Document:

<PAGE>
                                                                   Exhibit 10.10

PORTIONS HEREIN IDENTIFIED BY [***] HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
A COMPLETE COPY OF THIS DOCUMENT HAS BEEN FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION.

                                NEWS REPORT
                                BROADCASTING
                                AGREEMENT

                                AUSTEREO NETWORK

                                THE AUSTRALIAN TRAFFIC NETWORK PTY LIMITED (ATN)
                                AUSTEREO PTY LIMITED (BROADCASTER)

                                     News report broadcasting agreement / page 1

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NEWS REPORT BROADCASTING AGREEMENT
AUSTEREO NETWORK

<TABLE>
<S>        <C>                                                                <C>
DETAILS                                                                        5

AGREED TERMS                                                                   6

1. DEFINED TERMS & INTERPRETATION                                              6
   1.1.    Defined terms                                                       6
   1.2.    Interpretation                                                      8
   1.3.    Headings                                                            9
2. Term                                                                        9
3. Reports                                                                    10
   3.1.    Provision of Reports                                               10
   3.2.    Method of provision of Reports                                     10
   3.3.    Broadcasting of Reports                                            11
   3.4.    Additional Reports                                                 11
   3.5.    Restricted Days                                                    13
   3.6.    Default in Provision of Reports and Links                          13
4. Tags                                                                       13
5. Production Services                                                        14
6. Report and Tag requirements                                                15
7. Changes to Broadcasting Schedule                                           16
8. Clearance of Reports and Tags                                              17
9. Payments                                                                   17
   9.1.    Payment of Tag Broadcast Fee and Production Fee                    17
   9.2.    Broadcaster's Statement                                            17
   9.3.    Payment of amounts                                                 18
   9.4.    Resolution of disputes                                             18
   9.5.    Dispute resolution procedure                                       18
10. Restriction                                                               19
11. Intellectual Property Rights                                              19
   11.1.   The Reports                                                        19
   11.2.   Third Party Licences                                               20
   11.3.   The Tags                                                           21
12. Restraints                                                                21
   12.1.   Restricted clients                                                 21
   12.2.   Other stations                                                     22
   12.3.   Reporting                                                          22
   12.4.   Non-solicitation of employees                                      22
   12.5.   Review of restricted clients                                       23
13. Acknowledgement and warranties                                            23
   13.1.   Broadcaster's acknowledgement                                      23
   13.2.   Broadcaster's warranties                                           23
</TABLE>

                                     News report broadcasting agreement / page 2

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<TABLE>
<S>        <C>                                                                <C>
   13.3.   ATN warranties                                                     24
14. Termination                                                               24
   14.1.   Termination                                                        24
   14.2.   Notification of events                                             25
   14.3.   Accrued rights and remedies                                        25
15. Indemnity and insurance                                                   26
   15.1.   ATN's indemnity                                                    26
   15.2.   Broadcaster's indemnity                                            26
   15.3.   Insurance                                                          27
16. Confidential information                                                  27
   16.1.   Definition                                                         27
   16.2.   Use and disclosure                                                 27
   16.3.   Permitted disclosure                                               28
   16.4.   Recipient's obligations                                            28
   16.5.   Disclosure law                                                     28
17. Dispute resolution                                                        29
   17.1.   No arbitration or court proceedings                                29
   17.2.   Notification                                                       29
   17.3.   Parties to resolve Dispute                                         29
   17.4.   Appointment of mediator                                            29
   17.5.   Role of mediator                                                   29
   17.6.   Confidentiality                                                    29
   17.7.   Costs                                                              30
   17.8.   Termination of process                                             30
   17.9.   Breach of this clause                                              30
18. Notices and other communications                                          30
   18.1.   Service of notices                                                 30
   18.2.   Effective on receipt                                               30
19. Force majeure                                                             31
20. Goods And Services Tax                                                    31
   20.1.   Consideration does not include GST                                 31
   20.2.   Gross up of consideration                                          31
   20.3.   Reimbursements                                                     31
   20.4.   Tax invoices                                                       31
   20.5.   Adjustments                                                        32
   20.6.   Interpretation                                                     32
   20.7.   Non-monetary consideration                                         32
21. Relationship                                                              33
22. Governing law and jurisdiction                                            33
23. Counterparts                                                              33
24. Alteration                                                                33
25. Assignment                                                                33
26. Costs                                                                     33
27. Entire agreement                                                          33
</TABLE>

                                     News report broadcasting agreement / page 3

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<TABLE>
<S>                                                                           <C>
Schedule 1 - Item registry                                                    34
Schedule 2 - Stations                                                         35
Schedule 3 - Production Fee and Tag Broadcast Fee                             36
Schedule 4 - Broadcasting Specifications.                                     39
Schedule 5 - Production Resources                                             42
Schedule 6 - Tag Fee Percentages                                              44
Schedule 7 - Broadcasting Schedule                                            45
Schedule 8 - Restricted Clients                                               46
Schedule 9 - Restricted Days and Restricted Broadcasting Schedule             47

Signing page                                                                  49
</TABLE>

                                     News report broadcasting agreement / page 4

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DETAILS

DATE                                                                        2005

PARTIES

Name              THE AUSTRALIAN TRAFFIC NETWORK PTY LIMITED ACN 078 993 736
ABN               53 078 993 736
Short form name   ATN
Notice details    Level 42,100 Miller Street Sydney NSW 2060
                  William Yde

Name              AUSTEREO PTY LIMITED ACN 007 914 641
ABN               85 007 914 641
Short form name   BROADCASTER
Notice details    500 Oxford Street, Bondi Junction NSW 2022
                  Michael Anderson

BACKGROUND

A    The Broadcaster is the licensee and operator of the Stations.

B    The Broadcaster has requested ATN, and ATN has agreed, to provide the
     Reports and the Links for the News Bulletins and pay the Tag Broadcast Fee
     and the Production Fee on the terms of this agreement.

C    ATN has requested, and the Broadcaster has agreed, to broadcast the Tags
     and provide access to the Production Resources on the terms of this
     agreement.

                                     News report broadcasting agreement / page 5

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AGREED TERMS

1.   DEFINED TERMS & INTERPRETATION

1.1. Defined terms

     In this Agreement:

     BROADCAST TIME means an individual broadcast time for a News Bulletin
     included in either the Broadcasting Schedule or Restricted Broadcasting
     Schedule.

     BROADCASTER IP means the Intellectual Property Rights in Reports.

     BROADCASTER'S STATEMENT has the meaning given in clause 9.2.

     BROADCASTING REGULATIONS means the BSA and the CRA Codes.

     BROADCASTING SCHEDULE means those daily times for broadcasting News
     Bulletins containing Reports as set out in Schedule 7 and also the
     timeframes for broadcasting daily brief news updates (not being News
     Bulletins) as set out in Schedule 7.

     BROADCASTING SPECIFICATIONS means the Tag Specifications together with the
     Report Specifications.

     BSA means the Broadcasting Services Act 1992 (Cth).

     BUSINESS DAY means a day that is not a Saturday, Sunday, public holiday or
     bank holiday in South Australia.

     CATEGORY A CLIENTS means those persons set out at item 1 of Schedule 8, as
     reviewed and amended in accordance with clause 12.5.

     CATEGORY B CLIENTS means those persons set out at item 2 of Schedule 8, as
     reviewed and amended in accordance with clause 12.5.

     COMMENCEMENT DATE means the date set out at item 1 of Schedule l.

     CRA CODES means the Commercial Radio Australia Codes of Practice and any
     Commercial Radio Standards endorsed or applied (as the case may be) by the
     Australian Broadcasting Authority pursuant to the BSA.

     END DATE means the date set out at item 2 of Schedule 1.

     FORCE MAJEURE means acts of God, fire, unavoidable accident, acts of war,
     (declared or undeclared) laws, rules, regulations and orders of any
     Government or Government Agency, emergency broadcast or other broadcast
     requirements under CRA Codes or as a result of government requirements,
     strikes, walkouts, lockouts and other disturbances, delays in
     transportation, floods, storms and other natural disturbances, the failure
     or destruction of any technical equipment, weather or flying conditions,
     and other matters

                                     News report broadcasting agreement / page 6

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     beyond the control of, or not reasonably foreseeable to the party concerned
     whether or not similar to those enumerated.

     INDEPENDENT ACCOUNTANT means a person who is expert and prominent in the
     subject matter for which he is appointed and who is appointed jointly by
     the parties, or if they do not agree on the person to be appointed within
     seven days of any party requesting appointment, a chartered accountant
     appointed by the Regional Manager New South Wales branch of The Institute
     of Chartered Accountants in Australia at the request of either party.

     INTELLECTUAL PROPERTY RIGHTS means all intellectual property rights,
     including but not limited to:

     (a)  patents, copyright, know-how, trade secrets, rights in circuit
          layouts, registered designs, trade marks and the right to have
          confidential information kept confidential; and

     (b)  any application or right to apply for registration of any of the
          rights referred to in paragraph (a).

     LINKS means News Bulletins introductions and conclusions, and links which
     would customarily appear between any Reports..

     MARKETS means the Broadcast Areas of Sydney, Melbourne, Brisbane, Adelaide
     and Perth.

     NEWS BULLETIN means a radio news bulletin, of a duration determined in
     accordance with clause 3.1(c), in accordance with the News Format which
     comprises individual news stories, commentary, sound bites and, at the
     discretion of the Broadcaster, Reports including those relating to sport
     and weather and Links and any other material.

     NEWS FORMAT means the news guidelines as to format, style and feel
     developed by the Broadcaster and notified to ATN from time to time in
     writing.

     NEWS INFORMATION means information regarding current events, recent events,
     newsworthy events and current affairs likely to be of interest to
     Broadcaster's target listeners in the Markets and also includes sport and
     weather information.

     PERSONALITY means a recognised voice, characterisation or personality.

     PRODUCTION SERVICES means the provision of the Production Resources as
     required by clause 5.

     PRODUCTION RESOURCES means at the Commencement Date the resources specified
     in Schedule 5, together with any other resources that are used by the
     Broadcaster exclusively for production of News Bulletins for the Stations
     immediately prior to the execution of this Agreement and in possession of
     the Broadcaster and during the Term

                                     News report broadcasting agreement / page 7

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     means those production resources required to be maintained by the
     Broadcaster under clause 5 (c).

     PRODUCTION FEE means the amount set out at item 3 of Schedule 1 but
     calculated in accordance with Schedule 3.

     RELATED BODY CORPORATE has the same meaning as that term in the
     Corporations Act 2001.

     REPORTS means individual radio news bulletin stories containing News
     Information in accordance with the Report Specifications, the News Format
     and the Broadcasting Specifications

     REPORT SPECIFICATIONS means those specifications regarding the Reports set
     out at item 2 of Schedule 4.

     RESTRICTED BROADCASTING SCHEDULE means those daily times for broadcasting
     the Reports on the Restricted Days as set out in Item 2 of Schedule 9.

     RESTRICTED DAYS means those days set out in Item 1 of Schedule 9.

     STATIONS means the radio stations controlled or operated by the Broadcaster
     set out in Schedule 2.

     TAG means a ten second advertising or sponsorship tag or statement provided
     by ATN to the Broadcaster in accordance with clause 4(a) for each Broadcast
     Time and in accordance with the Broadcasting Specifications.

     TAG BROADCAST FEE means the amount set out at item 4 of Schedule 1 but
     calculated in accordance with Schedule 3.

     TAG SPECIFICATIONS means those specifications set out at item 1 of Schedule
     4.

     TERM means the period commencing on the Commencement Date and ending at 5pm
     on the End Date.

