect to the Company. There are (and as of the Closing Date there will be) no
outstanding obligations of the Company or any Subsidiary to repurchase, redeem,
or otherwise acquire any of the foregoing shares, securities, options, equity
equivalents, interests, or rights. The Company is not a party to, and is not
aware of, any voting agreement, voting trust, or similar agreement or
arrangement relating to any class or series of its capital stock.

         Section 4.05. DUE AUTHORIZATION; EXECUTION AND DELIVERY.

         (a) Subject to the issuance of the Final Orders and any required
compliance with the HSR Act, the Company has full corporate power and authority
to enter into and perform this Agreement and any documents or instruments to be
entered into as contemplated or required by this Agreement (collectively, the
"ANCILLARY DOCUMENTS") and to which the Company is a party, and to carry out the
transactions contemplated hereby and thereby. Prior to the Closing, the Company
will have taken all requisite action to approve the execution and delivery of
this Agreement and the Ancillary Documents to which it is a party and the
transactions contemplated hereby and thereby. This Agreement and each of the
Ancillary Documents to which the Company is a party constitute the legal, valid
and binding obligation of the Company, enforceable against it in accordance with
its terms, except as may be limited by the availability of equitable remedies or
by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors' rights generally (whether such rights are considered at law
or in equity).

         (b) Subject to the issuance of the Final Orders and any required
compliance with the HSR Act, each Seller has full power and authority to enter
into and perform this Agreement and any Ancillary Documents to which it is a
party, and to carry out the transactions contemplated hereby and thereby. Prior
to the Closing, each Seller will have taken all requisite action to approve the
execution and delivery of this Agreement and the Ancillary Documents to which it
is a party and the transactions contemplated hereby and thereby. This Agreement

                                       14
<PAGE>   15

and each of the Ancillary Documents to which each Seller is a party constitutes
the legal, valid and binding obligation of such Seller, enforceable against it
in accordance with its terms, except as may be limited by the availability of
equitable remedies or by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors' rights generally (whether such
rights are considered at law or in equity).

         Section 4.06. NONCONTRAVENTION.

         (a) The execution, delivery and performance by the Company and Sellers
of this Agreement and the Ancillary Documents to which each is a party, and the
consummation by the Company and Sellers of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or result in a violation of
any provision of the charter or bylaws of the Company or any Subsidiary, (ii)
conflict with or result in a violation of any provision of, or constitute (with
or without the giving of notice or the passage of time or both) a default under,
or give rise (with or without the giving of notice or the passage of time or
both) to any right of termination, cancellation or acceleration under, or
require any consent, approval, authorization or waiver of, or notice to, any
party to, any bond, debenture, note, mortgage or indenture, or any material
Company Agreement (as defined in Section 4.24) or other material instrument or
obligation, to which the Company or any Subsidiary is a party or by which the
Company or any Subsidiary, or the respective assets of any of them, may be bound
or any FCC Licenses held by the Company or any Subsidiary, (iii) result in the
creation or imposition of any Encumbrance upon any of the Assets, except for
Encumbrances in favor of Purchaser, or (iv) assuming compliance with the matters
referred to in Section 4.07, violate any material Law binding upon the Company
or any Subsidiary or any of the Assets, except for (A) such consents, approvals,
authorizations and waivers that have been obtained and are unconditional and in
full force and effect and such notices that have been duly given and (B) such
consents, approvals, authorizations, waivers and notices that are disclosed on
SCHEDULE 4.06(A).

         (b) The execution, delivery and performance by each Seller of this
Agreement and the Ancillary Documents to which such Seller is a party, and the
consummation by such Seller of the transactions contemplated hereby and thereby
do not and will not (i) conflict with or result in a violation of any provision
of, or constitute (with or without the giving of notice or the passage of time
or both) a default under, or give rise (with or without the giving of notice or
the passage of time or both) to any right of termination, cancellation or
acceleration under, or require any consent, approval, authorization or waiver
of, or notice to, any party to, any bond, debenture, note, mortgage or
indenture, or any material lease, contract, agreement or other instrument or
obligation, to which such Seller is a party or by which such Seller or any of
the assets of such Seller may be bound, (ii) result in the creation or
imposition of any Encumbrance upon any of the assets of such Seller, except for
Permitted Encumbrances, or (iii) assuming compliance with the matters referred
to in Section 4.07, violate any Law binding upon such Seller of the assets of
such Seller, except, in the case of clause (i) above, for (A) such consents,
approvals, authorizations and waivers that have been obtained and are
unconditional and in full force and effect and such notices that have been duly
given and (B) such consents, approvals, authorizations, waivers and notices that
are disclosed on SCHEDULE 4.06(B).

         Section 4.07. GOVERNMENTAL APPROVALS. No material approval,
authorization, consent, order or other action of, or filing with, any
governmental authority or administrative agency is required in connection with
the execution and delivery by the Company and Sellers of this Agreement or the
consummation of the transactions contemplated hereby, other than those of the

                                       15
<PAGE>   16

FCC or those under the HSR Act, and other than (i) filings with or approvals by
other Governmental Authorities to occur in the ordinary course following the
consummation of the transaction contemplated by this Agreement, and (ii) filings
with, or approvals of, Governmental Authorities which may be necessary due to
the status of Purchaser or any Affiliate of Purchaser. Each of the filings and
approvals included in clauses (i) and (ii) above is described on SCHEDULE 4.07.

         Section 4.08. SUBSIDIARIES.

         (a) The Company does not own, directly or indirectly, any capital stock
or other securities of any corporation or have any direct or indirect equity or
ownership interest in any other Person, other than the Subsidiaries. SCHEDULE
4.01 lists each Subsidiary, the jurisdiction of incorporation or formation of
each Subsidiary, and the authorized (in the case of capital stock) and
outstanding capital stock or other equity interests of each Subsidiary. Prior to
the Closing, the Company will form one or more new, wholly owned subsidiaries
("NEWCO SUBS"), to which the Company will, prior to Closing, transfer all of the
Kept Assets, subject to the Kept Assets Debt, in accordance with the terms and
provisions of the Bridge Loan Agreement.

         (b) Except as otherwise indicated on SCHEDULE 4.01, all the outstanding
capital stock or other equity interests of each Subsidiary are owned directly or
indirectly by the Company, free and clear of all Encumbrances other than
Encumbrances in favor of Purchaser or Encumbrances on the Kept Assets that are
specifically permitted under the Bridge Loan Agreement or the security agreement
relating thereto. All outstanding shares of capital stock of each Subsidiary
that is a corporation have been validly issued and are fully paid and
nonassessable. All membership interests of each limited liability company
Subsidiary have been validly issued and are fully paid (to the extent required
at such time). No shares of capital stock or other equity interests of any
Subsidiary are subject to, nor have any been issued in violation of, preemptive
or similar rights.

         (c) Except as set forth on SCHEDULE 4.01, there are (and as of the
Closing Date there will be) outstanding (i) no shares of capital stock or other
securities of any Subsidiary, (ii) no securities of the Company or any
Subsidiary convertible into or exchangeable for shares of capital stock or other
securities of any Subsidiary, (iii) no options or other rights to acquire from
the Company or any Subsidiary, and no obligation of the Company or any
Subsidiary to issue or sell, any shares of capital stock or other securities of
any Subsidiary or any securities convertible into or exchangeable for such
capital stock or securities, and (iv) no equity equivalents, interests in the
ownership or earnings, or other similar rights of or with respect to any
Subsidiary. There are (and as of the Closing Date there will be) no outstanding
obligations of the Company or any Subsidiary to repurchase, redeem, or otherwise
acquire any of the foregoing shares, securities, options, equity equivalents,
interests, or rights.

         Section 4.09. SHARES. Each Seller is (and at the Closing will be) the
sole record and beneficial owner of, and upon consummation of the transactions
contemplated hereby Purchaser will acquire valid title to, the number of Shares

                                       16
<PAGE>   17

set forth opposite the name of such Seller on ANNEX I, free and clear of all
Encumbrances, other than Encumbrances in favor of Purchaser, or restrictions on
transfer that may be imposed by federal or state securities laws.

         Section 4.10. INVESTMENT INTENT. Each Seller is acquiring the Purchaser
Shares allocable to it for its own account for investment and not with a view
to, or for sale or other disposition in connection with, any distribution of all
or any part thereof. Each Seller understands that it must bear the economic risk
of this investment indefinitely unless it sells the Purchase Shares (i) in an
offering covered by a registration statement filed with the Securities and
Exchange Commission under the Securities Act of 1933, as amended (the
"SECURITIES ACT") covering such Purchaser Shares or (ii) pursuant to an
applicable exemption under the Securities Act. In acquiring such Purchaser
Shares, such Seller is not offering or selling, and will not offer or sell, for
Purchaser in connection with any distribution of the Purchaser Shares, and such
Seller does not have a participation and will not participate in any such
undertaking or in any underwriting of such an undertaking except in compliance
with applicable federal and state securities laws.

         Section 4.11. DISCLOSURE OF INFORMATION. Each Seller acknowledges that
it or its representatives have been furnished with substantially the same kind
of information regarding Purchaser and its business, assets, results of
operation, and financial condition as would be contained in a registration
statement prepared in connection with a public sale of the Purchaser Shares.
Each Seller further represents that it has had an opportunity to ask questions
of and receive answers from Purchaser regarding Purchaser and its business,
assets, results of operation and financial condition and the terms and
conditions of the issuance of the Purchaser Shares. The foregoing, however,
shall not limit or modify the representations and warranties of Purchaser in
Article V and shall not limit the disclosure requirements of applicable federal
and state securities laws.

         Section 4.12. RESTRICTED SECURITIES. Each Seller understands that the
Purchaser Shares will not have been registered pursuant to the Securities Act or
any applicable state securities laws, that the Purchaser Shares will be
characterized as "restricted securities" under federal securities laws, and that
under such laws and applicable regulations the Purchaser Shares cannot be sold
or otherwise disposed of without registration under the Securities Act or an
exemption therefrom. In this connection, each Seller represents that it is
familiar with Rule 144 promulgated under the Securities Act, as currently in
effect, and understands the resale limitations imposed thereby and by the
Securities Act. Stop transfer instructions may be issued to the transfer agent
for securities of Purchaser (or a notation may be made in the appropriate
records of Purchaser) in connection with the Purchaser Shares.

         Section 4.13. LEGEND. It is agreed and understood by each Seller that
the certificates representing the Purchaser Shares shall each conspicuously set
forth on the face or back thereof, in addition to any legends required by Law or
other agreement, a legend in substantially the following form:

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED
         OR SOLD EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE
         HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSITITUTIONAL BUYER"

                                       17
<PAGE>   18

         (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS AN
         "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7)
         UNDER THE SECURITIES ACT) (AN "ACCREDITED INVESTOR") OR (C) IT IS NOT A
         U.S. PERSON AND IS ACQUIRING THE SECURITY IN AN OFFSHORE TRANSACTION,
         OR (D) HAS RECEIVED SUCH SHARES PURSUANT TO A VALID PRIVATE PLACEMENT
         UNDER SECTION 4 OF THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT
         WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR
         OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY
         SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED
         INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
         ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR
         TO SUCH TRANSFER, FURNISHES TO THE TRANSFER AGENT A SIGNED LETTER
         CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH
         LETTER CAN BE OBTAINED FROM THE TRANSFER AGENT), (D) OUTSIDE THE UNITED
         STATES TO PERSONS OTHER THAN U.S. PERSONS IN OFFSHORE TRANSACTIONS
         MEETING THE REQUIREMENTS OF RULE 904 UNDER REGULATION S UNDER THE
         SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION
         PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (F)
         PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
         ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS
         SECURITIY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
         LEGEND. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED
         STATES" AND "U.S. PERSON" HAVE THE RESPECTIVE MEANINGS GIVEN TO THEM BY
         REGULATION S UNDER THE SECURITIES ACT.

         Section 4.14. FINANCIAL STATEMENTS. The Company has delivered to
Purchaser copies of (i) the Company's December 31, 1999 unaudited balance sheet
and (ii) the Company's March 31, 2000 (the "BALANCE SHEET DATE") unaudited
balance sheet (the "REFERENCE BALANCE SHEET"), copies of which are included in
SCHEDULE 4.14 (collectively, the "FINANCIAL STATEMENTS"). The Financial
Statements have been prepared from the books and records of the Company and its
consolidated subsidiaries in conformity with generally accepted accounting
principles ("GAAP") applied on a basis consistent with preceding periods
throughout the periods involved, except that the unaudited Financial Statements
are not accompanied by notes or other textual disclosure required by GAAP. No
financial statements of any other Person other than the Company are required
under GAAP to be included in the consolidated Financial Statements.

         Section 4.15. ABSENCE OF UNDISCLOSED LIABILITIES. Neither the Company
nor any Subsidiary has any liability or obligation (whether accrued, absolute,
contingent, unliquidated, or otherwise, whether or not known to the Company or
any Subsidiary, and whether due or to become due), except (i) Liabilities
reflected on the Reference Balance Sheet, (ii) Liabilities which have arisen as
a result of Purchaser's actions or inactions pursuant to the LMA, (iii)
Liabilities specifically set forth on SCHEDULE 4.15, (iv) Liabilities assumed by
the Company or any of the Subsidiaries pursuant to the terms of the Initial

                                       18
<PAGE>   19

Purchase Agreements, (v) Liabilities with respect to the Kept Assets that are
specifically permitted under the Bridge Loan Agreement, (vi) Liabilities created
or incurred as a result of the action or inaction of Purchaser under the LMA,
(vii) Liabilities created or incurred under the Bridge Loan Agreement and (viii)
other Liabilities which, in the aggregate, are not material to the Company and
the Subsidiaries considered as a whole.

         Section 4.16. ABSENCE OF CERTAIN CHANGES. Except as disclosed on
SCHEDULE 4.16, since the Balance Sheet Date (i) there has not been any event or
condition that might reasonably be expected to result in a Material Adverse
Effect on the Company and the Subsidiaries considered as a whole, (ii) the
Company has not taken any of the actions set forth in Section 6.01 or in
Articles VI or VII of the Bridge Loan Agreement, except as permitted thereunder
and (iii) no negative change with respect to the FCC Licenses (other than any
such changes which have resulted from Purchaser's actions or inaction pursuant
to the LMA) or the Initial Purchase Agreements has occurred.

         Section 4.17. TAX MATTERS. The Company is, and at all times since its
formation has been, an "S corporation," as defined in Section 1361(a)(1) of the
Code, for federal and all relevant state and local income tax purposes, and the
Company and Sellers have timely and properly made all necessary elections, and
taken all other necessary action, under applicable federal, state and local
income tax laws to qualify the Company as, and preserve its status as, an S
corporation in every jurisdiction in which it is subject to Tax. The Company
will continue to qualify and be treated as an S corporation for federal and all
relevant state and local income tax purposes until the Closing Date. Except as
disclosed on SCHEDULE 4.17, the Company and each Subsidiary has (i) duly filed
all Tax Returns required to be filed by or with respect to it with the IRS or
other applicable taxing authority (other than Tax Returns where a failure to
file would not be, in the aggregate, material), (ii) paid all Taxes due, or
claimed by any taxing authority to be due, from or with respect to it (other
than Taxes where a failure to pay would not, in the aggregate, be material),
except Taxes that are being contested in good faith and for which adequate
reserves have been set aside as disclosed on SCHEDULE 4.17, and (iii) made all
material deposits required with respect to Taxes. All Tax Returns referred to in
the preceding sentence were, and in the case of Tax Returns not yet filed, will
be, true, correct and complete when filed in all material respects. All material
Taxes that the Company or any Subsidiary is or was required to withhold or
collect have been duly withheld or collected, including, without limitation, all
employment related Taxes and withholdings, and, to the extent required, have
been or will be timely paid to the proper Governmental Authority. To the
knowledge of the Company and Sellers, there has been no issue raised or
adjustment proposed (and none is pending) by the IRS or any other taxing
authority in connection with any Tax Returns of the Company or any Subsidiary.
No waiver or extension of any statute of limitations as to any federal, state,
local or foreign tax matter has been given by or requested from the Company or
any Subsidiary. The Company has not filed a consent under Section 341(f) of the
Code. There are no tax liens upon any of the properties or assets of the Company
or any Subsidiary, other than liens for Taxes not yet due and payable. None of
the property of the Company or any Subsidiary (i) is "tax- exempt use property"
within the meaning of Section 168(h) of the Code, (ii) is subject to a tax
benefit transfer lease subject to the provisions of former Section 168(f)(8) of
the Internal Revenue Code of 1954, or (iii) secures any debt the interest on

                                       19
<PAGE>   20

which is exempt from income Tax under Section 103 of the Code. The charges,
accruals and reserves with respect to Taxes on the respective books of the
Company and each Subsidiary (excluding any provision for deferred income Taxes
established to reflect timing differences between book and tax income) for all
tax periods (or portions thereof) ending on or before the Closing Date
(including any period for which no Tax Return has yet been filed) are adequate
in all material respects. There is no tax sharing agreement that will require
any payment by the Company or any Subsidiary to any party other than the Company
or one of the Subsidiaries after the date of this Agreement. Except as set forth
on SCHEDULE 4.17, neither the Company nor any Subsidiary has (i) applied for any
tax ruling, (ii) entered into a closing agreement with any taxing authority,
(iii) filed an election under Section 338(g) or Section 338(h)(10) of the Code
or (iv) been a party to any agreement or arrangement that would result in the
payment of any "excess parachute payment" within the meaning of Section 280G of
the Code, or the payment of any compensation that is not deductible under
Section 162(m) of the Code. Neither the Company nor any Subsidiary is, or has
been, a "United States real property holding corporation" within the meaning of
Section 897 of the Code. Neither the Company nor any Subsidiary has (i) agreed
to or is required to make any adjustment pursuant to Section 481(a) of the Code;
(ii) knowledge that the IRS has proposed any such adjustment or change in
accounting method with respect to any such corporation or (iii) an application
pending with any Taxing authority requesting permission for any change in
accounting method. Neither the Company nor any Subsidiary owns an interest in
any (i) domestic international sales corporation, (ii) foreign sales
corporation, (iii) controlled foreign corporation or (iv) passive foreign
investment company. Except as set forth on SCHEDULE 4.17, during the previous
two years, neither the Company nor any Subsidiary has engaged in any exchange
under which the gain realized on such exchange was not recognized due to Section
1031 of the Code. Except as set forth on SCHEDULE 4.17, neither the Company nor
any Subsidiary has in effect any election for federal income tax purposes under
Sections 108, 1017, 1033 or 4977 of the Code. Neither the Company nor any
Subsidiary has been informed or notified that any of its income, business,
assets, operations or activities is subject to Tax by a Governmental Authority
where the required Tax Return(s) have not been filed by the Company or the
appropriate Subsidiary. The Company and each Subsidiary have disclosed on their
federal income Tax Returns all positions taken therein that could give rise to a
substantial understatement of federal income Tax within the meaning of the Code
Section 6662. Neither the Company nor any Subsidiary has any liability for the
Taxes of any other party under Reg. Section 1.1502-6 (or any similar provision
of state, local or foreign law).

         Section 4.18. COMPLIANCE WITH LAWS. The Company has complied with all
material Laws (including without limitation the rules, regulations and practices
of the Commission), and neither the Company nor any Seller has received any
written notice of any claim, which has not been dismissed or otherwise disposed
of, that the Company has not so complied.

         Section 4.19. TITLE TO ASSETS. As of the date hereof, the Company and
its Subsidiaries do not own or lease any material tangible property or real
property. As of the Closing Date, the Company or a Subsidiary will have such
title to the Assets (as the same may be consumed, retired or replaced in the
ordinary course of business or pursuant to the action or inaction of Purchaser
pursuant to the LMA) as is conveyed to the Company or any Subsidiary pursuant to
the Initial Purchase Agreements, free and clear of all Encumbrances other than
Permitted Encumbrances and such Encumbrances permitted to encumber the Assets
following the respective closings of the Initial Purchase Agreements.

                                       20
<PAGE>   21

         Section 4.20. FCC LICENSES.

         (a) The FCC Licenses identified on SCHEDULE 4.20(A) comprise all of the
FCC licenses, permits and other authorizations, including any temporary waiver
or special temporary authorization, to be acquired by the Company pursuant to
the Initial Purchase Agreements.

         (b) No action or proceeding is pending or threatened before the
Commission or other Governmental Authority for the cancellation or material
adverse modification of the FCC Licenses. The Company and the Subsidiaries are
current with all reports, filings and other matters relating to the Stations
that the Company or any Subsidiary is required to file with the Commission and
neither the Company nor any Subsidiary is delinquent in the payment of any fees
and charges relating to the Stations that are due to the Commission.

         (c) As of the Closing Date, either the Company or a Subsidiary will be
the authorized legal holder of each of the FCC Licenses and the FCC Licenses
will be in full force and effect and no action or proceeding will be pending or
threatened before the Commission for the cancellation of the FCC Licenses.

         Section 4.21. LITIGATION. There are no Governmental Orders and no
Actions pending or, to the Company's and Sellers' knowledge, threatened against
or affecting the Company, any Subsidiary, Sellers or the Assets which challenge
the validity or propriety of any of the transactions contemplated by this
Agreement.

         Section 4.22. ENVIRONMENTAL. Neither the Company, its Subsidiaries nor,
to their knowledge, the sellers under the Initial Purchase Agreements has
received any written notice of any investigation or inquiry by any Governmental
Authority under any Environmental Laws relating to the ownership or operation of
the Assets or the Stations. Neither the Company, its Subsidiaries nor, to their
knowledge, the sellers under the Initial Purchase Agreements has disposed of any
Hazardous Material on any of the Assets in violation of Environmental Laws and,
to the Company's knowledge, no condition exists on any of the Assets which would
subject the Assets to any remedial obligations under any Environmental Laws.

         Section 4.23. INITIAL PURCHASE AGREEMENTS. The Company has delivered to
Purchaser accurate and complete copies of the Initial Purchase Agreements. Each
of such agreements is a valid and binding agreement of the Company and (to the
knowledge of the Company) the other party or parties thereto, enforceable
against the Company and (to the knowledge of the Company and Sellers) such other
party or parties in accordance with its terms. Except as set forth on SCHEDULE
4.23, the Company is not in breach of or in default under, nor has any event
occurred which (with or without the giving of notice or the passage of time or
both) would constitute a default by the Company under, any provision of any of
such agreements, and the Company has not received any notice from, or given any
notice to, any other party indicating that the Company is in breach of or in
default under any of such agreements. To the knowledge of the Company and
Sellers, no other party to any of such agreements is in breach of or in default
under such agreements, nor has any assertion been made by the Company of any
such breach or default.

                                       21
<PAGE>   22

         Section 4.24. CERTAIN OTHER AGREEMENTS. Set forth on SCHEDULE 4.24 is
an accurate and complete list of all contracts, agreements, leases, licenses,
plans, arrangements or commitments, written or oral (collectively, excluding the
Initial Purchase Agreements, "COMPANY AGREEMENTS") (i) relating to the borrowing
of money by the Company or any Subsidiary or to the guarantee or assumption by
the Company or any Subsidiary of any obligations of others, or (ii) pursuant to
which the Company or any Subsidiary is obligated to expend or has the right to
receive more than $50,000 in any 12-month period and which is not subject to
cancellation by the Company or any Subsidiary upon less than 60 days' notice
without penalty. Each of the Company Agreements is a valid and binding agreement
of the Company or a Subsidiary, as the case may be, and (to the knowledge of the
Company) the other party or parties thereto, enforceable against the Company or
such Subsidiary and (to the knowledge of the Company) such other party or
parties in accordance with its terms. Neither the Company nor any Subsidiary is
in breach of or in default under, nor has any event occurred which (with or
without the giving of notice or the passage of time or both) would constitute a
default by the Company or any Subsidiary under, any material provision of any of
the Company Agreements other than any breach or default resulting from the
action or inaction of Purchaser under the LMA, and neither the Company nor any
Subsidiary has received any notice from, or given any notice to, any other party
indicating that the Company or any Subsidiary is in breach of or in default
under any of the Company Agreements, other than any breach or default resulting
from the action or inaction of Purchaser under the LMA. To the knowledge of the
Company and Sellers, no other party to any of the Company Agreements is in
breach of or in default under such agreements, and no assertion has been made by
the Company or any Subsidiary of any such breach or default.

         Section 4.25. ERISA. Neither the Company nor any of its affiliates
sponsor, maintain, contribute to (other than indirectly through the Administaff
Client Service Agreement referred to below) or administer any employee benefit
plan within the meaning of Section 3(3) of ERISA, including a multiemployer plan
(within the meaning of Section 4001(a) of ERISA). All fees required to be paid
by the Company to Administaff Companies, Inc. pursuant to the Client Service
Agreement between the Company and Administaff Companies, Inc. are current as of
the date of this Agreement. For purposes of this Section and Section 7.02(e)
only, an "affiliate" of any person means any other person which, together with
such person, would be treated as a single employer under Section 414 of the
Code.

         Section 4.26. INSURANCE. The Company maintains the policies of
insurance described on SCHEDULE 4.26. All such policies are in full force and
effect and all premiums have been paid in full to the extent payment was due.

         Section 4.27. BROKERAGE FEES. Neither Sellers nor any of their
respective Affiliates have retained any financial advisor, broker, agent, or
finder or paid or agreed to pay any financial advisor, broker, agent, or finder
on account of this Agreement or any transaction contemplated hereby, other than
Bluestone Capital Partners, L.P. and Americom Radio Brokers, Inc. (the "SELLERS'
BROKERS"). Sellers shall pay all costs and expenses of Sellers' Brokers in
accordance with agreements therewith and jointly and severally indemnify and
hold harmless Purchaser from and against any and all losses, claims, damages and

                                       22
<PAGE>   23

liabilities (including legal and other expenses reasonably incurred in
connection with investigating or defending any claims or actions) with respect
to any finder's fee, brokerage commission or similar payment in connection with
any transaction contemplated hereby asserted by any person on the basis of any
act or statement made or alleged to have been made by any Seller.

         Section 4.28. CERTAIN PAYMENTS. Since the inception of the Company,
none of the Company or its Subsidiaries, or any director, officer, employee, or,
to the knowledge of the Company, any agent (or employee thereof) of the Company
or any Subsidiary or any other Person associated with or acting for or on behalf
of the Company or any Subsidiary, other than Purchaser or any Affiliate of
Purchaser, has directly or indirectly (a) made any illegal contribution, gift,
bribe, rebate, payoff, influence payment, kickback or other payment to any
Person, private or public, regardless of form, whether in money, property or
services (i) to obtain favorable treatment in securing business, (ii) to pay for
favorable treatment for business secured or (iii) to obtain special concessions
or for special concessions already obtained, for or in respect of the Company or
any of its Subsidiaries.

