Document:

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                                                                     Exhibit 4.1

       THIS WARRANT AND THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF
        ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN

                       INTEREP NATIONAL RADIO SALES, INC.

                    WARRANT TO PURCHASE CLASS A COMMON STOCK

                                   ISSUE DATE:    , 2002

               This certifies that the following named purchaser, or its
permitted assigns, is entitled, subject to the terms set forth below, to
purchase from INTEREP NATIONAL RADIO SALES, INC. (the "Company"), a New York
corporation, up to the number of fully paid and nonassessable shares (the
"Shares) of Class A Common Stock, $.01 par value, of the Company ("Common
Stock"), in the aggregate number and at the purchase price (the "Purchase
Price") set forth below, from time to time through the Termination Date, as
defined below. Such Purchase Price and number of Shares are subject to
adjustment as provided in Section 2 of this Warrant. This Warrant is being
issued together with certain other warrants of like tenor (collectively, the
"Warrants") in connection with the Stock Purchase Agreement of even date
herewith, (the "Agreement"), among the Company and the Purchasers named therein.

Name of Purchaser:

Address of Purchaser:

Number of Shares:

Purchase Price:              per Share, as it may be adjusted in accordance with
                          Section 2 hereof.

1.   Definitions.
     ------------

As used in this Warrant, the following terms, unless the context otherwise
requires, have the following meanings:

(a)  "Termination Date" means 5:00 p.m. New York City time, on       , 2007.

(b)  "Company" includes any corporation which succeeds to or assumes the
     obligations of the Company under this Warrant.

(c)  "Stock" means shares of Class A Common Stock of the Company and stock of
     any other class into which those shares are hereafter changed.

(d)  "Warrantholder," "holder of Warrant," "holder," or similar terms when the
     context refers to a holder of this Warrant, means any person or entity that
     at the time is the registered holder of this Warrant.

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(e)  Any other capitalized term used but not defined herein has the meaning set
     forth in the Agreement.

2.   Adjustments to Purchase Price. The Purchase Price shall be subject to
     -----------------------------
     adjustment from time to time, as follows:

(a)  In case at any time after the date hereof, the Company shall pay or make a
     dividend or distribution on all or any portion of its Stock or shall make a
     dividend or other distribution on any other class of capital stock of the
     Company which dividend or distribution includes Stock, the Purchase Price
     in effect at the opening of business on the day following the date fixed
     for the determination of stockholders entitled to receive such dividend or
     other distribution shall be decreased by multiplying such Purchase Price by
     a fraction of which the numerator shall be the number of shares of Stock
     outstanding at the close of business on the date fixed for such
     determination and the denominator shall be the sum of such number of shares
     of Stock and the total number of shares of Stock or other class of capital
     stock constituting such dividend or other distribution, such decrease to
     become effective immediately after the opening of business on the day
     following the date fixed for such determination. For purposes of this
     Section 2(a), the number of shares of Stock at any time outstanding shall
     not include shares held in treasury of the Company but shall include shares
     issuable in respect of scrip certificates, if any, issued in lieu of
     fractions of shares of Stock. If any dividend or other distribution of the
     type described in this Section 2(a) is declared but not so paid or made,
     the Purchase Price shall again be adjusted to be the Purchase Price which
     would then be in effect if such dividend or other distribution had not been
     declared.

(b)  In case at any time after the date hereof, the Company shall pay or make a
     dividend or distribution on all or any portion of its Stock consisting of,
     or shall otherwise issue to all holders of its Stock, rights, warrants or
     options (not being available on an equivalent basis to the Warrantholder on
     exercise of this Warrant) entitling the holders of its Stock to subscribe
     for or purchase Stock at a price per share less than the current market
     price per share (determined as provided in Section 2(h) hereof) of the
     shares of Stock on the date fixed for the determination of stockholders
     entitled to receive such rights, warrants or options (other than pursuant
     to a dividend reinvestment plan), the Purchase Price in effect at the
     opening of business on the day following the date fixed for such
     determination shall be decreased by multiplying such Purchase Price by a
     fraction of which the numerator shall be the number of shares of Stock
     outstanding at the close of business on the date fixed for such
     determination plus the number of shares of Stock which the aggregate of the
     offering price of the total number of shares of Stock so offered for
     subscription or purchase would purchase at such current market price and
     the denominator shall be the number of shares of Stock outstanding at the
     close of business on the date fixed for such determination plus the number
     of shares of Stock so offered for subscription or purchase, such decrease
     to become effective immediately after the opening of business on the day
     following the date fixed for such determination. For purposes of this
     Section 2(b), the number of shares of Stock at any time outstanding shall
     not include shares held in treasury of the Company but shall include shares
     issuable in respect of scrip certificates, if any, issued in lieu of
     fractions of shares of Stock. The Company shall not issue any rights or
     warrants in respect of Stock held in treasury of the

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     Company (or, if rights or warrants are issued in respect of all of the
     Stock of the Company, will not exercise any such rights or warrants in
     respect of Stock held in treasury of the Company). In the event that such
     rights or warrants are not so issued, the Purchase Price shall again be
     adjusted to be the Purchase Price which would then be in effect if such
     date fixed for the determination of stockholders entitled to receive such
     rights or warrants had not been fixed. In determining whether any rights or
     warrants entitle the holders to subscribe for or purchase shares of Stock
     less than the current market price, and in determining the aggregate
     offering price of such shares of Stock, there shall be taken into account
     any consideration received for such rights or warrants. The value of such
     consideration, if other than cash, shall be determined in the reasonable
     good faith judgment of the Board of Directors of the Company, whose
     determination shall be conclusive.

(c)  In case at any time after the date hereof, all or any portion of the Stock
     outstanding shall be subdivided into a greater number of shares of Stock,
     the Purchase Price in effect at the opening of business on the day
     following the day on which such subdivision becomes effective shall be
     proportionately reduced, and, conversely in case at any time after the date
     hereof, all or any portion of the Stock outstanding shall each be combined
     into a smaller number of shares of Stock, the Purchase Price in effect at
     the opening of business on the day following the day on which such
     combination becomes effective shall be proportionately increased, such
     reduction or increase, as the case may be, to become effective immediately
     after the opening of business on the day following the day on which such
     subdivision or combination becomes effective.

(d)  In case at any time after the date hereof, the Company shall, by dividend
     or otherwise, distribute to all holders of its Stock evidences of its
     indebtedness or assets (including securities, rights, warrants or options,
     but excluding any rights, warrants, or options referred to in Section 2(b)
     hereof as entitling the holders of Stock to subscribe for or purchase Stock
     at a price per share less than the then current market price, any dividend
     or distribution paid exclusively in cash, any dividend or distribution
     referred to in Section 2(a) hereof and any dividend or distribution upon a
     merger or consolidation referred to in Section 2(h) hereof), the Purchase
     Price in effect at the opening of business on the day following the date
     fixed for the determination of stockholders entitled to receive such
     dividend or other distribution shall be decreased by multiplying such
     Purchase Price by a fraction of which the numerator shall be the current
     market price per share (determined as provided in Section 2(h) hereof) of
     the Stock on the date fixed for such determination less the then fair
     market value (as determined by the Board of Directors of the Company, whose
     determination shall be conclusive) of the portion of the assets or evidence
     of indebtedness so distributed applicable to one share of Stock and the
     denominator shall be such current market price per share of the Stock, such
     adjustment to become effective immediately prior to the opening of business
     on the day following the date fixed for the determination of stockholders
     entitled to receive such distribution. If any dividend or distribution of
     the type described in this Section 2(d) is declared but not paid or made,
     the Purchase Price shall again be adjusted to the Purchase Price which
     would then be in effect if such dividend or distribution had not been
     declared.