1.2. INTERPRETATION

     In this agreement, except where the context otherwise requires:

     (a)  the singular includes the plural and vice versa, and a gender includes
          other genders;

     (b)  another grammatical form of a defined word or expression has a
          corresponding meaning;

     (c)  a reference to a clause, paragraph, schedule or annexure is to a
          clause or paragraph of, or schedule or annexure to, this agreement,
          and a reference to this agreement includes any schedule or annexure;

                                     News report broadcasting agreement / page 8

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     (d)  a reference to a document or instrument includes the document or
          instrument as novated, altered, supplemented or replaced from time to
          time;

     (e)  a reference to A$, $A, DOLLAR or $ is to Australian currency;

     (f)  a reference to time is to Sydney, Australia time;

     (g)  a reference to a party is to a party to this agreement, and a
          reference to a party to a document includes the party's executors,
          administrators, successors and permitted assigns and substitutes;

     (h)  a reference to a person includes a natural person, partnership, body
          corporate, association, governmental or local authority or agency or
          other entity;

     (i)  a reference to a statute, ordinance, code or other law includes
          regulations and other instruments under it and consolidations,
          amendments, re-enactments or replacements of any of them;

     (j)  a word or expression defined in the Corporations Act has the meaning
          given to it in the Corporations Act;

     (k)  the meaning of general words is not limited by specific examples
          introduced by INCLUDING, FOR EXAMPLE or similar expressions;

     (l)  any agreement, representation, warranty or indemnity by two or more
          parties (including where two or more persons are included in the same
          defined term) binds them jointly and severally;

     (m)  any agreement, representation, warranty or indemnity in favour of two
          or more parties (including where two or more persons are included in
          the same defined term) is for the benefit of them jointly and
          severally;

     (n)  a rule of construction does not apply to the disadvantage of a party
          because the party was responsible for the preparation of this
          agreement or any part of it; and

     (o)  if a day on or by which an obligation must be performed or an event
          must occur is not a Business Day, the obligation must be performed or
          the event must occur on or by the next Business Day.

1.3. HEADINGS

     Headings are for ease of reference only and do not affect interpretation.

2.   Term

     This term of this agreement shall commence on the Commencement Date and end
     at 7pm on the End Date unless terminated earlier in accordance with this
     agreement.

                                     News report broadcasting agreement / page 9

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3.   Reports

3.1. PROVISION OF REPORTS

     (a)  ATN agrees to provide to the Broadcaster for each Station the Reports
          and the Links in accordance with this agreement, the Broadcasting
          Specifications, the News Format and the Broadcasting Schedule during
          the Term.

     (b)  ATN agrees to notify the Broadcaster of any News Information not
          included in the Reports of which it becomes aware and is, in its
          opinion, of sufficient relevance and importance to warrant
          broadcasting.

     (c)  ATN agrees to provide to the Broadcaster for each Station new Reports
          and relevant Links in respect of each Broadcast Time of not less than
          the total duration specified by the Broadcaster from time to time as
          the length of the News Bulletin for the relevant Broadcast Time in a
          manner and format adequate and appropriate for all aspects of a News
          Bulletin to be broadcast at the relevant Broadcast Time and also news
          Reports and relevant Links sufficient for news updates including
          random updates (not being scheduled News Bulletins) in the numbers and
          within the timeframes for news updates set out in the Broadcast
          Schedule.

     (d)  The Reports shall be current and shall, as far as is reasonably
          practicable, represent the latest information available at the time of
          provision of the Report.

3.2. METHOD OF PROVISION OF REPORTS

     (a)  ATN must provide the Reports and the Links at the election of the
          Broadcaster in relation to each Station either:

          (i)  by live feed directly to the Broadcaster at the time stated in
               the Broadcasting Schedule and in a format compatible with the
               broadcasting system and technology used by the Broadcaster;

          (ii) in recorded format (compatible with the broadcasting system and
               technology used by the Broadcaster), in which case ATN must
               deliver the Reports to the Broadcaster a reasonable amount of
               time prior to the relevant time stated in the Broadcasting
               Schedule, as directed by the Broadcaster; or

          (iii) as described in 3.2(a)(ii) in a manner that is not compatible
               with the broadcasting systems and technology used by the
               Broadcaster, provided that

               (A)  ATN provides the Broadcaster with such equipment that is
                    necessary to make the format compatible with the
                    Broadcaster's broadcasting system and technology at its own
                    cost; and

                                    News report broadcasting agreement / page 10

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               (B)  the Broadcaster provides its consent, which must not be
                    unreasonably withheld.

     (b)  The Broadcaster may direct ATN in writing no later than 7 days prior
          to the relevant time stated in the Broadcasting Schedule, that ATN is
          to provide the Reports for a Station in accordance with either clause
          3.2(a)(i) or 3.2(a)(ii), such direction to remain in force until such
          time as the Broadcaster provides ATN with a subsequent direction for
          that Station.

     (c)  In the absence of any direction by the Broadcaster for any Station,
          the Reports for that Station shall be provided in accordance with
          clause 3.2(a)(i).

     (d)  To ensure that the Broadcaster is able to exercise its right to select
          and edit Reports ATN shall allow the Broadcaster real time access to
          the system used to create the Reports including any equipment
          necessary to view the Reports as they are being prepared.

     (e)  All Reports and Links must be delivered in a format which enables the
          Broadcaster to select, edit and/or reformat the Reports and Links at
          its discretion prior to Broadcast by the Broadcaster.

3.3. BROADCASTING OF REPORTS

     (a)  The Broadcaster shall be entitled to broadcast at its discretion the
          whole or part of each of the Reports on the Stations during any News
          Bulletin (or news update not being a scheduled News Bulletin)
          broadcast in accordance with the Broadcasting Schedule during the Term
          and at any time for a period of 30 days after the delivery of each
          Report.

     (b)  ATN acknowledges and agrees that nothing in this agreement shall in
          any way preclude or limit the Broadcaster from sourcing other reports,
          news items or other material of any nature whatsoever from third
          parties or otherwise, and broadcasting that material within any
          Broadcast Time including during any News Bulletin.

3.4. ADDITIONAL REPORTS

     (a)  At the request of the Broadcaster, ATN may agree to provide additional
          Reports beyond those stated in the Broadcasting Schedule at its own
          cost, the timing and frequency of which shall, subject to paragraph
          (b) of this clause be agreed between the parties at least 30 days in
          advance.

     (b)  At the request of the Broadcaster, ATN shall use best endeavours to
          provide additional Reports and Links for a Market on the occurrence of
          any:

          (i)  emergency, or

          (ii) natural disaster, or

                                    News report broadcasting agreement / page 11

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          (iii) election of any Government, or

          (iv) commencement of hostilities or war; or

          (v)  other incident or event warranting, by itself, additional
               Broadcast Times of Reports,

          affecting the Market or of relevance to the target audience of a
          Station. The timing and frequency of the additional Reports and Links
          to be provided under this clause shall be as reasonably required by
          the Broadcaster.

     (c)  Notwithstanding anything else in this agreement, ATN will supply such
          Reports as the Broadcaster would require to fulfil the Broadcasters
          obligations under any Broadcasting Regulation, including any
          requirement relating to emergency broadcasts, and ATN will ensure that
          any procedure necessary to fulfil that obligation is in place and is
          followed.

     (d)  The Broadcaster will give as much notice as reasonably practicable of
          a request for additional Reports under clauses 3.4(b) and ATN's
          obligations to provide those Reports is conditional on such notice
          being given.

     (e)  The Broadcaster will give as much notice as is reasonably practicable
          of a request for additional Reports under clause 3.4 (c) but it is
          acknowledged that an emergency broadcast requirement may arise without
          opportunity for notice and that ATN may therefore need to commence
          some emergency Report preparation or information gathering before the
          Broadcaster can either notify or discuss any additional Report
          planning.

     (f)  ATN shall notify the Broadcaster forthwith upon becoming aware of a
          highly newsworthy event or emergency that is likely to give rise to a
          request under Clause 3.4(b) or 3.4 (c).

     (g)  Once a notice is provided under paragraph (d),(e) or (f) of this
          clause the parties shall promptly discuss the report requirements of
          the Broadcaster to enable planning of the additional Reports schedule.

     (h)  In respect of additional Reports provided under this clause 3.4 the
          Broadcaster agrees to

          (i)  except in the case of reports also required under clause 3.4 (c)
               broadcast an additional Tag in respect of each additional
               Broadcast Time of a News Bulletin containing such additional
               Reports; and

          (ii) provide the Production Services in respect of those additional
               Reports including any required under clause 3.4 (c), at no
               additional cost to ATN.

                                    News report broadcasting agreement / page 12

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     (i)  It is acknowledged that additional Reports that are broadcast will not
          always be broadcast as part of a News Bulletin as their placement will
          depend upon the nature of the reason for the additional Reports.

3.5. RESTRICTED DAYS

     On the Restricted Days, ATN shall provide the Reports, and the Broadcaster
     shall broadcast, the Tags in accordance with the Restricted Broadcasting
     Schedule, but otherwise in accordance with this agreement.

3.6. DEFAULT IN PROVISION OF REPORTS AND LINKS

     If at any time ATN fails to provide the Reports and the Links for two
     consecutive Broadcast Times the Broadcaster shall be entitled to produce
     all Reports and Links until ATN shall show to the reasonable satisfaction
     of the Broadcaster that ATN is able to resume supply of the Reports and
     Links, and ATN will pay any cost and expense of the Broadcaster so doing.

4.   Tags

     (a)  In consideration of payment by ATN of the Tag Broadcast Fee under
          clause 9, and subject to:

          (i)  the Tags complying with the Tag Specifications and the
               requirements of clause 6, and

          (ii) the supply by ATN to the Broadcaster of the Reports and Links,

          the Broadcaster shall broadcast one Tag, at its own cost, for each
          Broadcast Time and on each Station in accordance with this clause.

     (b)  ATN must provide Tags to the Broadcaster prior to, or at the same time
          as, it provides the Reports in relation to each Broadcast Time. If ATN
          provides Tags prior to the Reports for a particular Broadcast Time,
          then ATN shall specify which Tag is to be broadcast at which Broadcast
          Time.

     (c)  Provided a Tag is provided to the Broadcaster in accordance with this
          clause, the Broadcaster must broadcast the Tag at or in close
          proximity to the Broadcast Time to which it relates for each Station.

     (d)  ATN must ensure that each Tag must be in accordance with the Tag
          Specifications.

     (e)  ATN shall provide with each Tag its recommended and preferred
          placement of such Tag within the relevant Broadcast Time, however the
          location of the Tags within each Broadcast Time will be determined by
          the Broadcaster at its discretion.

                                    News report broadcasting agreement / page 13

<PAGE>

     (f)  If the Broadcaster fails to broadcast any Tag as required under this
          agreement, the Broadcaster must use all reasonable endeavours to
          broadcast a replacement Tag at a time proposed by the Broadcaster and
          approved by ATN, (which approval will not be unreasonably withheld).

     (g)  The Broadcaster shall not be required to broadcast a Tag for any
          Broadcast Time for which it has not been provided Reports and Links by
          ATN.

5.   Production Services

     (a)  Subject to employee contractual, third party and other restrictions,
          the Broadcaster agrees to allow ATN reasonable access to the
          Production Resources during the Term for the purpose of:

          (i)  producing the Reports, the Links and the Tags; and

          (ii) gathering, researching, obtaining, preparing and summarising the
               News Information for the Reports,

     (b)  Subject to clauses 5(e) and 5(t), the Broadcaster shall use all
          reasonable endeavours to ensure that its employees, contractors and
          consultants comprising part of the Production Resources cooperate with
          ATN in relation to:

          (i)  producing the Reports, the Links and the Tags;

          (ii) gathering, researching, obtaining, preparing and summarising the
               News Information for the Reports; and

          (iii) any other associated activities reasonably requested by ATN for
               the purpose of production of the Reports or the Tags.