         Section 4.29. EMPLOYEES. Except as set forth on SCHEDULE 4.29, the
Company has no employees as of the date of this Agreement, and, as of the
Closing Date, it shall have no employees or obligations or liabilities with
respect to former employees, other than those hired pursuant to the transactions
contemplated hereby or as may be required under applicable Law.

         Section 4.30. LABOR AGREEMENTS AND ACTIONS. The Company and its
Subsidiaries are not bound by or subject to (and none of the Company or its
Subsidiaries' assets or properties is bound by or subject to) any written or
oral, express or implied, contract, commitment or arrangement with any labor
union, and no labor union has requested or, to the knowledge of the Company or
its Subsidiaries, has sought to represent any of the employees, representatives
or agents of the Company or its Subsidiaries. There is no strike or other labor
dispute involving the Company or its Subsidiaries pending, or, to the knowledge
of the Company or its Subsidiaries, threatened, nor is the Company or its
Subsidiaries aware of any labor organization activity involving employees of the
Company or its Subsidiaries.

                                    ARTICLE V
                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

     Purchaser hereby represents and warrants to the Company and Sellers as
follows:

         Section 5.01. ORGANIZATION AND GOOD STANDING. Purchaser is a
corporation duly organized, validly existing and in good standing under the laws
of the state of Delaware and has all requisite corporate power and authority to
own and lease its properties and carry on its business as currently conducted.

         Section 5.02. DUE AUTHORIZATION; EXECUTION AND DELIVERY. Subject to the
issuance of the Final Orders and any required compliance with the HSR Act,
Purchaser has full power and authority to enter into this Agreement and the
Ancillary Documents to which it is a party and to carry out its obligations
hereunder. The execution and delivery by Purchaser of this Agreement and the
Ancillary Documents to which it is a party and the consummation by it of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Purchaser. This Agreement and the Ancillary

                                       23
<PAGE>   24

Documents to which Purchaser is a party have been duly executed and delivered by
Purchaser and constitute the legal, valid and binding obligations of Purchaser,
enforceable against it in accordance with their respective terms, except as may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors' rights generally or general equitable
principles. Neither the execution and delivery by Purchaser of this Agreement or
the Ancillary Documents to which it is a party, nor the consummation of the
transactions contemplated hereby and thereby will: (i) conflict with or result
in a breach of the organizational documents of Purchaser; (ii) subject to the
issuance of the Final Orders, violate any law, statute, rule or regulation or
any order, writ, injunction or decree of any court or governmental authority; or
(iii) violate or conflict with or constitute a default under (or give rise to
any right of termination, cancellation or acceleration under) any indenture,
mortgage, lease, contract or other instrument to which Purchaser or any of its
Affiliates is a party or by which it or any of its Affiliates is bound or
affected.

         Section 5.03. GOVERNMENTAL CONSENTS. No consent, approval,
authorization, license, exemption of, filing or registration with any court,
governmental authority or administrative agency is required by Purchaser in
connection with the execution and delivery of this Agreement or the consummation
by it of any transaction contemplated hereby, other than the consent of the FCC
or under the HSR Act.

         Section 5.04. LITIGATION. There is no order of any court, governmental
agency or authority and no action, suit, proceeding or investigation, judicial,
administrative or otherwise that is pending or, to Purchaser's knowledge,
threatened against or affecting Purchaser which challenges the validity or
propriety of any of the transactions contemplated by this Agreement.

         Section 5.05. BROKERAGE FEES. No broker, finder, financial advisor or
investment banker is entitled to any brokerage, finder's or other fee,
commission or expense reimbursement in connection with the transactions
contemplated by this Agreement as a result of any agreement or action of
Purchaser, other than Lehman Brothers, Inc. (the "PURCHASER'S BROKER").
Purchaser shall pay all costs and expenses of the Purchaser's Broker in
accordance with agreements therewith, and indemnify and hold harmless Seller and
its Affiliates from and against any and all losses, claims, damages and
liabilities (including legal and other expenses reasonably incurred in
connection with investigating or defending any claims or actions) with respect
to any finder's fee, brokerage commission or similar payment in connection with
any transaction contemplated hereby asserted by any person on the basis of any
act or statement made or alleged to have been made by Purchaser or any of its
Affiliates.

         Section 5.06. QUALIFICATION. Purchaser is legally, financially and
otherwise qualified to be the licensee of, acquire, own and operate the Station
under 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 Purchaser as an
assignee of the FCC Licenses or as the owner and operator of the Station. No
waiver of any FCC rule or policy is necessary for the FCC Consents to be
obtained. There is no action, suit or proceeding pending or, to the knowledge of
Purchaser, threatened against Purchaser which questions the legality or

                                       24
<PAGE>   25

propriety of the transactions contemplated by this Agreement or could materially
adversely affect Purchaser's ability to perform its obligations hereunder.
Purchaser has and will have available on the Closing Date sufficient funds to
enable it to consummate the transactions contemplated hereby.

         Section 5.07. PURCHASER SHARES. The Purchaser Shares have been duly
authorized for issuance and, if and when delivered by Purchaser in accordance
with the provisions of this Agreement, will be validly issued fully paid and
nonassessable. The issuance of the Purchaser Shares pursuant to this Agreement
is not subject to any preemptive or similar rights.

                                   ARTICLE VI
                     CERTAIN COVENANTS AND OTHER AGREEMENTS

         Section 6.01. CONDUCT AND PRESERVATION OF BUSINESS.

         (a) Except actions or inactions of Purchaser pursuant to the LMA, or as
expressly provided in this Agreement, during the period from the date hereof to
the Closing, the Company shall not, without the prior written consent of
Purchaser:

                  (i) incur, guarantee or assume any indebtedness for borrowed
         money in respect of the Stations, other than indebtedness to Purchaser,
         or in accordance with the Bridge Loan Agreement;

                  (ii) mortgage or pledge any of the Assets to any person other
         than Purchaser, and other than in accordance with the Bridge Loan
         Agreement, or create or suffer to exist any Encumbrance thereupon,
         other than the Permitted Encumbrances and Encumbrances in favor of
         Purchaser, or in accordance with the Bridge Loan Agreement;

                  (iii) sell, lease, transfer or otherwise dispose of, directly
         or indirectly, any material part of the Assets, other than in
         accordance with the Bridge Loan Agreement;

                  (iv) amend, modify or change any existing lease, contract, FCC
         License or agreement relating to the Assets;

                  (v) amend, modify or change in any way the terms of the
         Initial Purchase Agreements;

                  (vi) take any action which would or might make any of the
         representations or warranties of the Company or Sellers contained in
         this Agreement untrue or inaccurate as of any time from the date of
         this Agreement to the Closing or would or might result in any of the
         conditions set forth in this Agreement not being satisfied;

                  (vii) issue or sell any of the capital stock of the Company,
          or grant or commit grant any options, warrants or other rights to
          subscribe for, or purchase, or otherwise acquire, any shares of
          capital stock of the Company, or issue or commit to issue any
          securities convertible into or exchangeable for shares of capital
          stock of the Company;

                                       25
<PAGE>   26

                  (viii) change or amend the Certificate of Incorporation or
         Bylaws of the Company; or

                  (ix) authorize or propose, or agree in writing or otherwise to
         take, any of the actions described in this Section.

         Section 6.02. ACCESS TO RECORDS AND PROPERTIES. Subject to requirements
of confidentiality imposed by contract or by law, the Company will (a) make
available to Purchaser and its accountants, counsel and other representatives,
access during normal business hours to the properties, books and records of the
Company, and will allow the Company's officers and representatives to be
available to Purchaser for consultation, and (b) furnish Purchaser with copies
of all such contracts, books and records, and other existing documents and data
relating to the Company, any Subsidiary or the Assets as Purchaser may
reasonably request, and (c) furnish Purchaser with such additional financial,
operating, and other data and information relating to the Company, any
Subsidiary or the Assets as Purchaser may reasonably request.

         Section 6.03. TAXES; OTHER CHARGES. All sales, use, value added,
transfer, registration, stamp, deed and similar Taxes ("TRANSFER TAXES"), other
than any Transfer Taxes relating to the Kept Assets, resulting from the
consummation of the transactions contemplated hereby shall be borne by Sellers
and Purchaser equally. The parties shall cooperate in obtaining all exemptions
from such Transfer Taxes. Sellers shall file all necessary documentation with
respect to, and make all payments of, such Transfer Taxes on a timely basis.

         Section 6.04. BEST EFFORTS. The Company, Sellers and Purchaser shall
take all reasonable action necessary to consummate the transactions contemplated
by this Agreement and will use all necessary and reasonable means at its
disposal to obtain all necessary consents and approvals of other persons and
Governmental Authorities required to enable it to consummate the transactions
contemplated by this Agreement, including the consent of the FCC and any
necessary filings and consents under the HSR Act. Without limiting the
generality of the foregoing, the Company and Sellers shall take all reasonable
action necessary to consummate the transactions contemplated by the Initial
Purchase Agreements and will use all necessary and reasonable means at its
disposal to obtain all necessary consents and approvals of other persons and
Governmental Authorities required to enable it to consummate the transactions
contemplated by the Initial Purchase Agreements, including the consent of the
FCC. Except as otherwise provided herein, each of the Company, Sellers and
Purchaser acknowledges and agrees that it shall pay all costs, fees and expenses
incurred by it in obtaining such necessary consents and approvals (it being
understood that Purchaser shall pay all filing fees in connection with
notification filings under the HSR Act). Each party shall promptly make all
filings, applications, statements and reports to all governmental agencies or
entities which are required to be made prior to the Closing Date by or on its
behalf pursuant to any statute, rule or regulation in connection with the
transactions contemplated by this Agreement, and copies of all such filings,
applications, statements and reports shall be provided to the other. If the FCC
determines that the transactions contemplated hereby or a portion thereof are
inconsistent or violative of FCC rules or regulations, the parties agree that
they will, to the extent practicable, negotiate in good faith to amend, modify
or restructure the transactions contemplated hereby so as to be consistent with
FCC rules and regulations.

                                       26
<PAGE>   27

         Section 6.05. PUBLIC ANNOUNCEMENTS. Prior to the Closing Date, all
notices to third parties and other publicity relating to the transactions
contemplated by this Agreement shall be jointly planned by Sellers and
Purchaser; it being understood by the Company and Sellers that Purchaser is a
public company subject to disclosure requirements, and this covenant shall be
subject to Purchaser's requirements thereunder.

         Section 6.06. NEWCO SUBS. Prior to Closing, the Company shall transfer
all of the Kept Assets to one or more Newco Subs. Each Newco Sub shall continue
to be subject to the Bridge Loan Agreement as provided therein. Immediately
prior to (but no sooner than immediately prior to) the Closing, the Company
shall distribute or otherwise transfer all of the equity securities of Newco Sub
to the stockholders of the Company. Sellers shall take all actions necessary to
provide for such transfer in a manner that will not delay or otherwise impede
the Closing.

         Section 6.07. EMPLOYMENT MATTERS. Set forth on SCHEDULE 6.07 is an
accurate and complete list of the names, positions and salaries of the local
management personnel of the Company (the "MANAGEMENT PERSONNEL"). Between the
date hereof and the Closing, the Company shall deliver to the purchaser a
revised SCHEDULE 6.07 updating the information as to the Management Personnel.

         Section 6.08. REGISTRATION RIGHTS. Upon Closing, Purchaser and Sellers
shall enter into a registration rights agreement in substantially the same form
as the Form of Registration Rights Agreement attached hereto as EXHIBIT 6.08.

         Section 6.09. COMPLIANCE WITH COVENANTS. Between the date hereof and
the Closing, the Company and Sellers will comply in all material respects with
all covenants set forth in Articles VI and VII of the Bridge Loan Agreement and
Purchaser shall comply, and shall cause its Affiliates to comply, in all
material respects with all covenants of Purchaser and its Affiliates set forth
in the LMA.

         Section 6.10. NOTIFICATION. Between the date hereof and the Closing,
the Company and Sellers will promptly notify Purchaser in writing if the Company
or Sellers become aware of any fact or condition that causes or constitutes a
breach of any of the Company's or Sellers' representations and warranties as of
the date hereof, or if the Company or Sellers become aware of the occurrence
after the date hereof of any fact or condition that would (except as expressly
contemplated by this Agreement) cause or constitute a breach of any such
representation or warranty had such representation or warranty been made as of
the time of occurrence or discovery of such fact or condition. During the same
period, the Company and Sellers will promptly notify Purchaser of the occurrence
of any breach of any covenant of the Company or Sellers in this Section 6 or
Article VI or VII of the Bridge Loan Agreement or of the occurrence of any event
that may make the satisfaction of the conditions in Section 3 impossible or
unlikely. During the same period, Purchaser will promptly notify the Company and
Sellers of the occurrence of any breach of any covenant of the Purchaser in this
Section 6 or the LMA or of the occurrence of any event that may make the
satisfaction of the conditions in Section 3 impossible or unlikely.

                                       27
<PAGE>   28

         Section 6.11. NO NEGOTIATION. Until such time, if any, as this
Agreement is terminated pursuant to Article VIII, the Company and Sellers will
not directly or indirectly solicit, initiate, or encourage any inquiries or
proposals from, discuss or negotiate with, or provide any non-public information
to, any person (other than Purchaser) relating to any transaction involving the
sale of the Assets, or any of the capital stock of the Company, or any merger,
consolidation, business combination, or similar transaction involving the
Company.

         Section 6.12. TAX COVENANTS.

         (a) Without the prior written consent of Purchaser, which consent shall
not be unreasonably withheld, neither the Company nor any of the Subsidiaries
shall make or change any material Tax election (other than an election to treat
a wholly-owned subsidiary as a qualified Subchapter S subsidiary pursuant to
Section 1361 of the Code), change any annual Tax accounting period, adopt or
change any method of Tax accounting, file any material amended Tax Return, enter
into any closing agreement, settle any Tax claim or assessment, surrender any
right to claim a Tax refund, consent to the extension or waiver of the
limitations period applicable to any Tax claim or assessment, surrender any
right to claim a Tax refund or take or omit to take any other action outside the
ordinary course of business if such action or omission would have the effect of
materially increasing the Tax liability of the Company or any of its
Subsidiaries (including any such increase that would occur in Tax periods after
the Closing Date).

         (b) All Tax Returns not required to be filed on or before the date of
this Agreement (i) will, to the extent required to be filed on or before the
Closing Date, be filed in accordance with applicable Laws, and (ii) as of the
time of filing, will correctly reflect the income, business, assets, operations,
activities and status of the Company, its Subsidiaries and any other information
required to be shown therein in all material respects.

         Section 6.13. POST-CLOSING TAX MATTERS.

         (a) Sellers shall file or cause to be filed when due all Tax Returns
due to be filed on or prior to the Closing Date and all U.S. federal, state and
local income and franchise Tax Returns with respect to the Company or its
Subsidiaries with respect to the taxable periods ending on or before the Closing
Date.

         (b) Purchaser shall file or cause to file when due all other Tax
Returns with respect to the Company or its Subsidiaries due to be filed after
the Closing Date.

         (c) After the Closing Date, each of Sellers and Purchaser shall:

                  (i) assist (and cause their respective affiliates to assist)
         the other party in preparing any Tax Returns which such other party is
         responsible for preparing and filing in accordance with this Agreement;

                  (ii) cooperate fully in preparing for any audits of, or
         disputes with taxing authorities regarding, any Tax Returns and
         payments in respect thereof;

                                       28
<PAGE>   29

                  (iii) make available to the other and to any taxing authority
         as reasonably requested all relevant information, records, and
         documents relating to Taxes;

                  (iv) provide timely notice to the other in writing of any
         pending or proposed audits or assessments with respect to Taxes for
         which the other may have a liability under this Agreement;

                  (v) furnish the other with copies of all relevant
         correspondence received from any taxing authority in connection with
         any audit or information request with respect to any Taxes referred to
         in subsection (iv) above; and

                  (vi) bear the other party's reasonable out-of-pocket expenses
         in complying with a request by a party for the other party's assistance
         or cooperation to the extent that those expenses are attributable to
         fees and other costs of unaffiliated third- party service providers.

         (d) Sellers agree to pay all Taxes relating to the Kept Assets,
  including, without limitation, all income Taxes and Transfer Taxes resulting
  from their transfer and the spin off of any Newco Sub to Sellers.

         Section 6.14. KXJO. As soon as practicable after the date hereof, the
Company shall assign its rights and obligations under the SF Agreement to a
wholly owned subsidiary of the Company ("KXJO SUB"), and shall obtain all
necessary authorizations from Citicasters and the FCC to permit such assignment.
As consideration for such assignment and in connection with the distribution of
the capital stock of KXJO Sub to Sellers as described below, KXJO Sub shall
issue its promissory note (the "KXJO NOTE") to the Company in the principal
amount of $4,500,000 to cover the $4,500,000 previously paid into escrow by the
Company pursuant to the SF Agreement toward the purchase price of radio station
KXJO-FM. The KXJO Note shall be in form and substance reasonably satisfactory to
counsel for Purchaser. Interest shall accrue on the outstanding principal
balance of the KXJO Note at the rate per annum equal to the applicable federal
rate. The unpaid principal and interest of the KXJO Note shall be due and
payable in full on the earlier to occur of the termination of the KXJO Sub
Agreement and January 1, 2002. In the event that the FCC has not issued the FCC
Order with respect to radio station KXJO-FM on or before the business day
immediately preceding the Closing Date, then immediately prior to Closing (i)
KXJO Sub shall issue the KXJO Note to the Company, (ii) KXJO Sub and Newco Sub
shall be jointly and severally liable for all borrowings under the Bridge Loan
Agreement and shall be bound as a "Borrower" thereunder and KXJO Sub and Newco
Sub shall grant a general security interest to Purchaser thereunder, and Sellers
shall pledge all of their equity securities of KXJO Sub and Newco Sub and the
certificates evidencing the Purchaser Shares to Purchaser, (iii) the Company
shall distribute all of the shares of stock of KXJO Sub to Sellers, (iv) Sellers
shall provide to Purchaser a limited recourse guaranty of the repayment of the
KXJO Note, which guaranty shall be in form and substance reasonably satisfactory
to counsel for Purchaser and which shall terminate upon the sale of the shares
of capital stock of KXJO Sub to Purchaser, and shall pledge to Purchaser,
pursuant to a pledge and security agreement substantially in the form of the
pledge agreement attached as Exhibits B and E, as applicable, to the Bridge Loan

                                       29
<PAGE>   30

Agreement, all of the Purchaser Shares, and all of the equity securities of KXJO
Sub and Newco Sub as collateral for such guaranty and the payment of the
Liquidated Damages (as defined below), (v) the Purchase Price shall be reduced
by $5,000 (the "KXJO ADJUSTMENT"), (vi) Closing shall occur with respect to the
Shares in accordance with Article III, (vii) the representations and warranties
of the Company and Sellers set forth herein shall be deemed to have been made
without regard to such Station and (viii) Sellers and Purchaser shall enter into
a Stock Purchase Agreement with respect to all of the shares of capital stock of
KXJO Sub, which Stock Purchase Agreement (the "KXJO SUB AGREEMENT") shall (A)
provide for a purchase price for the capital stock of KXJO Sub of $5,000, (B)
provide for a closing of the transactions contemplated thereby to occur on the
third business day following the date on which the FCC issues the FCC Order with
respect to such Station, (C) provide for liquidated damages equal to the
repayment of the KXJO Note (including interest, fees and expenses) plus the
Purchaser Shares to be paid to Purchaser in the event that the KXJO Sub
Agreement is not consummated for any reason (other than a material breach by
Purchaser) prior to January 1, 2002, and (D) otherwise contain such terms,
conditions and indemnities as are as substantially similar as practicable under
the circumstances to those set forth herein.

                                   ARTICLE VII
                                 INDEMNIFICATION

         Section 7.01. SURVIVAL. All representations, warranties, covenants and
agreements made by any party to this Agreement or pursuant hereto shall be
deemed to be material and to have been relied upon by the parties hereto and
shall survive the Closing for twelve months after the Closing Date, except for
(i) the representations and warranties provided in Sections 4.01, 4.04, 4.05,
4.06(a)(i), 4.20(c), 4.25, 4.27, 5.01, 5.02, 5.05, 5.06 and 5.07, which shall
survive indefinitely, and (ii) the representations and warranties provided in
Section 4.17, which shall not survive the Closing.

         Section 7.02. INDEMNIFICATION BY SELLERS. Subject to the limitations
set forth in Sections 7.01 and 7.04, each of Sellers, jointly and severally,
shall indemnify and hold harmless Purchaser and its officers, directors,
employees, agents, permitted assigns, Affiliates and successors thereof from,
against, for and in respect of:

         (a) any and all damages, losses, settlement payments, obligations,
liabilities, claims, actions or causes of action and encumbrances (collectively,
"LOSSES") suffered, sustained, incurred or required to be paid by Purchaser and
arising from the breach of any written representation, warranty, agreement or
covenant of the Company or such Seller contained in this Agreement, except to
the extent that the same has resulted in a reduction of the Purchase Price
pursuant to Section 2.02;

         (b) any and all Losses relating to Liabilities arising from the Kept
Assets; except to the extent that the same has resulted in a reduction of the
Purchase Price pursuant to Section 2.02;

         (c) all customary costs and expenses (including, without limitation,
customary attorneys' fees, interest and penalties) incurred by Purchaser in
connection with any action, suit, proceeding, demand, assessment or judgment
incident to any of the matters indemnified against in this Section 7.02; and

                                       30
<PAGE>   31

         (d) any Losses arising from any cleanup or other remediation of or
arising from any cleanup, removal, containment or other remediation
(collectively, "CLEANUP") required by applicable law or regulation of, or any
other damage arising from, any Hazardous Substance, Cleanup or breach of
Environmental Law, but only to the extent that Company or Sellers have caused
such Losses, or in the case that they have not caused such Losses, only to the
extent that Sellers may receive indemnification or contribution for such Losses
pursuant to the Initial Purchase Agreements.

         (e) any Losses arising from or in connection with the maintenance by
Sellers, the Company or any affiliate of the Company of any employee benefit
plan (as defined in Section 3(3) of ERISA), or by reason of the Company's
contractual arrangement with the Administaff Companies, Inc. (the "CLIENT
SERVICE AGREEMENT") including, without limitation, any liability to the Pension
Benefit Guaranty Corporation, the IRS, a Multiemployer Plan or employees or
former employees (or their beneficiaries) of Sellers, the Company or any
affiliate of the Company arising out of or relating to the Client Service
Agreement and/or the maintenance, administration, termination or any other
reason of any such plans, the trusts related to such plans, or employment with
the Sellers, the Company or any affiliate of the Company on or prior to the
Closing Date.

         THE PROVISIONS OF THIS INDEMNITY SHALL NOT BE THE SOLE REMEDY IN THE
CASE OF INTENTIONAL MISREPRESENTATIONS, FRAUD, WILLFUL MISCONDUCT OR GROSS
NEGLIGENCE.

         Section 7.03. INDEMNIFICATION BY PURCHASER. Subject to the limitations
set forth in Sections 7.01 and 7.04, Purchaser shall indemnify and hold the
Company and each Seller and the officers, directors, employees, trustees,
agents, permitted assigns, Affiliates and successors thereof harmless from,
against, for and in respect of:

         (a) any and all Losses suffered, sustained, incurred or required to be
paid by Seller and arising from the breach of any written representation,
warranty, agreement or covenant of Purchaser contained in this Agreement, or the
ownership and operation by Purchaser of the Assets after the Closing;

         (b) any and all Losses relating to Liabilities of the Company or any
Subsidiary arising from and after the Closing Date; and

         (c) all reasonable costs and expenses (including, without limitation,
attorneys' fees, interest and penalties) incurred by the Company or any Seller
in connection with any action, suit, proceeding, demand, assessment or judgment
incident to any of the matters indemnified against in this Section 7.03.

         THE PROVISIONS OF THIS INDEMNITY SHALL NOT BE THE SOLE REMEDY IN THE
CASE OF INTENTIONAL MISREPRESENTATIONS, FRAUD, WILLFUL MISCONDUCT OR GROSS
NEGLIGENCE.

         Section 7.04. INDEMNIFICATION PROCEDURES. The obligations and
liabilities of each indemnifying party hereunder with respect to claims
resulting from the assertion of liability by the other party or indemnified

                                       31
<PAGE>   32

third parties shall be subject to the following terms and conditions:

         (a) The indemnified party shall give prompt written notice (which in no
event shall exceed 30 days from the date on which the indemnified party first
became aware of such claim or assertion) to the indemnifying party of any claim
which might give rise to a claim by the indemnified party against the
indemnifying party based on the indemnity agreements contained in Article VII
hereof, stating the nature and basis of said claims and the amounts thereof, to
the extent known. The failure to so notify, or any delay in so notifying, the
indemnifying party will not relieve the indemnifying party of its obligations
under Article VII, except solely to the extent that the indemnifying party can
demonstrate that such failure actually and materially prejudices the defense of
the Action by the indemnifying party. Within 10 days of delivery of such notice,
the indemnifying party shall advise the indemnified party (i) whether it
disputes the claim for indemnification and (ii) whether the indemnifying party
desires at its sole cost and expense to defend such Action.

         (b) In the event that the indemnifying party notifies the indemnified
party within the notice period specified in clause (a) of this Section 7.04 that
the indemnifying party does not dispute the indemnifying party's obligation to
indemnify hereunder and desires to defend the indemnified party against such
claim and, except as hereunder provided, the indemnifying party shall have the
right to defend by appropriate proceedings, which proceedings shall be promptly
settled or prosecuted by the indemnifying party to final conclusion; provided
that, unless the indemnified party otherwise agrees, the indemnifying party may
not compromise or settle any matter (in whole or in part) (i) without obtaining
a complete and unconditional release of the indemnified party, (ii) unless the
sole relief provided is monetary damages that are paid in full by the
indemnifying party, and (iii) unless there is no finding or admission of any
violation of law or any violation of the rights of any other Person and no
effect on any claims that may be made against the indemnified party. If the
indemnifying party elects not to defend the indemnified party against such
claim, whether by failure of the indemnifying party to give the indemnified
party timely notice as provided above or otherwise, then the indemnified party
may assume the defense thereof, shall have the right to undertake the defense
of, compromise or settle such proceedings and the indemnifying party shall, upon
request of the indemnified party, pay to such indemnified party, in accordance
with the terms of this Article VII, the amount of Losses resulting from such
proceeding; provided, however, that such proceeding shall not be compromised or
settled without the written consent of the indemnifying party, which consent
shall not be unreasonably withheld. Notwithstanding the foregoing, the
indemnifying party's right to object to any proposed compromise or settlement
shall be conditioned upon such indemnifying party acknowledging to the
indemnified party that such indemnifying party shall be solely responsible (as
between the indemnifying party and the indemnified party) for all liabilities
and obligations arising from the matter proposed to be compromised or settled.
If any Action, suit or proceeding is brought against the indemnified party with
respect to which the indemnifying party may have liability under the indemnity
agreements contained in Article VII hereof, the Action, suit or proceeding
shall, upon the written acknowledgment by the indemnifying party that it is
obligated to indemnify under such indemnity agreement, be defended (including
all proceedings on appeal or for review which counsel for the indemnified party
shall deem appropriate) by the indemnifying party. The indemnified party shall
have the right to employ its own counsel in any such case, but the fees and

                                       32
<PAGE>   33

expenses of such counsel shall be at the indemnified party's own expense unless
(i) the employment of such counsel and the payment of such fees and expenses
both shall have been specifically authorized in writing by the indemnifying
party in connection with the defense of such Action, suit or proceeding, or (ii)
counsel to such indemnified party shall have reasonably concluded and
specifically notified the indemnifying party that there may be specific defenses
available to it which are different from or additional to those available to the
indemnifying party or that such Action, suit or proceeding involves or could
have an effect upon matters beyond the scope of the indemnity agreements
contained in Article VII hereof, in any of which events the indemnifying party,
to the extent made necessary by such defenses, shall not have the right to
direct the defense of such Action, suit or proceeding on behalf of the
indemnified party. In the latter such case only that portion of such fees and
expenses of the indemnified party's separate counsel reasonably related to
matters covered by the indemnity agreements contained in Article VII hereof
shall be borne by the indemnifying party. The indemnified party shall be kept
fully informed of such action, suit or proceeding at all stages thereof whether
or not it is represented by separate counsel.

