Document:

<PAGE>
                                                                   Exhibit 10.2

                  LIMITED WAIVER REGARDING FINANCIAL COVENANTS

                                 March 18, 2002

The Ackerley Group, Inc.
1301 Fifth Avenue, Suite 4000
Seattle, Washington 98101
Attention:  Kevin E. Hylton

Ladies and Gentlemen:

        Reference is made to that certain Credit Agreement dated as of September
7, 2001 (said Credit Agreement being the "CREDIT AGREEMENT", the terms defined
therein being used herein as therein defined), among The Ackerley Group, Inc., a
Delaware corporation ("COMPANY"), the financial institutions listed therein
("LENDERS"), Credit Suisse First Boston, as administrative agent (the
"ADMINISTRATIVE AGENT"), and General Electric Capital Corporation, as
co-arranger and syndication Administrative Agent ("SYNDICATION AGENT").

        Company has informed Administrative Agent and Lenders that Company does
not expect to be in compliance with the financial covenants in subsection 7.6 of
the Credit Agreement for the Fiscal Year ended December 31, 2001 and for the
first Fiscal Quarter ending March 31, 2002. At the request of Company the
undersigned Lenders, constituting Requisite Lenders under subsection 10.6 of the
Credit Agreement, hereby waive compliance with the provisions of subsection 7.6
of the Credit Agreement during the period from the date this Limited Waiver
becomes effective through and including May 31, 2002 (the "WAIVER PERIOD"),
provided, that (A) during the Waiver Period, the Company shall not be permitted
to borrow any Revolving Loans and provided further that (B) if the Agreement and
Plan of Merger dated October 5, 2001 (the "MERGER AGREEMENT"), by and among
Clear Channel Communications, Inc. ("CLEAR CHANNEL"), CCMM Sub, Inc. and
Company, pursuant to which, subject to the terms and conditions therein
contained, Company expects to be acquired by Clear Channel through a merger of
CCMM Sub, Inc. with and into Company (the "MERGER") is terminated for any reason
or the FCC disapproves the Merger for any reason, then (i) the outstanding
principal amount of all Loans, and any interest payments thereon not paid when
due and any fees and other amounts then due and payable hereunder shall bear
interest at a rate that is 2% per annum in excess of the interest rate otherwise
payable under the Credit Agreement with respect to the applicable Loans (or in
the case of any such fees and other amounts, at a rate that is 2% per annum in
excess of the interest rate otherwise payable under the Credit Agreement for
Base Rate Loans), retroactive to and commencing on April 1, 2002, (ii) in the
case any of the Loans outstanding pursuant to clause (i) above are Eurodollar
Rate Loans, upon the expiration of the Interest Period in effect at the time any
such increase in interest rate is effective, such Eurodollar Rate Loans shall
thereupon become Base Rate Loans and shall thereafter bear interest payable upon
demand at a rate which is 2% per annum in excess of the interest rate otherwise
payable Base Rate Loans, and (iii) on or before the date that is ten (10)
Business Days after the earlier of the date the FCC disapproves the

<PAGE>

        Merger or the Merger Agreement is terminated, the Company shall hold a
conference call with Administrative Agent, Syndication Agent and the Lenders to
discuss the Company's projected liquidity, current and projected financial
performance and debt reduction alternatives. If the condition set forth in the
foregoing proviso (B)(iii) is not fulfilled, then the Waiver Period shall
immediately terminate without further action or notice on the part of the
Requisite Lenders, the Administrative Agent or the Syndication Agent.