     (c)  The Broadcaster must maintain during the Term the lesser of:

          (i)  the same level of production resources as the Production
               Resources it possesses at the date of execution of this
               agreement; or

          (ii) such production resources as are reasonably necessary to prepare
               and produce the Reports, the Links and the Tags in accordance
               with this agreement,

     (d)  A failure by ATN to comply with its obligations under this agreement
          does not constitute a breach of this agreement if it was caused wholly
          or partly as a result of a failure by the Broadcaster to provide the
          Production Services in accordance with its obligations under this
          Agreement.

     (e)  ATN acknowledges and undertakes that employees of the Broadcaster who
          may form part of the Production Resources shall at all times be
          treated consistently with their employment contract or agreement so as
          not to trigger any termination

                                    News report broadcasting agreement / page 14

<PAGE>

          right on the part of the relevant employee and that nothing in this
          agreement will require the Broadcaster to act in any manner
          inconsistent with that employment contract.

     (f)  ATN shall fully consult with the Broadcaster's nominated
          representative in relation to any employment related issue concerning
          an employee of Austereo whose services comprise part of the Production
          Resources with a view to reaching an agreed outcome based on the
          principle that no employee forming part of the Production Resources
          shall be treated inconsistently with the customary human resources and
          employment policies of the Broadcaster.

     (g)  ATN will not seek to influence directly or indirectly the selection of
          topics for or material contained in Reports or Links or News
          Information based on or in furtherance of any commercial or other
          benefit to ATN.

     (h)  ATN will at all times during the Term provide a qualified senior
          journalist having substantial experience as manager of commercial
          radio journalists, as a contact person for ATN all matters or things
          that arise in relation to the provision of the Reports and Links and
          who will be available to and will consult with the Broadcaster
          relating to the manner and subject matter for communication with any
          employee of the Broadcaster whose resources are made available as part
          of the Production Resources.

     (i)  Should ATN notify the Broadcaster that ATN desires to produce the
          Reports and Links for a Market from a location other than their
          location in that Market at the commencement of this agreement, then
          the parties will expeditiously enter into good faith discussions to
          endeavour to facilitate the availability of such of the Broadcaster's
          Production Resources as may reasonably be relocated. It is
          acknowledged that the basis of such discussions will be that the
          Broadcaster will not be required to bear any additional expense as a
          result of any agreed relocation of Production Resources.

6.   Report and Tag requirements

     (a)  The Reports and the Tags and the Links shall, and ATN hereby warrants
          that the Reports and Tags and publication of them shall:

          (i)  comply with the Broadcasting Regulations;

          (ii) comply with the Broadcasting Specifications;

          (iii) not be in breach of the Trade Practices Act or any fair trading
               legislation or regulation;

          (iv) not be in breach of any privacy regulation or code;

          (v)  not be in breach of any other law or regulation;

                                    News report broadcasting agreement / page 15

<PAGE>

          (vi) not be in breach of any advertising or broadcasting industry code
               or industry agreement;

          (vii) to the best of ATM's knowledge and belief (applying best
               industry practice due diligence) not breach the Intellectual
               Property Rights of any person;

          (viii) not contain anything that may reasonably be considered likely
               to cause offence;

          (ix) not be reasonably likely to diminish the reputation or goodwill
               of the Broadcaster by virtue of:

               (A)  the reputation or character of any persons or products
                    associated with them; or

               (B)  any controversial information contained within them; or

               (C)  any other reason whatsoever;

          (x)  not contain anything that might promote a radio competitor of the
               Broadcaster;

          (xi) be of a quality reasonably expected of a person holding himself
               out as being capable of producing the Reports or the Tags and of
               no lesser quality than those produced by the Broadcaster
               immediately prior to this agreement,

          except to the extent that the failure of the Reports or Tags to comply
          with this clause is caused by changes to them by the Broadcaster.

     (b)  ATN acknowledges and agrees that notwithstanding the foregoing the
          Broadcaster shall not be required to broadcast any Tag which in the
          Broadcaster's opinion (acting reasonably) is in breach of any of the
          requirements of this clause 6 or otherwise in breach of this
          agreement.

7.   Changes to Broadcasting Schedule

     (a)  The parties acknowledge that it may be necessary to make amendments to
          the Broadcasting Schedule from time to time.

     (b)  The Broadcaster may, by serving notice on the other party at least 30
          days in advance, notify ATN of a change to the Broadcasting Schedule,
          provided that:

          (i)  the total number of Tags broadcast is not decreased;

          (ii) the total number of Reports broadcast is not increased except in
               accordance with clause 3.4; and

                                    News report broadcasting agreement / page 16

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          (iii) the Broadcaster must ensure that the Tags are broadcast at times
               no less favourable to ATN than those times specified in the
               Broadcasting Schedule, unless agreed to by ATN.

     (c)  Unless specifically provided for in this agreement, no amendments to
          the Broadcasting Schedule shall have the result that the total number
          of Tags broadcast is reduced. Where broadcasts of Reports are removed
          from the Broadcasting Schedule, the parties must negotiate a
          replacement broadcast in good faith. Any additional broadcasts shall
          be in accordance with clause 3.4.

8.   Clearance of Reports and Tags

     (a)  The Broadcaster may edit, or request ATN to edit; any Reports or Tags
          that it reasonably considers are or might be in breach of clause 4.

     (b)  Where the Broadcaster receives a notice claim or demand by a third
          party in relation to any Tag it will be entitled, at its discretion,
          not to continue to broadcast that Tag until such time as there is an
          opportunity to investigate the claim or demand and make arrangements,
          where appropriate, for an edited or replacement Report, Tag or Link.

     (c)  The Broadcaster agrees to use reasonable endeavours to consult with
          ATN prior to editing any Tags, (where there is sufficient time to
          broadcast deadline) and the parties agree to use reasonable endeavours
          to negotiate any changes in good faith but the Broadcaster shall have
          final rights in relation to control of broadcast content and will
          therefore have the capacity to edit a Report, Link or Tag.

9.   Payments

9.1. PAYMENT OF TAG BROADCAST FEE AND PRODUCTION FEE

     ATN must pay the Broadcaster the Production Fee and the Tag Broadcast Fee
     in accordance with this clause 9.

9.2. BROADCASTER'S STATEMENT

     Within 5 Business Days of the end of each month, the Broadcaster must
     provide ATN with a written statement (Broadcaster's Statement) setting out
     for that month:

     (a)  the total number of News Bulletins in which Reports appeared,

     (b)  the total number of Tags that were broadcast;

     (c)  the total number of Tags that were scheduled to be broadcast in
          accordance with the Broadcasting Schedule;

     (d)  any difference between the items stated at 9.2(c) and 9.2(c) above;

                                    News report broadcasting agreement / page 17

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     (e)  details of any Tags that were broadcast at times other than as stated
          in the Broadcasting Schedule;

     (f)  details of any periods during which the Production Resources were
          unavailable to ATN; and

     (g)  the amount of the Tag Broadcast Fee and the Production Fee to which,
          in the Broadcaster's opinion, the Broadcaster is entitled for the
          month, taking into account any adjustments as required by Schedule 3.

9.3. PAYMENT OF AMOUNTS

     (a)  Within 30 days of receiving the Broadcaster's Statement, ATN must:

          (i)  pay to the Broadcaster the amount set out in the Broadcaster's
               Statement; or

          (ii) give the Broadcaster a notice stating that it does not agree with
               the Broadcaster's Statement, and the following:

               (A)  the matters in respect of which it disagrees with the
                    Broadcaster's Statement; and

               (B)  the grounds on which it disagrees with the Broadcaster's
                    Statement.

     (b)  If ATN delivers the notice referred to in clause 9.3(a)(ii), then it
          must pay the amount set out in the Broadcaster's Statement, less any
          amounts disputed, within five Business Days after giving the notice
          under clause 93(a)(ii).

     (c)  If ATN makes a payment under this agreement, that fact shall not
          constitute agreement by ATN of the accuracy of anything contained in
          the Broadcaster's Statement.

9.4. RESOLUTION OF DISPUTES

     If a matter of disagreement under clause 9.3 is not resolved within five
     Business Days of delivery of the notice by ATN under clause 9.3(a)(ii),
     then either ATN or the Broadcaster may refer the matter of disagreement for
     resolution to an Independent Accountant.

9.5. DISPUTE RESOLUTION PROCEDURE

     (a)  Any disputed matter referred to the Independent Accountant must be
          resolved in accordance with the procedures set out in this clause.

     (b)  The disputed matters must be referred to the Independent Accountant by
          written submission which must include copies of documents relevant to
          the dispute and reference to the relevant provisions of this
          agreement.

                                    News report broadcasting agreement / page 18

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     (c)  The Independent Accountant must be instructed to finish its
          determination as soon as practicable and in any event no later than 10
          Business Days after its appointment (or other period agreed by the
          parties).

     (d)  The parties must promptly supply the Independent Accountant with any
          information, assistance and cooperation requested in writing by it in
          connection with its determination. All correspondence between the
          Independent Accountant and a party must be copied to the other party.

     (e)  The Independent Accountant determines the procedures for settlement of
          the disputed matter.

     (f)  The Independent Accountant acts as an independent expert and not an
          arbitrator. The Independent Accountant's decision will be conclusive,
          final and binding on the Parties (except in the case of manifest
          error).

     (g)  The costs of the Independent Accountant will be paid as determined by
          the Independent Accountant having regard to the relative position of
          the parties on the disagreement.

10.  Restriction

     The Broadcaster must not, except as authorised by this Agreement, without
     the prior written consent of ATN:

     (a)  broadcast the Reports or the Tags on any other terrestrial radio
          stations, or in any other manner; or

     (b)  provide or sell the Reports or the Tags to any other person, or
          authorise any other person to broadcast them.

11.  Intellectual Property Rights

11.1. THE REPORTS

     (a)  Subject to third party rights, ATN acknowledges that the Broadcaster
          owns all Intellectual Property Rights in the Reports and the Links
          produced by ATN utilising the Production Resources under this
          agreement.

     (b)  The Broadcaster hereby grants to ATN an irrevocable, exclusive,
          royalty free licence for the duration of this agreement and for a
          further two weeks thereafter to do the following:

          (i)  subject to third party rights, licence, sell or otherwise
               distribute all such Reports for terrestrial radio broadcast in
               markets other than the Markets;

          (ii) subject to third party rights, licence, sell or otherwise
               distribute all such reports for terrestrial radio broadcast in
               metropolitan markets provided

                                    News report broadcasting agreement / page 19

<PAGE>

               that the Broadcaster's prior written consent must be obtained
               (which may be withheld in its absolute discretion) if the Report
               or Reports are presented by an employee or Personality of the
               Broadcaster;

          (iii) use, sell, licence or otherwise distribute the following, for
               its own use, or to third parties on such terms as it decides:

               (A)  any News Information prepared, summarised or used in the
                    Reports, including any notes, summaries or documents
                    relating to the same;

               (B)  news reports, whether audio or audio and visual, containing
                    information similar or identical to information contained in
                    the Reports;

               (C)  any script prepared in relation to the Reports,

               but excluding any audio recording of the broadcast of the Reports
               (unless allowed pursuant to clauses 11.1(b)(i) or 11.1(b)(ii).

     (c)  Notwithstanding anything in this agreement it is expressly agreed that
          the Broadcaster shall be entitled at any time to use, display,
          transmit, licence, sell and otherwise make available any of

          (i)  the News Information prepared summarised or used in the Reports,

          (ii) the Links and the Reports and/or audio or text material from the
               Reports

          (iii) any scripts prepared in relation to the Reports

          (collectively "the Material") whether in edited form or not and
          whether combined with other material, for the purpose of any medium
          (except terrestrial broadcasting for services other than the Stations)
          including a wireless, mobile, on-line, internet, or satellite medium
          and whether as part of a multi-media portal or otherwise and the
          Broadcaster shall be entitled to do all acts and things reasonably
          necessary in furtherance of its rights under this clause including the
          entering into of arrangements with third parties on any terms it sees
          fit for the distribution of the Material or any part of the Material.