         (c) The defending party shall make available to the non-defending party
and its attorneys and accountants all books and records of the non-defending
party relating to such proceedings or litigation and the parties hereto agree to
render to each other such assistance as they may reasonably require of each
other in order to ensure the proper and adequate defense of any such Action,
suit or proceeding.

         (d) There shall be no indemnification recoverable against a party
otherwise obligated to provide indemnification therefor under this Article VII
until the Losses by the party seeking such indemnification exceed $150,000 in
the aggregate (the "BASKET AMOUNT") (other than the payment of Taxes relating to
the Straddle Period and Taxes related to the Kept Assets), and once all such
Losses exceed the Basket Amount, such party shall only be obligated to the other
party for Losses in excess of the Basket Amount (other than the payment of Taxes
relating to the Straddle Period and Taxes related to the Kept Assets).

         (e) No Seller shall be required to pay any amount in satisfaction of
the indemnification obligations of such Seller pursuant to this Article VII in
excess of the portion of the Purchase Price received by such Seller.

         (f) A waiver of a condition to Closing hereunder shall not preclude the
waiving party from being indemnified hereunder.

         Section 7.05 TAX INDEMNIFICATION BY SELLER.

         (a) Sellers shall pay, indemnify and hold harmless (jointly and
severally) Purchaser, the Company and each of its Subsidiaries and their
successors, from and against all liabilities for Taxes of the Company and each
of its Subsidiaries for taxable periods ending on or before the Closing Date.
For purposes of the preceding sentence, the Closing Date shall be treated as the
last day of a taxable period whether or not the taxable period in fact ends on
the Closing Date. For purposes of this Section, in the case of any Taxes that
are imposed on a periodic basis and are payable for a taxable period that
includes (but does not end on) the Closing Date (the "STRADDLE PERIOD"), the
portion of such Tax which relates to the portion of such a taxable period ending
on the Closing Date shall, (i) in the case of any Taxes other than Taxes based
upon or related to income or receipts, be deemed to be the amount of such Tax
for the entire taxable period multiplied by a fraction the numerator of which is

                                       33
<PAGE>   34

the number of days in the taxable period ending on the Closing Date and the
denominator of which is the number of days in the entire taxable period, and
(ii) in the case of any Tax based upon or related to income or receipts deemed
equal to the amount which would be payable if the relevant taxable period ended
on the Closing Date, except that exemptions, allowances and deductions that are
calculated on an annual basis (such as depreciation) shall be apportioned on a
per diem basis. All determinations necessary to give effect to the foregoing
allocations shall be made in a manner consistent with prior practice of the
Company and its Subsidiaries. Sellers and Purchaser shall each bear their own
costs in determining the amount due under this Section 7.05. For purposes of
this Section 7.05 (and the calculation of any indemnity), any interest,
penalties or additions to tax accruing after the Closing Date with respect to a
liability for Taxes for which Sellers indemnify Purchaser, the Company or any of
its Subsidiaries shall be deemed to be attributable to a taxable period ending
on or before the Closing Date.

         (b) (i) Purchaser, the Company and its Subsidiaries shall include in
         their notice of any claim for indemnification pursuant to this Section
         7.05 a calculation of the amount of the requested indemnity payment. If
         Sellers disagree with the calculation of the indemnity payment, Sellers
         and Purchaser shall attempt to resolve such disagreement within a
         period of 45 days from the date Sellers receive the notice of claim for
         indemnification. If the parties fail to reach an agreement at the end
         of such period, such disagreement shall be submitted to a
         nationally-recognized firm of independent certified public accountants
         mutually selected by Sellers and Purchaser, whose determination shall
         be final and binding on all parties. The cost of such
         nationally-recognized firm of independent certified public accounts
         shall be borne equally by Sellers and Purchaser.

                  (ii) Within ten days after the indemnity calculation has been
         resolved or determined, Sellers shall pay to Purchaser, the Company and
         its Subsidiaries (and their successors) such amounts as have been
         determined to be due Purchaser, the Company and its Subsidiaries (and
         their successors) as a result of the indemnification provided in
         Section 7.05; provided, however, that Sellers' indemnification
         obligations under this Section 7.05 shall be subject to the limitations
         on indemnification set forth in this Article VII.

         (c) (i) Each of Purchaser, the Company and its Subsidiaries and Sellers
         will provide the other parties with such assistance as may reasonably
         be requested by any of them in connection with the preparation of any
         Tax Return, any audit or other examination by any Governmental
         Authority, any judicial or administrative proceedings relating to
         liability for Taxes, or any other claim arising under this Agreement,
         and each will retain and provide the others with any records or
         information that may be relevant to any such Tax Return, audit or
         examination, proceeding or claim. The party requesting assistance
         hereunder shall reimburse the other parties for reasonable ,
         out-of-pocket expenses incurred in providing such assistance.

                                       34
<PAGE>   35

         Notwithstanding any other provision of this Section 7.05(c), each party
         hereby agrees that it will retain, until all appropriate statutes of
         limitations (including any extensions) expire, copies of all Tax
         Returns, supporting work schedules and other records or information
         which may be relevant to such Tax Returns, except for such Tax Returns,
         supporting work schedules and other records which another party shall
         acquire as a consequence of this Agreement, and that it will not
         destroy or otherwise dispose of such materials without first providing
         the other relevant party with a reasonable opportunity to review and
         copy such materials.

                  (ii) If Sellers or Purchaser, as the case may be, fail to
         provide any information requested by another party within a reasonable
         period, or otherwise fail to do any act required of them under Section
         7.05, then such party shall be obligated, notwithstanding any other
         provision of this Agreement, to indemnify such other party and shall so
         indemnify such other party and hold such other party harmless from and
         against any and all costs, claims, or damages, including, without
         limitation, all Taxes or deficiencies thereof, payable as a result of
         such failure, subject, however, to the limitations on indemnification
         set forth in this Article VII.

         Section 7.06. TAX INDEMNIFICATION BY PURCHASER.

         (a) Purchaser shall be solely liable for Taxes of the Company for all
Taxable Years and periods commencing after the Closing Date. Purchaser shall
cause to be prepared and duly file all Tax Returns of the Company for Taxable
Periods commencing after the Closing Date. Purchaser shall pay all Taxes whether
or not shown to be due on such Tax Returns for all periods covered by such Tax
Returns. Notwithstanding the foregoing, except to the extent provided in Section
7.06(b), Purchaser shall be liable for, and shall indemnify and hold harmless
Sellers against, any and all Taxes for any Taxable Year or Taxable Period
commencing after the Closing Date due or payable by the Company.

         (b) Purchaser shall cause the Company to pay all Taxes due for any
Taxable year or Taxable period relating to the Straddle Period (subject to
Purchaser's right to indemnification under Section 7.05(a)). To the extent that
the Taxes that would have been due if the Straddle Period had ended on the
Closing Date are less than the Taxes for the Straddle Period paid by the Company
or Sellers prior to the Closing Date, such shortfall shall be paid by Purchaser
to Sellers at the time that any payment for such Taxes is due. Purchaser shall
be liable for, and shall indemnify and hold harmless Sellers against, all Taxes
for the Straddle Period for which Sellers are not responsible under Section
7.05(a).

         (c) Except as otherwise set forth in this Agreement, to the extent any
refunds or credits with respect to the Taxes paid by the Company are
attributable to Taxable periods commencing before and ending before the Closing
Date, such refunds or credits shall belong to Sellers. Except as provided in the
immediately succeeding sentence, to the extent that any refunds or credits with
respect to Taxes paid by the Company are attributable to Taxable periods
commencing on or after the Closing Date, such refunds or credits shall belong to
Purchaser. To the extent that any refunds or credits with respect to Taxes paid
by the Company are attributable to the Straddle Period, such refunds and credits
shall belong to the party who bears responsibility for such Taxes pursuant to
Sections 7.05 and 7.06. Purchaser shall cause the Company to forward to Sellers
or to reimburse Sellers for any refunds or credit belonging to Sellers within
two business days from receipt thereof by any of Purchaser or the Company.

                                       35
<PAGE>   36

Sellers shall forward to Purchaser or reimburse Purchaser for any refunds or
credits belonging to Purchaser within two business days from receipt thereof by
Sellers. Any refunds or reimbursements not made within the two-business day
period specified above shall bear interest from the date received by the
refunding or reimbursing party at the rate for Tax deficiencies under Section
6621 of the Code.

         (d) In addition to the provisions in this Section 7.06, it is intended
that the provisions in Section 7.05 will apply to Purchaser to the extent
appropriate.

                                  ARTICLE VIII
                                   TERMINATION

         Section 8.01. TERMINATION. This Agreement may be terminated and the
transactions contemplated hereby abandoned at any time prior to the Closing in
the following manner:

         (a) by mutual written consent of the Company, Sellers and Purchaser; or

         (b) by either Sellers on the one hand (following repayment of all
amounts due to Purchaser by any party under the Bridge Loan Agreement in
accordance with the terms thereof) or Purchaser on the other hand if the Closing
shall not have occurred on or before [June 1, 2001], unless such failure to
close shall be due to a breach of this Agreement by the party seeking to
terminate this Agreement pursuant to this clause (b); or

         (c) by either Sellers on the one hand (following repayment of all
amounts due to Purchaser by any party under the Bridge Loan Agreement in
accordance with the terms thereof) or Purchaser on the other hand if there shall
be any Law that makes consummation of the transactions contemplated hereby
illegal or otherwise prohibited or a Governmental Authority shall have issued an
order, decree or ruling or taken any other action permanently restraining,
enjoining or otherwise prohibiting the consummation of the transactions
contemplated hereby, and such order, decree, ruling or other action shall have
become final and nonappealable; or

         (d) by Sellers (following repayment of all amounts due to Purchaser by
any party under the Bridge Loan Agreement in accordance with the terms thereof),
if (i) any of the material representations and warranties of Purchaser contained
in this Agreement shall not be true and correct in any material respect, when
made or at any time prior to the Closing as if made at and as of such time
(except to the extent that any such representation or warranty is made as of a
specified date, in which case such representation or warranty shall have been
true and correct in all material respects as of such specified date), in any
respect which is material to Purchaser or the ability of Purchaser to consummate
the transactions contemplated hereby, or (ii) Purchaser shall have failed to
fulfill in any material respect any of its material obligations under this
Agreement, which failure is material to the obligations of Purchaser under this
Agreement, and, in the case of each of clauses (i) and (ii), such
misrepresentation, breach of warranty, or failure (provided it can be cured) has
not been cured within 30 days after written notice thereof from Sellers to
Purchaser; provided that Purchaser shall have no opportunity to cure its failure
to timely pay the Purchase Price; or

                                       36
<PAGE>   37

         (e) by Purchaser, if (i) any of the material representations and
warranties of the Company or Sellers contained in this Agreement shall not be
true and correct in any material respect, when made or at any time prior to the
Closing as if made at and as of such time (except to the extent that any such
representation or warranty is made as of a specified date, in which case such
representation or warranty shall have been true and correct in all material
respects as of such specified date), in any respect which is material to Sellers
or the ability of any Seller to consummate the transactions contemplated hereby,
or (ii) any of Sellers or the Company shall have failed to fulfill in any
material respect any of its material obligations under this Agreement, which
failure is material to the obligations of the Company or such Seller under this
Agreement, and, in the case of each of clauses (i) and (ii), such
misrepresentation, breach of warranty, or failure (provided it can be cured) has
not been cured within 30 days after written notice thereof from Purchaser to the
Company and Sellers.

         Section 8.02. CERTAIN REMEDIES NOT EXCLUSIVE. Except as specifically
set forth herein, the rights and remedies herein provided shall be cumulative
and not exclusive of any rights or remedies provided by law. The rights and
remedies of any party based upon, arising out of or otherwise in respect of any
inaccuracy in or breach of any representation, warranty, covenant or agreement
contained in this Agreement shall in no way be limited by the fact that the act,
omission, occurrence or other state of facts upon which any claim of any such
inaccuracy or breach is based may also be the subject matter of any other
representation, warranty, covenant or agreement contained in this Agreement (or
in any other agreement between the parties) as to which there is no inaccuracy
or breach.

         Section 8.03. SPECIFIC PERFORMANCE. It is understood and agreed that
money damages would not be sufficient remedy for Sellers' or Purchaser's failure
to perform under this Agreement, the Bridge Loan Agreement and the Ancillary
Documents, including Sellers' failure to transfer the Shares to Purchaser and
Purchaser's payment of the Purchase Price and advancement of funds under the
Bridge Loan Agreement in accordance with the terms thereof, that Purchaser or
Sellers, as the case may be, would be irreparably harmed by such a breach and
that Purchaser and Sellers shall be entitled to specific performance and
injunctive relief as remedies for any such breach.

                                   ARTICLE IX
                            MISCELLANEOUS PROVISIONS

         Section 9.01. EXPENSES. Except as otherwise expressly provided herein,
each party shall pay the fees and expenses incurred by it in connection with the
transactions contemplated by this Agreement. If any action is brought for breach
of this Agreement or to enforce any provision of this Agreement, the prevailing
party shall be entitled to recover court costs, arbitration expenses and
reasonable attorneys' fees.

         Section 9.02. AMENDMENT. This Agreement may be amended at any time but
only by an instrument in writing signed by the parties hereto.

         Section 9.03. NOTICES. All notices and other communications hereunder
shall be in writing and shall be deemed given if (i) mailed by certified mail,
return receipt requested, or delivered by nationally recognized "next-day"
delivery service, to the parties at the addresses set forth below (or at such
other address for a party as shall be specified by like notice), or (ii) sent by

                                       37
<PAGE>   38

facsimile to the number set forth below (or such other number for a party as
shall be specified by proper notice hereunder), or (iii) sent by email to the
email address set forth below (or such other email address for a party as shall
be specified by proper notice hereunder):

         If to Purchaser, to:       Spanish Broadcasting System, Inc.
                                    3191 Coral Way
                                    Miami, Florida 33145
                                    Attention:Joseph A. Garcia
                                    Facsimile: (305) 441-7861
                                    Email: bgerdts@sbscorporate.com

         with copies (which shall not constitute notice) to:

                                    Kaye, Scholer, Fierman, Hays & Handler, LLP
                                    901 Fifteenth Street, N.W.
                                    Washington, D.C. 20005
                                    Attention: Jason L. Shrinsky
                                    Facsimile: 202-682-3580
                                    Email:

         If to Sellers, to:         James L. Anderson
                                    1333 Corporate Drive, Suite 350
                                    Irving, Texas 75038
                                    Facsimile: 972-550-5517
                                    Email: jim@rodriguezcom.com

         with copies (which shall not constitute notice) to:

                                    Thompson & Knight L.L.P.
                                    1700 Pacific Ave., Suite 3300
                                    Dallas, Texas 75201
                                    Attention: David Emmons
                                    Facsimile: 214 969-1751
                                    Email: emmonsd@tklaw.com

         Section 9.04. ASSIGNMENT. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors,
heirs and permitted assigns. This Agreement may not be assigned by either party
without the prior written consent of the other, except that Purchaser may assign
to any wholly owned subsidiary of Purchaser or to Purchaser's lender that will
lend to Purchaser the funds that Purchaser will in turn lend pursuant to the
Bridge Loan Agreement any of Purchaser's rights, interests or obligations
hereunder, upon notice to the Company and Sellers; provided that no such
assignment shall relieve Purchaser of its obligations hereunder or delay
Closing.

                                       38
<PAGE>   39

         Section 9.05. COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         Section 9.06. HEADINGS. The headings of the Sections of this Agreement
are inserted for convenience only and shall not constitute a part hereof.

         Section 9.07. ENTIRE AGREEMENT. This Agreement and the documents
referred to herein contain the entire understanding of the parties hereto in
respect of the subject matter contained herein. There are no restrictions,
promises, warranties, conveyances or undertakings other than those expressly set
forth herein. This Agreement supersedes any prior agreements and understandings
between the parties with respect to the subject matter.

         Section 9.08. WAIVER. No attempted waiver of compliance with any
provision or condition hereof, or consent pursuant to this Agreement, will be
effective unless evidenced by an instrument in writing by the party against whom
the enforcement of any such waiver or consent is sought.

         Section 9.09. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

         Section 9.10. SEVERABILITY. If any term or other provision of this
Agreement is held invalid, illegal or incapable of being enforced under any rule
or law, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in a materially adverse
manner with respect to either party. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in an acceptable
manner to the end that transactions contemplated hereby are fulfilled to the
extent possible.

         Section 9.11. INTENDED BENEFICIARIES. The rights and obligations
contained in this Agreement are hereby declared by the parties hereto to have
been provided expressly for the exclusive benefit of such entities as set forth
herein and shall not benefit, and do not benefit, any unrelated third parties.

         Section 9.12. CONSENT TO JURISDICTION.

         (a) The parties hereto hereby irrevocably submit to the jurisdiction of
the courts of the State of Delaware and the federal courts of the United States
of America located in Delaware, and appropriate appellate courts therefrom, over
any dispute arising out of or relating to this Agreement or any of the
transactions contemplated hereby and each party hereby irrevocably agrees that
all claims in respect of such dispute or proceeding may be heard and determined
in such courts. The parties hereby irrevocably waive, to the fullest extent
permitted by Law, any objection which they may now or hereafter have to the

                                       39
<PAGE>   40

laying of venue of any dispute arising out of or relating to this Agreement or
any of the transactions contemplated hereby brought in such court or any defense
of inconvenient forum for the maintenance of such dispute. Each of the parties
hereto agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
This consent to jurisdiction is being given solely for purposes of this
Agreement and is not intended to, and shall not, confer consent to jurisdiction
with respect to any other dispute in which a party to this Agreement may become
involved.

         (b) Each of the parties hereto hereby consents to process being served
by any party to this Agreement in any suit, action, or proceeding of the nature
specified in subsection (a) above by the mailing of a copy thereof in the manner
specified by the provisions of Section 9.03.

         Section 9.13. MUTUAL CONTRIBUTION. The parties to this Agreement and
their counsel have mutually contributed to its drafting. Consequently, no
provision of this Agreement shall be construed against any party on the ground
that such party drafted the provision or caused it to be drafted or the
provision contains a covenant of such party.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       40
<PAGE>   41

         IN WITNESS WHEREOF, the parties hereto have each caused this Agreement
to be duly executed as of the date first above written by their respective
officers thereunto duly authorized.

                                  THE "COMPANY"
                                  RODRIGUEZ COMMUNICATIONS, INC.

                                  By: /s/ Marcos A. Rodriguez
                                     ------------------------------------------
                                  Marcos A. Rodriguez,
                                  Chairman of the Board

                                  "SELLERS"

                                  The Marcos and Sonya Rodriguez Family Trust

                                  By: /s/ James L. Anderson
                                     ------------------------------------------
                                  James L. Anderson, Trustee

                                  Carpe Vita Foundation

                                  By: /s/ Marcos A. Rodriguez
                                     ------------------------------------------
                                  Marcos A. Rodriguez,
                                  President

                                  /s/ James L. Anderson
                                  ---------------------------------------------
                                  James L. Anderson

                                  /s/ Charles J. Brooks
                                  ---------------------------------------------
                                  Charles J. Brooks

                                  /s/ James A. Gammon
                                  ---------------------------------------------
                                  James A. Gammon

                                  "PURCHASER"
                                  SPANISH BROADCASTING SYSTEM, INC.

                                  By: /s/ Raul Alarcon, Jr.
                                     ------------------------------------------
                                  Raul Alarcon, Jr.,
                                  Chairman of the Board, Chief Executive
                                  Officer and President

                                       41

<PAGE>   42
                                    ANNEX I

SELLER                                            SHARES             RATIO
------                                            ------             -----

The Marcos and Sonya Rodriguez Family Trust        620                62%

Carpe Vita Foundation                              130                13%

James L. Anderson                                  100                10%

Charles J. Brooks                                  100                10%

James A. Gammon                                     50                 5%
<PAGE>   43

                                  SCHEDULE 4.01

                          SUBSIDIARIES; QUALIFICATIONS

RCI (ALAMEDA) ACQUISITION, INC.
         Jurisdiction of Incorporation:  Delaware
         Authorized Capital:  10,000 Shares of Common Stock, $.01 par value
         Outstanding Capital:  1,000 Shares of Common Stock
         Jurisdictions of Qualification:  Texas and California

THE COMPANY
         Jurisdiction of Incorporation:  Delaware
         Jurisdictions of Qualification:  Texas and California

<PAGE>   44

                                  SCHEDULE 4.04

                                 CAPITALIZATION

None

<PAGE>   45

                                SCHEDULE 4.06(A)

                         NONCONTRAVENTION - THE COMPANY

None

<PAGE>   46

                                SCHEDULE 4.06(B)

                           NONCONTRAVENTION - SELLERS

None

<PAGE>   47

                                  SCHEDULE 4.07

                             GOVERNMENTAL APPROVALS

None

<PAGE>   48

                                  SCHEDULE 4.14

                              FINANCIAL STATEMENTS

(i)  December 31, 1999 - See Attached

(ii) March 31, 2000 - See Attached

<PAGE>   49

                          RODRIGUEZ COMMUNICATIONS, LLC
                           BALANCE SHEET (PRELIMINARY)

                              AT DECEMBER 31, 1999

                  ASSETS

CURRENT ASSETS

         Cash or Equivalents                                    0.00
         Escrow Deposits                                4,730,000.00
         Prepaid Expenses                                   7,595.50
                                                        ------------
TOTAL CURRENT ASSETS                                    4,737,595.50

OTHER ASSETS
         Organizational Cost                                5,000.00
         Other                                                  0.00
                                                        ------------
TOTAL OTHER ASSETS                                          5,000.00
                                                        ------------
TOTAL ASSETS                                            4,742,595.50
                                                        ============

                  LIABILITIES AND EQUITY

CURRENT LIABILITIES

         Intercompany-LegacyMaker                       5,273,221.05
         Intercompany - Rodriguez Capital Holdings        437,413.64
                                                        ------------
TOTAL CURRENT LIABILITIES                               5,710,634.69

EQUITY

         Members' Equity                                        0.00
         Retained Earnings                                      0.00
         Current Year Retained Earnings                  -968,039.19
                                                        ------------
TOTAL EQUITY                                             -968,039.19
                                                        ------------
TOTAL LIABILITIES AND EQUITY                            4,742,595.50
                                                        ============

                                       2
<PAGE>   50

                         RODRIGUEZ COMMUNICATIONS, LLC
                         INCOME STATEMENT (PRELIMINARY)

                          YEAR ENDED DECEMBER 31, 1999

Revenues                                                             0.00

Expenses
         Engineering                                             4,005.00
         Gen & Adm                                             661,873.95
                                                              -----------
Total Operating Expenses                                       665,878.85
                                                              -----------
BROADCAST CASH FLOW                                           -665,878.85

Other Income/(Expenses)
         Start-up Promotions                                    -7,000.00
         Interest Expense                                      -48,077.00
         Management and Corp Fees                             -247,083.34
                                                              -----------
                                                              -302,160.34

Net Income                                                    -968,039.19
                                                              ===========

                                       3
<PAGE>   51

                           CONSOLIDATED BALANCE SHEETS
                              AS OF MARCH 31, 2000

                                                         RCI-DE (formerly RCL)
----------------------------------------------------    ------------------------
                ACCOUNT DESCRIPTION                            RODRIGUEZ
                                                            COMMUNICATIONS,
                                                             INC.-DELAWARE
----------------------------------------------------    ------------------------
                      ASSETS
CURRENT ASSETS
Cash                                                                  63,542.54
Accounts Receivable                                                        0.00
Allowance for Doubtful Accts                                               0.00
TBA Receivable (LM)                                                        0.00
Employee Advances                                                     24,999.96
Deposits                                                          10,367,500.00
Prepaid Expenses                                                     537,195.07
                                                        ------------------------
TOTAL CURRENT ASSETS                                              10,993,237.57

FIXED ASSETS
Automobiles                                                                0.00
Buildings, Homes, and Land                                                 0.00
Computer Equipment                                                         0.00
Furniture & Fixtures                                                       0.00
Leasehold Improvements                                                     0.00
Construction in Progress                                                   0.00
Machinery & Equipment                                                      0.00
Studio Equipment                                                       5,983.84
Tower                                                                      0.00
Transmitter Equipment                                                      0.00
FCC License                                                                0.00
Other                                                                      0.00
Accum Deprec/Amort                                                         0.00
                                                        ------------------------
TOTAL FIXED ASSETS                                                     5,983.84

                                       4
<PAGE>   52

                           CONSOLIDATED BALANCE SHEETS
                              AS OF MARCH 31, 2000

                                                         RCI-DE (formerly RCL)
----------------------------------------------------    ------------------------
                ACCOUNT DESCRIPTION                            RODRIGUEZ
                                                            COMMUNICATIONS,
                                                             INC.-DELAWARE
----------------------------------------------------    ------------------------
OTHER ASSETS

Intercompany Receivables
         910 Broadcasters                                                  0.00
         CCI                                                               0.00
         CCI Distribution                                                  0.00
         CT #1                                                             0.00
         CT #2                                                             0.00
         CVS                                                               0.00
         EM                                                                0.00
         GC Trust                                                          0.00
         KC                                                                0.00
         LM                                                                0.00
         MR                                                                0.00
         MRI                                                               0.00
         NWB                                                               0.00
         PCM                                                               0.00
         RCI                                                               0.00
         RCI-Delaware (formerly RCL)                                       0.00
         RCH                                                               0.00
         RFT                                                               0.00
         ROG                                                               0.00
         RRI                                                               0.00
         Stations                                                          0.00
         TKP                                                               0.00