        Without limiting the generality of the provisions of subsection 10.6 of
the Credit Agreement, the waiver set forth herein shall be limited precisely as
written and relates solely to the noncompliance by Company with the provisions
of subsection 7.6 during the Waiver Period for the Fiscal Year ended December
31, 2001 and for the first Fiscal Quarter 2002, and nothing in this Limited
Waiver shall be deemed to (a) constitute a waiver of compliance by Company with
respect to (i) subsection 7.6 of the Credit Agreement in any other instance or
(ii) any other term, provision or condition of the Credit Agreement or any other
instrument or agreement referred to therein (whether in connection with this
Limited Waiver or otherwise) or (b) prejudice any right or remedy that
Administrative Agent or any Lender may now have (except to the extent such right
or remedy was based upon existing defaults that will not exist after giving
effect to this Limited Waiver) or may have in the future under or in connection
with the Credit Agreement or any other instrument or agreement referred to
therein. Except as expressly set forth herein, the terms, provisions and
conditions of the Credit Agreement and the other Loan Documents shall remain in
full force and effect and in all other respects are hereby ratified and
confirmed.

        In order to induce Lenders to enter into this Limited Waiver, Company,
by its execution of a counterpart of this Limited Waiver, represents and
warrants that after giving effect to this Limited Waiver (a) no Event of Default
or Potential Event of Default exists under the Credit Agreement, (b) all
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true, correct and complete in all material respects on and as
of the date hereof except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date, and (c)
Company has performed all agreements to be performed on its part as set forth in
the Credit Agreement.

        This Limited Waiver may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. The limited waiver
set forth herein shall become effective as of the date hereof upon the execution
of counterparts hereof by Company and the Subsidiary Guarantors and by Lenders
constituting Requisite Lenders.

                                       2
<PAGE>

        THIS LIMITED WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

                                     ADMINISTRATIVE AGENT:

                                     CREDIT SUISSE FIRST BOSTON,
                                     individually and as Administrative Agent

                                     By:
                                        --------------------------------------
                                     Title:
                                           -----------------------------------
                                     COMPANY

                                     THE ACKERLEY GROUP, INC.,

                                     By:
                                        --------------------------------------
                                        Kevin E. Hylton
                                        Chief Financial Officer and
                                        Assistant Secretary

                                     SYNDICATION AGENT:

                                     GENERAL ELECTRIC CAPITAL CORPORATION,
                                     as Co-Arranger and Syndication Agent

                                     By:
                                        --------------------------------------
                                         Duly authorized signatory

<PAGE>

        By its execution of a counterpart of this Limited Waiver, the
undersigned, as Guarantors under that certain Subsidiary Guaranty dated as of
September 7, 2002 (the "GUARANTY") in favor of Administrative Agent for the
benefit of Lenders, hereby acknowledge that they have read this Limited Waiver
and consent to the terms thereof and further hereby confirm and agree that,
notwithstanding the effectiveness of this Limited Waiver, the obligations of the
undersigned under the Guaranty shall not be impaired or affected and the
Guaranty is, and shall continue to be, in full force and effect and is hereby
confirmed and ratified in all respects.

               ACKERLEY MEDIA GROUP, INC.
               ACKERLEY VENTURES, INC.
               AK FLORIDA OUTDOOR, INC.
               ACKERLEY BROADCASTING FRESNO, LLC
               ACKERLEY COMMUNICATIONS OF MASSACHUSETTS, INC.
               FULL HOUSE SPORTS AND ENTERTAINMENT, INC.
               CENTRAL NY NEWS, INC.
               TC AVIATION, INC.
               ACKERLEY INTERACTIVE MEDIA, INC.
               AK MOBILE TELEVISION, INC.
               SSI, INC.
               ACKERLEY SEATTLE STORM, INC.

               By:
                  ----------------------------------------------
                  On behalf of each of the entities immediately
                  preceding this signature block
                  Kevin E. Hylton
                  Treasurer and Assistant Secretary

                                      2
<PAGE>

By signing below, the undersigned Lender hereby (i) authorizes Credit Suisse
First Boston, in its capacity as Administrative Agent pursuant to that certain
Credit Agreement dated as of September 7, 2001, among The Ackerley Group, Inc.,
a Delaware corporation, Credit Suisse First Boston, as administrative agent for
the financial institutions listed therein (in such capacity, "ADMINISTRATIVE
AGENT") and certain other parties named therein to execute and deliver that
certain Limited Waiver Regarding Financial Covenants dated as of March 18, 2002,
on such Lender's behalf, (ii) approves such Limited Waiver Regarding Financial
Covenants and (iii) agrees that such Limited Waiver Regarding Financial
Covenants shall be binding upon such Lender.