11.2. THIRD PARTY LICENCES

     ATN will be responsible for obtaining all third party licences in respect
     of any components of the Reports sourced by the Broadcaster or ATN from a
     third party it being acknowledged that the Broadcaster's licenses for feeds
     and other sources of material forming part of the resources are or may be
     licenses restricted to permitting broadcast on the Stations.

                                    News report broadcasting agreement / page 20

<PAGE>

11.3. THE TAGS

     (a)  The Broadcaster acknowledges that ATN owns all Intellectual Property
          Rights in the Tags provided by ATN to the Broadcaster under this
          agreement.

     (b)  Subject to paragraph (d) the Broadcaster agrees not to provide or sell
          the Tags or any of the information contained in the Tags to any other
          person without the prior written consent of ATN.

     (c)  The Broadcaster may provide the Tags or any of them to a third party
          in compliance with any statutory or regulatory requirement or in
          relation to any scheme or contractual obligation for the purpose of
          demonstrating accountability of the Broadcaster of placement of any
          material contracted to be broadcast for or on behalf of a third party.

     (d)  ATN must not sell, licence or otherwise distribute to any other person
          or station in competition with the Broadcaster any Tag which is
          presented by an employee or Personality of the Broadcaster without the
          prior written consent of the Broadcaster.

12.  Restraints

12.1. RESTRICTED CLIENTS

     ATN may approach any persons to sell the Tags for profit, except that:

     (a)  ATN shall not approach or seek to elicit business from Category A
          Clients for the purpose of selling the Tags on the Stations without
          the consent of the Broadcaster which may be withheld for any reason;

     (b)  ATN shall not approach or seek to elicit business from Category B
          Clients for the purpose of selling the Tags on the Stations without
          the consent of the Broadcaster, which consent may only be withheld if,
          in the reasonable opinion of the Broadcaster, ATN's actions would
          result in the Category B Client:

          (i)  ceasing to be a customer of the Broadcaster's advertising
               business; or

          (ii) materially reducing the aggregate amount it spends in respect of
               advertising on the Stations on an annual basis; and

     (c)  ATN shall, at the written request of the Broadcaster, suspend, or
          refrain from engaging any discussions or negotiations (SUSPENDED
          ACTIVITIES) with any customer to sell the Tags on the Stations for a
          period not to exceed 20 Business Days (at which time ATN is entitled
          to commence or resume the Suspended Activities), if:

                                    News report broadcasting agreement / page 21

<PAGE>

          (i)  the Broadcaster is engaged in discussions or negotiations to
               provide broadcasting or advertising services to that customer;
               and

          (ii) the Broadcaster reasonably considers that the Suspended
               Activities are likely to detrimentally prejudice those
               discussions or negotiations.

12.2. OTHER STATIONS

     Nothing in clause 12.1 shall prevent ATN from:

     (a)  approaching or seeking to elicit business from Category A Clients or
          Category B Clients so long as ATN does not do so for the purpose of
          selling the Tags on the Stations or

     (b)  approaching or seeking to elicit business from Category B Clients if,
          prior to the date of this agreement, ATN had arrangements with those
          persons for provision of broadcast of tags similar to the Tags.

12.3. REPORTING

     On the first day of each week during the Term, ATN will provide the
     Broadcaster with a report providing details of the names of any entities
     with whom ATN has had discussions regarding the Tags during the seven days
     ending on the date of the report.

12.4. NON-SOLICITATION OF EMPLOYEES

     (a)  The Broadcaster may not during the Term, and for a period of ninety
          (90) days from the termination of this agreement, solicit, canvass,
          or approach a person who was at any time during the Term an employee
          of ATN with a view to inducing or encouraging them to leave their
          employment with ATN provided however that this clause shall not apply
          in respect of any person who:

          (i)  has at any time been an employee or contractor of the
               Broadcaster, or any Related Body Corporate of the Broadcaster;
               and

          (ii) has been employed by ATN, or any Relaxed Body Corporate of ATN,
               for a period of less than twelve months.

          For the purposes of this clause ATN shall be deemed not to be a
          Related Body Corporate of the Broadcaster during the Term.

     (b)  ATN may not during the Term, and for a period of ninety (90) days from
          the termination of this agreement solicit canvass or approach a person
          who was at any time during the Term an employee of the Broadcaster
          with a view to inducing or encouraging them to leave their employment
          with ATN provided however that this clause shall not apply in respect
          of any person who:

                                    News report broadcasting agreement / page 22

<PAGE>

          (i)  has at any time been an employee or contractor of ATN, or any
               Related Body Corporate of ATN; and

          (ii) has been employed by the Broadcaster for a period of less than
               twelve months.

12.5. REVIEW OF RESTRICTED CLIENTS

     Within 10 Business Days of the first anniversary of this agreement, and at
     the end of each 12 month period thereafter, the parties shall review the
     persons listed as Category A Clients and Category B Clients in Schedule 8
     of this agreement, and shall negotiate amendments to that schedule in good
     faith. Any amendments to Category A Clients and Category B Clients agreed
     by the parties pursuant to this clause shall take effect as at the date
     such agreement is reached.

13.  Acknowledgement and warranties

13.1. BROADCASTER'S ACKNOWLEDGEMENT

     Subject to clause 12, the Broadcaster acknowledges and agrees that:

     (a)  ATN may receive payment from other persons in respect of the Tags;

     (b)  subject to this agreement the Tags may endorse a person or a product
          of a person;

     (c)  subject to this agreement, ATN is entitled to contract with any
          persons on any terms it considers appropriate in respect of the
          content of the Tags; and

     (d)  the Broadcaster has no direct entitlement to any monies or other
          consideration received by ATN in respect of the Tags and the
          Broadcaster's payment in respect of the Tags is as set out in this
          Agreement.

13.2. BROADCASTER'S WARRANTIES

     The Broadcaster warrants that:

     (a)  it has the capacity to enter into this agreement and broadcast the
          Reports and the Tags on the Stations;

     (b)  it has the authority to direct each of the Stations to comply with
          this agreement;

     (c)  this agreement will not cause it to be in breach of any other
          agreement or law that may entitle another person to apply for
          injunctive relieve to prevent the Broadcaster from complying with its
          obligations under this agreement; and

     (d)  at the date of this agreement it is capable of, and has the power to,
          provide the Production Services on the terms of this agreement without
          being in breach of any agreement or law.

                                    News report broadcasting agreement / page 23

<PAGE>

13.3. ATN WARRANTIES

     ATN warrants that:

     (a)  it has capacity to enter into this agreement and do all things
          necessary to comply with its obligations under the terms of thus
          agreement;

     (b)  this Agreement will not cause it to be in breach of any other
          agreement that may entitle another person to apply for injunctive
          relieve to prevent the Broadcaster from complying with its obligations
          under this agreement.

14.  Termination

14.1. TERMINATION

     (a)  A party may terminate this agreement with immediate effect by giving
          notice to the other party if:

          (i)  that other party breaches any provision of this agreement and
               fails to remedy the breach within 30 days after receiving notice
               requiring it to do so; or

          (ii) that other party breaches a material provision of this agreement
               where that breach is not capable of remedy; or

          (iii) any event referred to in clause 14.2 happens to that other
               party.

     (b)  The Broadcaster may terminate this agreement with immediate effect by
          giving notice to ATN if:

          (i)  ATN fails to provide the Broadcaster with any Reports for a
               continuous period of 36 hours;

          (ii) ATN fails to provide Reports required for any Station for at
               least 5% of the Broadcast Times in the Broadcast Schedule over
               any 2 month period (excluding any failure as a result of any
               failure by the Broadcaster to provide the Production Resources),

          except where ATN's failure is caused by a failure of the Broadcaster
          to comply with its obligations under this agreement.

     (c)  ATN may terminate this agreement with immediate effect by giving
          notice to the Broadcaster if the Broadcaster fails to broadcast any
          Tags required for any Station for at least 5% of the Broadest Times in
          any calendar month except where the Broadcaster's failure is caused by
          a failure of ATN to comply with its obligations under this clause and
          except where replacement Tags have been broadcast in accordance with
          this agreement..

                                    News report broadcasting agreement / page 24

<PAGE>

     (d)  The Broadcaster may terminate the provision and broadcasting of the
          Reports under Agreement at any time by the provision of 90 days
          written notice to ATN. If the Broadcaster does so under this clause

          (i)  the Broadcaster must continue to broadcast the Tags on the
               Broadcast Times (or at other times agreed between the parties) at
               its own cost for 12 months from date of termination or for the
               remainder of the Term, whichever is shorter and ATN must continue
               to supply the Tags for that period;

          (ii) ATN must continue to pay the Tag Broadcast Fee in respect of the
               period in paragraph (c) (i);

          (iii) ATN is not required to pay the Production Fee from the date of
               termination; and

          (iv) the obligations of both parties in respect of the Reports and the
               Links cease.

14.2. NOTIFICATION OF EVENTS

     Each party must notify the other party immediately if:

     (a)  that party disposes of the whole or part of its assets, operations or
          business other than in the ordinary course of business;

     (b)  that party ceases to carry on business;

     (c)  that party ceases to be able to pay its debts as they become due;

     (d)  any step is taken by a mortgagee to take possession or dispose of the
          whole or part of that party's assets, operations or business; or

     (e)  any step is taken to enter into any arrangement between that party and
          its creditors;

     (f)  any step is taken to appoint a receiver, a receiver and manager, a
          trustee in bankruptcy, a provisional liquidator, a liquidator, an
          administrator or other like person of the whole or part of that
          party's assets, operations or business; or

     (g)  where that party is a partnership, any step is taken to dissolve that
          partnership.

14.3. ACCRUED RIGHTS AND REMEDIES

     (a)  Termination of this agreement, does not affect any accrued rights or
          remedies of either party, including the right to seek damages at
          common law to which a party may be entitled as a result of any breach
          or default by the other party giving rise

                                    News report broadcasting agreement / page 25

<PAGE>

          to a termination including a right of termination under clause 14.1
          (a) to (c) inclusive.

     (b)  Upon termination -

          (i)  payment of the Tag Broadcast Fee and the Production Fee will
          cease, and

          (ii) broadcasting of the Tag and the Reports will cease,
          without prejudice to the said right to seek damages for termination
          under clause 14.1 (a) to (c) inclusive.

15.  Indemnity and insurance

15.1. ATN'S INDEMNITY

     The Broadcaster must indemnify ATN against all expenses, losses, damages
     and costs (on a solicitor and own client basis and whether incurred by or
     awarded against ATN) that ATN may sustain or incur as a result, whether
     directly or indirectly, of:

     (a)  any breach of this agreement by the Broadcaster including, but not
          limited to, a breach in respect of which ATN exercises an express
          right to terminate this agreement;

     (b)  any loss of or damage to any properly or injury to or death of any
          person caused by any negligent act or omission or wilful misconduct of
          the Broadcaster or its officers and employees; or

     (c)  any unauthorised use of the Reports or the Tags.