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(e)  In case at any time after the date hereof, the Company shall, by dividend
     or otherwise, make a distribution to all holders of its Stock consisting
     exclusively of cash (excluding any cash that is distributed upon a merger
     or consolidation or a sale or transfer of all or substantially all of the
     assets of the Company to which Section 3 hereof applies or as a part of a
     distribution referred to in Section 2(d)) in an aggregate amount that,
     combined together with (i) the aggregate amount of any other distributions
     to all holders of its Stock made exclusively in cash within the 12 months
     immediately preceding the date of payment of such distribution and in
     respect of which no adjustment pursuant to this Section 2(e) has been made
     and (ii) the aggregate of any cash plus the fair market value (as
     determined by the Board of Directors of the Company, whose determination
     shall be conclusive) of consideration payable in respect of any tender
     offer by the Company or any of its subsidiaries for all or any portion of
     the Stock concluded with the 12 months immediately preceding the date of
     payment of such distribution and in respect of which no adjustment pursuant
     to this Section 2(e) has been made, exceeds 12.5% of the product of the
     current market price per share of Stock on the date for the determination
     of holders of Stock entitled to receive such distribution multiplied the
     number of shares of Stock outstanding on such date, then, and in each such
     case, immediately after the close of business on such date for
     determination, the Purchase Price in effect immediately prior to the close
     of business on the date fixed for determination of the stockholders
     entitled to receive such distribution shall be decreased by multiplying
     such Purchase Price by a fraction (A) the numerator of which shall be equal
     to the current market price per share (determined as provided in Section
     2(h) hereof) of the Stock on the date fixed for such determination less an
     amount equal to the quotient of (x) the excess of such combined amount ever
     such 12.5% and (y) the number of shares of Stock outstanding on such date
     for determination and (B) the denominator of which shall be equal to the
     current market price per share (determined as provided in section 2(h)
     hereof) of the Stock on such date for determination. If any dividend or
     distribution of the type described in this Section 2(e) is declared but not
     so paid or made, the Purchase Price shall again be adjusted to the Purchase
     Price which would then be in effect if such dividend or distribution had
     not been declared.

(f)  In case a tender or exchange offer made by the Company or any subsidiary of
     the Company for all or any portion of the Stock shall expire and such
     tender or exchange offer (as amended upon the expiration thereof) shall
     require the payment to stockholders (based on the acceptance (up to any
     maximum specified in the terms of the tender offer) of Purchased Shares (as
     defined below)) of an aggregate consideration leaving a fair market value
     (as determined by the Board of Directors of the Company, whose
     determination shall be conclusive) that combined together with (i) the
     aggregate of the cash plus the fair market value (as determined by the
     Board of Directors of the Company, whose determination shall be conclusive)
     as of the expiration of such tender or exchange offer, of consideration
     payable in respect of any other tender or exchange offer, by the Company or
     any subsidiary of the Company for all or any portion of the Stock expiring
     within the 12 months immediately preceding the expiration of such tender or
     exchange offer and in respect of which no adjustment, pursuant to this
     Section 2(f) has been made and (ii) the aggregate amount of any
     distributions to all holders of the Stock made exclusively in cash within
     12 months immediately preceding the expiration of such tender or exchange
     offer and in respect of which no adjustment pursuant to Section 2(e) hereof

                                       -4-

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     has been made, exceeds 12.5% of the product of the current market price per
     share (determined as provided in Section 2(h) hereof) of the Stock as of
     the last time (the "Expiration Time") tenders or exchanges could have been
     made pursuant to such tender or exchange offer (as it may be amended)
     multiplied by the number of shares of Stock outstanding (including any
     tendered or exchanged shares) on the Expiration Time, then, and in each
     such case, immediately prior to the opening of business on the day after
     the date of the Expiration Time, the Purchase Price in effect immediately
     prior to the close of business on the date of the Expiration Time shall be
     decreased by multiplying such Purchase Price by a fraction (A) the
     numerator of which shall be equal to (1) the product of (x) the current
     market price per share (determined as provided in Section 2(h) hereof) of
     the Stock on the date of the Expiration Time and (y) the number of shares
     of Stock outstanding (including any tendered or exchanged shares) on the
     date of the Expiration Time less (2) the amount of cash plus the fair
     market value (as determined by the Board of Directors of the Company, whose
     determination shall be conclusive) of the aggregate consideration payable
     to stockholders based on the acceptance (up to any maximum specified in the
     terms of the tender offer) of Purchased Shares, and (B) the denominator of
     which shall be equal to the product of (xx) the current market price per
     share (determined as provided in Section 2(h) hereof) of the Stock on the
     date of the Expiration Time and (yy) the number of shares of Stock
     outstanding (including any tendered or exchanged shares) on the date of the
     Expiration Time less the number of all shares of Stock validly tendered or
     exchanged and not withdrawn as of the Expiration Time (the shares of Stock
     deemed so accepted up to any such maximum, being referred to as the
     "Purchased Shares"). In the event that the Company is obligated to purchase
     shares pursuant to any such tender offer, but the Company is permanently
     prevented by applicable law from effecting any such purchases or all such
     purchases are rescinded, the Purchase Price shall again be adjusted to be
     the Purchase Price which would then be in effect if such tender offer had
     not been made.

(g)  The reclassification of Stock into securities other than Stock (other than
     any reclassification upon a consolidation or merger to which Section 3
     hereof applies) shall be deemed to involve (i) a distribution of such
     securities other than Stock to all holders of Stock (and the effective date
     of such reclassification shall be deemed to be "the date fixed for the
     determination of stockholders entitled to receive such distribution" and
     "the date fixed for such determination" within the meaning of Section 2(a))
     and (ii) a subdivision or combination, as the case may be, of the number of
     shares of Stock outstanding immediately prior to such reclassification into
     the number of shares of Stock outstanding immediately thereafter (and the
     effective date of such reclassification shall be deemed to be "the day upon
     which such subdivision becomes effective," as the case may be, and "the day
     upon which such subdivision or combination becomes effective", within the
     meaning of the Section 2(c)).

(h)  For the purpose of any computation under Sections 2(b), 2(d), 2(e) and 2(f)
     the current market price per share of Stock on any date shall be deemed to
     be the average of the daily closing prices per share for the five trading
     days immediately preceding the earlier of the day in question and the day
     before the "ex date" with respect to the issuance or distribution requiring
     such computation. For purposes of this Section 2(h), the term "ex date",
     when used with respect to any issuance or distribution, means the first
     date on

                                       -5-

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         which the Stock trades regular way on the applicable securities
         exchange or in the applicable securities market without the right to
         receive such issuance or distribution.