                                    --------------------------------,
                                         as a Lender

                                    By:
                                       ---------------------------------
                                    Name:
                                         -------------------------------
                                    Title:
                                          ------------------------------<PAGE>
                                                                    EXHIBIT 10.3

            LIMITED WAIVER REGARDING FINANCIAL COVENANT CALCULATIONS

                                October 31, 2001

The Ackerley Group, Inc.
1301 Fifth Avenue, Suite 4000
Seattle, Washington  98101

Attention:     Kevin E. Hylton
               Senior Vice President and
               Chief Financial Officer

Ladies and Gentlemen:

        Reference is made to that certain Credit Agreement dated as of September
7, 2001 and entered into by and among The Ackerley Group, Inc., a Delaware
corporation ("Company"), the financial institutions party thereto ("Lenders"),
Credit Suisse First Boston ("CSFB"), as administrative agent for Lenders (in
such capacity, "Administrative Agent") and General Electric Capital Corporation,
as Co-Arranger and as syndication agent for Lenders (in such capacity,
"Syndication Agent"). Capitalized terms used herein without definition shall
have the same meanings herein as set forth therefor in the Credit Agreement.

        Company has informed Agent and Lenders that Company has incurred and
will incur certain expenses (the "Merger Related Expenses") during the Fiscal
Quarters ended September 30, 2001 and December 31, 2001, related to an Agreement
and Plan of Merger dated October 5, 2001, by and among Clear Channel
Communications, Inc. ("Clear Channel"), CCMM Sub, Inc. and Company, pursuant to
which, subject to the terms and conditions therein contained, Company expects to
be acquired (the "Acquisition") by Clear Channel through a merger of CCMM Sub,
Inc. with and into Company (the "Merger"). Company has further informed Agent
and Lenders that inclusion of such Merger Related Expenses will reduce Company's
Consolidated EBITDA and will thereby cause Company to violate certain of its
financial covenants as set forth in subsection 7.6 of the Credit Agreement.

        At the request of Company the undersigned Lenders, constituting
Requisite Lenders under the Credit Agreement, hereby waive the requirement that
Company's Consolidated EBITDA for the Fiscal Quarters ended September 30, 2001
and December 31, 2001, be determined in accordance with GAAP to the extent, but
only to the extent, that GAAP would require the inclusion of the Merger Related
Expenses as expenses incurred in such Fiscal Quarters; provided that the
foregoing waiver relates solely to Company's calculation of Consolidated EBITDA
for purposes of determining its compliance with the financial covenants set
forth in subsection 7.6.

        Without limiting the generality of the provisions of subsection 10.6 of
the Credit Agreement, the waiver set forth herein shall be limited precisely as
written and relates solely to the

<PAGE>

non-inclusion of Merger Related Expenses for Company's Fiscal Quarters ended
September 30, 2001 and December 31, 2001, in calculating Consolidated EBITDA for
purposes of determining Company's compliance with the financial covenants set
forth in subsection 7.6 in the manner and to the extent described above. Nothing
in this Limited Waiver shall be deemed to (A) constitute a consent to the
Acquisition, to the Merger, to any Change of Control resulting therefrom or to
any related transactions; (B) constitute a waiver of compliance by Company with
respect to (i) the calculation of the financial covenants contained in
subsection 7.6 of the Credit Agreement in any other instance or (ii) any other
term, provision or condition of the Credit Agreement or any other instrument or
agreement referred to therein, including without limitation, the payment of the
required premiums on the repayment of the Loans as a result of such Acquisition
and Merger pursuant to subsection 2.4 and any Potential Event of Default or
Event of Default arising as a result of such Acquisition, Merger and/or Change
of Control under subsections 7.7 or 8.11; or (C) prejudice any right or remedy
that Agent or any Lender may now have (except to the extent such right or remedy
was based upon existing defaults that will not exist after giving effect to this
Limited Waiver) or may have in the future under or in connection with the Credit
Agreement or any other instrument or agreement referred to therein. Except as
expressly set forth herein, the terms, provisions and conditions of the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
in all other respects are hereby ratified and confirmed.