Interest Receivables
         All Notes                                                         0.00
         CCI                                                               0.00
         CT#1                                                              0.00
         LM                                                                0.00
         MR                                                                0.00
         MRI                                                               0.00

                                       5
<PAGE>   53

         NWB                                                               0.00
         RFT                                                               0.00
         ROG                                                               0.00
         RRI                                                               0.00
         Stations                                                          0.00
         TKP                                                               0.00

Notes Receivable

         Cafe Odyssey, Inc.                                                0.00
         Placido Rodriguez                                                 0.00
         Radio Plano                                                       0.00
         Access Developers                                                 0.00
         Assorted Personal Loans                                           0.00

Stock or Other Investments

         American View Stock                                               0.00
         Artimedes LLC Stock                                               0.00
         Julius Baer                                                       0.00
         NSAT Money Market Fund                                            0.00
         EM Stock                                                          0.00
         CCI Stock                                                         0.00
         Interest in Miami property                                        0.00
         MRI Stock                                                         0.00
         New World Broadcaters Stock                                       0.00
         Popmail Stock                                                     0.00
         Raymond James                                                     0.00
         Unrealized G/(L) on Investments                                   0.00
         Investment in 910 Broadcasting                                    0.00
         Assorted                                                          0.00
         Amortization of FCC Option                                        0.00
         Goodwill                                                          0.00
         Intangible Assets                                                 0.00
         Accum Amort - Intangibles                                         0.00

                                       6
<PAGE>   54

                           CONSOLIDATED BALANCE SHEETS
                              AS OF MARCH 31, 2000

                                                         RCI-DE (formerly RCL)
----------------------------------------------------    ------------------------
                ACCOUNT DESCRIPTION                            RODRIGUEZ
                                                            COMMUNICATIONS,
                                                             INC.-DELAWARE
----------------------------------------------------    ------------------------

Organizational Costs                                                 100,000.00
Stock Purchase Options                                                     0.00
                                                        ------------------------
TOTAL OTHER ASSETS                                                   100,000.00
                                                        ========================
TOTAL ASSETS                                                      11,099,221.41
                                                        ========================

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Accounts Payable                                                           0.00
Accrued Internet Services                                                  0.00
Accrued TBA                                                                0.00
Comprise Settlement Agreement                                              0.00
Accrued Expenses                                                       1,000.00
                                                        ------------------------
TOTAL CURRENT LIABILITIES                                              1,000.00

OTHER LIABILITIES

Intercompany Payables
         CCI                                                               0.00
         EM                                                                0.00
         GC Trust                                                          0.00
         LM                                                       11,954,435.77
         MR                                                                0.00
         MR Interest                                                       0.00
         NW                                                          138,145.77
         PM                                                                0.00
         RCH                                                               0.00

                                       7
<PAGE>   55
                           CONSOLIDATED BALANCE SHEETS
                              AS OF MARCH 31, 2000

                                                         RCI-DE (formerly RCL)
----------------------------------------------------    ------------------------
                ACCOUNT DESCRIPTION                            RODRIGUEZ
                                                            COMMUNICATIONS,
                                                             INC.-DELAWARE
----------------------------------------------------    ------------------------

Notes Payable
         Hillcrest Church                                                  0.00
         Dallas Arboretum                                                  0.00
         Hillcrest Church Foundation                                       0.00
         R. Foster KWNS                                                    0.00
         Tony Rodriguez                                                    0.00

Deferred Income - CCI stock sale                                           0.00
Deferred Loss - MRI stock sale                                             0.00
                                                        ------------------------
TOTAL OTHER LIABILITIES                                           12,092,581.54
                                                        ------------------------
Total Liabilities                                                 12,093,581.54

EQUITY
Preferred Stock                                                            0.00
Common Stock                                                               0.00
Additional Paid in Capital                                                 0.00
CCI/NW Merger                                                              0.00
Distribution to Shareholders                                               0.00
Unrealized Gain/(Loss) on Investments                                      0.00
Retained Earnings                                                   -628,956.13
Current Year Retained Earnings                                      -365,404.00
                                                        ------------------------
TOTAL EQUITY                                                        -994,360.13
                                                        ========================
TOTAL LIABILITIES AND EQUITY                                      11,099,221.41
                                                        ========================
                                                              RFT-620 cmm
                                                              RF-130 cmm
                                                              JA-100 cmm
                                                              CB-100 cmm
                                                               JG-50 cmm
                                                                           0.00

                                       8
<PAGE>   56

                                  SCHEDULE 4.15

                                   LIABILITIES

None

<PAGE>   57

                                  SCHEDULE 4.16

                           ABSENCE OF CERTAIN CHANGES

None

<PAGE>   58

                                SCHEDULE 4.20(A)

                                  FCC LICENSES

(a)  FCC FM Broadcast Station License to Chagal Communications for KREA-FM
     Ontario, California

     FCC AM Broadcast Station License to Chagal Communications for KFOX-FM
     Redondo Beach, California

     FCC FM Broadcast Station License to Citicasters Co. for KXJO-FM Alameda,
     California

     FCC AM Broadcast Station License to Ganadores Corporation for KSAH-AM
     Universal City, Texas

(b)  None

(c)  The Company has entered into an agreement with Citicasters Co. to acquire
     the licenses to KXJO-FM. The closing of such agreement may not have
     occurred prior to the Closing under the Agreement. The Company will not be
     the authorized legal holder of the licenses relating to KXJO-FM at the
     Closing unless the closing under the agreement with Citicasters Co. has
     closed prior to the Closing.

<PAGE>   59

                                  SCHEDULE 4.23

               BREACH OR DEFAULT UNDER INITIAL PURCHASE AGREEMENTS

The Company has been notified in a letter from Chagal Communications, Inc.
("Chagal") that Chagal considered the Company to have breached its obligations
to expeditiously respond to an FCC staff inquiry under Section 6.6(b)(i) of the
LA Agreement (as defined in the Preamble to this Agreement.) The assertions made
in this letter are now moot since the FCC has approved the transfer of the
Station.

<PAGE>   60

                                  SCHEDULE 4.24

                               COMPANY AGREEMENTS

(i)  The Company has a debt obligation payable to LegacyMaker, L.P. as set forth
     on the March 31, 2000 Balance Sheet contained in Schedule 4.14.

     The  Company has a debt obligation payable to Rodriguez Capital Holdings,
          Inc. as set forth on the March 31, 2000 Balance Sheet contained in
          Schedule 4.14.

(ii) In addition to the Initial Purchase Agreements as set forth in the Preamble
     of this Agreement, the Company has entered into the following agreements
     (the "Additional Purchase Agreements"):

     Agreement with LBJ Holding Company to purchase KGRW/KQFX (Amarillo, Texas)
          dated March 13, 2000.

     Agreement with Munbilla Broadcasting Corp. to purchase KBAE (Marble Falls,
          Texas) dated February 18, 2000.

     Agreement with Coastal Digital Broadcasting, LLP to purchase KLHB (Odem,
          Texas) dated November 23, 1999.

     Agreement with Minick Enterprises, LLC to purchase KCCX50 LPTV and K55HW
          LPTV (Laredo, Texas) dated November 23, 1999.

     Agreement with Clear Channel Communications, Inc. to purchase KVOD (Denver,
          Colorado) dated March 13, 2000.

     Agreement with Rio Grande Media, Inc. to purchase KNEX and KLNT (Laredo,
          Texas) dated December 14, 1999.

     Agreement with Wagenvoord Advertising, Inc. to purchase KIEZ (Carmel
          Valley, California) dated December 14, 1999.

     Agreement with Paxson Communications License Company, LLC to purchase KVPX
          59 LPTV (Las Vegas, Nevada) dated January 31, 2000.

     Agreement with Skinner Broadcasting, Inc. to purchase WFUN LPTV (Miami,
          Florida) dated January 26, 2000.

     The Company also has the following contracts:

     Employment Contract with Raul Salvador with the Company and Administaff
          Companies, Inc. as co-employers.*

<PAGE>   61

     Investment Consulting Services-Retainer and Fees Agreement with BlueStone
          Capital, LLP.

     Brokerage Services Agreement with Americom.

     Program Consultant Agreement with McVay Media dated March 1, 2000.*

     Tapscan Worldwide Agreement for software license and service dated February
          24, 2000.*

     Station License Agreement to receive and use Arbitron Radio Listening
          Estimate dated February 24, 2000.*

     License Agreement to receive and use Scarborough Report dated February 24,
          2000.*

     Contract for Direct Mail Advertising Services with SmartTarget dated
          February 16, 2000.*

     Client Service Agreement with Administaff Companies, Inc. dated July 7,
          1999.*

     Time Brokerage Agreement for KFLZ-AM (Bishop, Texas) with Manuel Davila,
          Jr. dated March 8, 2000.

     Time Brokerage Agreement for KZIP-AM (Amarillo, Texas) with Del Norte
          Communications, Inc.

     Purchase Order with Cadena Specialty Advertising dated February 1, 2000.*

     Contract for Outdoor Poster Advertising with Eller Media Company dated
          February 10, 2000.*

     Purchase Contract with La Michacana dated April 5, 2000.*

     Purchase Contract with Jerry's Supermarkets dated April 12, 2000.*

     Purchase Contract with Jerry's Supermarkets dated March 23, 2000.*

     Purchase Contract with Saver's Cost Plus dated April 12, 2000.*

     Purchase Contract with Malone's Cost Plus dated March 31, 2000.*

     Agreement with Crown Imports dated March 15, 2000.*

-----------
*    These contracts represent operating expenses for the stations that are to
     be under LMAs.

                                       2
<PAGE>   62

                                  SCHEDULE 4.26

                                    INSURANCE

See Attached

<PAGE>   63

                         Rodriguez Communications, Inc.

                            DESCRIPTION OF OPERATIONS

Radio & TV broadcasting

                                NARRATIVE OUTLINE

SCHEDULE OF NAMED INSUREDS:

1.       Rodriguez Communications, LLC
2.       Rodriguez Capital Holdings, Inc.
3.       Agility, Inc. (part of trust that controls operations-personal estate
         planning)
4.       Legacy Maker, Inc. (dormant)
5.       Marcos & Sonya Rodriguez, Jr., Individually
6.       Marcos & Sonya Rodriguez, Jr. Ins Trust
7.       Marcos & Sonya Rodriguez Family Trust
8.       Marcos & Sonya Rodriguez Children's Trust #1
9.       Marcos & Sonya Rodriguez Children's Trust #2
10.      Sonya Nance Trust
11.      Marcos Rodriguez, Inc. DBA KDMM Radio 1150 AM (Highland Park, TX)
12.      New World Broadcasters, Corp. (KTCY 104.9 FM; Channel 25 T.V.)
13.      Rodriguez Foundation
14.      Rodriguez Oil & Gas, Inc.
15.      Turnkey Promotions, Inc. DBA International Interiors (now dormant-used
         to buy furnishings for his home)
16.      KZIP AM, Inc. - Amarillo, TX
17.      EquityMedia.com, Inc. (investigative "think tank" ISP company)
18.      PC Media, Inc. (dormant ISP Co.)
19.      KeepConnected, Inc. (dormant ISP Co.)
20.      910 Broadcasting Corp. (KXEB - 910 AM)

SCHEDULE OF RISK LOCATIONS:

1.       7700 Carpenter Freeway, Dallas, TX  75247   $600,000 BPP
2.       1333 Corporate #350, Irving, TX  75038      $  5,000 BPP

<PAGE>   64

                                 Schedule 4.29

                                   Employees

The following individuals are co-employed by the Company and Administaff
Companies, Inc.:

     Kathy Riddick
     Raul Salvador
     James Gammon

A management fee is paid to Rodriguez Capital Holdings, Inc. for the services
of James Anderson and Marcos Rodriguez, who are both employees of Rodriguez
Capital Holdings, Inc.

See attached for a list of other employees of the Company (all of whom are
co-employed by the Company and Administaff Companies, Inc.)
<PAGE>   65

                         RODRIGUEZ COMMUNICATIONS, INC.
                                 EMPLOYEE ROSTER
                                AS OF MAY 1, 2000

                                KZIP-AMARILLO, TX

<TABLE>
<CAPTION>

    LAST         FIRST       PER. HR.      SEMI-MO.          DEPT.                  TITLE
    ----         -----       --------      --------          -----                  -----
<S>            <C>                <C>          <C>          <C>              <C>
AGUILERA       H                  $6.00                     PROGRAM         BOARD OPERATOR/KZIP
CANTU          V                  $6.00                     PROGRAM          DISC JOCKEY/KZIP
DEL FIERRO     B                  $6.00                     PROGRAM          DISC JOCKEY/KZIP
DIMAS          F                               $500.00      PROGRAM         PROG DIRECTOR/KZIP
VARELA         L                  $8.00                      SALES             TRAFFIC/KZIP
VARELA         M                  $6.00                     PROGRAM              D J - KZIP
VENZOR         R                  $6.00                     PROGRAM         BOARD OPERATOR/KZIP

</TABLE>

<TABLE>
<CAPTION>

    LAST                 LAST RAISE                LENGTH OF EMPLOYMENT          BENEFITS
    ----                 ----------                --------------------          --------
<S>                <C>                             <C>                             <C>
AGUILERA                                            LESS THAN 12 MONTHS
CANTU                                               LESS THAN 12 MONTHS
DEL FIERRO                                          LESS THAN 12 MONTHS
DIMAS                                               LESS THAN 12 MONTHS
VARELA            FRM $6.00/HR TO $8.00/HR          LESS THAN 12 MONTHS            PPO
VARELA                                              LESS THAN 12 MONTHS
VENZOR                                              LESS THAN 12 MONTHS

</TABLE>

                            KQFX/KGRW - AMARILLO, TX
<TABLE>
<CAPTION>

                                  COMPENSATION

    LAST         FIRST       PER. HR.      SEMI-MO.          DEPT.                  TITLE
    ----         -----       --------      --------          -----                  -----
<S>                                         <C>           <C>                 <C>
ALVARADO       C                  $7.00                     PROGRAM              DISK JOCKEY
BENAVIDES      A                            $ 1,250.00    GEN & ADMIN              MANAGER
BENAVIDES      R                            $ 1,250.00    GEN & ADMIN              MANAGER
CARRIZALES     H                            $ 1,750.00       SALES            ACCOUNT EXECUTIVE
DOVERVICH      J                            $ 1,250.00       SALES            ACCOUNT EXECUTIVE
GONZALEZ       A                           $    800.00       SALES            ACCOUNT EXECUTIVE
GRISHAM        G                  $7.00                     PROGRAM              DISK JOCKEY
MEDELLIN       C                  $7.00                     PROGRAM              DISK JOCKEY
PADILLA        C                  $7.00                     PROGRAM              DISK JOCKEY
PADILLA        J                  $7.00                     PROGRAM              DISK JOCKEY
RENTERIA       S                  $7.00                     PROGRAM              DISK JOCKEY
REYES          C                  $7.00                     PROGRAM              DISK JOCKEY
RODRIGUEZ      J                  $9.00                   GEN & ADMIN           ASST. MANAGER
RODRIGUEZ      M                            $   446.35       SALES            ACCOUNT EXECUTIVE
ZUNIGA         A                            $   900.00       SALES            ACOCUNT EXECUTIVE

</TABLE>

<TABLE>
<CAPTION>

    LAST                   LAST RAISE                LENGTH OF EMPLOYMENT          BENEFITS
    ----                   ----------                --------------------          --------
<S>                      <C>                          <C>                         <C>
ALVARADO                                              LESS THAN 12 MONTHS
BENAVIDES                                             LESS THAN 12 MONTHS            PPO
BENAVIDES                                             LESS THAN 12 MONTHS            PPO
CARRIZALES                                            LESS THAN 12 MONTHS            LIFE
DOVERVICH                                             LESS THAN 12 MONTHS            PPO
GONZALEZ                                              LESS THAN 12 MONTHS         PPO & LIFE
GRISHAM                                               LESS THAN 12 MONTHS
MEDELLIN                                              LESS THAN 12 MONTHS
PADILLA                                               LESS THAN 12 MONTHS            LIFE
PADILLA                                               LESS THAN 12 MONTHS            LIFE
RENTERIA                                              LESS THAN 12 MONTHS
REYES                                                 LESS THAN 12 MONTHS
RODRIGUEZ                                             LESS THAN 12 MONTHS            PPO
RODRIGUEZ                                             LESS THAN 12 MONTHS         PPO & LIFE
ZUNIGA                                                LESS THAN 12 MONTHS

</TABLE>

                            KLHB - CORPUS CHRISTI, TX
<TABLE>
<CAPTION>

                                  COMPENSATION

    LAST         FIRST       PER. HR.      SEMI-MO.          DEPT.                  TITLE
    ----         -----       --------      --------          -----                  -----
<S>                               <C>      <C>            <C>                   <C>
BENAVIDES      B                  $6.00                   GEN & ADMIN              MANAGER
BENAVIDES      G                  $6.00                   GEN & ADMIN              MANAGER
FAVELA         M                  $6.00                   GEN & ADMIN            OFFICE MGR.
GONZALEZ       D                               $600.00      PROGRAM            BOARD OPERATOR
INOCENCIO      J                  $6.00                      SALES               SALES MGR.
PEREIDA        G                  $6.00                      SALES            ACCOUNT EXECUTIVE

</TABLE>

<TABLE>
<CAPTION>

    LAST                   LAST RAISE                LENGTH OF EMPLOYMENT          BENEFITS
    ----                   ----------                --------------------          --------
<S>                        <C>                       <C>                            <C>
BENAVIDES                                             LESS THAN 12 MONTHS
BENAVIDES                                             LESS THAN 12 MONTHS            HMO
FAVELA                                                LESS THAN 12 MONTHS            HMO
GONZALEZ                                              LESS THAN 12 MONTHS            HMO
INOCENCIO                                             LESS THAN 12 MONTHS            HMO
PEREIDA                                               LESS THAN 12 MONTHS

</TABLE>

                                       3
<PAGE>   66

                          RODRIGUEZ COMMUNICATIONS INC.
                                 EMPLOYEE ROSTER

                                AS OF MAY 1, 2000
<TABLE>
<CAPTION>

                                     COMPENSATION

      LAST          FIRST     PER. HR.        SEMI-MO.            DEPT.                TITLE
      ----          -----     --------        --------            -----                -----
<S>               <C>         <C>               <C>             <C>                <C>
BROOKS             C                             $8,333.34      CORPORATE            PRESIDENT
GAMMON             J                            $12,500.00      CORPORATE            SENIOR VP
SALVADOR           R                             $6,666.67      CORPORATE          EXEC. VP/CFO
VALDEZ             R                             $1,458.34      CORPORATE           ADM. ASSIST

</TABLE>

<TABLE>
<CAPTION>

      LAST              LAST RAISE            LENGTH OF EMPLOYMENT              BENEFITS
      ----              ----------            --------------------              --------
<S>                     <C>                    <C>                             <C>
BROOKS                                         START DATE 9/1/96               PPO FAMILY
GAMMON                                        LESS THAN 12 MONTHS                 NONE
SALVADOR                                      LESS THAN 12 MONTHS                 HMO
VALDEZ                                        LESS THAN 12 MONTHS              HMO FAMILY

</TABLE>

                                       4
<PAGE>   67

                                  SCHEDULE 6.07

                              MANAGEMENT PERSONNEL

The following Management Personnel are co-employed by the Company and
Administaff Companies, Inc.:

James Gammon

In Addition to the above management personnel, a aanagement fee is paid to
Rodriguez Capital Holdings, Inc. for the services of James Anderson and Marcus
Rodriguez, who are both employees of Rodriguez Capital Holdings, Inc.

<PAGE>   68

                         Rodriguez Communications, Inc.
                                   Schedules
<PAGE>   69

                             SCHEDULE 3.02(C)(XIII)

                           CONTRACTS TO BE TERMINATED

         Investment Consulting Services - Retainer and Fees Agreement with Blue
Stone Capital, LLP.

         Employment Contract among Raul Salvador, the Company and Administaff
Companies, Inc. as co-employees.

         Brokerage Services Agreement with Americom.

         Marketing Services Agreement with Smart Target.

<PAGE>   70

                                  SCHEDULE 4.17

                                   TAX MATTERS

None

<PAGE>   71

                  Burdensome and immaterial schedules omitted.
       The omitted schedules are available from the Company upon request.
<PAGE>   72

                                  SCHEDULE 4.29

                                    EMPLOYEES

The following individuals are co-employed by the Company and Administaff
Companies, Inc.:

         Kathy Riddick
         Raul Salvador
         James Gammon

A management fee is paid to Rodriguez Capital Holdings, Inc. for the services of
James Anderson and Marcos Rodriguez, who are both employees of Rodriguez Capital
Holdings, Inc.

See attached for a list of other employees of the Company (all of whom are
co-employed by the Company and Administaff Companies, Inc.)

<PAGE>   73

                          New World Broadcaster Corp.
                                   Schedules
<PAGE>   74

                                SCHEDULE 2.01(B)

                           TANGIBLE PERSONAL PROPERTY

See Attached

<PAGE>   75

                             910 Broadcasting, Inc.
                                   Schedules
<PAGE>   76
                                 SCHEDULE 4.02
                             FOREIGN QUALIFICATIONS

                   ENTITY                                   JURISDICTION
                   ------                                   ------------
                   Seller                                   None
                   The Company                              None

<PAGE>   77

                                 Schedule 4.27
                                   Employees

None<PAGE>   1

                                                                    Exhibit 10.2

                            ASSET PURCHASE AGREEMENT

         This ASSET PURCHASE AGREEMENT ("AGREEMENT"), dated as of May 8, 2000,
by and between NEW WORLD BROADCASTERS CORP., a Texas corporation ("SELLER"), and
SPANISH BROADCASTING SYSTEM, INC., a Delaware corporation ("PURCHASER").

                              W I T N E S S E T H:

         WHEREAS, Seller desires to sell and assign to Purchaser, and Purchaser
desires to purchase and assume from Seller, Radio Station KTCY-FM (Pilot Point,
Texas) (the "STATION") and certain associated assets and liabilities, including
without limitation, certain contracts and leases and, subject to the approval of
the Federal Communications Commission (the "COMMISSION" or the "FCC"), to accept
assignment from Seller of certain licenses and other authorizations issued by
the Commission to Seller; and

         WHEREAS, Seller is entering into a Stock Purchase Agreement, dated as
of the date hereof, with respect to the stock of 910 Broadcasting Corp. ("910"),
a Texas corporation and wholly-owned subsidiary of Seller (the "910 AGREEMENT"),
and Rodriguez Communications, Inc. ("RCI"), the stockholders of RCI and
Purchaser are entering into a Stock Purchase Agreement, dated as of the date
hereof (the "RCI AGREEMENT"), whereby Purchaser will acquire the outstanding
capital stock of RCI and the outstanding capital stock of 910; and

         WHEREAS, PURCHASER has agreed to lend funds to Seller and RCI for RCI
to use to, among other things, consummate the purchase of certain radio stations
and for Seller to use to repay certain indebtedness and to operate and maintain
the Station and KXEB-AM; and

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto agree as follows;

                                    ARTICLE I
                                  DEFINED TERMS

         Section 1.01. CERTAIN DEFINED TERMS. As used in this Agreement, the
following terms shall have the following meanings:

         "ACTION" shall mean any claim, action, suit, arbitration, inquiry,
proceeding or investigation by any Governmental Authority or other third party.

         "AFFILIATES" of a party shall mean persons or entities that directly,
or indirectly through one or more intermediaries, control or are controlled by,
or are under common control with, such party.

          "CODE" shall mean the United States Internal Revenue Code of 1986, as
amended.

                                       1
<PAGE>   2

         "ENCUMBRANCES" shall mean liens, charges, pledges, options, mortgages,
deeds of trust, security interests, claims, restrictions (whether on voting,
sale, transfer, disposition or otherwise), easements and other encumbrances of
every type and description, whether imposed by Law, agreement, understanding or
otherwise.

          "ENVIRONMENTAL LAW" shall mean any law, ordinance, or regulation,
whether national, Federal, state, local or other, pertaining to the protection
of human health or the environment, including, without limitation, the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
Sections 11001, et seq., and the Resource Conversation and Recovery Act, 42
U.S.C. Sections 6901, et seq.

         "GOVERNMENTAL AUTHORITY" shall mean any United States federal, state or
local or any foreign government, governmental, regulatory or administrative
authority, agency or commission or any court, tribunal or arbitral body.

         "GOVERNMENTAL ORDER" shall mean any claim, action, suit, arbitration,
order, writ, judgment, injunction, decree, stipulation, determination or award
entered into by or with any Governmental Authority.

         "HAZARDOUS MATERIALS" shall mean any waste or substance that is listed,
defined, designated, or classified as, or otherwise determined to be, hazardous,
radioactive, or toxic or a pollutant or a contaminant under or pursuant to any
Environmental Law, including any admixture or solution thereof, and specifically
including petroleum and all derivatives thereof or synthetic substitutes
therefor and asbestos or asbestos-containing materials.

         "IRS" shall mean the United States Internal Revenue Service.

         "LAW" shall mean any federal, state, local or foreign statute, law,
ordinance, regulation, rule, code, Governmental Order, permit, franchise, grant,
authorization, easement, consent, certificate or requirement or rule of common
law of any Governmental Authority.

         "LIABILITIES" shall mean any and all debts, liabilities and
obligations, whether accrued or fixed, absolute or contingent, matured or
unmatured, or determined or determinable, including, without limitation, those
arising under any Law (including, without limitation, any environmental law),
Action or Governmental Order and those arising under any contract agreement,
arrangement, commitment or undertaking.

         "MATERIAL ADVERSE EFFECT" shall mean a single event, occurrence or fact
that (together with all other events, occurrences and facts that could
reasonably be expected to result in a loss) would have, or might reasonably be
expected to have, a material adverse effect on a Person's assets, business,
operations or financial condition, or that might reasonably be expected to
prevent such Person from consummating the transactions contemplated by this
Agreement.

         "PERMITTED ENCUMBRANCES" shall mean any and all of the following
Encumbrances:

                                       2
<PAGE>   3

         (a) Liens for taxes and assessments which are not yet due and payable;

         (b) Rights existing under applicable laws or operating agreements or
similar contracts to assert liens against the relevant assets or properties, but
not including liens and other rights which have actually been asserted, unless
the relevant Person disputes the validity of any such lien or the amount claimed
to be owed in connection therewith, or such lien or other right is not
enforceable against the interest of such Person;

         (c) Any obligations or duties affecting any property to any
municipality or public authority with respect to any franchise, grant, license
or permit and all applicable laws, rules and orders of any Governmental
Authority;

         (d) Any other Encumbrance that is not substantial in character, amount
or extent and does not materially detract from the value of the property subject
thereto;

         (e) Any Encumbrance created by or in favor of Purchaser or any of its
Affiliates; and

         (f) Such Encumbrances or impairments to the quality of title arising as
a result of the sale to Purchaser of the Assets pursuant to this Agreement.