 (i)     The Company may make such reductions in the Purchase Price, in addition
         to those required by paragraphs (a), (b), (c.), (d), (e) and (f), of
         this Section 2, as it considers to be advisable to avoid or diminish
         any income tax to holders of Stock or rights to purchase Stock
         resulting from any dividend or distribution of Stock (or rights to
         acquire Stock) or from any event treated as such for income tax
         purposes. The Company from time to time may reduce the Purchase Price
         by any amount for any period of time if the period is at least twenty
         days, the reduction is irrevocable during the period and the Board of
         Directors of the Company (or, to the extent permitted by applicable
         law, a duly authorized, committee thereof) shall have made a
         determination that such reduction would be in the best interests of the
         Company, which determination shall be conclusive. Wherever the Purchase
         Price is reduced pursuant to the preceding sentence, the Company shall
         mail to Warrantholders of record a notice of the reduction at least
         fifteen days prior to the date the reduced Purchase Price takes effect,
         and such notice shall state the reduced purchase Price and the period
         it will be in effect.

 (j)     Notwithstanding any other provision of this Section 2, no adjustment to
         the Purchase Price shall reduce the Purchase Price below the then par
         value per share of the Stock, and any such purported adjustment shall
         instead reduce the Purchase Price to such par value. The Company hereby
         covenants not to take any action (i) to increase the par value per
         share of the Stock or (ii) that would or does result in any adjustment
         in the Purchase Price that would cause the Purchase Price to be less
         than the then par value per share of the Stock.

 (k)     Notwithstanding any other provision of this Section 2, no adjustment in
         the Purchase Price need be made until all cumulative adjustments amount
         to 1% or more of the Purchase Price as last adjusted. Any adjustments
         that are not made shall he carried forward and taken into account in
         any subsequent adjustment.

 (l)     Whenever the Purchase Price is adjusted as herein provided:

         (i)      The Company shall compute the adjusted Purchase Price and
                  shall prepare a certificate signed by the Treasurer or Chief
                  Financial Officer of the Company setting forth the adjusted
                  Purchase Price and showing in reasonable detail the facts upon
                  which such adjustment is based, and such certificate shall
                  forthwith be filed with the transfer agent for this Warrant,
                  if any, and

         (ii)     A notice stating that the Purchase Price has been adjusted and
                  setting forth the adjusted Purchase Price shall be mailed, as
                  soon as practicable, by the Company to all Warrantholders of
                  record at their last addresses as they shall appear upon the
                  books and records of the Company.

 (m)     In any case in which this Section 2 provides that an adjustment shall
         become effective immediately after a record date for an event, the
         Company may defer until the occurrence of such event (i) issuing to a
         Warrantholder who exercised this Warrant after such record

                                       -6-

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         date and before the occurrence of such event the additional shares of
         Stock issuable upon such exercise by reason of the adjustment required
         by such event over and above the Stock issuable upon such exercise
         before giving effect to such adjustment and (ii) paying to such
         Warrantholder any amount in cash in lieu of any fractional share of
         Stock pursuant to Section 4(c) hereof.

 3.      Merger, Consolidation, Restructuring, Reclassification, etc. In the
         ------------------------------------------------------------
         event that the Company shall be a party to any transaction, including
         without limitation any (i) recapitalization or reclassification of the
         Stock(other than a change in par value, or from par value to no par
         value, or from no par value to par value, or as a result of a
         subdivision or combination of the Stock), (ii) any consolidation of the
         Company with, or merger of the Company into, any other Person, any
         merger of another Person into the Company (other than a merger which
         does not result in a reclassification, conversion, exchange or
         cancellation of outstanding shares of Stock), (iii) any sale or
         transfer of all or substantially all of the assets of the Company or
         (iv) any compulsory share exchange, pursuant to which the Stock is
         converted into the right to receive other securities, cash or other
         property, then lawful provision shall he made as part of the terms of
         such transaction whereby the Warrantholder shall have the right
         thereafter, to exercise this Warrant into the kind and amount of
         securities, cash and other property receivable upon such
         recapitalization, reclassification, consolidation, merger, sale,
         transfer or share exchange by a holder of the number of shares of
         Common Stock into which this Warrant might have been exercised
         immediately prior to such recapitalization, reclassification,
         consolidation, merger, sale, transfer or share exchange. The Company or
         the Person formed by such consolidation or resulting from such merger
         or which acquires such assets or which acquires the Company's shares,
         as the case may be, shall make provisions in its certificate or
         articles of incorporation or other constituent document to establish
         such right. Such certificate or articles of incorporation or other
         constituent document shall provide for adjustments which, for events
         subsequent to the effective date of such certificate or articles of
         incorporation or other constituent document shall be as nearly
         equivalent as may be practicable to die adjustments provided for in
         this Section 3. The above provisions shall similarly apply to
         successive recapitalizations, reclassifications, consolidations,
         mergers, sales, transfers or share exchanges. As used in this Section 3
         the word "Person" means any individual, corporation, partnership, joint
         venture, association, joint-stock corporation, trust, unincorporated
         organization or government or agency or political subdivision thereof
         (including any subdivision or ongoing business of any such entity or
         substantially all of the assets of any such entity, subdivision or
         business).

 4.      Exercise Provisions.
         -------------------

 (a)     Manner of Exercise. This Warrant may be exercised in whole or in part
         ------------------
         on or before the Termination Date only by the holder of this Warrant
         surrendering to the Company, at its principal office, this Warrant,
         together with the exercise form attached to this Warrant duly executed
         by the holder and payment to the Company in the amount obtained by
         multiplying the Purchase Price by the number of shares of Stock
         designated in the exercise form. Payment may be made at the option of
         the Warrantholder, either (A) by cash or (B) by bank wire transfer or
         (C) by surrender of this Warrant with instructions

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         that the Company retain as payment of the Purchase Price the number of
         Shares determined as set forth in clause (ii) of the following
         paragraph (a "Cashless Exercise").
                       ------------------

         In the event of a Cashless Exercise: (i) the holder shall receive the
         number of Shares determined by multiplying the total number of Shares
         for which the Cashless Exercise is made by a fraction, the numerator of
         which shall be the difference between the Current Market Price (as
         defined below) per Share and the Purchase Price, and the denominator of
         which shall be the Current Market Price (determined as provided in this
         Section 4(a)) and (ii) the remaining Shares for which Cashless Exercise
         has been made shall be deemed to have been paid to the Company as the
         Purchase Price.

         For purposes of the above calculation, the Current Market Price of one
         share of Stock means: (i) the average of the reported closing prices of
         a share of Stock quoted on the Nasdaq National Market or on any
         exchange on which the shares of Stock are listed, whichever is
         applicable, for the five trading days immediately prior to the exercise
         date of this Warrant, (ii) if no such closing price is available, the
         average of the closing bid and asked prices of a share of Stock as
         quoted in the Over-the-Counter Market Summary for the five trading days
         immediately prior to the exercise date of this Warrant, or (iii) if the
         shares of Stock are not listed on the Nasdaq National Market or on any
         exchange as quoted in the Over-the-Counter Market, the fair market
         value per share of Stock as of the date of exercise of this Warrant as
         determined by the Company's Board of Directors in good faith.