15.2. BROADCASTER'S INDEMNITY

     ATN must indemnify the Broadcaster against all expenses, losses, damages
     and costs (on a solicitor and own client basis and whether incurred by or
     awarded against the Broadcaster) that the Broadcaster may sustain or incur
     as a result, whether directly or indirectly, of:

     (a)  any breach of this agreement by ATN including, but not limited to, a
          breach in respect of which the Broadcaster exercises an express right
          to terminate this agreement;

     (b)  any loss of or damage to any property or injury to or death of any
          person caused by any negligent act or omission or wilful misconduct of
          ATN or its officers and employees; or

     (c)  any claim arising as a result of the content of the Tags or the
          Reports, except to the extent that the same arose wholly or partly as
          a result of:

                                      News report broadcasting agreement/page 26

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          (i)  any unauthorised use by the Broadcaster of the Tags or the
               Reports;

          (ii) directions or requests issued to ATN by the Broadcaster;

          (iii) any information provided to ATN by the Broadcaster or its
               employees upon which ATN relied (except information or

          (iv) any changes made to, or requested in respect of, the Reports or
               the Tags by the Broadcaster.

15.3. INSURANCE

     (a)  Each party must take out, and maintain throughout the Term, valid and
          enforceable workers' compensation insurance policies which provide
          coverage for at least $5 million for each occurrence.

     (b)  Each party must take out and maintain throughout the Term a valid and
          enforceable insurance policy in respect of defamation with a reputable
          and responsible insurer, which provides coverage for at least $1
          million for each occurrence.

16.  Confidential information

16.1. DEFINITION

     (a)  Confidential Information of a party (Disclosing Party) means all
          information:

          (i)  treated by the Disclosing Party as confidential; and

          (ii) disclosed by the Disclosing Party to the other party or of which
               the other party becomes aware, whether before or after the date
               of this agreement,

          except information:

          (iii) the other party creates (whether alone or jointly with any third
               person) independently of the Disclosing Party; or

          (iv) that is public knowledge (otherwise than as a result of a breach
               of confidentiality by the other party or any of its permitted
               discloses).

     (b)  The terms of this Agreement constitute Confidential Information of
          both parties under the above definition.

16.2. USE AND DISCLOSURE

     Each party (RECIPIENT):

     (a)  may use Confidential Information of a Disclosing Party only for the
          purposes of this agreement; and

                                      News report broadcasting agreement/page 27

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     (b)  must keep confidential all Confidential Information of each Disclosing
          Party except:

          (i)  for disclosures permitted under clause 16.3; and

          (ii) to the extent (if any) the Recipient is required by law to
               disclose any Confidential Information.

16.3. PERMITTED DISCLOSURE

     A Recipient may disclose Confidential Information of a Disclosing Party to
     persons who:

     (a)  have a need to know for the purposes of this agreement (and only to
          the extent that each has a need to know); and

     (b)  before disclosure:

          (i)  in the case of the Recipient's officers and employees, have been
               directed by the Recipient to keep confidential all Confidential
               Information of the Disclosing Party; and

          (ii) in the case of other persons approved in writing by the
               Disclosing Party, have agreed in writing with the Recipient to
               comply with substantially the same obligations in respect of
               Confidential Information of the Disclosing Party as those imposed
               on the Recipient under this agreement,

          (each a DIRECTION).

16.4. RECIPIENT'S OBLIGATIONS

     A Recipient must:

     (a)  ensure that each person to whom it discloses Confidential Information
          of a Disclosing Party under clause 16.3 complies with its Direction;
          and

     (b)  notify the Disclosing Party of, and take all steps to prevent or stop,
          any suspected or actual breach of a Direction.

16.5. DISCLOSURE LAW

     If a Recipient is required by law to disclose any Confidential Information
     of a Disclosing Party to a third person (including, but not limited to,
     government) the Recipient must:

     (a)  before doing so:

          (i)  notify the Disclosing Party; and

                                    News report broadcasting agreement / page 28

<PAGE>

          (ii) give the Disclosing Party a reasonable opportunity to take any
               steps that the Disclosing Party considers necessary to protect
               the confidentiality of that information; and

     (b)  notify the third person that the information is confidential
          information of the Disclosing Party.

17.  Dispute resolution

17.1. NO ARBITRATION OR COURT PROCEEDINGS

     (a)  If a dispute arises out of this agreement (DISPUTE), a party must
          comply with this clause 17 before starting arbitration or court
          proceedings (except proceedings for interlocutory relief).

     (b)  This clause 17 does not apply to disputes required to be resolved in
          accordance with clause 9.4.

17.2. NOTIFICATION

     A party claiming a Dispute has arisen must give the other parties to the
     Dispute notice setting out details of the Dispute.

17.3. PARTIES TO RESOLVE DISPUTE

     During the 14 days after a notice is given under clause 17.2 (or longer
     period if the parties to the Dispute agree in writing), each party to the
     Dispute must use its reasonable efforts to resolve the Dispute. If the
     parties cannot resolve the Dispute within that period, they must refer the
     Dispute to a mediator if one of them requests.

17.4. APPOINTMENT OF MEDIATOR

     If the parties to the Dispute cannot agree on a mediator within seven days
     after a request under clause 17.3, the chairman of LEADR or the chairman's
     nominee will appoint a mediator.

17.5. ROLE OF MEDIATOR

     The role of a mediator is to assist in negotiating a resolution of the
     Dispute. A mediator may not make a binding decision on a party to the
     Dispute except if the party agrees in writing.

17.6. CONFIDENTIALITY

     Any information or documents disclosed by a party under this clause 17:

     (a)  must be kept confidential; and

     (b)  may only be used to attempt to resolve the Dispute.

                                    News report broadcasting agreement / page 29

<PAGE>

17.7. COSTS

     Each party to a Dispute must pay its own costs of complying with this
     clause 17. The parties to the Dispute must equally pay the costs of any
     mediator.

17.8. TERMINATION OF PROCESS

     A party to a Dispute may terminate the dispute resolution process by giving
     notice to each other after it has complied with clauses 17.1 to 17.3.
     Clauses 17.6 and 17.7 survive termination of the dispute resolution
     process.

17.9. BREACH OF THIS CLAUSE

     If a party to a Dispute breaches clauses 17.1 to 17.8, the other parties to
     the Dispute do not have to comply with those clauses in relation to the
     Dispute.

18.  Notices and other communications

18.1. SERVICE OF NOTICES

     A notice, demand, consent, approval or communication under this agreement
     (NOTICE) must be:

     (a)  in writing, in English and signed by a person duly authorised by the
          sender, and

     (b)  hand delivered or sent by prepaid post or facsimile to the recipient's
          address for Notices specified in the Details, as varied by any Notice
          given by the recipient to the sender.

18.2. EFFECTIVE ON RECEIPT

     A Notice given in accordance with clause 18.1 takes effect when taken to be
     received (or at a later time specified in it), and is taken to be received:

     (a)  if hand delivered, on delivery;

     (b)  if sent by prepaid post, on the second Business Day after the date of
          posting (or on the seventh Business Day after the date of posting if
          posted to or from a place outside Australia);

     (c)  if sent by facsimile, when the sender's facsimile system generates a
          message confirming successful transmission of the entire Notice
          unless, within eight Business Hours after the transmission, the
          recipient informs the sender that it has not received the entire
          Notice,

     but if the delivery, receipt or transmission is not on a Business Day or is
     after 5.00pm on a Business Day, the Notice is taken to be received at
     9.00am on the next Business Day.

                                    News report broadcasting agreement / page 30

<PAGE>

19.  Force majeure

     No party is liable for any failure to perform or delay in performing its
     obligations under this agreement if that failure or delay is due to a Ford
     Majeure event. If that failure or delay exceeds 30 days, the other party
     may terminate this agreement with immediate effect by giving notice to the
     other party. A party whose performance is affected by Force Majeure will
     use all reasonable endeavours to expedite resumption of the relevant
     performance failure.

20.  Goods And Services Tax

20.1. CONSIDERATION DOES NOT INCLUDE GST

     Unless specifically described in this Agreement as 'GST inclusive', any sum
     payable (or amount included in the calculation of a sum payable), or
     consideration to be provided, under or in accordance with this Agreement
     does not include any amount on account of GST.

20.2. GROSS UP OF CONSIDERATION

     Where any supply to be made by one party (SUPPLIER) to another party
     (RECIPIENT) under or in connection with this Agreement is subject to GST
     (other than a supply the consideration for which is specifically described
     in this Agreement as 'GST inclusive'):

     (a)  the consideration payable or to be provided for that supply but for
          the application of this clause (GST EXCLUSIVE CONSIDERATION) shall be
          increased by, and the Recipient shall pay to the Supplier, an amount
          equal to the GST payable by the Supplier in respect of that supply;
          and

     (b)  the Recipient must pay that additional amount at the same time and in
          the same manner as the GST Exclusive Consideration payable or to be
          provided for that supply.

20.3. REIMBURSEMENTS

     If any payment to be made to a party under or in connection with this
     Agreement is a reimbursement or indemnification of an expense or other
     liability incurred or to be incurred by that party, then the amount of the
     payment must be reduced by the amount of any input tax credit to which that
     party is entitled for that expense or other liability, such reduction to be
     effected before any increase in accordance with clause 20.2.

20.4. TAX INVOICES

     The Supplier must issue a tax invoice to the Recipient in respect of any
     taxable supply made by the Supplier under or in connection with this
     Agreement, such tax invoice to be issued no later than 14 days after the
     Supplier receives the consideration for that taxable supply.

                                    News report broadcasting agreement / page 31

<PAGE>

20.5. ADJUSTMENTS

     If an adjustment event has occurred in respect of a taxable supply made
     under or in connection with this Agreement, any party that becomes aware of
     the occurrence of that adjustment event must notify each other party to
     that taxable supply as soon as practicable, and all of those parties agree
     to take whatever steps are necessary (including to issue an adjustment
     note), and to make whatever adjustments are required, to ensure that any
     GST or additional GST on that taxable supply, or any refund of GST (or part
     thereof), is paid no later than 28 days after the Supplier first becomes
     aware that the adjustment event has occurred.

20.6. INTERPRETATION

     A word or expression used in this clause which is defined in the A New Tax
     System (Goods and Services Tax) Act 1999 (Cth) has the same meaning in this
     clause.

20.7. NON-MONETARY CONSIDERATION

     Notwithstanding the preceding provisions of this clause 20, the parties
     acknowledge and agree:

     (a)  that this agreement will involve each of them malting taxable supplies
          to the other for GST purposes;

     (b)  that the GST exclusive value of the services to be provided by ATN
          pursuant to clause 3 of this agreement (NOTIONAL REPORTS FEE) is the
          amount set out in Item 5 of Schedule 1;

     (c)  that throughout the Term of this agreement;

          (i)  ATN shall provide tax invoices to the Broadcaster based on the
               Notional Reports Fee; and

          (ii) the Broadcaster shall provide tax invoices to ATN based on the
               total of:

               (A)  the Tag Broadcast Fee

               (B)  the Production Fee; and

               (C)  the Notional Reports Fee; and

          (iii) the GST amounts set out in those tax invoices are to be set off
               for convenience purposes so that ATN shall only be liable to pay
               to the Broadcaster the difference between those GST amounts.

                                    News report broadcasting agreement / page 32

<PAGE>

21.  Relationship

     This agreement does not create a relationship of employment, agency,
     partnership or joint venture between the parties.

22.  Governing law and jurisdiction

     This agreement is governed by the law applicable in New South Wales and
     each party irrevocably and unconditionally submits to the non-exclusive
     jurisdiction of the courts of New South Wales.

23.  Counterparts

     This agreement may be executed in any number of counterparts.

24.  Alteration

     This agreement may be altered only in writing signed by each party.

25.  Assignment

     A party must not assign this agreement or any right under this agreement
     without the prior written consent of the other party, which must not be
     unreasonably withheld.

26.  Costs

     Each party must bear its own costs of preparing and executing this
     agreement.

27.  Entire agreement

     This agreement, including its schedules and annexures, constitutes the
     entire agreement between the parties as to its subject matter.