         "PERSON" shall mean any individual, corporation (including any
non-profit corporation), general or limited partnership, limited liability
company, joint venture, estate, trust, association, organization, labor union,
or other entity or Governmental Authority.

         "SUBSIDIARY" shall mean any corporation or other Person of which
securities or other interests having the power to elect a majority of that
corporation's or other person's board of directors or similar governing body, or
otherwise having the power to direct the business and policies of that
corporation or other Person (other than securities or other interests having
such power only upon the happening of a contingency that has not occurred) are
held on the date in question by such Person or one or more of its Subsidiaries;
when used without reference to a particular Person, "Subsidiary" means a
Subsidiary on the date in question of Seller.

         "TAX" shall mean any federal, state, local or foreign tax (including,
without limitation, any income tax, franchise tax, doing business tax, branch
profits tax, capital gains tax, value-added tax, ad valorem tax, excise tax,
transfer tax, employment tax, social security tax, sales tax, use tax, property
tax, or any other kind of tax or payment in lieu of tax no matter how
denominated), levy, assessment, tariff, duty (including any customs duty),
deficiency or other fee, and any related charge or amount (including any fine,
penalty, interest or addition to tax), imposed, assessed or collected by or
under the authority of any Governmental Authority or payable pursuant to any
tax-sharing agreement or any other contract relating to the sharing or payment
of any such tax, levy, assessment, tariff, duty, deficiency or fee.

         "TAX RETURN" shall mean any return (including any information return),
report, statement, schedule, notice, form or other document or information filed
with or submitted to or required to be filed with or submitted to, any
Governmental Authority in connection with the

                                       3
<PAGE>   4

determination, assessment, collection or payment of any Tax or in connection
with the administration, implementation or enforcement of or compliance with any
legal requirement relating to any Tax.

         "TIME SALE AGREEMENTS" shall mean all agreements for the sale of
advertising time on the Station for cash in the ordinary course of business.

         "TRADE AGREEMENTS" shall mean all agreements for the sale of
advertising time on the Station for non-cash consideration.

         Section 1.02. OTHER DEFINED TERMS. The following terms shall have the
meanings defined for such terms in the Sections of this Agreement set forth
below:

--------------------------------------------------------------------------------
     TERM                                                     SECTION
--------------------------------------------------------------------------------
     Agreement                                                Preamble
     Allocation                                               Section 2.05
     Ancillary Documents                                      Section 4.03
     Assets                                                   Section 2.01
     Assignment Application                                   Section 2.04
     Assumed Contracts                                        Section 2.01
     Assumed Liabilities                                      Section 2.03
     Basket Amount                                            Section 7.04
     Bridge Loan Agreement                                    Section 3.02
     Cash Amount                                              Section 2.05
     Cleanup                                                  Section 7.02
     Closing                                                  Section 3.01
     Closing Date                                             Section 3.01
     Commission                                               Preamble
     Communications Act                                       Section 2.04
     Excluded Assets                                          Section 2.02
     Excluded Liabilities                                     Section 2.03
     Excluded Tax Liabilities                                 Section 2.03
     FCC                                                      Preamble
     FCC Licenses                                             Section 2.01
     FCC Orders                                               Section 2.04
     Final Orders                                             Section 2.04
     Governmental Licenses                                    Section 2.01
     HSR Act                                                  Section 2.04
     Income Taxes                                             Section 7.05
     Intangible Property                                      Section 2.01
     Leases                                                   Section 2.01
     Losses                                                   Section 7.02
     910                                                      Preamble
     910 Agreement                                            Preamble
     Permits                                                  Section 2.01
     Personnel                                                Section 6.06
     Proprietary Information                                  Section 4.15
--------------------------------------------------------------------------------

                                       4
<PAGE>   5

--------------------------------------------------------------------------------
     Proprietary Rights Agreement                             Section 4.16
     Purchase Price                                           Section 2.05
     Purchaser                                                Preamble
     Purchaser Common Stock                                   Section 2.05
     Purchaser Shares                                         Section 2.05
     Purchaser's Broker                                       Section 5.05
     RCI                                                      Preamble
     RCI Agreement                                            Preamble
     Seller                                                   Preamble
     Seller's Brokers                                         Section 4.22
     Securities Act                                           Section 4.23
     Station                                                  Preamble
     Straddle Period                                          Section 7.05
     TBA                                                      Section 3.02
     Tangible Personal Property                               Section 2.01
     Transfer Taxes                                           Section 6.03
--------------------------------------------------------------------------------

                                   ARTICLE II
                                PURCHASE AND SALE

         Section 2.01. PURCHASE AND SALE OF ASSETS. Upon the terms and subject
to the conditions set forth in this Agreement, at the Closing, Seller shall
sell, assign, transfer, convey and deliver to Purchaser, and Purchaser shall
purchase from Seller, the following assets (the "ASSETS"), free and clear of all
Encumbrances:

         (a) the FCC licenses, permits and other authorizations, including any
temporary waiver or special temporary authorization, issued to or held by Seller
exclusively in connection with the conduct of the business and operation of the
Station, including any pending applications therefor, as set forth in SCHEDULE
2.01(A) (the "FCC LICENSES");

         (b) subject to Permitted Encumbrances, all of Seller's right, title and
interest in and to all 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 held for use principally or used in the
operation of the Station, including the items set forth on SCHEDULE 2.01(B),
except any retirements or dispositions thereof made between the date hereof and
the Closing in the ordinary course of business and consistent with past
practices of Seller (the "TANGIBLE PERSONAL PROPERTY");

         (c) subject to Permitted Encumbrances, all of Seller's right and
interest in and to the leases identified in SCHEDULE 2.01(C) (the "LEASES") to
the extent such Leases are assignable;

         (d) the Station' public inspection files, filings with the FCC related
to the Station, executed copies of all written Assumed Contracts, and such
technical information, engineering data, rights under manufacturers' warranties
as exist at Closing and relate to the assets of the Station being conveyed
hereunder;

                                       5
<PAGE>   6

         (e) subject to Permitted Encumbrances, the benefit and burden,
subsequent to the Closing Date, of all Time Sales Agreements and Trade
Agreements, and other contracts, agreements, and leases which are used in the
operation of the Station and listed on SCHEDULE 2.01(E), 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 Station
(the "ASSUMED CONTRACTS");

         (f) subject to Permitted Encumbrances, all of Seller's right and
interest in and to the Station's call letters and the trademarks, trade names,
service marks, franchises, copyrights, computer software, programs and
programming material, jingles, slogans, logos, and other intangible property
which are used exclusively in the operation of the Station, including, without
limitation, those listed on SCHEDULE 2.01(F) (the "INTANGIBLE PROPERTY");

         (g) the governmental licenses, permits and authorities, other than the
FCC Licenses, issued to or held by Seller exclusively in connection with the
conduct of the business and operation of the Station, including any pending
applications therefor as set forth in SCHEDULE 2.01(G) (the "PERMITS", and,
together with the FCC Licenses, the "GOVERNMENTAL LICENSES").

         The Assets shall be delivered without any representation or warranty by
Seller except as expressly set forth in this Agreement, and Purchaser
acknowledges that it has not relied on or been induced to enter into this
Agreement by any representation or warranty other than those expressly set forth
in Article IV hereof.

         Section 2.02. EXCLUDED ASSETS. The following property will not be
purchased by Purchaser and shall remain the property of Seller (collectively,
the "EXCLUDED ASSETS"):

         (a) corporate minute books, stock books and income tax returns of
Seller;

         (b) investments of Seller in subsidiaries, partnerships and other
entities, including 910;

         (c) the assets of Seller not specifically described herein as part of
the Assets, including, without limitation, television station KTAQ (Greenville,
Texas) and assets used principally in the operation of such station, television
station K25FW (Corsicana, Texas) and assets used principally in the operation of
such station, the real estate owned by Seller and located in Midlothian, Texas,
the interest of Seller in Seller's radio and television stations other than
KTCY-FM; and

         (d) the cash and cash equivalents of Seller as of the Closing Date.

         Section 2.03. ASSUMPTION AND EXCLUSION OF LIABILITIES.

         (a) On the terms and subject to the conditions of this Agreement, from
and after the Closing Date, Purchaser shall assume and shall pay, perform and
discharge when due only the following specified liabilities and obligations, and
no others (collectively, the "ASSUMED LIABILITIES"):

                                       6
<PAGE>   7

                  (i) Liabilities arising from actions taken after the Closing
relating to the Assumed Contracts; and

                  (ii) Liabilities arising out of Purchaser's ownership after
the Closing Date of the Assets, to the extent such obligations were incurred
after the Closing.

         (b) Subject to Section 6.03, Purchaser shall not assume any Liabilities
of Seller in respect of any Taxes arising from the use, ownership or operation
of the Station or the Assets up to, and including, the Closing Date or resulting
from the transactions contemplated by this Agreement (collectively, "EXCLUDED
TAX LIABILITIES").

         (c) Except as specifically set forth in Section 2.03(a), Purchaser
shall not assume or be responsible for any Liabilities of Seller (such excluded
liabilities, being referred to herein collectively as the "EXCLUDED
LIABILITIES").

         Section 2.04. ASSIGNMENT OF GOVERNMENTAL LICENSES.

         (a) In order to consummate the transfer of the Assets, Purchaser and
Seller will file within 10 business days after the execution and delivery of
this Agreement assignments of license applications requesting FCC consent to the
assignment to Purchaser of all FCC Licenses relating to the operation of the
Station (the "ASSIGNMENT APPLICATION"). The parties agree to prosecute the
Assignment Application in good faith and with due diligence. Each party will be
solely responsible for the expenses incurred by it in the preparation, filing
and prosecution of the Assignment Application (it being agreed that each of
Seller and Purchaser will pay one-half of the FCC filing fee). As used herein,
the term "FCC ORDERS" shall mean that the FCC has granted or given its consent,
without any condition materially adverse to Purchaser, to the Assignment
Application; the term "FINAL ORDERS" shall mean that the FCC Orders shall have
become final that such FCC Orders are not reversed, stayed, enjoined or set
aside, and with respect to such FCC Orders, no timely request for stay,
reconsideration, review, rehearing or notice of appeal is pending, and as to
which FCC Orders the time set forth in the FCC rules or the Communications Act
of 1934, as amended (the "COMMUNICATIONS ACT"), for filing any such request,
petition or notice of appeal or for review by the FCC staff on its own motion
has expired.

         (b) Purchaser and Seller shall make or cause to be made any and all
necessary filings under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended (the "HSR ACT") with respect to the transactions contemplated
by this Agreement, the 910 Agreement and the RCI Agreement. Purchaser shall pay
any notification filing fee associated with the filing under the HSR Act.

         Section 2.05. PURCHASE PRICE. The purchase price (the "PURCHASE PRICE")
for the Assets shall be (i) $7,000,000 to be paid in cash (the "CASH AMOUNT"),
and (ii) $33,500,000 to be paid in shares of the Series A Common Stock, $.0001
par value per share, of Purchaser ("PURCHASER COMMON STOCK"), with such number
of shares of Purchaser Common Stock (the "PURCHASER SHARES") to be equal to
$33,500,000 divided by the average last trade price per share of the Purchaser
Common Stock for the 30-day period ending on the day

                                       7
<PAGE>   8

immediately preceding the Closing Date, as reported under Nasdaq National Market
Issues in The Wall Street Journal. Payment of the Purchase Price shall be made
first by reducing the amounts payable hereunder by any amounts owed at the
Closing by Seller or RCI to Purchaser (or its Affiliates), to the extent not
otherwise repaid or credited against the purchase price under the 910 Agreement
or the RCI Agreement, under the Bridge Loan Agreement. In addition, Purchaser
shall assume at Closing, and thereafter perform the Assumed Liabilities. The
aggregate amount of the Purchase Price and the Assumed Liabilities (that are
properly included in Purchaser's tax basis for the Assets) shall be allocated
among the Assets in the manner set forth on SCHEDULE 2.05 (the "ALLOCATION").
Seller and Purchaser shall file all information and Tax Returns (and any
amendments thereto) in a manner consistent with this Section 2.05 (including,
without limitation, IRS Form 8594 or any successor form). If, contrary to the
intent of the parties hereto as expressed in this Section 2.05, any taxing
authority makes or proposes an allocation different from the Allocation
determined under this Section 2.05, Seller and Purchaser shall cooperate with
each other in good faith to contest such taxing authority's allocation (or
proposed allocation), provided, however, that, after consultation with the party
adversely affected by such allocation (or proposed allocation), another party
hereto may file such protective claims or returns but only as may be reasonably
required to reserve a claim which may be barred by the statute of limitations.

                                   ARTICLE III
                                     CLOSING

         Section 3.01. CLOSING. Subject to the terms of this Agreement, the sale
and purchase of the Assets and the assumption of the Assumed Liabilities
contemplated by this Agreement shall take place at a closing of the transactions
contemplated hereby (the "CLOSING") to be held at the offices of Thompson &
Knight L.L.P., in Dallas, Texas, at 10:00 a.m., local time, on the date which is
the later of (i) the fifth day after the issuance of the FCC Orders, (ii) the
date on which all closing conditions set forth in this Article III have been
satisfied or, to the extent permitted under applicable Law, waived, and (iii)
November 8, 2000, or at such other place or at such other time or on such other
date as Seller and Purchaser may mutually agree upon in writing (the day on
which the Closing takes place being the "CLOSING DATE").

         Section 3.02. CONDITIONS TO THE CLOSING.

         (a) The obligations of Seller and Purchaser hereunder shall be subject
to the satisfaction or written waiver on or prior to the Closing Date of the
following conditions:

                  (i) The waiting period (and any extension thereof), if any,
applicable to the transactions contemplated by this Agreement under the HSR Act,
shall have been terminated or shall have expired, and no restrictive order or
other requirements pursuant to the HSR Act shall have been placed on the
parties.

                  (ii) The FCC shall have approved the Assignment Application
(and such other applications as may be required by applicable law, rule or
regulation to permit the transfer to the Seller of the Assets to be filed with
respect to the transactions contemplated by this Agreement).

                                       8
<PAGE>   9

                  (iii) No temporary restraining order, preliminary or permanent
injunction or other order issued by any court of competent jurisdiction or other
legal restraint or prohibition preventing the consummation of the transactions
contemplated hereby shall be in effect, nor shall any proceeding by or with any
Governmental Authority or third party seeking any of the foregoing be pending
(excluding, in each case, any such matter initiated by Seller, Purchaser or any
of their Affiliates). There shall not be any Action taken, or any Law enacted,
entered, enforced or deemed applicable to the transactions contemplated hereby,
which makes the consummation of such transactions illegal (excluding, in each
case, any such matter initiated by Seller, Purchaser or any of their
Affiliates).

                  (iv) Purchaser and Seller shall have entered into a time
brokerage agreement in substantially the form of EXHIBIT 3.02(A)(IV) with
respect to the Station concurrently with entering into this Agreement (the
"TBA").

          (b) The obligations of Seller to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment on or prior
to the Closing Date of each of the following conditions:

                  (i) Purchaser shall have entered into a loan agreement with
Seller and RCI in substantially the same form as Exhibit 3.02(b)(i) (the "BRIDGE
LOAN AGREEMENT") and Purchaser shall have advanced all funds required to be
advanced as of the Closing Date under the Bridge Loan Agreement in accordance
with the terms thereof.

                  (ii) All the representations and warranties of Purchaser
contained in this Agreement, and in any agreement, instrument or document
delivered pursuant hereto or in connection herewith on or prior to the Closing
Date that are not qualified by materiality, Material Adverse Effect or a dollar
threshold shall be true and correct in all material respects, and all other
representations and warranties of Purchaser shall be true and correct, as of the
date made and (having been deemed to have been made again on and as of the
Closing Date) shall be true and correct in all material respects on and as of
the Closing Date, except to the extent that any such representation or warranty
is made as of a specified date, in which case such representation or warranty
shall have been true and correct as of such specified date.

                  (iii) Purchaser shall have performed and complied with in all
material respects all covenants and agreements required by this Agreement, and
any agreement, instrument or document delivered pursuant hereto or in connection
herewith on or prior to the Closing Date, to be performed or complied with by it
on or prior to the Closing Date.

                  (iv) Purchaser shall not be in default under the TBA, which
default has resulted in a Material Adverse Effect on the Station or the Seller.

                  (v) The closing of the transactions contemplated under the RCI
Agreement shall have occurred or shall occur concurrently with the Closing.

         (c) The obligations of Purchaser to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment on or prior
to the Closing Date of each of the following conditions:

                                       9
<PAGE>   10

                  (i) All the representations and warranties of Seller contained
in this Agreement, and in any agreement, instrument, or document delivered
pursuant hereto or in connection herewith on or prior to the Closing Date, that
are not qualified by materiality, Material Adverse Effect or a dollar threshold,
shall be true and correct in all material respects, and all other
representations and warranties of Seller shall be true and correct, as of the
date made and (having been deemed to have been made again on and as of the
Closing Date) shall be true and correct in all material respects on and as of
the Closing Date, except as affected by actions taken or omitted to be taken by
Purchaser pursuant to the TBA, and except to the extent that any such
representation or warranty is made as of a specified date, in which case such
representation or warranty shall have been true and correct as of such specified
date.

                  (ii) Seller shall have performed and complied with in all
material respects all covenants and agreements required by this Agreement, and
any agreement, instrument, or document delivered pursuant hereto or in
connection herewith on or prior to the Closing Date, to be performed or complied
with by it on or prior to the Closing Date.

                  (iii) Charles J. Brooks shall have entered into an employment
agreement with Purchaser substantially in the form of EXHIBIT 3.02(C)(III)
hereto.

                  (iv) Each of Marcos A. Rodriguez, James L. Anderson and James
A. Gammon shall have entered into Non-Competition Agreements with the Purchaser
substantially in the form of EXHIBIT 3.02(C)(IV) hereto.

                  (v) Seller and RCI shall have applied any amounts advanced
under the Bridge Loan Agreement in accordance with the terms thereof.

                  (vi) Seller shall have executed and a delivered Lock-Up Letter
in the form of EXHIBIT 3.02(C)(VI).

         Section 3.03. CLOSING DELIVERIES BY SELLER. At the Closing, Seller
shall execute, acknowledge (where appropriate) and deliver, or cause to be
executed, acknowledged (where appropriate) and delivered, to Purchaser the
following:

         (a) Such instruments, in form and substance reasonably satisfactory to
Purchaser, as may be reasonably requested by Purchaser to transfer the Assets to
Purchaser or evidence such transfer on the public records.

         (b) A certificate, executed by an officer of Seller, dated as of the
Closing Date, certifying that (i) the representations and warranties of Seller
in this Agreement that are not qualified by materiality, Material Adverse Effect
or a dollar threshold are true and correct in all material respects, and all
other representations and warranties of Seller are true and correct, in each
case, as of the Closing Date, with the same effect as though made as of such
date (or, in the case of representations and warranties which address matters
only as of a particular date, as of such particular date), (ii) each covenant or
agreement of Seller in this Agreement to be complied with at or prior to Closing
shall have been complied with in all material respects and (iii) no Action
(excluding any such matter initiated by Purchaser or any of its Affiliates) is

                                       10
<PAGE>   11

pending or, to Seller's knowledge, threatened before, and no injunction has been
issued by, any Governmental Authority seeking to enjoin or restrain or prohibit,
delay, or restrain the performance of or to obtain damages or other relief in
connection with this Agreement, or the consummation of the transactions
contemplated hereby.

         (c) A certificate of Seller certifying that Seller is not a "foreign
person" within the meaning of Section 1445 of the Code in substantially the form
of EXHIBIT 3.03(C).

         Section 3.04. CLOSING DELIVERIES BY PURCHASER. At the Closing,
Purchaser shall execute, acknowledge (where appropriate) and deliver, or cause
to be executed, acknowledged (where appropriate) and delivered, to Seller the
following:

         (a) Such assumption agreements and similar instruments, in form and
substance reasonably satisfactory to Seller, relating to the assumption of the
Assumed Liabilities and the transfer of the Assets, as may reasonably be
requested by Seller.

         (b) A certificate or certificates evidencing the Purchaser Shares, duly
issued and registered in the name of Seller.

         (c) The Cash Amount, if any.

         (d) a certificate, executed by the duly authorized officer of
Purchaser, dated as of the Closing Date, certifying that (i) the representations
and warranties of Purchaser in this Agreement not qualified by materiality,
Material Adverse Effect or a dollar threshold are true and correct in all
material respects, and all other representations and warranties of Purchaser are
true and correct, in each case, as of the Closing Date, with the same effect as
though made as of such date (or, in the case of representations and warranties
which address matters only as of a particular date, as of such particular date),
(ii) each covenant or agreement of Purchaser in this Agreement to be complied
with at or prior to Closing shall have been complied with in all material
respects and (iii) no Action (excluding any such matter initiated by Seller or
any of its Affiliates) is pending or, to Purchaser's knowledge, threatened
before, and no injunction has been issued by, any Governmental Authority seeking
to enjoin or restrain or prohibit, delay, or restrain the performance of or to
obtain damages or other relief in connection with this Agreement, or the
consummation of the transactions contemplated hereby.

                                   ARTICLE IV
                    REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller represents and warrants to Purchaser that:

         Section 4.01. ORGANIZATION; GOOD STANDING. Seller is a corporation duly
formed and validly existing under the laws of Texas and has all requisite power
and authority to own and lease its properties and assets and to carry on its
business as currently conducted.

         Section 4.02. QUALIFICATION. Seller is duly qualified or licensed to do
business as a foreign corporation or other entity in each of the jurisdictions
set forth opposite its name on SCHEDULE 4.02, and is in good standing in each of
such jurisdictions, which are all the

                                       11
<PAGE>   12

jurisdictions in which such qualification or licensing is required for the
conduct of its business and the ownership and leasing of its properties and the
Assets, except jurisdictions in which the failure to be so qualified or licensed
would not, individually or in the aggregate, have a Material Adverse Effect on
the Seller.

         Section 4.03. DUE AUTHORIZATION; EXECUTION AND DELIVERY. Subject to the
issuance of the Final Orders, and any required compliance with the HSR Act,
Seller has full corporate power and authority to enter into and perform this
Agreement and any documents or instruments to be entered into as contemplated or
required by this Agreement (collectively, the "ANCILLARY DOCUMENTS") and to
which Seller is a party, and to carry out the transactions contemplated hereby
and thereby. Prior to the Closing, Seller will have taken all requisite action
to approve the execution and delivery of this Agreement and the Ancillary
Documents to which it is a party and the transactions contemplated hereby and
thereby. This Agreement and each of the Ancillary Documents to which Seller is a
party constitute the legal, valid and binding obligation of Seller, enforceable
against it in accordance with its terms, except as may be limited by the
availability of equitable remedies or by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors' rights generally
(whether such rights are considered at law or in equity).

         Section 4.04. NONCONTRAVENTION. The execution, delivery and performance
by Seller of this Agreement and the Ancillary Documents to which it is a party,
and the consummation by it of the transactions contemplated hereby and thereby,
do not and will not (i) conflict with or result in a violation of any provision
of the charter or bylaws of Seller, (ii) conflict with or result in a violation
of any provision of, or constitute (with or without the giving of notice or the
passage of time or both) a default under, or give rise (with or without the
giving of notice or the passage of time or both) to any right of termination,
cancellation or acceleration under, or require any consent, approval,
authorization or waiver of, or notice to, any party to, any bond, debenture,
note, mortgage or indenture, or any material agreement, including but not
limited to the Assumed Contracts, or other material instrument or obligation to
which Seller is a party or by which Seller or any of the Assets may be bound, or
any FCC Licenses held by Seller, (iii) result in the creation or imposition of
any Encumbrance upon any of the Assets, except for Encumbrances in favor of
Purchaser, or (iv) assuming compliance with the matters referred to in Section
4.05, violate any material Law binding upon Seller, the Station or any of the
Assets, except for (A) such consents, approvals, authorizations and waivers that
have been obtained and are unconditional and in full force and effect and such
notices that have been duly given and (B) such consents, approvals,
authorizations, waivers and notices that are disclosed on SCHEDULE 4.04.

         Section 4.05. GOVERNMENTAL APPROVALS. No material approval,
authorization, consent, order or other action of, or filing with, any
Governmental Authority is required in connection with the execution and delivery
by Seller of this Agreement or the consummation of the transactions contemplated
hereby, other than those of the FCC or those under the HSR Act, and other than
(i) filings with or approvals by other Governmental Authorities to occur in the
ordinary course following the consummation of the transactions contemplated by
this Agreement, and (ii) filings, with, or approvals of, Governmental
Authorities which may be necessary due to the status of Purchaser or any
Affiliate of Purchaser. Each of the filings and approvals included in clauses
(i) and (ii) above is described on SCHEDULE 4.05.

                                       12
<PAGE>   13

         Section 4.06. TITLE TO ASSETS. As of the Closing Date, Seller will have
good and marketable title to all of the Assets it owns, and valid leasehold
rights to all of the Assets its leases, free and clear of all Encumbrances other
than Permitted Encumbrances.

         Section 4.07. CONDITION OF ASSETS. As of the Closing Date, the
buildings, plants, structures and equipment, if any, of Seller which are
included in the Assets will be (i) in reasonably good operating condition,
ordinary wear and tear excepted, and will have been maintained by Seller in
accordance with standard industry practice, (ii) suitable for the purposes used
and (iii) adequate and sufficient for the normal operation of the Station, as
presently conducted.

         Section 4.08. FCC LICENSES.

         (a) SCHEDULE 2.01(A) accurately identifies each of the FCC Licenses
(including each of the applications therefor) as to the licensee, city of
license, and call sign (or, with respect to applications therefor, the file
number assigned by the Commission to such application). Seller has delivered to
Purchaser copies of each of the FCC Licenses (including any and all amendments
and other modifications thereto and all applications for additional such
licenses). The FCC Licenses identified on SCHEDULE 2.01(A) comprise all of the
licenses, permits and other authorizations required from the Commission for the
normal and lawful broadcast operations of the Station in the manner now
conducted.

         (b) No action or proceeding is pending or threatened before the
Commission or other Governmental Authority for the cancellation or material
adverse modification of the FCC Licenses. The Public Files which are required by
the Commission to be maintained by the licensee of the Station are current and
contain all information required to be included therein. Seller is current with
all reports, filings and other matters that it is required to file with the
Commission and is not delinquent in the payment of any fees and charges due to
the Commission. The material required by 47 C.F.R. Section 73.3526 to be kept in
the public inspection file of the Station is in such file.