(b)      Partial Exercise. On any partial exercise, the Company shall promptly
         ----------------
         issue and deliver to the holder of this Warrant a new Warrant or
         Warrants of like tenor in the name of the holder of this Warrant
         providing for the right to purchase that number of Shares as to which
         this Warrant has not been exercised. The Company shall pay all
         expenses, taxes and other charges payable in connection with the
         preparation, issuance and delivery of share certificates and new
         warrants.

(c)      No Fractional Shares. The Company shall not be required to issue
         --------------------
         fractional Shares upon exercise of this Warrant. If any fraction of a
         Share would, but for this Section 4(c), be issuable upon final exercise
         of this Warrant, in lieu of such fractional Share the Company shall pay
         to the Warrantholder, in cash, an amount equal to the same fraction of
         the Current Market Price of such Share on the day immediately prior to
         the date of such exercise.

5.       Delivery of Stock Certificates.
         ------------------------------

As promptly as practicable and in any event within seven days after full or
partial exercise of this Warrant, the Company, at its expense, shall cause to be
issued in the name of, and delivered to, the holder of this Warrant, a
certificate or certificates for the number of validly issued, fully paid and
nonassessable shares of Stock to which that holder is entitled on such exercise,
together with any other securities and property to which that holder is entitled
on such exercise under the terms of this Warrant.

                                       -8-

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 6.      Compliance with Securities Act; Notice of Proposed Transfers;
         -------------------------------------------------------------
         Registration Rights.
         --------------------

 (a)     Compliance with Securities Act. The holder of this Warrant, by
         ------------------------------
         acceptance hereof, agrees that this Warrant and the Shares to be issued
         on its exercise are being acquired for investment and that such holder
         shall not offer, sell or otherwise dispose of this Warrant or any
         Shares issued on its exercise except under circumstances which will not
         result in a violation of the Securities Act of 1933, as amended (the
         "Act"). On exercise of this Warrant, the holder hereof shall confirm in
         writing, in a form reasonably satisfactory to the Company, that the
         Shares are being acquired for investment and not with a view toward
         distribution or resale (unless sale of the Shares has been registered
         under the Act or an exemption therefrom is available). Any proposed
         transferee of this Warrant or the Shares shall be required to agree in
         writing to the provisions of this Section 6 (unless such transfer of
         the Shares has been registered under the Act). Certificates
         representing all Shares (unless registered under the Act) shall be
         stamped or imprinted with a legend describing the restrictions set
         forth herein.

 (b)     Notice of Proposed Transfers. Prior to any proposed transfer of this
         ----------------------------
         Warrant, the Warrantholder shall give written notice to the Company of
         its intention to effect such transfer. Each such notice shall describe
         the manner of the proposed transfer and, if reasonably requested by the
         Company, shall be accompanied by an opinion of counsel reasonably
         satisfactory to the Company to the effect that the proposed transfer of
         this Warrant may be effected without registration under the Act,
         whereupon the Warrantholder shall be entitled to transfer this Warrant
         in accordance with the terms of its notice. Any new warrant issued to
         such transferee in replacement of this Warrant shall bear the same
         legend set forth on the first page of this Warrant, unless (i) such
         transfer is in accordance with the provisions of Rule 144 promulgated
         under the Act (or any other rule permitting public sale of this Warrant
         without registration under the Act) or (ii) the opinion of counsel
         referred to above is to the further effect that the transferee and any
         subsequent transferee (other than an affiliate (as such term is defined
         in Rule 144 promulgated under the Act) of the Company) would be
         entitled to transfer such securities in a public sale without
         registration under the Act.

                  Whenever a Warrantholder is able to demonstrate to the Company
         (and its counsel) that the provisions of Rule 144(k) promulgated under
         the Act are available to such Warrantholder without limitation, such
         Warrantholder shall be entitled to receive from the Company, without
         expense, a new warrant not bearing the restrictive legend set forth on
         the first page of this Warrant.

 (c)     Registration Rights. The Shares constitute Registerable Securities for
         -------------------
         purposes of the Registration Rights Agreement of even date herewith
         among the Company and the other parties named therein.

 7.      Miscellaneous Provisions.
         ------------------------

 (a)     Reservation of Stock. The Company has duly reserved and shall at all
         --------------------
         times reserve and keep available, solely for issuance on exercise of
         this Warrant, all shares of Stock or other securities from time to time
         issuable on exercise of this Warrant.

                                       -9-

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 (b)     Amendment or Waiver. The provisions of this Warrant, or the provisions
         -------------------
         of all of the Warrants, may be amended only by an instrument in writing
         signed by the Company and the holders of at least two-thirds in
         interest of the then outstanding and unexpired Warrants, provided that
         any such amendment that adversely affects any Warrantholder shall
         require the separate consent of such Warrantholder. So long as he is
         not adversely effected and subject to the foregoing, the Warrantholder
         agrees that his rights hereunder may be waived or amended by persons or
         entities holding more than two-thirds in interest of the then
         outstanding and unexpired Warrants without obtaining any additional
         consents of the Warrantholder; provided, however, that any holder of a
         Warrant may waive any of such holder's rights hereunder with respect to
         itself without obtaining the consent of any other holder. Any amendment
         or waiver effected in accordance with this Section 7(b) shall be
         binding on the Warrantholder and the Warrantholder's successors and
         assigns.

 (c)     Replacement. On receipt of evidence reasonably satisfactory to the
         -----------
         Company of the loss, theft, destruction, or mutilation of this Warrant
         and, in the case of loss, theft, or destruction, on delivery of any
         indemnity agreement or bond reasonably satisfactory in form and amount
         to the Company or, in the case of mutilation, on surrender and
         cancellation of this Warrant, the Company at its expense will execute
         and deliver, in lieu of this Warrant, a new Warrant of like tenor.

 (d)     No Rights as Shareholder. Without limiting the provisions of Section 2
         ------------------------
         hereof, no holder of this Warrant, as such, shall be entitled to vote
         or receive dividends or be considered a shareholder of the Company for
         any purpose, nor shall anything in this Warrant be construed to confer
         on any holder of this Warrant as such, any rights of a shareholder of
         the Company or any right to vote, to give or withhold consent to any
         corporate action, to receive notice of meetings of shareholders, to
         receive dividends or subscription rights or otherwise.

 (e)     Notices. Notices hereunder to the holder of this Warrant shall be sent
         -------
         by certified or registered mail to the address given to the Company by
         such holder and shall be deemed given when so mailed, or if sent to a
         holder outside the United States, by telecopy with a copy sent by air
         mail or courier.

 (f)     Governing Law. This Warrant shall be governed by the laws of the State
         -------------
         of New York.

 Dated:   May 6, 2002

                                             INTEREP NATIONAL RADIO SALES, INC.

                                             By _________________________
                                                Ralph C. Guild
                                                Chairman of the Board

                                      -10-

<PAGE>

                                Form of Exercise
                                ----------------

                   (To be signed only on exercise of Warrant)

To:  INTEREP NATIONAL RADIO SALES, INC.