                                    News report broadcasting agreement / page 33

<PAGE>

SCHEDULE 1 - ITEM REGISTRY

<TABLE>
<S>                    <C>
ITEM 1                 1 July 2005
Commencement Date
ITEM 2                 30 June 2008
End Date
ITEM 3                 $2,500,000 per annum (as adjusted by Schedule 3)
Production Fee
ITEM 4                 *** per annum (as adjusted by Schedule 3)
Tag Broadcast Fee
ITEM 5                 $200,000
Notional Reports Fee
</TABLE>

                                    News report broadcasting agreement / page 34

<PAGE>

SCHEDULE 2 -STATIONS

<TABLE>
<S>         <C>
Sydney      2Day FM and Triple M
Melbourne   Fox FM and Triple M
Brisbane    B105 and Triple M
Adelaide    SAFM and Triple M
Perth       Mix 94.5 and 92.9
</TABLE>

                                    News report broadcasting agreement / page 35

<PAGE>

SCHEDULE 3 - PRODUCTION FEE AND TAG BROADCAST FEE

1.   DEFINITIONS

     In this schedule:

     (a)  NON-BROADCASTING STATION means a Station not broadcasting the Tags as
          required under this agreement;

     (b)  REDUCTION means the reduction of the Tag Broadcast Fee or Production
          Fee to which ATN is entitled by virtue of this schedule;

     (c)  STATION TAG BROADCAST FEE PERCENTAGE means the percentage of the Tag
          Broadcast Fee attributable to the Non-Broadcasting Station as set out
          in Schedule 6;

     (d)  RESOURCE PRODUCTION FEE means the amount of the Production Fee, in
          dollars, attributable to the Unavailable Resource as set out in
          Schedule 5, or where that is not set out in Schedule 5 due to a
          variation in the Production Resources, the fair value of the resource
          as determined by an Independent Accountant under clause 9.5;

     (e)  STATION PRODUCTION FEE means the sum of the Resource Production Fees
          for any particular Station as set out in Schedule 5, or where that is
          not set out in Schedule 5 due to a variation in the Production
          Resources, the fair value of the resource as determined by an
          Independent Accountant under clause 9.5;

     (f)  TR means the total number of Tags scheduled to be broadcast on the
          Non-Broadcasting Station in the year in which the Broadcaster fails to
          broadcast the Reports;

     (g)  UNAVAILABLE RESOURCE means any item included in the Production
          Resources in Schedule 5 (and as amended from time to time under this
          agreement) that is not available to be used by ATN for any reason, but
          does not include any item ATN does not require be made available nor
          any item where a replacement resource is available to be used by ATN
          or where the purpose of provision of the listed item is otherwise able
          to be met by a resource or resources made available; and

     (h)  UR means the number of or Tags which are not broadcast by the
          Broadcaster on the Non-Broadcasting Station.

                                    News report broadcasting agreement / page 36

<PAGE>

2.   Tag Broadcast Fee

     The Tag Broadcast Fee is payable by ATN to the Broadcaster in equal monthly
     installments within 30 days of receiving from the Broadcaster the statement
     required under clause 9.2, unless otherwise stated in that clause.

3.   Adjustment of Tag Broadcast Fee

     (a)  If the Broadcaster does not broadcast any Tag in accordance with the
          Broadcasting Schedule (except a Tag that the Broadcaster is not
          obliged to broadcast under this Agreement), and the Broadcaster does
          not broadcast, and notify ATN of, a replacement broadcast of the Tag
          within 5 days, ATN shall be entitled to a reduction of the Tag
          Broadcast Fee calculated as follows:

          Reduction = (UR/TR) x Tag Broadcast Fee x Station Tag Broadcast Fee
          Percentage

     (b)  ATN may, in its sole discretion, waive its entitlement to part or all
          of the adjustment referred to in paragraph (a) above by notice in
          writing to the Broadcaster.

4.   PRODUCTION FEE

     The Production Fee is payable by ATN to the Broadcaster in equal monthly
     instalments within 30 days of receiving from the Broadcaster the statement
     required under clause 9.2, unless otherwise stated in that clause.

5.   ADJUSTMENT OF PRODUCTION FEE

     (a)  If a Production Resource is unavailable to ATN during the Term, then
          the Production Fee shall be reduced by deducting from the Production
          Fee (on a pro-rata basis for the number of days (or part days) that
          the Unavailable Resource is unavailable to ATN) the proportion of the
          Resource Production Fee applicable to that Production Resource.

     (b)  If ATN is entitled to a reduction of the Tag Broadcast Fee by virtue
          of paragraph 3 that is equal to or greater than 5% of the Tag
          Broadcast Fee payable in any one month period, ATN shall also be
          entitled to a reduction of the Production Fee for the affected Station
          calculated as follows:

          Reduction = (UR/TR) x Station Production Fee

     (c)  There will not be a reduction in the Production Fee if ATN determines
          at any time during the Tern that it wishes to itself provide some of
          the Production Resources and therefore does not require by does not

                                    News report broadcasting agreement / page 37

<PAGE>

6.   APPLICATION OF ADJUSTMENTS

     (a)  Should ATN be entitled to more than one adjustment by virtue of this
          schedule then ATN shall be entitled to the sum of them all.

     (b)  Any adjustments made to the Tag Broadcast Fee or the Production Fee
          in accordance with this schedule shall be accounted for, as far as is
          possible, by reducing the monthly payment of the Tag Broadcast Fee the
          Production Fee (as applicable) payable in respect of the month in
          which the events leading to the reduction occurred.

7.   CONSUMER PRICE INDEX CHANGES TO PRODUCTION FEE

     The Production Fee shall be increased or reduced in each year of the Term
     having regard to the change in the Consumer Price Index (All Groups) All
     Capital Cities.

                                    News report broadcasting agreement / page 38

<PAGE>

SCHEDULE 4 - BROADCASTING SPECIFICATIONS

1.   ITEM 1- TAG SPECIFICATIONS

1.1  LENGTH OF TAGS

     Each Tag shall be no more than ten seconds in length.

1.2  QUALITY AND CONTENT OF TAGS

     (a)  Each Tag shall comply in content and style with the Broadcaster's
          standard policies as provided by the Broadcaster to ATN, and as
          amended from time to time regarding tags on the Stations in the News
          Bulletins and also those generally in relation to advertising. It is
          acknowledged that the conduct of broadcasters can influence reform of
          advertising or broadcasting laws codes or regulation. The Broadcaster
          will be entitled to take into account regulator and community concern
          including those relating to setting its policies.

     (b)  A Tag shall be produced and provided in a form which ensures that a
          reasonable listener of the Station(s) can distinguish that Tag as
          advertising material as opposed to editorial, news or other material.
          The Broadcaster shall have the absolute right, in its discretion, to
          reject any Tag which in the opinion of the Broadcaster does not
          conform to this paragraph, in which case ATN may provide a substitute
          Tag.

     (c)  A Tag shall not contain news or current affairs material nor any
          political, religious, economic or social comment statement or opinion

     (d)  A Tag must comply with the requirements of clause 6(a)(i) - (xi) of
          this agreement

     (e)  A Tag for a Station shall not be voiced or presented by a person who
          presents News Bulletins or Reports for that Station.

     (f)  All other specifications of the Tags shall be at the sole discretion
          of ATN, provided they comply with the requirements of clause 6 and
          otherwise with this agreement

2.   ITEM 2 - REPORT SPECIFICATIONS

2.1  QUALITY OF REPORTS

     In addition to the requirements under clause 6, the Reports must be of high
     quality, containing relevant and timely information so as to be of maximum
     benefit to the Target audiences of the Stations.

                                    News report broadcasting agreement / page 39

<PAGE>

2.2  LENGTH OF REPORTS:

     The Reports shall be a length directed by the Broadcaster in writing to
     ATN.

2.3  NUMBER OF REPORTS

     The number of Reports made available will be no less than the number of
     Reports sufficient to enable the compilation by the Broadcaster of a
     Bulletin from the Reports (and Links) of the duration notified by the
     Broadcaster to ATN in writing from time to time, but not to exceed 5
     minutes.

2.4  PRESENTERS

     (a)  Persons supplied by the Broadcaster as part of the Production Services
          will be used to present the Reports and the Links. Should ATN wish to
          supply any person to present Reports it shall notify Broadcaster of
          that desire and supply to the Broadcaster the identity and background
          of the person and provide the Broadcaster with opportunity to evaluate
          the work of the proposed presenter. The Broadcaster will provide ATN
          with a response to that request as soon as practicable but in any
          event within 14 days of receipt of all relevant information. The
          Broadcaster has the right to accept or refuse the request in its
          entire discretion.

     (b)  Should ATN provide any presenter of a Report then ATN will ensure that
          the Presenter sign an agreement containing, as a minimum, the
          following:

          (i)  conditions sufficient to enable the Broadcaster to comply with
               any law regulation or Broadcasting Regulation (whether current or
               prospective) requiring the Broadcaster to collect or provide any
               information in relation to the presenter;

          (ii) provisions enabling the use of all material and Reports produced
               or voiced by the presenter in any manner contemplated or
               permitted by the terms of the agreement including a covenant
               assigning the intellectual property rights in the product of the
               presenters services to ATN and confirming the breadth of their
               permitted use in conformance with the agreement;

          (iii) a term requiring the presenter to attend training as reasonably
               required and also as necessary to enable compliance by a
               Broadcaster with the Broadcasting Services (Commercial Radio
               Compliance. program) Standard 2000;

          (iv) a covenant that, to the best of the presenter's knowledge and
               belief, the work the presenter produces will not be in breach of
               intellectual property rights of any person;

                                    News report broadcasting agreement / page 40

<PAGE>

          (v)  a covenant that the presenter will comply with all relevant laws
               and regulations in the provision of the services;

          and, in the case of the presenter whose employment is covered by any
          industrial award or agreement, the agreement with the presenter shall
          not contain any term or provision in breach of such award and ATN will
          comply with such award in all respects in relation to the engagement
          of that presenter.

     (c)  In the case of a presenter supplied by ATN the Broadcaster shall have
          the right to seek that a replacement presenter be used should the
          Broadcaster be reasonably dissatisfied with the quality, reliability
          or style of content produced by that Presenter or in the case of any
          misconduct or other performance or behavioural issue that would
          reasonably give rise to such a request by the Broadcaster, or in the
          event that continuance of the use of the presenter will or is likely
          to detrimentally affect the business or reputation of the Broadcaster
          or its ability to secure the Production Resources or any of them.

2.5  STYLE OF REPORTS

     The Reports and Links for a Station must be presented in a style and be
     consistent with the relevant Station programming format and News Format as
     notified to ATN by the Broadcaster in writing. The Broadcaster will give
     reasonable notice (not exceeding 14 days) of any material change in format
     of the Station where that change affects the news requirements.