         (c) As of the Closing Date, Seller shall be the authorized legal holder
of each of the FCC Licenses. The FCC Licenses are in full force and effect and
no action or proceeding is pending or threatened before the Commission for the
cancellation of the FCC Licenses. Each of the Station, its physical facilities,
electrical and mechanical systems and transmitting and studio equipment are
being operated in material compliance with the terms of each FCC License and are
in substantial and material compliance with the rules and regulations of the
Commission.

         (d) SCHEDULE 2.01(G) accurately identifies each of the Permits held by
Seller. The Permits identified on SCHEDULE 2.01(G) comprise all of the licenses,
permits and other authorizations required for the normal and lawful operations
of the Station in the manner now conducted, except for the FCC Licenses.

                                       13
<PAGE>   14

         Section 4.09. LITIGATION. There are no Governmental Orders and no
Actions pending or, to Seller's knowledge, threatened against or affecting the
Assets or which challenges the validity or propriety of any of the transactions
contemplated by this Agreement.

         Section 4.10. ABSENCE OF CERTAIN CHANGES. Except as disclosed on
SCHEDULE 4.10, since March 31, 2000 (i) there has not been any event or
condition that might reasonably be expected to result in a Material Adverse
Effect on Seller or the Assets or any material portion thereof; (ii) Seller has
not, in respect of the Station, incurred any material liability, engaged in any
material transaction or entered into any material agreement outside the ordinary
course of business consistent with past practice; (iii) Seller has not suffered
any material loss, damage, destruction or other casualty to any of the Assets
(whether or not covered by insurance); (iv) Seller has not, in respect of the
Station, taken any of the actions set forth in Section 6.01 or in Articles VI or
VII of the Bridge Loan Agreement, except as permitted thereunder; and (v) no
negative change with respect to the FCC Licenses (other than any such changes
which have resulted from Purchaser's actions or inactions pursuant to the TBA)
has occurred.

         Section 4.11. TAX MATTERS. Except as disclosed on SCHEDULE 4.11, Seller
has (and as of the Closing Date will have) (i) duly filed all Tax Returns
required to be filed by or with respect to it with the IRS or other applicable
taxing authority (other than Tax Returns where the failure to file would not be,
in the aggregate, material), (ii) paid all Taxes due, or claimed by any taxing
authority to be due, from or with respect to it (other than Taxes where the
failure to pay would not be, in the aggregate, material), except Taxes that are
being contested in good faith and for which adequate reserves have been set
aside as disclosed on SCHEDULE 4.11, and (iii) made all material deposits
required with respect to Taxes. All Tax Returns referred to in the preceding
sentence were, and in the case of Tax Returns not yet filed, will be, true,
correct and complete in all material respects when filed. All material Taxes
that Seller is or was required to withhold or collect have been duly withheld or
collected, including, without limitation, all employment related Taxes and
withholdings, and, to the extent required, have been or will be timely paid to
the proper governmental body. To the knowledge of Seller, there has been no
issue raised or adjustment proposed (and none is pending) by the IRS or any
other taxing authority in connection with any Tax Returns relating to the
Assets, the Station or the Seller. No waiver or extension of any statute of
limitations as to any federal, state, local or foreign tax matter relating to
the Assets, the Station or the Seller has been given by or requested from
Seller. There are no tax liens upon any of the properties or assets of Seller,
including, without limitation, the Assets, other than liens for Taxes not yet
due and payable. None of the Assets (i) is "tax-exempt use property" within the
meaning of Section 168(h) of the Code, (ii) is subject to a tax benefit transfer
lease subject to the provision of former Section 168(f)(8) of the Internal
Revenue Code of 1954 or (iii) secures any debt the interest on which is exempt
from tax under Section 103 of the Code.

         Section 4.12. COMPLIANCE WITH LAWS. Seller has complied with all
material Laws (including without limitation the rules, regulations and practices
of the Commission), and Seller has not received any written notice of any claim,
which has not been dismissed or otherwise disposed of, that Seller has not so
complied.

         Section 4.13. LEASED PROPERTY. No material waiver, indulgence or
postponement of Seller's obligations under any of the Leases has been granted by
the lessor or of the lessor's

                                       14
<PAGE>   15

obligations thereunder by Seller. Seller is not in breach of or in default in
any material respect under any of the Leases, and Seller has not received any
notice from, or given any notice to, any lessor indicating that Seller or such
lessor is in breach of or in default in any material respect under any of the
Leases. To the knowledge of Seller, none of the lessors under any of the Leases
is in breach thereof or in default thereunder. Seller has full right and power
to occupy or possess, as the case may be, all the property covered by each
Lease.

         Seller has delivered to Purchaser true, correct and complete copies of
all the Leases. No security deposits are being held or are required to be held
under the Leases.

         Section 4.14. CERTAIN PAYMENTS. Since the inception of Seller, none of
Seller or its Subsidiaries, or any director, officer, employee, or, to the
knowledge of Seller, any agent (or employee thereof) of Seller or any Subsidiary
or any other Person associated with or acting for or on behalf of Seller or any
Subsidiary, other than Purchaser or any Affiliate of Purchaser, has directly or
indirectly (a) made any illegal contribution, gift, bribe, rebate, payoff,
influence payment, kickback or other payment to any Person, private or public,
regardless of form, whether in money, property or services (i) to obtain
favorable treatment in securing business, (ii) to pay for favorable treatment
for business secured or (iii) to obtain special concessions or for special
concessions already obtained, for or in respect of Seller or any of its
Subsidiaries.

         Section 4.15. PROPRIETARY INFORMATION AND OTHER RIGHTS. Seller has
title and ownership of all patents, patent applications, trademarks, service
marks, trade names, copyrights, trade secrets, information, proprietary rights,
domain names and processes (collectively, "PROPRIETARY INFORMATION") necessary
for its business as now conducted without any conflict with or infringement of
the rights of others. Seller is not aware of any particular intellectual
property that it believes is essential to its product or service development, to
which it cannot obtain sufficient rights on reasonable terms. There are no
outstanding options, licenses, or agreements of any kind relating to the
foregoing, nor is Seller bound by or a party to any options, licenses or
agreements of any kind with respect to the patents, patent applications,
trademarks, service marks, trade names, copyrights, trade secrets, licenses,
information, proprietary rights, domain names and processes of any other person
or entity. Seller has not violated and received any communications alleging that
Seller has violated or, by conducting its business as proposed, would violate
any of the patents, trademarks, service marks, trade names, copyrights or trade
proprietary rights of any other person or entity. To the knowledge of Seller,
none of its employees is obligated under any contract (including licenses,
covenants or commitments of any nature) or other agreement, or subject to any
judgment, decree or order of any court or administrative agency, that would
interfere with the use of his or her best efforts to promote the interests of
Seller or that would conflict with Seller's business as currently conducted.
Neither the execution nor delivery of this Agreement nor the carrying on of
Seller's business by the employees of Seller nor the conduct of Seller's
business as currently conducted, will, to Seller's knowledge, conflict with or
result in a breach of the terms, conditions or provisions of, or constitute a
default under, any contract, covenant or instrument under which any of such
employees is now obligated.

                                       15
<PAGE>   16

         Section 4.16. EMPLOYEES.

         (a) SCHEDULE 4.16(A) contains a complete and accurate list of the
following information for each employee or director of Seller engaged in the
operation of the Station, including each employee on leave of absence or layoff
status; employer; name; job title; current compensation paid or payable and any
change in compensation since January 1, 2000; vacation accrued; and service
credited for purposes of vesting and eligibility to participate under any
Seller's insurance, medical, welfare, or vacation plan, other employee welfare
benefit plan, or any other employee benefit plan or any director plan.

         (b) To Seller's knowledge, no employee or director of Seller engaged in
the operation of the Station is a party to, or is otherwise bound by, any
agreement or arrangement, including any confidentiality, noncompetition or
proprietary rights agreement, between such employee or director and any other
Person ("PROPRIETARY RIGHTS AGREEMENT") that in any way adversely affects (i)
the performance of his duties as an employee or director of Seller, or (ii) the
ability of Seller to conduct its business, including any Proprietary Rights
Agreement with Seller by any such employee or director. To Seller's knowledge,
no director, officer, or other key employee of Seller engaged in the operation
of the Station intends to terminate his employment with Seller.

         Section 4.17. LABOR AGREEMENTS AND ACTIONS. Seller is not bound by or
subject to (and none of Seller's assets or properties is bound by or subject to)
any written or oral, express or implied, contract, commitment or arrangement
with any labor union, and no labor union has requested or, to the knowledge of
Seller, has sought to represent any of the employees, representatives or agents
of Seller. There is no strike or other labor dispute involving Seller pending,
or, to the knowledge of Seller, threatened, nor is Seller aware of any labor
organization activity involving employees of Seller.

         Section 4.18. ENVIRONMENTAL. Seller has not received any written notice
of any investigation or inquiry by any Governmental Authority under any
Environmental Laws relating to the ownership or operation of the Assets. Seller
has not disposed of any Hazardous Material on any of the assets of Seller in
violation of Environmental Laws and, to Seller's knowledge, no condition exists
on any of the assets of Seller which would subject the assets of Seller to any
remedial obligations under any Environmental Laws.

         Section 4.19. CERTAIN AGREEMENTS. Seller has delivered to Purchaser
accurate and complete copies of the Assumed Contracts. Each of such agreements
is a valid and binding agreement of Seller and (to the knowledge of Seller) the
other party or parties thereto, enforceable against Seller and (to the knowledge
of Seller) such other party or parties in accordance with its terms. Seller is
not in breach of or in default under, nor has any event occurred which (with or
without the giving of notice or the passage of time or both) would constitute a
default by Seller under, any provision of any of such agreements, and Seller has
not received any notice from, or given any notice to, any other party indicating
that Seller is in breach of or in default under any of such agreements. To the
knowledge of Seller, no other party to any of such agreements is in breach of or
in default under such agreements, nor has any assertion been made by Seller of
any such breach or default. Except as disclosed on SCHEDULE 4.19, each of such
agreements is freely and fully assignable to Purchaser without penalty or other
adverse consequence.

                                       16
<PAGE>   17

         Section 4.20. ERISA. Neither Seller nor any of its affiliates sponsor,
maintain, contribute to (other than indirectly through the Administaff Client
Service Agreement referred to below) or administer any employee benefit plan
within the meaning of Section 3(3) of ERISA, including a multiemployer plan
(within the meaning of Section 4001(a) of ERISA). All fees required to be paid
by Seller to Administaff Companies, Inc. pursuant to the Client Service
Agreement between the Company and Administaff Companies, Inc. are current as of
the date of this Agreement and will be current as of the Closing Date. For
purposes of this Section and Section 7.02(b) only, an "affiliate" of any person
means any other person which, together with such person, would be treated as a
single employer under Section 414 of the Code.

         Section 4.21. INSURANCE. Seller maintains the policies of insurance
described on SCHEDULE 4.21. All such policies are in full force and effect and
all premiums have been paid in full to the extent payment was due.

         Section 4.22. BROKERAGE FEES. Neither Seller nor any of its Affiliates
has retained any financial advisor, broker, agent, or finder or paid or agreed
to pay any financial advisor, broker, agent, or finder on account of this
Agreement or any transaction contemplated hereby, other than Bluestone Capital
Partners, L.P. and Americom Radio Brokers, Inc. ("SELLERS' BROKERS"). Seller
shall pay all costs and expenses of Seller's Brokers in accordance with
agreements therewith and indemnify and hold harmless Purchaser from and against
any and all losses, claims, damages and liabilities (including legal and other
expenses reasonably incurred in connection with investigating or defending any
claims or actions) with respect to any finder's fee, brokerage commission or
similar payment in connection with any transaction contemplated hereby asserted
by any person on the basis of any act or statement made or alleged to have been
made by Seller or any of its Affiliates.

         Section 4.23. INVESTMENT INTENT. Seller is acquiring the Purchaser
Shares for its own account for investment and not with a view to, or for sale or
other disposition in connection with, any distribution of all or any part
thereof. Seller understands that it must bear the economic risk of this
investment indefinitely unless it sells the Purchase Shares (i) in an offering
covered by a registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the "SECURITIES ACT"),
covering the Purchaser Shares or (ii) pursuant to an applicable exemption under
the Securities Act. In acquiring the Purchaser Shares, Seller is not offering or
selling, and will not offer or sell, for Purchaser in connection with any
distribution of the Purchaser Shares, and Seller does not have a participation
and will not participate in any such undertaking or in any underwriting of such
an undertaking except in compliance with applicable federal and state securities
laws.

         Section 4.24. DISCLOSURE OF INFORMATION. Seller acknowledges that it or
its representatives have been furnished with substantially the same kind of
information regarding Purchaser and its business, assets, results of operation,
and financial condition as would be contained in a registration statement
prepared in connection with a public sale of the Purchaser Shares. Seller
further represents that it has had an opportunity to ask questions of and
receive answers from Purchaser regarding Purchaser and its business, assets,
results of operation and financial condition and the terms and conditions of the
issuance of the Purchaser Shares. The

                                       17
<PAGE>   18

foregoing, however, shall not limit or modify the representations and warranties
of Purchaser in Article V, and shall not limit the disclosure requirements of
applicable federal and state securities laws.

         Section 4.25. RESTRICTED SECURITIES. Seller understands that the
Purchaser Shares will not have been registered pursuant to the Securities Act or
any applicable state securities laws, that the Purchaser Shares will be
characterized as "restricted securities" under federal securities laws, and that
under such laws and applicable regulations the Purchaser Shares cannot be sold
or otherwise disposed of without registration under the Securities Act or an
exemption therefrom. In this connection, Seller represents that it is familiar
with Rule 144 promulgated under the Securities Act, as currently in effect, and
understands the resale limitations imposed thereby and by the Securities Act.
Stop transfer instructions may be issued to the transfer agent for securities of
Purchaser (or a notation may be made in the appropriate records of Purchaser) in
connection with the Purchaser Shares.

         Section 4.26. LEGEND. It is agreed and understood by Seller that the
certificates representing the Purchaser Shares shall each conspicuously set
forth on the face or back thereof, in addition to any legends required by Law or
other agreement, a legend in substantially the following form:

         THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED
         OR SOLD EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE
         HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER"
         (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS AN
         "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) or (7)
         UNDER THE SECURITIES ACT) (AN "ACCREDITED INVESTOR") OR (C) IT IS NOT A
         U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION,
         OR (D) HAS RECEIVED SUCH SHARES PURSUANT TO A VALID PRIVATE PLACEMENT
         UNDER SECTION 4 OF THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT
         WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR
         OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY
         SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED
         INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
         ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR
         TO SUCH TRANSFER, FURNISHES TO THE TRANSFER AGENT A SIGNED LETTER
         CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH
         LETTER CAN BE OBTAINED FROM THE TRANSFER AGENT), (D) OUTSIDE THE UNITED
         STATES TO PERSONS OTHER THAN U.S. PERSONS IN OFFSHORE TRANSACTIONS
         MEETING THE REQUIREMENTS OF RULE 904 UNDER REGULATION S UNDER THE
         SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION
         PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (F)
         PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
         ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS

                                       18
<PAGE>   19

         SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
         LEGEND. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED
         STATES" AND "U.S. PERSON" HAVE THE RESPECTIVE MEANINGS GIVEN TO THEM BY
         REGULATION S UNDER THE SECURITIES ACT.

                                    ARTICLE V
                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

         Purchaser hereby represents and warrants to Seller as follows:

         Section 5.01. ORGANIZATION AND GOOD STANDING. Purchaser is a
corporation duly organized, validly existing and in good standing under the laws
of the state of Delaware and has all requisite corporate power and authority to
own and lease its properties and carry on its business as currently conducted.

         Section 5.02. DUE AUTHORIZATION; EXECUTION AND DELIVERY. Subject to the
issuance of the Final Orders and any required compliance with the HSR Act,
Purchaser has full power and authority to enter into this Agreement and the
Ancillary Documents to which it is a party and to carry out its obligations
hereunder. The execution and delivery by Purchaser of this Agreement and the
Ancillary Documents to which it is a party and the consummation by it of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Purchaser. This Agreement and the Ancillary
Documents to which Purchaser is a party have been duly executed and delivered by
Purchaser and constitute the legal, valid and binding obligations of Purchaser,
enforceable against it in accordance with their respective terms, except as may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors' rights generally or general equitable
principles. Neither the execution and delivery by Purchaser of this Agreement or
the Ancillary Documents to which it is a party, nor the consummation of the
transactions contemplated hereby and thereby will: (i) conflict with or result
in a breach of the organizational documents of Purchaser; (ii) subject to the
issuance of the Final Orders, violate any law, statute, rule or regulation or
any order, writ, injunction or decree of any court or governmental authority; or
(iii) violate or conflict with or constitute a default under (or give rise to
any right of termination, cancellation or acceleration under) any indenture,
mortgage, lease, contract or other instrument to which Purchaser or any of its
Affiliates is a party or by which it or any of its Affiliates is bound or
affected.

         Section 5.03. GOVERNMENTAL CONSENTS. No consent, approval,
authorization, license, exemption of, filing or registration with any court,
governmental authority or administrative agency is required by Purchaser in
connection with the execution and delivery of this Agreement or the consummation
by it of any transaction contemplated hereby, other than the consent of the FCC
or under the HSR Act.

         Section 5.04. LITIGATION. There is no order of any court, governmental
agency or authority and no action, suit, proceeding or investigation, judicial,
administrative or otherwise that is pending or, to Purchaser's knowledge,
threatened against or affecting Purchaser which challenges the validity or
propriety of any of the transactions contemplated by this Agreement.

                                       19
<PAGE>   20

         Section 5.05. BROKERAGE FEES. No broker, finder, financial advisor or
investment banker is entitled to any brokerage, finder's or other fee,
commission or expense reimbursement in connection with the transactions
contemplated by this Agreement as a result of any agreement or action of
Purchaser, other than Lehman Brothers, Inc. (the "PURCHASER'S BROKER").
Purchaser shall pay all costs and expenses of the Purchaser's Broker in
accordance with agreements therewith, and indemnify and hold harmless Seller and
its Affiliates from and against any and all losses, claims, damages and
liabilities (including legal and other expenses reasonably incurred in
connection with investigating or defending any claims or actions) with respect
to any finder's fee, brokerage commission or similar payment in connection with
any transaction contemplated hereby asserted by any person on the basis of any
act or statement made or alleged to have been made by Purchaser or any of its
Affiliates.

         Section 5.06. QUALIFICATION. Purchaser is legally, financially and
otherwise qualified to be the licensee of, acquire, own and operate the Station
under 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 Purchaser as an
assignee of the FCC Licenses or as the owner and operator of the Station. No
waiver of any FCC rule or policy is necessary for the FCC Consents to be
obtained. There is no action, suit or proceeding pending or, to the knowledge of
Purchaser, threatened against Purchaser which questions the legality or
propriety of the transactions contemplated by this Agreement or could materially
adversely affect Purchaser's ability to perform its obligations hereunder.
Purchaser has and will have available on the Closing Date sufficient funds to
enable it to consummate the transactions contemplated hereby.

         Section 5.07. PURCHASER SHARES. The Purchaser Shares have been duly
authorized for issuance and, if and when delivered by Purchaser in accordance
with the provisions of this Agreement, will be validly issued fully paid and
nonassessable. The issuance of the Purchaser Shares pursuant to this Agreement
is not subject to any preemptive or similar rights.

                                   ARTICLE VI
                     CERTAIN COVENANTS AND OTHER AGREEMENTS

         Section 6.01. CONDUCT AND PRESERVATION OF BUSINESS.

         (a) Except actions or inactions of Purchaser pursuant to the TBA, or as
expressly provided in this Agreement, during the period from the date hereof to
the Closing, Seller shall not, without the prior written consent of Purchaser:

                  (i) make any material change in the ongoing operations of the
Station;

                  (ii) incur, guarantee or assume any indebtedness for borrowed
money in respect of the Assets, other than indebtedness to Purchaser, or in
accordance with the Bridge Loan Agreement;

                  (iii) mortgage or pledge any of the Assets to any person other
than Purchaser, and other than in accordance with the Bridge Loan Agreement, or
create or suffer to exist any

                                       20
<PAGE>   21

Encumbrance thereupon, other than the Permitted Encumbrances and Encumbrances in
favor of Purchaser, or in accordance with the Bridge Loan Agreement;

                  (iv) sell, lease, transfer or otherwise dispose of, directly
or indirectly, any material part of the Assets, other than in accordance with
the Bridge Loan Agreement;

                  (v) amend, modify or change any existing material lease,
contract, FCC License or agreement relating to the Assets;

                  (vi) permit any current insurance or reinsurance policies to
be canceled or terminated or any of the coverages thereunder to lapse if such
policy covers Assets, or insures risks, contingencies or liabilities of the
Station, unless simultaneously with such cancellation, termination or lapse,
replacement policies providing coverage equal to or greater than the coverage
canceled, terminated or lapsed are in full force and effect and written copies
thereof have been provided to Purchaser;

                  (vii) take any action which would or might make any of the
representations or warranties of Seller contained in this Agreement untrue or
inaccurate as of any time from the date of this Agreement to the Closing or
would or might result in any of the conditions set forth in this Agreement not
being satisfied;

                  (viii) allow any Assumed Contract to be terminated or to be
materially modified prior to the full term of the contract; or

                  (ix) authorize or propose, or agree in writing or otherwise to
take, any of the actions described in this Section.

         Section 6.02. ACCESS TO RECORDS AND PROPERTIES. Subject to requirements
of confidentiality imposed by contract or by law, Seller will (a) make available
to Purchaser and its accountants, counsel and other representatives, access
during normal business hours to the properties, books and records of Seller, and
will allow Seller's officers and representatives to be available to Purchaser
for consultation, and (b) furnish Purchaser with copies of all such contracts,
books and records, and other existing documents and data relating to Seller, any
Subsidiary or the Assets as Purchaser may reasonably request, and (c) furnish
Purchaser with such additional financial, operating, and other data and
information relating to Seller, any Subsidiary or the Assets as Purchaser may
reasonably request.

         Section 6.03. TAXES; OTHER CHARGES. All sales, use, value -added,
transfer, registration, stamp, deed and similar Taxes ("TRANSFER TAXES")
resulting from the consummation of the transactions contemplated hereby shall be
borne by Seller and Purchaser equally. The parties shall cooperate in obtaining
all exemptions from such Transfer Taxes. The party bearing responsibility under
applicable law shall file all necessary documentation with respect to, and make
all payments of, such Transfer Taxes on a timely basis, with the cooperation of
the other party.

         Section 6.04. BEST EFFORTS. Seller and Purchaser shall take all
reasonable action necessary to consummate the transactions contemplated by this
Agreement and will use all

                                       21
<PAGE>   22

necessary and reasonable means at its disposal to obtain all necessary consents
and approvals of other persons and Governmental Authorities required to enable
it to consummate the transactions contemplated by this Agreement, including the
consent of the FCC and any necessary filings and consents under the HSR Act.
Except as otherwise provided herein, each of Seller and Purchaser acknowledges
and agrees that it shall pay all costs, fees and expenses incurred by it in
obtaining such necessary consents and approvals (it being understood that
Purchaser shall pay all filing fees in connection with notification filings
under the HSR Act). Each party shall promptly make all filings, applications,
statements and reports to all governmental agencies or entities which are
required to be made prior to the Closing Date by or on its behalf pursuant to
any statute, rule or regulation in connection with the transactions contemplated
by this Agreement, and copies of all such filings, applications, statements and
reports shall be provided to the other. If the FCC determines that the
transactions contemplated hereby or a portion thereof are inconsistent or
violative of FCC rules or regulations, the parties agree that they will, to the
extent practicable, negotiate in good faith to amend, modify or restructure the
transactions contemplated hereby so as to be consistent with FCC rules and
regulations.

         Section 6.05. PUBLIC ANNOUNCEMENTS. Prior to the Closing Date, all
notices to third parties and other publicity relating to the transactions
contemplated by this Agreement shall be jointly planned by Seller and Purchaser;
it being understood by Seller that Purchaser is a public company subject to
disclosure requirements, and this covenant shall be subject to Purchaser's
requirements thereunder.

         Section 6.06. EMPLOYMENT MATTERS. Set forth on SCHEDULE 4.16(A) is an
accurate and complete list of the names, positions and salaries of all personnel
of Seller (the "PERSONNEL") who work principally in connection with the Station
or the Assets. Two weeks prior to the Closing, Seller shall deliver to the
Purchaser a revised SCHEDULE 4.16(A) updating the information as to the
Personnel. Seller shall use its commercially reasonably efforts to maintain its
existing relationship with the Personnel, but shall not increase salary or
benefits or declare or pay bonuses without the prior written consent of
Purchaser. Purchaser shall review the schedule of Personnel and shall be given
an opportunity to interview all such members of Personnel. Purchaser may offer
employment to such employees as Purchaser shall determine in its sole
discretion. Seller shall use its best efforts to assist Purchaser in hiring such
members of Personnel who are made offers of employment by Purchaser. Purchaser
shall have no obligation to hire any employees or to maintain any level of
compensation or benefits or to provide any benefit plans, programs or
arrangements pursuant to this Agreement or in connection with the transactions
contemplated hereby.

         Section 6.07. REGISTRATION RIGHTS. Upon Closing, Purchaser and Seller
shall enter into a registration rights agreement in substantially the same form
as the Form of Registration Rights Agreement attached hereto as EXHIBIT 6.07.

         Section 6.08. COMPLIANCE WITH COVENANTS. Between the date hereof and
the Closing, Seller will comply in all material respects with all covenants set
forth in Articles VI and VII of the Bridge Loan Agreement and Purchaser shall
comply, and shall cause its Affiliates to comply, in all material respects with
all covenants of Purchaser and its Affiliates set forth in the Bridge Loan
Agreement and the TBA.

                                       22
<PAGE>   23

         Section 6.09. NOTIFICATION. Between the date hereof and the Closing,
Seller will promptly notify Purchaser in writing if Seller becomes aware of any
fact or condition that causes or constitutes a breach of any of Seller's
representations and warranties as of the date hereof, or if Seller becomes aware
of the occurrence after the date hereof of any fact or condition that would
(except as expressly contemplated by this Agreement) cause or constitute a
breach of any such representation or warranty had such representation or
warranty been made as of the time of occurrence or discovery of such fact or
condition. During the same period, Seller will promptly notify Purchaser of the
occurrence of any breach of any covenant of Seller in this Article VI or Article
VI or VII of the Bridge Loan Agreement or of the occurrence of any event that
may make the satisfaction of the conditions in Section 3 impossible or unlikely.
During the same period, Purchaser will promptly notify Seller of the occurrence
of any breach of any covenant of Purchaser in this Article VI or the TBA or of
the occurrence of any event that may make the satisfaction of the conditions in
Section 3 impossible or unlikely.