         The undersigned holder of the attached Warrant hereby irrevocably
elects to exercise the right to purchase _____________ shares of Class A Common
Stock of INTEREP NATIONAL RADIO SALES, INC. (the "Company") and herewith makes
payment of $_____________ for those shares and requests that the certificate for
those shares be issued in the name of the undersigned and delivered to the
address below the signature of the undersigned. The undersigned hereby affirms
the statements and covenants in Sections 6(a) and 6(b) of the Warrant.

Dated: ___________________

                                             ___________________________________
                                             Signature
                                             Print Name:

                                             (Signature must conform in all
                                             respects to the name of holder as
                                             specified on the face of the
                                             attached Warrant.)

                                             ___________________________________
                                             Address

                                      -11-<PAGE>

                                                                    Exhibit 10.1

                            STOCK PURCHASE AGREEMENT

         STOCK PURCHASE AGREEMENT, dated as of       , 2002, among INTEREP
NATIONAL RADIO SALES, INC., a New York corporation (the "Company"), and the
parties listed on Exhibit A to this Agreement (together, the "Purchasers").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Company desires to sell to the Purchasers, and the
Purchasers desire to acquire, shares of the Company's Series A Convertible
Preferred Stock, par value $0.01 per share (the "Preferred Stock"), on the terms
and conditions set forth below;

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements set forth below, the parties agree as follows:

         1.  Purchase and Sale of Shares.

         1.1 Purchase and Sale. Subject to the terms and conditions of this
             -----------------
Agreement, at the Closing (as defined in Section 2), the Company shall issue and
sell to the Purchasers, and the Purchasers shall severally purchase from the
Company, for an aggregate purchase price of $          (the "Purchase Price"),
an aggregate of        shares of the Preferred Stock (the "Shares") and Warrants
(the "Warrants") to purchase an aggregate of          shares of the Company's
Class A Common Stock, par value $0.01 per share (the "Class A Common Stock"), at
an exercise price of $     per share. The Preferred Stock shall have the
designation and the relative powers, rights, preferences and limitations set
forth in the Company's Certificate of Amendment of its Restated Certificate of
Incorporation to be filed with the Department of State of the State of New York
in the form set forth in Exhibit B (the "Certificate of Amendment"). The
Warrants shall be in the form set forth in Exhibit C. Each Purchaser shall
purchase the number of Shares and the number of Warrants, for the portion of the
Purchase Price, all as set forth opposite its name in Exhibit A. The Shares
shall initially be convertible into           shares of the Class A Common Stock
at an initial conversion price of $     per share.

         1.2 Free and Clear Delivery. The Company shall issue all of the Shares
             -----------------------
and the Warrants to Purchasers free and clear of all claims, liens, security
interests, charges, encumbrances, interests and restrictions of any kind, except
any imposed under the Securities Act of 1933 (the "1933 Act") or the securities
registration provisions of any applicable state securities laws.

         2.  Closing. The closing of the transactions contemplated by Section 1
(the "Closing") shall occur at the offices of Salans Hertzfeld Heilbronn Christy
& Viener, 620 Fifth Avenue, New York, New York, 10020 on       , 2002, at 10:00
a.m. New York City time or at such other time, place or date as the parties may
agree. At the Closing, the purchase and sale of the Shares and Warrants referred
to in Section 1.1 shall be consummated. At the Closing, the Company shall
deliver to each Purchaser a stock certificate and a warrant certificate,
registered in the name of such Purchaser, evidencing the Shares and the Warrants
being purchased by such Purchaser against such Purchaser's payment of the
Purchase Price therefor by certified or bank

<PAGE>

check made payable to the order of the Company or by wire transfer of
immediately available funds to an account designated by the Company.

         3.   Conditions to Closing.

         3.1  Conditions to the Obligations of All Parties. The obligation of
              --------------------------------------------
each party to consummate the purchase and sale of the Shares shall be subject to
the satisfaction or waiver at or prior to the Closing of each of the following
conditions:

         (a)  No temporary restraining order, preliminary or permanent
injunction or other order issued by any court, tribunal or governmental agency
or authority or other legal or regulatory restraint or prohibition preventing or
impairing the issuance and sale of the Shares or the Warrants shall be in
effect. No claim, action, suit, investigation or proceeding shall be pending or
threatened against any of the parties which, if adversely determined, would (i)
prevent or hinder consummation of the transactions contemplated by this
Agreement or (ii) materially and adversely affect the business or assets of the
Company.

         (b)  The parties shall have received all material consents of third
parties, and any authorizations, orders, grants, consents, permits and approvals
of all relevant governmental authorities, required in connection with the
consummation of the transactions contemplated under this Agreement, all of which
shall continue to be in full force and effect on the date of the Closing.
Notwithstanding the foregoing, it is understood that the Company shall file
after each Closing, within the time periods allowed under applicable law, a Form
D with the Securities and Exchange Commission (the "SEC") and any other relevant
state securities commission or authority.

         3.2  Conditions to the Obligations of the Company. The obligation of
              --------------------------------------------
the Company to consummate the purchase and sale of the Shares and the Warrants
shall be subject to the satisfaction, at or prior to the Closing, of the
following conditions:

         (a)  All of the representations and warranties of the Purchasers set
forth in this Agreement shall be true and correct as if made on and as of the
date of the Closing (the "Closing Date").

         (b)  The Purchasers shall have in all material respects fully performed
and complied with all agreements and conditions required under this Agreement to
be performed or complied by them on or prior to the Closing Date.

         (c)  Each Purchaser shall have delivered to the Company a certificate
of one of its officers to the effect set forth in Sections 3.2(a) and (b).

         (d)  Each Purchaser shall have paid the portion of the Purchase Price
allocable to such Purchaser as set forth in Exhibit A and in the manner set
forth in Section 2.

         (e)  Each Purchaser shall have executed and delivered to the Company
the Registration Rights Agreement in the form set forth in Exhibit D (the
"Rights Agreement").

                                       2

<PAGE>

         (f)  The Certificate of Amendment shall have been filed with the
Department of State of the State of New York.

         (g)  All corporate and other proceedings taken or to be taken in
connection with the transactions contemplated by this Agreement at or before the
Closing, and all instruments and other documents incident thereto, shall be
satisfactory in form and substance to the Company and its counsel.

         3.3  Conditions to the Obligations of the Purchasers. The obligation of
              -----------------------------------------------
the Purchasers to consummate the purchase and sale of the Shares and the
Warrants shall be subject to the satisfaction at or prior to the Closing of the
following conditions:

         (a)  All of the representations and warranties of the Company set forth
in this Agreement shall be true and correct as if made on and as of the Closing
Date.

         (b)  The Company shall have in all material respects fully performed
and complied with all agreements and conditions required under this Agreement to
be performed or complied by it on or prior to the Closing Date.

         (c)  The Company shall have delivered to each Purchaser a certificate
of one of its officers to the effect set forth in Sections 3.3(a) and (b).

         (d)  The Certificate of Amendment shall have been filed with the
Department of State of the State of New York and the Company shall have
delivered to each Purchaser a copy thereof certified by the Department of State
of the State of New York or other reasonably satisfactory evidence of such
filing.