                                    News report broadcasting agreement / page 41

<PAGE>

SCHEDULE 5 - PRODUCTION RESOURCES

<TABLE>
<S>                        <C>                  <C>
SA FM - ADELAIDE AND       Jackie Burman
TRIPLE M - ADELAIDE        Monique Chrichton
                           Luke Jobson
                           Nicole Barnet
                           Tim Verrall
                           Maria Bradshaw
                           Catherine Ellis
                                                Total $400,000

TRIPLE M - MELBOURNE AND   Christie Kerr
FOX FM - MELBOURNE         Tamra Mercieca
                           Andrew O'Keefe
                           Susannah Wilson
                           Wendy McGuinness
                           Matthew Thompson
                           Peta Leslie
                           Lynette Hyslop
                           Erin Ivancic
                                                Total $390,000

2DAY FM - SYDNEY AND       Matthew McDonald
TRIPLE M - SYDNEY          Gil Tiddy
                           Russell Barwick
                           Geoffrey Field
                           Daniel Ginnane
                           Melissa Martin
                           Sasha Higlett
                           Fiona Young
                           Lisa Spencer
                                                Total $660,000

MIX 94.5 - PERTH AND       Phynea Papalazaros
92.9 - PERTH               Michael Groves
                           Deanne Bishop
                           Jeanne Charlton
                           Emilia Emin
                           Leanne Chidzey
                           Samantha Charlton
                           Amanda Walsh
                           Kimberley Howie
                           Sarah Tempest
                           Vanessa Haldoupis
                           Kristen Taylor
                           Simon Bailey
</TABLE>

                                    News report broadcasting agreement / page 42

<PAGE>

<TABLE>
<S>                        <C>                  <C>
                                                Total $316,531

TRIPLE M - BRISBANE AND    Robyn Ironside
B105 - BRISBANE            Loretta Ryan
                           Emma Blackwood
                           Lachlan Wallis
                           Natalie Bochenski
                           Christen Hill
                           Natasha Jobson
                           Thea Ord
                           Amanda Lewis
                                                Total $265,000

TOTAL                      47
</TABLE>

and also recording and editing equipment (including for on road), workstations
access, studio access, Perth news vehicle and AAP licence access(totalling
$510,000) in respect of the Stations only and being those items that are used
exclusively for news production as at the date hereof.

                                    News report broadcasting agreement / page 43

<PAGE>

SCHEDULE 6 - Tag Fee Percentages

<TABLE>
<S>                    <C>
B105 - BRISBANE         ***
TRIPLE M - BRISBANE     ***
92.9 - PERTH            ***
MIX 94.5 - PERTH        ***
TRIPLE M - SYDNEY_      ***
2DAY FM - SYDNEY        ***
SA FM - ADELAIDE        ***
TRIPLE M - ADELAIDE     ***
TRIPLE M - MELBOURNE    ***
FOX FM - MELBOURNE      ***
</TABLE>

                                    News report broadcasting agreement / page 44

<PAGE>

SCHEDULE 7 - BROADCASTING SCHEDULE

<TABLE>
<CAPTION>
                   SCHEDULED TIMES FOR NEWS BULLETINS
STATION                         WEEKDAYS                             WEEKENDS / PUBLIC HOLIDAYS
-------   ----------------------------------------------------   ---------------------------------
<S>       <C>                                                    <C>
2DAY      0600 to 0830 inclusive half hourly plus 1600,          0600 to 1000 inclusive hourly
          1700 and 1800

FOX       0600 to 0830 inclusive half hourly plus 1600,          0600 to 1000 inclusive hourly
          1700 and 1800                                          Saturdays, 0700 to 1000 hourly
                                                                 Sundays

B105      0500 to 0830 inclusive half hourly, plus 1600,         0600 to 0900 inclusive hourly
          1700 and 1800

SAFM      0600 to 0830 inclusive half hourly plus 1600,          0700 to 1200 inclusive hourly. In
          1700 and 1800                                          football season only SAFM runs
                                                                 sports updates hourly from 1300
                                                                 to 1800 inclusive

MIX       0500 to 0830 inclusive half hourly, then hourly        0600 to 1200 inclusive hourly
          1000 to 1800

92.9      0530 to 0830 inclusive half hourly, then 1600,         0600 to 0900 inclusive hourly
          1700 and 1800                                          Saturday, 0700 to 0900 inclusive
                                                                 hourly Sundays

2MMM      0600 to 0830 inclusive half hourly, plus 1600,         0600 to 1000 inclusive hourly
          1700 and 1800

3MMM      0600 to 0830 inclusive half hourly plus 1500, 1600,    0600 to 1000 inclusive hourly
          1700 and 1800                                          3MMM runs 5 M-Sport updates
                                                                 between 1100 and 1800 during
                                                                 football season and 8 per day
                                                                 outside football season

4MMM      0500 to 0830 inclusive half hourly, plus 1600,         0600 to 1800 inclusive virtually
          1700 and 1800                                          hourly (12 or 13 reports)

5MMM      0600 to 0830 inclusive half hourly, then hourly from   0700 to 1200 inclusive hourly.
          0900 to 1800                                           5MMM runs M-Sport updates hourly
                                                                 from 1300 to 1800 inclusive

UPDATES REQUIRED TO BE PROVIDED UNDER CLAUSE 3.1(C)

2MMM      two brief random updates between 9am and 3pm

3MMM      3 or 4 brief random updates between 9am and 3pm

4MMM      a minimum of 5 daytime updates between 9am and 3pm
</TABLE>

                                    News report broadcasting agreement / page 45

<PAGE>

SCHEDULE 8 - RESTRICTED CLIENTS

ITEM 1 - CATEGORY A CLIENTS

Any political party, trade union or related organisation or religious
organisation

Any charitable organisation

Clients advertising or promoting any Adult product, service or location
providing such product

Crazy Johns

Free to air Television Operators and their television affiliates

ITEM 2 - CATEGORY B CLIENTS

                                    News report broadcasting agreement / page 46

<PAGE>

SCHEDULE 9 - RESTRICTED DAYS AND RESTRICTED BROADCASTING SCHEDULE

ITEM 1 - RESTRICTED DAYS

New Year's Day

Australia Day

Good Friday

Easter Monday

Anzac Day

the Queens Birthday public holiday

Labour Day

Christmas Day

Boxing Day

Melbourne Cup Day (Melbourne only)

Adelaide Cup Day (Adelaide only)

Foundation Day (WA only)

Together with any other officially declared public holiday in any State in which
case the relevant day shall apply only to the Market in that State.

                                    News report broadcasting agreement / page 47

<PAGE>

ITEM 2 - RESTRICTED BROADCASTING SCHEDULE

This table represents the News Bulletin broadcast schedule currently adopted by
the relevant Station for the Restricted Days immediately prior to the execution
of this agreement and is the indicative schedule for that purpose:

<TABLE>
<CAPTION>
STATION
-------
<S>       <C>
2DAY      0600 to 1000 inclusive hourly
FOX       0700 to 1000 hourly
B105      0600 to 0800 inclusive hourly
SAFM      0700 to 1200 inclusive hourly
MIX       0600 to 1200 inclusive hourly
92.9      0600 to 0900 inclusive hourly Saturday, 0700 to 0900 inclusive hourly
          Sundays.
2MMM      0600 to 1000 inclusive hourly
3MMM      0600 to 1000 inclusive hourly
4MMM      0600 to 1800 inclusive virtually hourly (12 or 13 reports
5MMM      0700 to 1200 inclusive hourly
</TABLE>

Additional Updates required under clause 3.1 (c )

3MMM - 5 M-Sport updates between 1100 and 1800 during football season and 8 per
day outside football season

5MMM - M-Sport updates hourly from 1300 to 1800 inclusive

SA FM in football season only - sports updates hourly from 1300 to 1800
inclusive

                                    News report broadcasting agreement / page 48

<PAGE>

SIGNING PAGE

EXECUTED as an agreement

EXECUTED BY THE AUSTRALIAN TRAFFIC NETWORK
PTY LIMITED

/s/ William L. Yde III     left arrow   /s/ William Pezzimanti        left arrow
-------------------------------------   ----------------------------------------
Signature of director                   Signature of director/company secretary
                                        (Please delete as applicable)

/s/ William L. Yde III                  William Pezzimanti
-------------------------------------   ----------------------------------------
Name of director (print)                Name of director/company secretary
                                        (print)

EXECUTED BY AUSTEREO PTY LIMITED

/s/ Michael Anderson       left arrow                                 left arrow
-------------------------------------   ----------------------------------------
Signature of director                   Signature of director/company secretary
                                        (Please delete as applicable)

Michael Anderson
-------------------------------------   ----------------------------------------
Name of director (print)                Name of director/company secretary
                                        (print)

                                                           MINTERELLISON|
                                                                        |LAWYERS

                                    News report broadcasting agreement / page 49exv10w16

 

Exhibit 10.16

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”) is made and entered into
effective (the “Effective Date”) as of the closing date of the proposed initial public
offering of Global Traffic Network, Inc., a Delaware corporation located at 7251 West Lake Mead
Boulevard, Suite 300, Las Vegas, Nevada 89128 (the “Company”), by and between the Company
and Scott Cody, with a mailing address of 525 Teetshorn Street, Houston, Texas 77009 (the
“Employee”).

BACKGROUND

     A. The Company desires to employ Employee as the Company’s Chief Financial Officer and Chief
Operating Officer in accordance with the terms and conditions of this Agreement, and wishes to
obtain reasonable protection against unfair competition from Employee following termination of
employment and to protect itself against unfair competition and the use of its confidential
business and technical information.

     B. Employee wishes to provide services to the Company in exchange for compensation and is
willing to grant the Company the benefits of the various covenants contained herein.

AGREEMENT

     Now, Therefore, in consideration of the foregoing facts, the mutual covenants set
forth herein and for other good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

     1. Employment. The Company hereby employs Employee as the Company’s Chief Financial
Officer and Chief Operating Officer, and Employee hereby accepts such employment and agrees to
serve the Company to the best of his ability, promoting the Company’s interests and business and
devoting substantially all of his business time, energy and skill to such employment.

     2. Duties and Powers. While Employee is employed hereunder, and excluding any periods of
vacation, sick, disability or other leave to which Employee may be entitled, Employee agrees to
devote substantially all of Employee’s attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge the responsibilities
assigned to Employee pursuant hereto and under the Company’s bylaws as amended from time to time,
to use Employee’s reasonable best efforts to perform faithfully and efficiently such
responsibilities. Employee shall perform such duties under the direction of, and shall report to,
the Company’s Chief Executive Officer, President or Board of Directors (the “Board”) or a
committee thereof. Employee shall comply with the Company’s policies and procedures; provided,
however, that to the extent such policies and procedures are inconsistent with this Agreement, the
provisions of this Agreement shall control.

     3. Term. The Employee’s appointment and position hereunder shall be effective as of the Effective Date.
This Agreement shall continue for three (3) years after the Effective Date or until earlier
terminated as provided pursuant to Section 8.

     4. Salary and Bonus. As described above, the Company shall pay to Employee an annual
salary of Sixteen Thousand Six Hundred Sixty-Six and 67/100 Dollars ($16,666.67) per month, the
equivalent of Two Hundred Thousand Dollars ($200,000) per year, according to the Company’s normal
payroll

 

 

business practice, commencing, if ever, on the Effective Date. The Company shall increase
Employee’s annual salary by an amount equal to Twenty-Five Thousand Dollars ($25,000) each year,
provided that certain annual profit levels as determined by the Board have been achieved. The
Company shall also pay to Employee a bonus of up to Fifty Thousand Dollars ($50,000) per year for
achieving annual revenue and profitability targets as set by the Board.

     5. Discretionary Annual Bonus. The Board may in its discretion determine to grant cash
bonus compensation to Employee or a bonus in the form of stock awards or grants of options to
purchase capital stock of the Company.

     6. Other Benefits. Employee shall be entitled to participate in or receive benefits under
any employee-benefit plan made available by the Company in the future to its employees, subject to
and on a basis consistent with the terms, conditions and overall administration of such plans,
specifically Employee is entitled to receive medical, dental and life insurance consistent with
plan benefits enjoyed by members of the Company management. Nonetheless, in its sole discretion the
Company may amend or terminate any such employee-benefit plan providing benefits generally to its
employees. Employee shall be entitled to an aggregate of four weeks of paid vacation in each
calendar year. Notwithstanding the foregoing, if the Company does not provide Employee with
medical insurance, the Company shall reimburse Employee for Employee’s expenses associated with
procuring medical insurance, such insurance to be substantially similar to the benefits currently
or previously enjoyed by Employee.

     7. Reimbursement of Business Expenses. Upon presentation of appropriate receipts and/or
vouchers, the Company shall reimburse Employee for the reasonable and necessary expenses he incurs
in connection with the performance of his duties, in accordance with any and all Company’s policies
and procedures governing such expenses.