         Section 6.10. NO NEGOTIATION. Until such time, if any, as this
Agreement is terminated pursuant to Article VIII, Seller will not directly or
indirectly solicit, initiate, or encourage any inquiries or proposals from,
discuss or negotiate with, or provide any non-public information to any person
(other than Purchaser) relating to any transaction involving the sale of the
Assets, or any of the capital stock of Seller, or any merger, consolidation,
business combination, or similar transaction involving Seller.

                                   ARTICLE VII
                                 INDEMNIFICATION

         Section 7.01. SURVIVAL. All representations, warranties, covenants and
agreements made by any party to this Agreement or pursuant hereto shall be
deemed to be material and to have been relied upon by the parties hereto and
shall survive the Closing for twelve months after the Closing Date except for
(i) representations provided in Sections 4.01, 4.03, 4.04(i), 4.20 and 4.22,
which shall survive indefinitely, and (ii) representations provided in Section
4.11, which shall not survive the Closing.

         Section 7.02. INDEMNIFICATION BY SELLER. Subject to the limitations set
forth in Sections 7.01 and 7.04, Seller shall indemnify and hold harmless
Purchaser and its officers, directors, employees, agents, permitted assigns,
Affiliates and successors thereof from, against, for and in respect of:

         (a) any and all damages, losses, settlement payments, obligations,
liabilities, claims, actions or causes of action and encumbrances (collectively,
"LOSSES") suffered, sustained, incurred or required to be paid by Purchaser and
arising from the breach of any written representation, warranty, agreement or
covenant of Seller contained in this Agreement;

         (b) all Excluded Liabilities, including but not limited to, the
Excluded Tax Liabilities, and all liabilities arising from or in connection with
the maintenance by Seller or any affiliate of Seller of any employee benefit
plan (as defined in Section 3(3) of ERISA);

                                       23
<PAGE>   24

         (c) all customary costs and expenses (including, without limitation,
customary attorneys' fees, interest and penalties) incurred by Purchaser in
connection with any action, suit, proceeding, demand, assessment or judgment
incident to any of the matters indemnified against in this Section 7.02; and

         (d) any Losses arising from any cleanup or other remediation of or
arising from any cleanup, removal, containment or other remediation
(collectively, "CLEANUP") required by applicable law or regulation of, or any
other damage arising from, any Hazardous Substance, Cleanup or breach of
Environmental Law, but only to the extent that Seller has caused such Losses.

         THE PROVISIONS OF THIS INDEMNITY SHALL NOT BE THE SOLE REMEDY IN THE
CASE OF INTENTIONAL MISREPRESENTATIONS, FRAUD, WILLFUL MISCONDUCT OR GROSS
NEGLIGENCE.

         Section 7.03. INDEMNIFICATION BY PURCHASER. Subject to the limitations
set forth in Sections 7.01 and 7.04, Purchaser shall indemnify and hold Seller
and the officers, directors, employees, trustees, agents, permitted assigns,
Affiliates and successors thereof harmless from, against, for and in respect of:

         (a) any and all Losses suffered, sustained, incurred or required to be
paid by Seller and arising from the breach of any written representation,
warranty, agreement or covenant of Purchaser contained in this Agreement, or the
ownership and operation by Purchaser of the Assets after the Closing;

         (b) any and all Assumed Liabilities arising from and after the Closing
Date; and

         (c) all reasonable costs and expenses (including, without limitation,
attorneys' fees, interest and penalties) incurred by Seller in connection with
any action, suit, proceeding, demand, assessment or judgment incident to any of
the matters indemnified against in this Section 7.03.

         THE PROVISIONS OF THIS INDEMNITY SHALL NOT BE THE SOLE REMEDY IN THE
CASE OF INTENTIONAL MISREPRESENTATIONS, FRAUD, WILLFUL MISCONDUCT OR GROSS
NEGLIGENCE.

         Section 7.04. INDEMNIFICATION PROCEDURES. The obligations and
liabilities of each indemnifying party hereunder with respect to claims
resulting from the assertion of liability by the other party or indemnified
third parties shall be subject to the following terms and conditions:

         (a) The indemnified party shall give prompt written notice (which in no
event shall exceed 30 days from the date on which the indemnified party first
became aware of such claim or assertion) to the indemnifying party of any claim
which might give rise to a claim by the indemnified party against the
indemnifying party based on the indemnity agreements contained in Article VII
hereof, stating the nature and basis of said claims and the amounts thereof, to
the extent known. The failure to so notify, or any delay in so notifying, the
indemnifying party will not relieve the indemnifying party of its obligations
under this Article VII, except solely to the extent that the indemnifying party
can demonstrate that such failure actually and materially

                                       24
<PAGE>   25

prejudices the defense of the Action by the indemnifying party. Within 10 days
of delivery of such notice, the indemnifying party shall advise the indemnified
party (i) whether it disputes the claim for indemnification and (ii) whether the
indemnifying party desires at its sole cost and expense to defend such Action.

         (b) In the event that the indemnifying party notifies the indemnified
party within the notice period specified in clause (a) of this Section 7.04 that
the indemnifying party does not dispute the indemnifying party's obligation to
indemnify hereunder and desires to defend the indemnified party against such
claim and, except as hereunder provided, the indemnifying party shall have the
right to defend by appropriate proceedings, which proceedings shall be promptly
settled or prosecuted by the indemnifying party to final conclusion; provided
that, unless the indemnified party otherwise agrees, the indemnifying party may
not compromise or settle any matter (in whole or in part) (i) without obtaining
a complete and unconditional release of the indemnified party, (ii) unless the
sole relief provided is monetary damages that are paid in full by the
indemnifying party, and (iii) unless there is no finding or admission of any
violation of law or any violation of the rights of any other Person and no
effect on any claims that may be made against the indemnified party. If the
indemnifying party elects not to defend the indemnified party against such
claim, whether by failure of the indemnifying party to give the indemnified
party timely notice as provided above or otherwise, then the indemnified party
may assume the defense thereof, shall have the right to undertake the defense
of, compromise or settle such proceedings and the indemnifying party shall, upon
request of the indemnified party, pay to such indemnified party, in accordance
with the terms of this Article VII, the amount of Losses resulting from such
proceeding; provided, however, that such proceeding shall not be compromised or
settled without the written consent of the indemnifying party, which consent
shall not be unreasonably withheld. Notwithstanding the foregoing, the
indemnifying party's right to object to any proposed compromise or settlement
shall be conditioned upon such indemnifying party acknowledging to the
indemnified party that such indemnifying party shall be solely responsible (as
between the indemnifying party and the indemnified party) for all liabilities
and obligations arising from the matter proposed to be compromised or settled.
If any Action, suit or proceeding is brought against the indemnified party with
respect to which the indemnifying party may have liability under the indemnity
agreements contained in Article VII hereof, the Action, suit or proceeding
shall, upon the written acknowledgment by the indemnifying party that it is
obligated to indemnify under such indemnity agreement, be defended (including
all proceedings on appeal or for review which counsel for the indemnified party
shall deem appropriate) by the indemnifying party. The indemnified party shall
have the right to employ its own counsel in any such case, but the fees and
expenses of such counsel shall be at the indemnified party's own expense unless
(i) the employment of such counsel and the payment of such fees and expenses
both shall have been specifically authorized in writing by the indemnifying
party in connection with the defense of such Action, suit or proceeding, or (ii)
counsel to such indemnified party shall have reasonably concluded and
specifically notified the indemnifying party that there may be specific defenses
available to it which are different from or additional to those available to the
indemnifying party or that such Action, suit or proceeding involves or could
have an effect upon matters beyond the scope of the indemnity agreements
contained in Article VII hereof, in any of which events the indemnifying party,
to the extent made necessary by such defenses, shall not have the right to
direct the defense of such Action, suit or proceeding on behalf of the
indemnified party. In the latter such case only that portion of such fees and
expenses of the indemnified

                                       25
<PAGE>   26

party's separate counsel reasonably related to matters covered by the indemnity
agreements contained in Article VII hereof shall be borne by the indemnifying
party. The indemnified party shall be kept fully informed of such action, suit
or proceeding at all stages thereof whether or not it is represented by separate
counsel.

         (c) The defending party shall make available to the non-defending party
and its attorneys and accountants all books and records of the non-defending
party relating to such proceedings or litigation and the parties hereto agree to
render to each other such assistance as they may reasonably require of each
other in order to ensure the proper and adequate defense of any such Action,
suit or proceeding.

         (d) There shall be no indemnification recoverable against a party
otherwise obligated to provide indemnification therefor under this Article VII
(other than the payment of Taxes relating to the Straddle Period) until the
Losses by the party seeking such indemnification exceed $150,000 in the
aggregate (the "BASKET AMOUNT"), and once all such Losses exceed the Basket
Amount, such party shall only be obligated to the other party for Losses in
excess of the Basket Amount (other than the payment of Taxes relating to the
Straddle Period).

         (e) Seller shall not be required to pay any amount in satisfaction of
the indemnification obligations of Seller pursuant to this Article VII in excess
of the Purchase Price received by Seller.

         (f) A waiver of a condition to Closing hereunder shall not preclude the
waiving party from being indemnified hereunder.

         Section 7.05. CERTAIN TAX MATTERS. For purposes of Section 2.03(b) and
7.02(b), Seller's allocable portion of Taxes with respect to a taxable period
which includes (but does not end on) the Closing Date (the "STRADDLE PERIOD")
shall be (x) in the case of any Taxes other than Taxes based upon or related to
income or receipts, an amount equal to the Tax for the entire period multiplied
by a fraction, the numerator of which is the number of days in the period for
which such Taxes are paid ending on the Closing Date and the denominator of
which is the number of days in the entire taxable period; and (y) in the case of
any Taxes based upon or related to income or receipts, the amount that would be
payable if the taxable period ended on the Closing Date. The party that has the
primary obligation to do so under applicable law shall file any Tax Return that
is required to be filed in respect of Taxes described in Section 7.02, and that
party shall pay the Taxes shown on such Tax Return and the other party shall
reimburse the filing party for its share of such Tax as determined under Section
7.02 by wire transfer of immediately available funds no later than ten days
after receipt of written notice that such Tax has been paid to the applicable
governmental body. For purposes of Taxes based upon or measured by net income
("INCOME TAXES"), Seller shall include the net income attributable to Seller,
the Station and the Assets in its income through the Closing Date and shall file
the appropriate Tax Returns. Subject to the provisions of Section 6.03, Seller
shall be responsible for the payment of all Taxes, including, without
limitation, Income Taxes imposed on Seller, if any, as a result of the transfer
of the Station and the Assets to Purchaser. Seller and Purchaser shall provide
each other with such cooperation and information as either of them reasonably
may request of the other with respect to Seller, the Station or the Assets in
filing any

                                       26
<PAGE>   27

Tax Return, amended return or claim for refund, determining a liability for
Taxes or a right to refund of Taxes or in conducting any audit or other
proceeding in respect of Taxes with respect to Seller, the Station or the
Assets. Such cooperation and information shall include, without limitation,
providing copies of all relevant portions of Tax Returns with respect to Seller,
together with accompanying schedules and related work papers, documents relating
to rulings or other determinations by taxing authorities and records concerning
the ownership and tax basis of property, which either party may possess. Each
party shall make its employees available on a mutually convenient basis to
provide explanation of any documents or information provided hereunder. The
party requesting assistance hereunder shall reimburse the other for any
reasonable out-of-pocket costs incurred in providing any return, document or
other written information, and shall compensate the other for any reasonable
costs (excluding wages and salaries) of making employees available, upon receipt
of reasonable documentation of such costs. Each party shall retain all returns,
schedules and work papers and all material records or other documents relating
thereto, until the expiration of the statute of limitations (including
extensions) of the taxable years to which such returns and other documents
relate and, unless the relevant portions of such returns and other documents are
offered to the other party, until the final determination of any payments which
may be required in respect of such years under this Agreement. Any information
obtained under this Section 7.05 shall be kept confidential, except as may be
otherwise necessary in connection with the filing of any Tax Returns or claims
for refund or in conducting any audit or other proceeding and shall be used
solely for the purposes set forth in this Section 7.05.

                                  ARTICLE VIII
                                   TERMINATION

         Section 8.01. TERMINATION. This Agreement may be terminated and the
transactions contemplated hereby abandoned at any time prior to the Closing in
the following manner:

         (a) by mutual written consent of Seller and Purchaser; or

         (b) by either Seller (following repayment of all amounts due to
Purchaser by any party under the Bridge Loan Agreement in accordance with the
terms thereof) or Purchaser if the Closing shall not have occurred on or before
June 1, 2001, unless such failure to close shall be due to a breach of this
Agreement by the party seeking to terminate this Agreement pursuant to this
clause (b); or

         (c) by either Seller (following repayment of all amounts due to
Purchaser by any party under the Bridge Loan Agreement in accordance with the
terms thereof) or Purchaser if there shall be any Law that makes consummation of
the transactions contemplated hereby illegal or otherwise prohibited or a
Governmental Authority shall have issued an order, decree or ruling or taken any
other action permanently restraining, enjoining or otherwise prohibiting the
consummation of the transactions contemplated hereby, and such order, decree,
ruling or other action shall have become final and nonappealable; or

         (d) by Seller (following repayment of all amounts due to Purchaser by
any party under the Bridge Loan Agreement in accordance with the terms thereof),
if (i) any of the material representations and warranties of Purchaser contained
in this Agreement shall not be

                                       27
<PAGE>   28

true and correct in any material respect, when made or at any time prior to the
Closing as if made at and as of such time (except to the extent that any such
representation or warranty is made as of a specified date, in which case such
representation or warranty shall have been true and correct in all material
respects as of such specified date), in any respect which is material to
Purchaser or the ability of Purchaser to consummate the transactions
contemplated hereby, or (ii) Purchaser shall have failed to fulfill in any
material respect any of its material obligations under this Agreement, which
failure is material to the obligations of Purchaser under this Agreement, and,
in the case of each of clauses (i) and (ii), such misrepresentation, breach of
warranty, or failure (provided it can be cured) has not been cured within 30
days after written notice thereof from Seller to Purchaser; provided that
Purchaser shall have no opportunity to cure its failure to timely pay the
Purchase Price; or

         (e) by Purchaser, if (i) any of the material representations and
warranties of Seller contained in this Agreement shall not be true and correct
in any material respect, when made or at any time prior to the Closing as if
made at and as of such time (except to the extent that any such representation
or warranty is made as of a specified date, in which case such representation or
warranty shall have been true and correct in all material respects as of such
specified date), in any respect which is material to Seller or the ability of
Seller to consummate the transactions contemplated hereby, or (ii) Seller shall
have failed to fulfill in any material respect any of its material obligations
under this Agreement, which failure is material to the obligations of Seller
under this Agreement, and, in the case of each of clauses (i) and (ii), such
misrepresentation, breach of warranty, or failure (provided it can be cured) has
not been cured within 30 days after written notice thereof from Purchaser to
Seller.

         Section 8.02. CERTAIN REMEDIES NOT EXCLUSIVE. Except as specifically
set forth herein, the rights and remedies herein provided shall be cumulative
and not exclusive of any rights or remedies provided by law. The rights and
remedies of any party based upon, arising out of or otherwise in respect of any
inaccuracy in or breach of any representation, warranty, covenant or agreement
contained in this Agreement shall in no way be limited by the fact that the act,
omission, occurrence or other state of facts upon which any claim of any such
inaccuracy or breach is based may also be the subject matter of any other
representation, warranty, covenant or agreement contained in this Agreement (or
in any other agreement between the parties) as to which there is no inaccuracy
or breach.

         Section 8.03. SPECIFIC PERFORMANCE. It is understood and agreed that
money damages would not be sufficient remedy for Seller's or Purchaser's failure
to perform under this Agreement, the Bridge Loan Agreement and the Ancillary
Documents, including Seller's failure to transfer, assign, convey, sell or
deliver the Assets to Purchaser and Purchaser's payment of the Purchase Price
and advancement of funds under the Bridge Loan Agreement in accordance with the
terms thereof, that Purchaser or Seller, as the case may be, would be
irreparably harmed by such a breach and that Purchaser and Seller shall be
entitled to specific performance and injunctive relief as remedies for any such
breach.

                                       28
<PAGE>   29

                                   ARTICLE IX
                            MISCELLANEOUS PROVISIONS

         Section 9.01. EXPENSES. Except as otherwise expressly provided herein,
each party shall pay the fees and expenses incurred by it in connection with the
transactions contemplated by this Agreement. If any action is brought for breach
of this Agreement or to enforce any provision of this Agreement, the prevailing
party shall be entitled to recover court costs, arbitration expenses and
reasonable attorneys' fees.

         Section 9.02. AMENDMENT. This Agreement may be amended at any time but
only by an instrument in writing signed by the parties hereto.

         Section 9.03. NOTICES. All notices and other communications hereunder
shall be in writing and shall be deemed given if (i) mailed by certified mail,
return receipt requested, or delivered by nationally recognized "next-day"
delivery service, to the parties at the addresses set forth below (or at such
other address for a party as shall be specified by like notice), or (ii) sent by
facsimile to the number set forth below (or such other number for a party as
shall be specified by proper notice hereunder), or (iii) sent by email to the
email address set forth below (or such other email address for a party as shall
be specified by proper notice hereunder):

         If to Purchaser, to:       Spanish Broadcasting System, Inc.
                                    3191 Coral Way
                                    Miami, Florida 33145
                                    Attention: Joseph A. Garcia
                                    Facsimile: (305) 446-5148
                                    Email: bgerdts@sbscorporate.com

         with copies (which shall not constitute notice) to:

                                    Kaye, Scholer, Fierman, Hays & Handler, LLP
                                    901 Fifteenth Street, N.W.
                                    Washington, D.C. 20005
                                    Attention: Jason L. Shrinsky
                                    Facsimile: 202-682-3580
                                    Email:

         If to Seller, to:          New World Broadcasters Corp.
                                    1333 Corporate Drive, Suite 350
                                    Irving, Texas 75038
                                    Attention: James L. Anderson
                                    Facsimile: 972-550-5517
                                    Email: jim@rodriguezcom.com

                                       29
<PAGE>   30

         with copies (which shall not constitute notice) to:

                                    Thompson & Knight L.L.P.
                                    1700 Pacific Ave., Suite 3300
                                    Dallas, Texas 75201
                                    Attention: David Emmons
                                    Facsimile: 214 969-1751
                                    Email: emmonsd@tklaw.com

         Section 9.04. ASSIGNMENT. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors,
heirs and permitted assigns. This Agreement may not be assigned by either party
without the prior written consent of the other, except that Purchaser may assign
to any wholly owned subsidiary of Purchaser or to Purchaser's lender that will
lend to Purchaser the funds that Purchaser will in turn lend pursuant to the
Bridge Loan Agreement any of Purchaser's rights, interests or obligations
hereunder, upon notice to Seller; provided that no such assignment shall relieve
Purchaser of its obligations hereunder or delay Closing.

         Section 9.05. COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         Section 9.06. HEADINGS. The headings of the Sections of this Agreement
are inserted for convenience only and shall not constitute a part hereof.

         Section 9.07. ENTIRE AGREEMENT. This Agreement and the documents
referred to herein contain the entire understanding of the parties hereto in
respect of the subject matter contained herein. There are no restrictions,
promises, warranties, conveyances or undertakings other than those expressly set
forth herein. This Agreement supersedes any prior agreements and understandings
between the parties with respect to the subject matter.

         Section 9.08. WAIVER. No attempted waiver of compliance with any
provision or condition hereof, or consent pursuant to this Agreement, will be
effective unless evidenced by an instrument in writing by the party against whom
the enforcement of any such waiver or consent is sought.

         Section 9.09. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

         Section 9.10. SEVERABILITY. If any term or other provision of this
Agreement is held invalid, illegal or incapable of being enforced under any rule
or law, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in a materially adverse
manner with respect to either party. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall

                                       30
<PAGE>   31

negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner to the end
that transactions contemplated hereby are fulfilled to the extent possible.

         Section 9.11. INTENDED BENEFICIARIES. The rights and obligations
contained in this Agreement are hereby declared by the parties hereto to have
been provided expressly for the exclusive benefit of such entities as set forth
herein and shall not benefit, and do not benefit, any unrelated third parties.

         Section 9.12. CONSENT TO JURISDICTION.

         (a) The parties hereto hereby irrevocably submit to the jurisdiction of
the courts of the State of Delaware and the federal courts of the United States
of America located in Delaware, and appropriate appellate courts therefrom, over
any dispute arising out of or relating to this Agreement or any of the
transactions contemplated hereby and each party hereby irrevocably agrees that
all claims in respect of such dispute or proceeding may be heard and determined
in such courts. The parties hereby irrevocably waive, to the fullest extent
permitted by Law, any objection which they may now or hereafter have to the
laying of venue of any dispute arising out of or relating to this Agreement or
any of the transactions contemplated hereby brought in such court or any defense
of inconvenient forum for the maintenance of such dispute. Each of the parties
hereto agrees that a judgment in any such dispute may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
This consent to jurisdiction is being given solely for purposes of this
Agreement and is not intended to, and shall not, confer consent to jurisdiction
with respect to any other dispute in which a party to this Agreement may become
involved.

         (b) Each of the parties hereto hereby consents to process being served
by any party to this Agreement in any suit, action, or proceeding of the nature
specified in subsection (a) above by the mailing of a copy thereof in the manner
specified by the provisions of Section 9.03.

         Section 9.13. MUTUAL CONTRIBUTION. The parties to this Agreement and
their counsel have mutually contributed to its drafting. Consequently, no
provision of this Agreement shall be construed against any party on the ground
that such party drafted the provision or caused it to be drafted or the
provision contains a covenant of such party.

         Section 9.14. HSR ACT. Marcos A. Rodriguez represents and warrants
that, for the purposes of the HSR Act, he is the ultimate parent entity of
Seller and that he does not have total assets of more than $10 million as such
assets are calculated pursuant to regulations adopted under the HSR Act, and Mr.
Rodriguez agrees to indemnify and hold harmless Purchaser and its officers,
directors, employees, agents, permitted assigns, Affiliates and successors from,
against, for and in respect of any Losses arising from his failure to file under
and comply with the HSR Act with respect to the transactions contemplated
hereby.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       31
<PAGE>   32

         IN WITNESS WHEREOF, the parties hereto have each caused this Agreement
to be duly executed as of the date first above written by their respective
officers thereunto duly authorized.

                                     "SELLER"
                                     NEW WORLD BROADCASTERS CORP.

                                     By: /s/ MARCOS A. RODRIGUEZ
                                         ---------------------------
                                         Marcos A. Rodriguez,
                                         Chairman of the Board and
                                         Chief Executive Officer

                                     "PURCHASER"
                                     SPANISH BROADCASTING SYSTEM, INC.

                                     By: /s/ RAUL ALARCON, JR.
                                         -------------------------
                                         Raul Alarcon, Jr.,
                                         Chairman of the Board, Chief Executive
                                         Officer and President

         Marcos A. Rodriguez has executed this Agreement for the sole purpose of
making the representations, and warranties with respect to himself set forth in
Section 9.14 and for the purpose of making the agreements set forth in such
section.