         (e)  The Company shall have delivered to each Purchaser a stock
certificate representing the Shares, and a warrant certificate representing the
Warrants, to be issued and sold to such Purchaser at the Closing.

         (f)  The Company shall have executed and delivered to each of the
Purchasers the Rights Agreement.

         (g)  The Purchasers shall have received an opinion of Salans Hertzfeld
Heilbronn Christy & Viener in the form set forth in Exhibit E dated the Closing
Date.

         (h)  The Purchasers shall have received copies of resolutions of the
Company's Board of Directors, certified by the Secretary of Seller, approving
the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby.

         (i)  The Company shall have delivered to each Purchaser a copy of its
Restated Certificate of Incorporation, including the Certificate of Amendment,
and By-laws certified by its Secretary or an Assistant Secretary as true and
correct as of the Closing Date.

         (j)  The Company shall have delivered to each Purchaser a certificate
of its Secretary or an Assistant Secretary as to the incumbency and signatures
of the officers of the Company executing this Agreement, the Rights Agreement,
the Warrants and the certificates

                                        3

<PAGE>

representing the Shares, together with evidence of the incumbency of such
Secretary or Assistant Secretary.

         (k)   All corporate and other proceedings taken or to be taken in
connection with the transactions contemplated by this Agreement at or before
such Closing, and all instruments and other documents incident thereto, shall be
satisfactory in form and substance to the Purchasers and their counsel.

         4.    Waiver of Conditions. Each of the parties shall have the right to
waive, in whole or in part, any of the conditions to its performance set forth
in this Agreement and, on such waiver, the waiving party may proceed with the
consummation of the transactions contemplated herein, it being understood that
such waiver shall not constitute a waiver of any right which such party may have
by reason of the breach by the other party of any representation, warranty or
agreement contained herein, or by reason of any misrepresentation made by such
other party herein.

         5.    Representations and Warranties of the Company. The Company
represents and warrants to the Purchasers as follows:

         5.1   Due Incorporation and Qualification. The Company is a corporation
               -----------------------------------
duly incorporated, validly existing and in good standing under the laws of the
State of New York. Each of the Company's subsidiaries is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of New York or the State of Delaware, as the case may be. The Company and each
of its subsidiaries has full corporate power and authority to own, lease and
operate its properties and to carry on its business in the places and in the
manner currently conducted. The Company and each of its subsidiaries is
qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which the nature of the activities conducted by it or the
character of the properties owned or leased by it makes such qualification
necessary and the failure to so qualify would have a material adverse effect on
its business.

         5.2   Authority; Authorization; Valid Obligation. The Company has all
               ------------------------------------------
requisite corporate power and authority to execute and deliver, and to perform
under, this Agreement, the Rights Agreement and the Warrants and to consummate
the transactions contemplated hereunder and thereunder. The Company has taken
all corporate action necessary for the execution and delivery by it of this
Agreement, the Rights Agreement and the Warrants, for the execution and filing
with the Department of State of the State of New York of the Certificate of
Amendment, and for the consummation of the transactions contemplated hereby and
thereby. This Agreement constitutes, and the Rights Agreement and the Warrants
shall, when executed and delivered, constitute, the Company's valid and binding
obligations, each enforceable in accordance with its terms, except as may be
limited by principles of equity or by bankruptcy, insolvency, moratorium or
other similar laws affecting the enforcement of creditors' rights generally.

         5.3   No Conflicts or Defaults. The execution, delivery and performance
               ------------------------
of this Agreement, the Rights Agreement and the Warrants by the Company and the
consummation of the transactions contemplated hereby and thereby do not and
shall not (a) contravene the Restated Certificate of Incorporation or By-Laws of
the Company, (b) with or without the giving

                                       4

<PAGE>

of notice or the passage of time, (i) materially violate or conflict with, or
result in a material breach of, or a material default or loss of rights under,
any material agreement, mortgage, indenture, lease, instrument, permit or
license to which the Company is a party or by which it or any material portion
of its assets are bound or (ii) result in the creation of, or give any party the
right to create, any lien, charge, encumbrance or any other right or adverse
interest upon any material portion of the assets of the Company, or (c) result
in any violation of any law, rule, regulation, order, judgment or decree
applicable to the Company or by which it or any material portion of its assets
are bound.

         5.4      Capitalization. On filing of the Certificate of Amendment with
                  --------------
the Department of State of the State of New York, the authorized capital stock
of the Company shall consist of (i) 20,000,000 shares of the Class A Common
Stock, of which there are issued and outstanding on the date hereof 5,130,735
shares, (ii) 10,000,000 shares of the Company's Class B Common Stock, par value
$0.01 per share (the "Class B Common Stock"), of which there are issued and
outstanding on the date hereof 4,093,891 shares and (iii) 1,000,000 shares of
preferred stock, par value $0.01 per share, of which 400,000 shares shall be
designated as the Series A Convertible Preferred Stock. All of the shares of the
Company's capital stock issued and outstanding on the date hereof are duly
authorized, validly issued, fully paid and nonassessable and were not issued in
violation of any preemptive right of shareholders. On the date of the Closing,
the Company shall have reserved for issuance all of the shares of the Class A
Common Stock issuable on conversion of the Shares or on exercise of the
Warrants. As of the date hereof, 4,893,089 shares of the Class A Common Stock
are issuable on exercise of employee stock options and the Company has reserved
such shares for issuance on such exercise. Except as set forth in this Section
5.4 and as contemplated under this Agreement, there are no outstanding options,
warrants or rights, commitments or arrangements to acquire any shares of the
Company's capital stock or any securities convertible or exercisable into such
capital stock and no shares of the Company's capital stock are reserved for any
purpose. The Company is not obligated, and has no options or rights, to
repurchase, redeem or retire any outstanding shares of its capital stock. The
Company is not a party to any shareholders' agreement, voting trust, pledge
agreement or buy-sell or right of first offer or refusal arrangements or
understandings with respect to any of the Company's capital stock and the
Company is not aware of any such arrangements or understandings among other
parties.

         5.5      Authorizations. No authorization, approval, order, license,
                  --------------
permit or consent of, or filing or registration with, any court or governmental
authority, is required in connection with the execution, delivery and
performance of this Agreement, the Rights Agreement or the Warrants by the
Company, except (i) the filing of the Certificate of Amendment with the
Department of State of the State of New York, (ii) the filing with the SEC of
the Shelf Registration Statement (as defined in the Rights Agreement) and the
SEC's declaring it effective, (iii) the filing of such reports with the SEC
under the Securities Exchange Act of 1934 (the "1934 Act") as may be required in
connection with the transactions contemplated hereunder and (iv) the filing of a
Form D or other applicable forms with the SEC and such state securities
authorities as may be relevant.

         5.6      SEC Documents. The Company has made available to the
                  -------------
Purchasers true and complete copies of each report, registration statement and
definitive proxy statement filed by the Company with the SEC with respect to
periods after December 31, 1998 (the "SEC

                                       5

<PAGE>

Documents"), which are all of the documents that the Company was required to
file since such date. As of their respective dates, the SEC Documents complied
in all material respects with the requirements of the 1933 Act or the 1934 Act,
as applicable, and the applicable rules and regulations of the SEC thereunder,
and none of the SEC Documents, at the time of filing of each such document,
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading. The
consolidated financial statements of the Company contained in the SEC Documents
were prepared in accordance with generally accepted accounting principles
applied on a consistent basis during the periods involved (except as indicated
in the notes thereto or, in the case of unaudited statements, as permitted under
applicable rules of the SEC) and present fairly the consolidated financial
position of the Company, and the consolidated results of operations and cash
flows of the Company, at the dates, and for the periods, indicated.