        In order to induce Lenders to enter into this Limited Waiver, Company,
by its execution of a counterpart of this Limited Waiver, represents and
warrants that after giving effect to this Limited Waiver (a) no Event of Default
or Potential Event of Default exists under the Credit Agreement, (b) all
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true, correct and complete in all material respects on and as
of the date hereof except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date, and (c)
Company has performed all agreements to be performed on its part as set forth in
the Credit Agreement.

        This Limited Waiver may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. The limited waiver
set forth herein shall become effective only upon the occurrence of all of the
following: (i) the execution of counterparts hereof by Company and Guarantors
and by Lenders constituting Requisite Lenders, (ii) receipt by Company and Agent
of written or telephonic notification of such execution and authorization of
delivery thereof and (iii) payment by Company to each Lender consenting to this
Limited Waiver on or prior to November 7, 2001, of a waiver fee equal to 0.05%
of the sum of such Lender's Term Loan Exposure plus such Lender's Revolving Loan
Exposure.

                                       2
<PAGE>

        THIS LIMITED WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

                                        THE ACKERLEY GROUP, INC.

                                        By:
                                           -----------------------------------
                                        Title:
                                              --------------------------------

                                        LENDERS:

                                        CREDIT SUISSE FIRST BOSTON,
                                        individually and as Agent

                                        By:
                                           -----------------------------------
                                        Title:
                                              --------------------------------

                                        By:
                                           -----------------------------------
                                        Title:
                                              --------------------------------

                                      S-1

<PAGE>

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

                                        By:
                                           -----------------------------------
                                        Title:
                                              --------------------------------

                                      S-2

<PAGE>

        By its execution of a counterpart of this Limited Waiver, each of the
undersigned, as Guarantors and Subsidiary Grantors under that certain Subsidiary
Guaranty and that certain Security Agreement, each dated as of September 7, 2001
(the "Credit Support Documents"), hereby acknowledges that it has read this
Limited Waiver and consents to the terms thereof and further hereby confirms and
agrees that, notwithstanding the effectiveness of this Limited Waiver, the
obligations of the undersigned under the Credit Support Documents shall not be
impaired or affected and the Credit Support Documents are, and shall continue to
be, in full force and effect and is hereby confirmed and ratified in all
respects.

                                 ACKERLEY MEDIA GROUP, INC.
                                 ACKERLEY VENTURES, INC.
                                 AK FLORIDA OUTDOOR, INC.
                                 ACKERLEY COMMUNICATIONS OF MASSACHUSETTS, INC.
                                 FULL HOUSE SPORTS AND ENTERTAINMENT, INC.
                                 CENTRAL NY NEWS, INC.
                                 TC AVIATION, INC.
                                 ACKERLEY INTERACTIVE MEDIA, INC.
                                 AK MOBILE TELEVISION, INC.
                                 SSI, INC.
                                 ACKERLEY SEATTLE STORM, INC.

                                 By:
                                     -----------------------------------
                                 Title:
                                       --------------------------------

                                 ACKERLEY BROADCASTING FRESNO, LLC

                                 By:    Ackerley Media Group, Inc.,
                                        its sole member

                                 By:
                                    -----------------------------------
                                 Title:
                                       --------------------------------

                                      S-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]