                                         /s/ MARCOS A. RODRIGUEZ
                                         ------------------------
                                         Marcos A. Rodriguez

                                       32
<PAGE>   33

                               SCHEDULES 2.01(A)

                                  FCC LICENSES

FCC FM Broadcasting License for KTCY-FM (Pilot Point, Texas)

<PAGE>   34

SBS

INVENTORY LIST

LOBBY - RECEPTION AREA Computer - monitor, keyboard, mouse
Reception Meridian phone
3 - two drawer chests
Heater
Mail scale
Postage meter
8 - letter sized plastic trays
2 - waste baskets
La Mejor framed picture
2 - chairs

LOBBY II

Couch, love seat, chair set with two pillows
2 - marble end tables, 1 broken
2 - wooden tables
4 plants
Table lamp
Fire extinguisher
Wall mirror
2 - Marcos Rodriguez framed articles

LOBBY CUBE I

Computer - monitor, keyboard, mouse
Chair
Antique oak desk
Waste basket
Dry erase board
Meridian phone

LOBBY CUBE II
Meridian phone

CHUCK'S OFFICE
Desk & credenza
3 - shelves
Two shelf book shelf
Two drawer file cabinet
Printer
Meridian phone
Power shredder
2 - file trays
2 - file tracks

CHUCK'S CONFERENCE ROOM
Fax machine
Round conference table
4 - chairs
Meridian phone
2 - two-drawer lateral file cabinets
Plant
Waste basket

ROCIO'S OFFICE
Computer w/sound - monitor, keyboard, mouse
Meridian phone
HP Laser Jet 2D printer
2 - plants
2 - multiple file trays
Hole punch
Power Shredder
2 - chairs
Two drawer book shelf
Waste basket

TRAFFIC
Computer IBM w/sound - monitor, keyboard, mouse
Clone computer - monitor, keyboard, mouse
2 - Meridian phones
2 - chairs
Four-drawer legal sized filing cabinet
2 - Epson dot Matrix printers
2 - waste baskets
UPS Best - small

CARMEN'S OFFICE
4 - plants
Computer IBM w/sound - monitor, keyboard, mouse
3 - Chairs
Meridian phone
Waste basket
Six shelf book case
Epson LQ 570
3 - multi file trays

WAYNE'S OFFICE
Computer IBM w/sound - monitor, keyboard, mouse
Power shredder
APC UPS
Meridian phone
3 - chairs
Sharp adding machine
HP 5P Laser jet printer
14 - file trays
two drawer lateral filing cabinet
four drawer filing cabinet
Roll around file cabinet
Six shelf book shelf
Waste basket

RAUL'S OFFICE
Meridian phone

                                       2
<PAGE>   35

PAUL'S OFFICE
Clone Computer - monitor, keyboard, mouse
Meridian phone
2 - chairs
Waste basket
9 - file trays
2 - wire file trays

CONFERENCE ROOM
Conference table
11 - chairs
Large dry erase board
2 - trash cans
Meridian phone
Two drawer standard file cabinets
2 - large artificial plants
RCA home theater 30" w/remote
Panasonic VCR w/remote
3M 9100 projector
Real to Real stand
Framed picture

EQUIPMENT CLOSET
Radio Shack public address amp.
ESE digital timer
LEL digital timer
Radio Shack graphic equalizer
Telos 10 head
4 - spare modules for Autogram console
Autogram new knobs
4CX1500B tube
2 - on air light fixtures
Mackie 1402 audio mixer
Best UPS w/broken case
486 computer for remotes
Harrison console 12 channel w/power supply (scrap)
6 - floor Mic stands
Scotts Studios 8 channel routing switcher
Decoder TFT digital base band
Encoder TFT digital base band
Receiver TFT 8300 STL receiver
Telos 10 telephone interface
Dorrough DAP 310 audio processor
New - star guide satellite receiver
Tascam 112-cassette recorder
2 - Otari real to real CB 116 remote control head
Mari electronics STL transmitter diplexer HRC - 10A
7 - stereo head phones
Home made DC power supply

ACCOUNTING
3 - Meridian phones
Sharp GTL3 electronic calculator
Industrial stapler
3 - trash cans
2 - two drawer lateral files
Four drawer lateral file
2 - two drawer standard cabinets
Computer - monitor, keyboard, mouse
Sharp 1194 G Calculator
Xerox docuprint 12 laser printer
Okidata 320 Matrix printer
Preferred computers server
Scott Studio server
Raid 5-scuzzy array
APC UPS
Monitor & Keyboard
Balkin Omni view 6 port monitor, keyboard, mouse sharing switch
Lattis NET M-2800 12 port hub
Ethernet hub 16 port
2 - 3Com 24 port hubs
Hubbell 96 port patch panel Ethernet
Cork board
7' aluminum rack
Monitor shelf
2 - 3 wire dressing panels
15 port plug strip
2 - framed pictures
Dead clock
Wire file tray
Plastic file tray
Plastic file box
Metal key index

ANGELA'S OFFICE
Astro Flight digital charger for "Flash"
4 - 5 drawer plastic bin
Purple plastic bin
Six shelf metal shelf
4 - wall mount video tape shelf
1 - 3 shelf wire shelf
Computer desk
2 - chairs
2 - wooden desks
3 - two drawer file cabinets
Meridian phone
Clone Computer - monitor, keyboard, mouse
HP 672C color printer
2 - plastic file trays
Pin board

NOEMI
Dell computer with sound - monitor, keyboard, mouse
HP Scan Jet II CS flatbed

                                       3
<PAGE>   36

Meridian phone
Chair
Waste basket
HP Paint Jet XL 300 printer & stand
Sharp FO - 4500 fax
2 - two drawer standard cabinets
Plant
Picture
7 - trays
Sharp SF - 2030 copier
Large dry erase board 6'x4'
Small dry erase board 3'x2'
3 - trash cans
Fire extinguisher
Printer stand
4 - two drawer standard file cabinet
Ibico binder system
Wooden supply shelf
96 mailbox plot shelf
9 - plastic file trays
Four shelf book tray
30" x 2" pin board
3 - wall hanging plastic bins
Jet direct EX Plus 3

JUAN'S OFFICE
IBM 300GL Computer with stand - monitor, keyboard, mouse, sound
ABC UPS system
Meridian phone
3 - chairs
Power stereo
HP Laser 4L printer
Technique SL - P555 CD player
Panasonic double cassette dec. SG - HMO9A stereo amplifier
RCA antenna
Two Cerwin Vega speakers
2 - two-drawer lateral file cabinets
Four shelf book shelf
Picture frame
Waste basket

ED'S OFFICE
IBM 300 GL MKM w/sound - monitor, keyboard, mouse
APC UPS
Meridian phone
TX Inst. Calculator
HP Desk Jet 890C color printer
2 - pin boards 2' x 30"
2 - two-drawer lateral file cabinet
1500 watt heater
Desk
3 - chairs
7 - plastic trays
4 - disk indexes
Back pack external CD ROM
I Omega Zip 250 drive
Gold star monitor
ACER Speakers
3com office connect 8 port mini hub
8 port mini network hub
Dry erase board

MICHELLE
2 - two drawer cabinets
4 - wire file trays
Meridian phone
Chair - broken
Clone computer - monitor, keyboard, mouse
Waste basket

SCOTT
Meridian phone
Chair
Clone computer - monitor, keyboard, mouse
2 - two drawer cabinets
4 - plastic file trays
Broken monitor stand
Waste basket

DOLORES
Meridian phone
Clone computer - monitor, keyboard, mouse
Chair
Waste basket

EMPTY
2 - wire trays
Meridian phone
3 - plastic trays

JOE
Clone computer - monitor, keyboard, mouse
Waste basket
Meridian phone
4 - plastic file trays
Wire tray
Chair

PRINTER STATIONS
HP Laser 4 plus
Jet direct EX plus 3
Meridian phone
2 - chairs
2 - desks metal
HP 870 CSE color printer

                                       4
<PAGE>   37

Jet direct EX plus 3-printer server
Dell PC computer

JAKKI

Clone computer - monitor, keyboard, mouse
Waste basket
Meridian phone
4 - plastic file trays
Wire tray

JOSE SOLORZANO
Dell clone computer - monitor, keyboard, mouse
5 - plastic files
Chair
Meridian phone
Waste basket
4 - wire hanging files
3 - two doors metal cabinets
2 - Panasonic electric typewriters
2 - chairs
Meridian phone
5 - plastic trays
Chair
Clone computer - monitor, keyboard, mouse
2 - waste baskets
Meridian phone
5 - plastic trays
Chair
Clone computer - monitor, keyboard, mouse
2 - wastebaskets
Meridian phone
5 - plastic files
3 - metal files
2 - two drawer metal cabinets
Fire extinguisher
6 x 4 dry erase board

KXEB 910 MAIN STUDIO
2 - chairs
2 - lateral file cabinets
Harrison Air 7-90 11 channel audio console
Scott Studio system - SSPB & Raid skuzzy array, 2 keyboards & 2 monitors
Pin board large
Pin board small
Clock
Tascam Mark II recorder
Panasonic SU3800 DAT recorder
2 - Marantx PMD321 CD player
1 - Fostex powered speaker
Otari MX 50-50 Real to real recorder
3 - Symetri 528 E Mic Processors
1 - US Audio PHMAS Head phone system with 2 remote heads
2 - Henry matchbox interface device
Telos 10 digi telephone system w/head
Alesis RA-100 monitor amp
Radio systems, 8 port distribution amp.
Custom cabinet
End table
Fan
Radio Shack stereo amp
5 - plug strips
Henry engineering 8 channel stereo mixer
Home made switcher
Broadcast tools silent sensor
3 - Senheizer MD421 mics
3 EAC OC White Mic arms
2 - Alesis speakers & monitor "one"
2 - Omni mount speakers
5 - chairs

GENERAL ENGINEERING
Scott Studios clone PC - Winspot
2 - Tannoy monitor speakers
3 - 6' metal racks
6 - Rane Mojo MQ302 stereo graphic equalizers
Ramko Primus 16 port p-85/16m distribution amp
Moseley Associates SCG - 8 subchannel
Generator
Aphex Compeller/Aural Exciter
Aphex Compeller
Magnavox VHS - VCR
5 - spare Harrison Module
Fair Child 766H - dual trace oscilloscope
Potomac Instruments AT51 System AG51 audio generator and AA51 audio analyzer
3 - Electra voice RE - 20 mics
2 - Fostex 6301B powered speakers
2 - Meridian phones
2 - powered antennas (Radio Shack & TERK)
Panasonic tuner ST - K350
OC white Mic arm
5 - plug strips

KTCY
Optimod - FM 8200 Digital
Optimod 8100A snolog
Optimod 8100A/XT2
Dynalab FT101A Analog FM tuner
TFT 884 FM modulation & stereo monitor
TFT 845 FM SCA monitor
ATI - DA416 Distribution amplifier
Logitek ADA - 8 Distribution Amplifier
Logitek MON - 10 monitor switcher
Alesis RA - 100 Monitor amp

                                       5
<PAGE>   38

ESE ES-185AGPS Master Clock
Intraplex TI Interface
Telos Zephyr ISDN Kodak
Valley 440 audio processor
Logitek PRE-10
TFT, EAS 930 A receiver
2 - EAS 940A audio insertion modules
Best UPS 5,000 watts
4 - 16 terminal plug strips
Ty LINK ONS 1000 network server
Pipeline Ethernet router
Eventide 204 digital audio login system

KITCHEN
Goldstar Microwave
Microwave stand
Hotpoint (no frost) Refrigerator 17 cubic ft.
Dinette set
5 - Chairs
Small waste basket
Large waste basket
Artificial plant
Pin Board
Meridian phone
Four drawer legal sized cabinets
6 - 10X10 large tents

PROGRAMMING OFFICE
Three piece couch set (large couch & 2 recliners)
2 - end tables
Lamp
7 - chairs
2 - wood desks
Typing table
2 - PC clone computers (monitor, keyboard, mouse)
3 - wooden book shelves
2 - wooden cabinets 6' high
2 - two drawer filing cabinets
Lateral filing cabinet
HP Laser Jet printer 4L
HP Laser Jet printer 5L
Sharp fax machine
Dry erase board
2 - pin boards
"Flash" mascot
2 - waste baskets
5 - file trays
2 - coffee tables
CD wooden shelf
Wooden desk with matching credenza
2 - chairs
Power shredder
2 - Meridian phones
Clone computer (monitor, keyboard, mouse)
HP Laser Jet 2P printer
Two drawer metal file cabinet
24x36 pin board
24x36 dry erase board
UPS OPTI
Two drawer metal file cabinet
10 - file trays
2 - plants
Remote Equipment I = Road case, Furman p18 power conditioner & light
modules, Mackie 1402 console, technics FM tuner, 2 audio Technicia, ATW-10
mikes, 2 receivers Comrex Vector Codec, Mackie M1400I, 1000 watt power amp,
single line telephone, 4-SM48 Shure wired Mikes, 7" metal rack drawer, Radio
Shack powered antenna, 2 - Peavey SP2Q PA large speakers, 2 - Ramsa PA small
speakers, 4ft case with blower, 36" road case with PV 1000 watt amp included,
computer with monitor, keyboard and mouse, two speaker stands
Baloon display (KLTY logo)
Remote Kit II = Telos Zephyr ISDN codac, 18" case, Behringer
composer audio processor, US audio phmas head Meridian phone amp system with
four remote heads.
Expansion ladder
2 - Moseley STL transmitters PCC606C offline
TFT - EAS 911 EAS system offline
Orban 8100A processor stereo generator offline
Telos 10 telephone interface with head offline
4 - DOD direct boxes offline
Scientific Allanta SEDAT offline bad
WSC 400 watt audio amp offline bad
Panasonic DAT recorder SV - 3700 offline bad
Tecnics SL - P520 CD player
Yamaha SPX 1000 digital effects processor bad power supply
Panasonic SV2 - 3500 DAT recorder
Conex sub-audible tone sensor
Genter EFT 900A analog telephone interface
Meridian phone
ESE programmable digital timer
New Shop Vac with all accessories
Logitek PRE-10 switching unit
Audio-technica ATW-R10 with rock ears
Arriks pipe 500-C stereo audio console
JVC XLU251TV CD player
Macki 1202 audio console
Peavey Delta stereo effects processor
1995 Ford 350 Van
4 - plastic top folding tables
Two wheel dolly

                                       6
<PAGE>   39

PRODUCTION A
Orban Audicey 32 track digital editor with jazz backup
Mackie 32x8 channel audio console
Otari MX 55 Real and roll around cabinet MX5050
Scott studios PB production terminal with monitor keyboard & CPU
2 - wooden computer workstations
Meridian phone
Panasonic SV3800 DAT recorder
3M studio dispenser
Curtis Mathis 15" TV
Sanyo DA4 VCR
Eventide H3000B Ultra harmonizer
Wooden production table
OC White mike arm
Tascam CD-601 CD player
2 - AKGC414 EB Miks
Session 8 digital editor (computer audio interface w/keyboard, monitor & mouse)
session 8 disables
Crest Audio 1001A monitor amp
Digi Design 882 audio interface
2 port mike processor security case
7 - plug strips
Two bay audio patch rack
2 - Symetrix 528E Mike processor
Panasonic KX-e400 typewriter
2 - Alesis monitor one speakers
LEL1610 digital timer
2 - floor standing mike stands with booms
Best UPS
Waste basket
CD rack
Sound Ideas sound effect library
Ambiance sound effect library
Universal Studios sound effect library
Lucas Film Sound effect library
Hanna Barbera sound effect library
Warner Bros. Sound Effect library
Acoustic Magic library
First Com library
Total Access library
Underscore sound effect library
Novelty Comedy library
David Hoffner library
Digi Effects library
Sparkler sound effect library
6' table

KTCY MAIN STUDIO
Meridian phone
Metal CD rack
2 - waste baskets
Pin board
Table with stool
Custom studio furniture
Harrison air 790 20 channel console
Scotts Studio system 8 channel switcher SS & 2PB, modem, 2 monitors (one is a
touch screen 17")
Four port video DA & four port A10Cs-104 4 port
CD switcher
Task scan 112 R Mark II cassette recorder
Henry relay control
5 - RE27 mike electro voice
5 - OC White arms
Copy stand
Curtis Mathis Omni mount
2 - Alisis monitor one speaker
2 - Omni mounts
360 Systems Short Cut digital editor
Radio Shack powered speaker
Radio Shack unpowered speaker
Panasonic SV4100 DAT recorder
TFT EAS 911 system
2 - Denon DN-CN680 CD players
Lexicon PCM 70 digital effects processor
2 - Radio Shack telephone stobes
Commex Vector audio codec
IBM 300GL Computer (keyboard, mouse)
Viewsonic VPA 150 liquid crystal monitor
10 button key telephone
2 - Telos 100 digital telephone interface with IA2 digital interface
5 - symetrics 528E Mike processor
3 - US Audio Headphone heads
Crest Audio 1510A-monitor amp 1001A
Radio Shack 12-volt power supply
7 foot steel rack
Burk ARC-16 remote control studio unit
KTCY/KXEB
Potomic Instruments SU-16
Scott Studio rack drawer
PI SU-16 extension chassis
Telos Zepher ISDN Codec
Symethics 565E stereo processor
Broadcast tools 3X2 stereo switcher
7 - plug strips
Okidata 184 Dot Matrix printer
Stand
Pinboard
2 - chairs
Fire extinguisher

PRODUCTION B
Otari MX 50 4 channel Reel to Reel
2 - Elisis monitor one speakers
Symetrix Audio Processor XX208

                                       7
<PAGE>   40

Lexicon digital effects processor
Technics RS-TR575 stereo dual cassette deck
Scott Studios production PB with monitor, keyboard, mouse with voice trax
capability
Panasonic SU3800 DAT recorder
Mackie 24-8 24x8 audio console
OC white Mike arm
Clone computer running cool edit
Symetrics 528 E Mike processor
Alesis RA-100 monitor amp
Chair
Denon 951FA CD player - in shop for repairs
2 port security case

NEWS ROOM
Meridian phone
3 - chairs
2 - Alesis monitor one speaker with Omni mounts
Computer monitor wall mount
2 - Omni mount TV trays
Keyboard drawer
Studio custom furniture
Scotts Studio system = SS, PB, skuzzy array, 2 monitors, 2 keyboards
2 - Symetrics 528 E Mike processor in a metal security case
Gentner SPH-3 telephone interface
Crest Audio 1001A monitor amp
Radio Shack phone flasher
Panasonic SU3700 DAT recorder
Marantz PMD321 CD player
Macki 1402 audio console
2 - four drawer cabinets, one legal and one standard
Mike/intercom switching system
Metal CD rack
Globe
3 - file trays
Clone PC with monitor, keyboard, mouse
1500 watt heater
10 button telephone
Panasonic KX-P2180 Dot Matrix printer
Seven foot wooden book shelf
Wooden desk
Okidata OL810 Led page printer
2 - file trays
Waste Basket
Electric pencil sharpener
Sharp SF-8870 copier
First Aid Kit

KTCY TRANSMITTER
Dielectric A5000-201 Coax Switch
Altronic Research Dummy load
Bird Truline Watt meter with line section
Bird High Speed "watcher" line protection and power meter
Continental Electronics 816R-2C 215 Kw FM transmitter
Continental Electronics 815B Kw transmitter
Continental Electronics 802B FM Exiter
Marti ME-40 FM Exiter
TFT 844A Mod Mon.
Burk ARC-16 RMC w/2x panels
Crest Audio 1510A audio amp
Continental Electronics 802 Digital Exiter
Comrex Vector Copec
Intraplex T1 Interface
Orban 8100A with XT2 Chassis, analog stereo generator and processor
Orban 8000 analog stereo generator and processor
Tripp-lite UPS BC pro
3x Burk Line Voltage Sensor(s)
Eup - POS
Adtran TI CSU ALE
Current Technology SF
2x Eubank A/C's
EJP Modez POS Coax Switch control
8' Mark Products STL Dish
1910 Andrew 15/8" Heliax XMSN Line
ERI G-5 CPS 6 Bay Antenna

KXEB 910 TRANSMITTER
TFT 8300 STL xcutr
Collins 20 V-3 xcutr
Harris Gates Two xcutr
Intraplex
Onis 100 Tylink
Adtran
Burk ARC-1 with Panel
P1 AM-19 (204)
Belar Am Mod. Mon
Orban 9100-B
Realistic Stereo Amp
Realistic Minimus OS SPKR
Lasko Fan
Druacraft Heather
CRAFFT A/C
SSAC Monitor(s) (2x)
Hue & Phillips Flasher
Tripp-lite UPS
Gorman-Redlich CEB EBS
4' Anexter-Mark Dish
200' 1/8" Andrew Heliax Line
Homemade Phaser and Tuning Unit
2 - 280 ft. Andrews Towers

                                       8
<PAGE>   41

                                SCHEDULE 2.01(C)

                              REAL PROPERTY LEASES

     Lease Agreement with Edge Broadcasting Corporation dated April 23, 1993
          (assumed by Seller on October 11, 1995) for KTCY Transmitter. Lease
          requires landlord's consent to assignment by tenant.

     Lease Agreement with Rodriguez-Heftel-Texas dated November 29, 1994 for the
          space located at 7700 Carpenter Freeway, Dallas, Texas.

<PAGE>   42

                                SCHEDULE 2.01(E)

                               ASSUMED CONTRACTS

     The  Leases identified on Schedule 2.01(c).

     Employment Agreement for Juan Montenegro with Seller and Administaff
          Companies, Inc., as co-employers.

<PAGE>   43

                                SCHEDULE 2.01(F)

                              INTANGIBLE PROPERTY

The following slogans are used by Seller (such slogans are not registered):

         La Mejor 104.9 La Mejor en musica Mexicana

         La Mejor 104.9 La madre de los corridos

<PAGE>   44

                                SCHEDULE 2.01(G)

                                    PERMITS

None

<PAGE>   45

                                 SCHEDULE 2.05

                          ALLOCATION OF PURCHASE PRICE

Tangible Assets                             $        265,000
FCC Licenses and Misc. Intangibles          $     40,235,000
                                            ----------------
                                            $     40,500,000
                                            ================

<PAGE>   46

                                  SCHEDULE 4.02

                                  QUALIFICATION

Seller is a Texas corporation and is not qualified to do business in any other
jurisdiction.

<PAGE>   47

                                  SCHEDULE 4.04

                                NONCONTRAVENTION

None

<PAGE>   48

                                  SCHEDULE 4.05

                              GOVERNMENTAL CONSENTS

None

<PAGE>   49

                                  SCHEDULE 4.10

                           ABSENCE OF CERTAIN CHANGES

None

<PAGE>   50

                                  SCHEDULE 4.11

                                   TAX MATTERS

None

<PAGE>   51

                                SCHEDULE 4.16(A)

                                    EMPLOYEES

See Attached - (All employees are co-employed by Seller and Administaff
Companies, Inc.)

<PAGE>   52

                          NEW WORLD BROADCASTERS, CORP.
                                 EMPLOYEE ROSTER

                                AS OF MAY 1, 2000

<TABLE>
<CAPTION>

                                   COMPENSATION
       LAST           FIRST      PER HR.   SEMI-MO.         DEPT.               TITLE
   ------------     ------------ -------   -------         ------              -------
<S>                 <C>          <C>      <C>            <C>              <C>
Aguilera            C                     $4,166.67      Gen & Adm.       Promotions Manager
Baez                LA            $10.00                   Program        Board Operator
Barbosa             Z                     $1,250.00         K25FW         Video Hostess
Bhatia              P             $10.00                   Program        Board Operator
Cardenas            E                       $866.67        Program        Producer

Chavez              M                     $1,153.00         Sales         Account Executive
Contreras           JA            $10.00                   Program        Board Operator
Danitz              P                     $3,125.00         Sales         L.S.M.
De La Cruz          C                     $2,083.34        Program        D J - Morning
De La Cruz          R             $10.00                   Program        Board Operator
De Leon             0             $10.00                   Program        D J - Mid-Morning
Fine                K                     $2,291.67       Technical       Chief Engineer
Flores              R             $10.00                   Program        Board Operator
Garcia              J                     $1,000.00         Sales         Account Executive
Gonzalez            A             $10.00                   Program        Board Operator
Guardiola           R                     $1,400.00        Program        D J - Afternoon

Guerrero            M             $10.00                   Program        Board Operator
Gutierrez           E                       $975.00        Program        DJ-Board Operator

Gutierrez           G                       $991.67         Sales         Traffic Assistant
Hernandez           L                       $791.67      Gen. & Adm.      Receptionist
Ibanez              P                     $1,250.00        Program        Production

Ibanez              Y                       $884.62        Program        Continuity

Jackson             D                     $1,384.62         Sales         Account Executive
Kennedy             S                     $2,916.67         Sales         Account Executive
Luna                C             $10.00                   Program        Board Operator
Martinez            J                     $1,750.00         Sales         Account Executive
Montenegro          J                     $5,729.17     Gen. & Admin.     Gen. Mgr.
Morales             J             $10.00                   Program        Board Operator
Nagengast           K                     $2,500.00         Sales         Account Executive
Navarrete           A                     $5,000.00         Sales         N T R - AE
Olsson              W                     $2,083.33      Gen. & Adm.      Bus. Mgr.

Ortega              J             $10.00                   Program        Board Operator
Palacio             E                     $1,041.67         Sales         Account Executive
Pena                R             $10.00                   Program        Board Operator
Pryor               E                     $3,541.67       Technical       Dir. of Eng.
Ramirez             I                     $3,208.33         K25FW         Prog. Director
Rodriguez           M             $10.00                   Program        Board Operator
Rodriguez           J L           $10.00                   Program        Board Operator
Rodriguez           J                      1,458.33         K25FW         Creative Director
Santana             M                     $1,083.34        Program        D J - Evening

Solorzano           J                     $1,458.34         Sales         Account Executive
Valero              M                     $2,083.34         Sales         Traffic
Villarreal          N                     $1,250.00         Sales         Secretary
Wright              J                     $1,750.00         Sales         Account Executive

</TABLE>

<TABLE>
<CAPTION>

                                                        LENGTH OF
       LAST              COMPENSATION CHANGES           EMPLOYMENT         BENEFITS
   ------------        -----------------------          ----------         ---------
<S>                  <C>                            <C>                    <C>
Aguilera                                            Start Date 1/1/99         HMO
Baez                                                Less than 12 months
Barbosa                                             Less than 12 months       HMO
Bhatia                                              Less than 12 months
Cardenas             Frm p/t $10.00 to f/t          Less than 12 months       HMO
                     $20,800.00

Chavez                                              Less than 12 months
Contreras                                           Less than 12 months
Danitz                                              Less than 12 months       PPO
De La Cruz                                          Less than 12 months       HMO
De La Cruz                                          Less than 12 months
De Leon                                             Less than 12 months
Fine                                                Less than 12 months       HMO
Flores                                              Less than 12 months
Garcia                                              Less than 12 months       HMO
Gonzalez                                            Less than 12 months
Guardiola            Frm $1166.67 to $1400.00/pay   Less than 12 months       HMO
                     perd.

Guerrero                                            Less than 12 months
Gutierrez            Frm p/t $10.00 to f/t          Less than 12 months       HMO
                     $23,400.00

Gutierrez                                           Less than 12 months       HMO
Hernandez                                           Less than 12 months       HMO
Ibanez               Frm p/t $10.00 to f/t          Less than 12 months       HMO
                     $30,000.00

Ibanez               Frm $884.62 to 958.33/pay      Less than 12 months       HMO
                     perd.
Jackson                                             Less than 12 months       HMO
Kennedy                                             Less than 12 months   HMO FAMILY
Luna                                                Less than 12 months
Martinez                                            Less than 12 months   HMO FAMILY
Montenegro                                          Less than 12 months       HMO
Morales                                             Less than 12 months
Nagengast                                           Less than 12 months   HMO SPOUSE
Navarrete                                           Less than 12 months       HMO
Olsson                                                Start Date          HMO SPOUSE
                                                    10/1/95

Ortega                                              Less than 12 months
Palacio                                             Less than 12 months       HMO
Pena                                                Less than 12 months
Pryor                                               Less than 12 months   HMO FAMILY
Ramirez                                             Less than 12 months       HMO
Rodriguez                                           Less than 12 months
Rodriguez                                           Less than 12 months
Rodriguez                                           Less than 12 months       HMO
Santana              Frm $916.67 to $1083.34/pay    Less than 12 months       HMO
                     perd.

Solorzano                                           Less than 12 months   HMO FAMILY
Valero                                              Less than 12 months    HMO CHILD
Villarreal                                          Less than 12 months       HMO
Wright                                              Less than 12 months       HMO

</TABLE>

<PAGE>   53

                                  SCHEDULE 4.19

                               CERTAIN AGREEMENTS

None

<PAGE>   54

                                 SCHEDULE 4.21

                                   INSURANCE

See Attached

<PAGE>   55

02/11/00

                         Rodriguez Communications, Inc.

                            DESCRIPTION OF OPERATIONS

Radio & TV broadcasting

                                NARRATIVE OUTLINE

SCHEDULE OF NAMED INSUREDS:

1.   Rodriguez Communications, LLC
2.   Rodriguez Capital Holdings, Inc.
3.   Agility, Inc. (part of trust that controls operations-personal estate
     planning)
4.   Legacy Maker, Inc. (dormant)
5.   Marcos & Sonya Rodriguez, Jr., Individually
6.   Marcos & Sonya Rodriguez, Jr. Ins. Trust
7.   Marcos & Sonya Rodriguez Family Trust
8.   Marcos & Sonya Rodriguez Children's Trust #1
9.   Marcos & Sonya Rodriguez Children's Trust #2
10.  Sonya Nance Trust
11.  Marcos Rodriguez, Inc. DBA KDMM Radio 1150 AM (Highland Park, TX)
12.  New World Broadcasters, Corp. (KTCY 104.9 FM; Channel 25 T.V.)
13.  Rodriguez Foundation
14.  Rodriguez Oil & Gas, Inc.
15.  Turnkey Promotions, Inc. DBA International Interiors (now dormant-used to
     buy furnishings for his home)
16.  KZIP AM, Inc. - Amarillo, TX
17.  Equity-Media.com, Inc. (investigative "think tank" ISP company)
18.  PC Media, Inc. (dormant ISP Co.)
19.  KeepConnected, Inc. (dormant ISP Co.)
20.  910 Broadcasting Corp. (KXEB - 910 AM)

SCHEDULE OF RISK LOCATIONS:

1.   7700 Carpenter Freeway, Dallas, TX  75247    $600,000 BPP
2.   1333 Corporate #350, Irving, TX  75038       $  5,000 BPP
<PAGE>   56

                  Burdensome and immaterial schedules omitted.
       The omitted schedules are available from the Company upon request.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]