         5.7     Compliance with Law. The Company holds all permits,
                 -------------------
certificates, licenses, approvals and other authorizations of governmental
authorities as are materially necessary to the conduct of its business. The
Company is in material compliance with the terms of each thereof and has not
received any notice or claim pertaining to the failure to obtain any such
authorization. To the best of the Company's knowledge, the Company is conducting
its business and affairs in material compliance with all applicable federal,
state and local laws, ordinances, rules, regulations and court or administrative
orders and decrees.

         5.8     Litigation. Other than as disclosed in the SEC Documents, there
                 ----------
is no claim, action, suit, proceeding or investigation pending against or
affecting the Company or any material portion of its assets, at law or in
equity, before any federal, state, local or other governmental authority or any
arbitration tribunal or other forum, which would materially adversely affect the
Company if adversely determined or which challenges the validity or propriety of
the transactions contemplated by this Agreement. There is no outstanding
judgment, order, writ, ruling, injunction, stipulation or decree of any court,
arbitrator or governmental authority against or materially affecting the Company
or any material portion of its assets.

         5.9     No Defaults; Commitments. Neither the Company nor, to the best
                 ------------------------
of its knowledge, any other party, is in material breach of, or in material
default under, any material agreement, lease or instrument to which the Company
is a party, and no event has occurred, is pending or, to the best of the
Company's knowledge, is threatened, which, after the giving of notice, passage
of time or otherwise, could constitute or result in such a material breach or
default by the Company.

         5.10    Ordinary Course; No Adverse Change. Since December 31, 2001,
                 ----------------------------------
the Company has conducted its business and maintained its properties
substantially in the same manner as previously conducted or maintained and
solely in the ordinary course. Since such date, there has not been any material
adverse change in the business of the Company or the financial or other
condition thereof.

         5.11    Offering of the Shares. Neither the Company nor any agent
                 ----------------------
acting on its behalf has offered the Shares or the Warrants for sale to, or
solicited any offer to buy the Shares or the Warrants from, any party other than
Purchasers. Neither the Company nor any agent

                                       6

<PAGE>

acting on its behalf has taken any action which would subject the issuance or
sale of the Shares to the provisions of Section 5 of the 1933 Act.

         5.12    No Reliance. The Company has not relied on any representation,
                 -----------
warranty or agreement of the Purchasers except as set forth in this Agreement.

         5.13    Miscellaneous. No representation or warranty of the Company set
                 -------------
forth in this Agreement contains any untrue statement of a material fact or
omits to state any material fact necessary in order to make such representation
or warranty, in light of the circumstances under which it is made, not false or
misleading.

         6.      Representations and Warranties of the Purchasers. Each
Purchaser, severally and not jointly, represents and warrants to the Company as
follows:

         6.1     Due Organization. The Purchaser is a corporation, limited
                 ----------------
liability company, limited partnership or other entity duly incorporated or
organized , validly existing and in good standing under the laws of the state of
its incorporation or organization. The Purchaser has full corporate or other
power and authority to own, lease and operate its properties and to carry on its
business in the places and in the manner currently conducted. The Purchaser has
not been organized, reorganized or recapitalized specifically for the purpose of
investing in the Company.

         6.2     Authority; Due Authorization; Valid Obligation. The Purchaser
                 ----------------------------------------------
has all requisite corporate or other power and authority to execute and deliver
this Agreement and the Rights Agreement and to consummate the transactions
contemplated hereunder and thereunder. Purchaser has taken all corporate or
other action necessary for the execution and delivery by it of this Agreement
and the Rights Agreement and for the consummation of the transactions
contemplated hereby and thereby, and this Agreement constitutes, and the Rights
Agreement shall, when executed and delivered, constitute, its valid and binding
obligations, each enforceable in accordance with its terms, except as may be
limited by principles of equity or by bankruptcy, insolvency, moratorium or
other similar laws affecting the enforcement of creditors' rights generally.

         6.3     Authorizations. No authorization, approval, order, license,
                 --------------
permit or consent of, or filing or registration with, any court or governmental
authority, is required in connection with the execution, delivery and
performance of this Agreement by the Purchaser.

         6.4     Litigation. There is no claim, action, suit, proceeding or
                 ----------
investigation pending against or affecting the Purchaser or any material portion
of its assets, at law or in equity, before any federal, state, local or other
governmental authority or any arbitration tribunal or other forum, challenges
the validity or propriety of the transactions contemplated by this Agreement.

         6.5     Investment Intent. The Purchaser is acquiring the Shares and
                 -----------------
the Warrants and the shares of the Class A Common Stock issuable on conversion
or exercise thereof (the "Conversion Shares") for its own account and not with a
view to the resale or distribution of all or any part thereof, except pursuant
to the Shelf Registration Statement or pursuant to an exemption from
registration afforded by the 1933 Act. The Purchaser does not have any

                                       7

<PAGE>

contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participation to such person or to any third person, with
respect to any of the Shares, Warrants or Conversion Shares.

         6.6     Non-Registration. The Purchaser understands that the Shares and
                 ----------------
the Warrants are not, and the Conversion Shares may not for some period be,
registered under the 1933 Act on the ground that the sale provided for in this
Agreement and the issuance of securities hereunder is exempt from the
registration requirements of the 1933 Act pursuant to Section 4(2) thereof and
Regulation D thereunder, and that the Company's reliance on such exemption is
predicated in part on the Purchasers' representations set forth in this
Agreement. The Purchaser represents that it is an "accredited investor" as
defined in Rule 501 of Regulation D under the Securities Act. Such Purchaser is,
and as of the Closing Date shall be, a resident of the state indicated on
Exhibit A.

         6.7     Informed Investment. Each Purchaser has reviewed the SEC
                 -------------------
Documents, and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision about the purchase of the Shares and the
Warrants. Purchaser has had access to information about the Company that it has
requested during the course of the transactions contemplated hereunder and has
had an opportunity to discuss the business affairs and financial condition of
the Company with officers of the Company and to obtain additional information
(to the extent the Company possessed such information or could acquire it
without unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to it or to which it had access. The Purchaser is able to
look after its own interests in the transactions contemplated by this agreement
and has the ability to bear the economic risks of an investment in the Shares,
Warrants and Conversion Shares.

         6.8     Legends. To the extent applicable, each certificate or other
                 -------
document evidencing any of the Shares, Warrants or Conversion Shares shall be
endorsed with the legends set forth below, and Purchaser agrees that, except to
the extent such restrictions are waived by the Company, Purchaser shall not
transfer the shares represented by any such certificate without complying with
the restrictions on transfer described in the legends endorsed on such
certificate:

         "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD,
         OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE
         ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE
         SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO
         INTEREP NATIONAL RADIO SALES, INC. THAT SUCH REGISTRATION IS NOT
         REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT OR ANOTHER
         APPLICABLE EXEMPTION.