     8. Termination. Notwithstanding the term set forth in Section 3 hereof, this Agreement may
be earlier terminated as set forth below:

     (a) by the Company without Cause (as defined below) upon 30 days written notice to
Employee;

     (b) by the Company, immediately upon written notice to Employee for the following
events, each of which would constitute “Cause”: (i) Employee is convicted of a
felony; (ii) Employee has materially breached this Agreement; (iii) Employee’s material
violation of a Company policy that has a materially adverse effect on the Company; (iv)
Employee’s failure to
perform his duties as the Company’s Chief Financial Officer and Chief Operating Officer
as required by this Agreement, which failure has not been cured by Employee after ten days
written notice thereof to Employee by the Company; or (v) Employee’s habitual intoxication,
drug use or chemical substance abuse by any intoxicating or chemical substance;

     (c) by Employee, upon 30 days written notice to the Company, in the event (i) of a
material breach of this Agreement by the Company, or (ii) that Employee is required to
report directly to anyone other than the Company’s Chief Executive Officer, President or the
Board of Directors (or a committee thereof);

     (d) by Employee voluntarily upon at least 30 days written notice to the Company,
specifying an effective date for such termination; and

     (e) upon the death or disability of Employee. For the purposes of this Agreement,
Employee’s “disability” shall occur if Employee shall become incapacitated by
accident or illness

2

 

and, in the sole reasonable determination of the Board, shall be unable
to perform the duties of the positions he then occupies with reasonable accommodation for a
period of time of not less than 90 consecutive days, and the Company provides 30 days
written notice to the Employee at any time after such period of disability.

     In the event of any termination occurring by virtue of paragraphs (a) through (e)
above, Employee shall be entitled to compensation and benefits, if any, accrued through the
effective date of termination. Furthermore, if Employee’s employment is terminated pursuant
to paragraphs (a) or (c) above, he shall continue to receive the salary payments specified
in Section 4 for the remaining term of the contract immediately following the effectiveness
of any such termination (the “Severance Payments”).

     If the Company determines that it will not renew this Agreement, the Company shall
provide Employee with notice of its intention not to renew this Agreement six months prior
to the termination date of this Agreement or provide employee six months continuation of
salary at his current annual salary from the termination of the Agreement.

     9. Confidential Information.

     (a) Employee will hold all Confidential Information (as defined below) in the strictest
confidence and never use, disclose or publish any Confidential Information without the prior
express written permission of the Company and its Board. Employee agrees to maintain
control over any Confidential Information obtained, and restrict access thereto to the
Company’s employees, agents or other associated parties who have a need to use such
Confidential Information for its intended purpose. Employee agrees to advise and inform any
party to whom he has provided access to the Confidential Information of its confidential
nature, and further agrees to ensure that such parties be bound by the terms and obligations
of this Agreement that relate to confidentiality.

     (b) Upon the Company’s request, all records and any compositions, articles, devices and
other items which disclose or embody Confidential Information, including all copies or
specimens thereof in Employee’s possession, whether prepared or made by Employee or others,
will be delivered to the Company.

     (c) All documents and tangible items provided to Employee by the Company or created by
Employee for use in connection with his employment by the Company are the sole and exclusive
property of the Company and shall be promptly returned to the Company upon termination of
employment with the Company, together with all copies, recordings, notes or reproductions of
any kind made from or about the documents and tangible items or the information they
contain.

     (d) For purposes of this Agreement and subject to the following paragraph, the term
“Confidential Information” shall mean all information developed by Employee as a
result of his work with, for, on behalf of or in conjunction with the Company and any
information relating to the Company’s processes and products, including information relating
to research, development, manufacturing, know-how, formulae, product ideas, inventions,
trade secrets, patents, patent applications, systems, products, programs and techniques and
any secret, proprietary or confidential information, knowledge or data of the Company. All
information disclosed to Employee or to which Employee obtains access, whether originated by
Employee or by others, which is treated by the Company as “Confidential Information,” or
which Employee has a

3

 

reasonable basis to believe is “Confidential Information,” will be
presumed to be “Confidential Information.”

     Notwithstanding the foregoing definition, the term “Confidential Information” will not
apply to information which (i) Employee can establish by documentation was known to Employee
prior to its receipt by Employee from the Company, (ii) is lawfully disclosed to Employee by
a third party not deriving such information from the Company, or (iii) is presently in the
public domain or becomes a part of the public domain through no fault of Employee.

     (e) The Company shall in turn keep all personal nonpublic information about Employee
that the Company may now have or hereafter acquire in strict confidence and shall not
disclose any such personal nonpublic information except as required by law or ordered by a
court of competent jurisdiction, or with the consent, express or implied, of Employee
himself.

     10. Restrictive Covenants. Employee agrees that during the period Employee is employed by
the Company (commencing on the Effective Date) and continuing for a period one year following the
termination of this Agreement for any reason or no reason, Employee will not, without the prior
express written consent of the Company, directly or indirectly, engage in any of the following
actions:

     (a) render services, advice or assistance to any corporation, person, organization or
other entity which engages in the provision of traffic and/or news information to radio and
television stations anywhere outside of the United States, or engage in any such activities
in any capacity whatsoever, including without limitation as an employee, independent
contractor, officer, director, manager, beneficial owner, partner, member or shareholder of
any provider of traffic and/or news information; provided, however, that Employee may be a
shareholder of a corporation other than the Company, required to file periodic reports with
the Securities and Exchange Commission under Section 13 or 15(d) of the Securities Exchange
Act of 1934 where his total holdings are less than one percent of the issuing corporation’s
issued and outstanding publicly traded securities; or

     (b) induce, solicit, endeavor to entice or attempt to induce any customer, supplier,
licensee, licensor or other business relation of the Company to cease doing business with
the
Company, or in any way interfere with the relationship between any such customer,
vendor, licensee, licensor or other business relation and the Company; or

     (c) induce, solicit or endeavor to entice or attempt to induce any employee of the
Company to leave the employ of the Company, or to work for, render services or provide
advice to or supply confidential business information or trade secrets of the Company to any
third person or entity, or to in any way interfere adversely with the relationship between
any such employee and the Company.

     11. Conflicts of Interest. Employee agrees that he will not, directly or indirectly,
transact business with the Company for his own benefit, or as agent, owner, partner or shareholder
of any other entity; provided, however, that any such transaction may be entered into if approved
by a majority of the disinterested directors serving on the Board after full disclosure.

     12. Further Assurances. Each party shall, without further consideration, execute such
additional documents as may be reasonably required in order to carry out the purpose and intent of
this Agreement.

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     13. Arbitration.

     (a) The parties will, to the greatest extent possible, endeavor to resolve any disputes
relating to the Agreement through amicable negotiations. Failing an amicable settlement,
any controversy, claim or dispute arising under or relating to this Agreement, including the
existence, validity, interpretation, performance, termination or breach of this Agreement,
will finally be settled by binding arbitration before a single arbitrator (the
“Arbitration Tribunal”) which will be jointly appointed by the parties. The
Arbitration Tribunal shall self-administer the arbitration proceedings utilizing the
Commercial Rules of the American Arbitration Association (“AAA”); provided, however,
the AAA shall not be involved in administration of the arbitration. The arbitrator must be
a retired judge of a state or federal court of the United States or a licensed lawyer with
at least five years of corporate or commercial law experience and have at least an AV rating
by Martindale Hubbell. If the parties cannot agree on an arbitrator, either party may
request the AAA to appoint an arbitrator which appointment will be final.

     (b) The arbitration will be held in that particular State and municipal location in
which the Company’s headquarters, at the time of any such arbitration’s institution, is
located. Each party will have discovery rights as provided by the Federal Rules of Civil
Procedure within the limits imposed by the arbitrator; provided, however, that all such
discovery will be commenced and concluded within 60 days of the selection of the arbitrator.
It is the intent of the parties that any arbitration will be concluded as quickly as
reasonably practicable. Once commenced, the hearing on the disputed matters will be held
four days a week until concluded, with each hearing date to begin at 9:00 a.m. and to
conclude at 5:00 p.m. The arbitrator will use all reasonable efforts to issue the final
written report containing award or awards within a period of five business days after
closure of the proceedings. Failure of the arbitrator to meet the time limits of this
Section 13 will not be a basis for challenging the award. The Arbitration Tribunal will not
have the authority to award punitive damages to either party. Each party will bear its own
expenses, but the parties will share equally the expenses of the Arbitration Tribunal. The
Arbitration Tribunal shall award attorneys’ fees and other related costs payable by the
losing party to the successful party as it deems equitable. This Agreement will be
enforceable, and any arbitration award will be final and non-appealable, and judgment
thereon may be entered in any court of competent jurisdiction. Notwithstanding the
foregoing, claims for injunctive relief, may be brought in a state or federal court in the
state court in Las Vegas, Nevada.

     14. General Provisions. This Agreement shall be interpreted and enforced in accordance
with the laws of the State of Nevada without regard to its conflicts-of-law provisions. The venue
for any action hereunder shall be in Las Vegas, Nevada. If any provision of this Agreement shall
be held by any court of competent jurisdiction to be illegal, invalid or unenforceable, such
provision shall be construed and enforced as if it had been more narrowly drawn so as not to be
illegal, invalid or unenforceable, and such illegality, invalidity or unenforceability shall have
no effect upon and shall not impair the enforceability of any other provision of this Agreement.
This Agreement contains the entire understanding of the parties with regard to all matters
contained herein. There are no other agreements, conditions or representations, oral or written,
expressed or implied, with regard to the matters contained in this Agreement other than those
referenced in this paragraph. This Agreement supersedes all prior agreements relating to the
matters contained herein. This Agreement is and shall be binding upon the heirs, personal
representatives, legal representatives, successors and assigns of the parties hereto; provided,
however, that Employee may not assign this Agreement because the services to be rendered hereunder
are unique and personal in nature. This Agreement may be amended only in writing, signed by both
parties. Any waiver by either party of compliance with any provision of this Agreement by the
other party shall not operate or be construed as a waiver of any other provision of this Agreement,
or of any subsequent breach by such party of a provision of this Agreement. Any notice to be given
under this Agreement by either Employee or the Company shall be in writing and shall be effective
upon personal delivery or delivery by mail, registered or certified, postage prepaid with return
receipt requested. Mailed notices shall be addressed to

5

 

the party at the address set forth at the
beginning of this Agreement, but each party may change its or his address by written notice in
accordance with this paragraph. Notice delivered personally shall be deemed given as of actual
receipt and mailed notices shall be deemed given as of three business days after mailing. The
parties hereby mutually represent and warrant that they are authorized to execute and deliver this
Agreement, that this Agreement will be valid and enforceable against each party upon their
execution and delivery of the same, and that there are no restrictive agreements binding them which
may affect their ability to perform their respective obligations hereunder. If any party is made
or shall become a party to any litigation (including arbitration) commenced by or against the other
party involving the enforcement of any of the rights or remedies of such party, or arising on
account of a default of the other party in its performance of any of the other party’s obligations
hereunder, then the parties shall bear their own expenses and attorneys’ fees. This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original, but all of
which shall constitute one and the same agreement. Signatures delivered by facsimile and other
means of electronic communication shall be valid and binding to the same extent as original
signatures.

Signature Page Follows

6

 

     In Witness Whereof, the parties have executed this Employment Agreement on this
14th day of February, 2006.

	 	 	 	 	 
	 	COMPANY:

GLOBAL TRAFFIC NETWORK, INC.

a Delaware corporation

 	 
	 	By:  	/s/ William L. Yde III
 	 
	 	 	William L. Yde III, Chief Executive Officer 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	/s/ Scott E. Cody
 	 
	 	Scott E. Cody 	 
	 	 	 
	 

Signature Page — Employment Agreement

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