         A STATEMENT OF THE RIGHTS, PREFERENCES, PRIVILEGES AND RESTRICTIONS
         GRANTED TO OR IMPOSED ON EACH CLASS OR SERIES OF CAPITAL STOCK
         AUTHORIZED TO BE ISSUED AND ON THE HOLDERS THEREOF WILL BE FURNISHED
         WITHOUT CHARGE TO ANY

                                       8

<PAGE>

     SHAREHOLDER ON WRITTEN REQUEST TO THE SECRETARY OF INTEREP NATIONAL RADIO
     SALES, INC."

          6.9  Miscellaneous. No representation or warranty of the Purchaser set
               -------------
forth in this Agreement contains any untrue statement of a material fact or
omits any material fact necessary in order to make such representation or
warranty, in light of the circumstances under which it is made, not false or
misleading.

          7.   Miscellaneous.

          7.1  Expenses. Except as provided in the Rights Agreement, the Company
               --------
and the Purchasers shall bear and pay, without any right of reimbursement from
any other party, all costs, expenses and fees incurred by them or on their
behalf incident to the preparation, execution and delivery of this Agreement and
the performance of such party's obligations hereunder, whether or not the
transactions contemplated by this Agreement are consummated, including, without
limitation, the fees and disbursements of attorneys, accountants and consultants
employed by such party.

          7.2  Communications. All notices, consents and other communications
               --------------
given under this Agreement shall be in writing and shall be deemed to have been
duly given (a) when delivered by hand or by Fedex or a similar overnight courier
to, (b) seven days after being deposited in any United States post office
enclosed in a postage prepaid registered or certified air mail envelope
addressed to, or (c) when successfully transmitted by facsimile (with a
confirming copy of such communication to be sent as provided in (a) or (b)
above) to, the party for whom intended, at the address or facsimile number for
such party set forth below, or to such other address or facsimile number as may
be furnished by such party by notice in the manner provided herein; provided,
however, that any notice of change of address or facsimile number shall be
effective only upon receipt.

          If to the Company:

               Mr. Ralph C. Guild
               Chairman of the Board
               Interep National Radio Sales, Inc.
               100 Park Avenue. 5th Floor.
               New York, New York 10017
               Fax No.: (212) 916-0755

          with a copies to:

               Mr. William J. McEntee, Jr.
               Chief Financial Officer
               Interep National Radio Sales, Inc.
               2090 Palm Beach Lakes Boulevard
               Suite 300
               West Palm Beach, Florida 33409
               Fax No.: (561) 616-4019

                                       9

<PAGE>

          and

               Laurence S. Markowitz, Esq.
               Salans Hertzfeld Heilbronn Christy & Viener
               620 Fifth Avenue
               New York, New York 10020
               Fax No.: (212) 632-5555

          If to the Purchasers:

          with a copy to:

          7.3  Entire Agreement; No Waivers. This Agreement sets forth the
               ----------------------------
entire understanding of the parties with respect to its subject matter, merges
and supersedes all prior and contemporaneous understandings with respect to its
subject matter and may not be waived or modified, in whole or in part, except by
a writing signed by each of the parties. No waiver of any provision of this
Agreement in any instance shall be deemed to be a waiver of the same or any
other provision in any other instance. Failure of any party to enforce any
provision of this Agreement shall not be construed as a waiver of its rights
under such or any other provision.

          7.4  Successors and Assigns. This Agreement shall be binding on,
               ----------------------
enforceable against and inure to the benefit of, the parties and their
respective successors and permitted assigns, and nothing herein is intended to
confer any right, remedy or benefit upon any other person. No party may assign
its rights or delegate its obligations under this Agreement without the prior
written consent of the other party.

          7.5  Further Assurances. Whenever reasonably requested to do so by a
               ------------------
party to this Agreement, on or after the Closing, any other party shall do,
execute, acknowledge and deliver all such acts, assignments, confirmations,
consents and any and all such further instruments and documents, in form
reasonably satisfactory to the requesting party, as shall be reasonably
necessary or advisable to carry out the intent of this Agreement.

          7.6  Brokers and Finders. Each party represents to the others that,
               -------------------
other than                , no agent, broker, investment banker, financial
advisor or other person or

                                       10

<PAGE>

entity is or shall be entitled to any broker's or finder's fee or other
commission or similar fee in connection with the transactions contemplated by
this Agreement. Each party shall indemnify and hold harmless the others from and
against any claim, liability or obligation with respect to any fees, commissions
or expenses asserted by any person or entity on the basis of any act or
statement alleged to have been committed or made by such indemnifying party or
any of its affiliates.

          7.7  Governing Law. This Agreement shall in all respects be governed
               -------------
by and construed in accordance with the laws of the State of New York applicable
to agreements made and fully to be performed in such state, without giving
effect to conflicts of law principles.

          7.8  Severability. If any provision of this Agreement is held to be
               ------------
invalid or unenforceable by any court or tribunal of competent jurisdiction, the
remainder of this Agreement shall not be affected by such judgment, and such
provision shall be carried out as nearly as possible according to its original
terms and intent to eliminate such invalidity or unenforceability.

          7.9  Counterparts. This Agreement may be executed in multiple
               ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

          7.10 Construction. Headings used in this Agreement are for convenience
               ------------
only and shall not be used in the interpretation of this Agreement. References
herein to Sections and Exhibits are to the sections and exhibits of this
Agreement. As used herein, the singular includes the plural and the masculine,
feminine and neuter genders each includes the others where the context so
indicates.

          7.11 Publicity. No party shall issue any press release or otherwise
               ---------
make any statements to any third party or any public disclosure with respect to
either this Agreement or the transactions contemplated hereby, other than the
issuance by the Company and the Purchasers of a joint press release announcing
this Agreement in a form acceptable to the Company and the Purchasers, or as
required by applicable law.

          7.12 Exculpation Among the Purchasers. Each Purchaser acknowledges and
               --------------------------------
agrees that it is not relying on any other Purchaser, or any officer, director,
employee partner or affiliate of any other Purchaser, in making its investment
or decision to invest in the Company. Each Purchaser agrees that no Purchaser
nor any controlling person, officer, director, stockholder, partner, agent or
employee of any Purchaser, shall be liable for any action heretofore or
hereafter taken or omitted to be taken by any of them relating to or in
connection with the Shares, the Warrants or the Conversion Shares.

                                       11

<PAGE>

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

                                          INTEREP NATIONAL RADIO SALES, INC.

                                          By
                                             ---------------------------------
                                                 Marc G. Guild
                                                 President, Marketing Division
                                                   and Director

                                       12

<PAGE>

                                    EXHIBIT A
                                    ---------

                                   PURCHASERS

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                                      Number of        Number of
                                                      ---------        ---------
               Name                                    Shares           Warrants    Purchase Price
               ----                                    ------           --------    --------------
-----------------------------------------------------------------------------------------------------
<S>                                                  <C>               <C>          <C>

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

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

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

----------------------------------------------------------------------------------------------------
</TABLE>

                                       13

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