Document:

<PAGE>

                                                                   Exhibit 10.19

                           ASSET PURCHASE AGREEMENT

                                 by and among

                               RADIOWORKS, INC.,
                                WFVR, INC., and
                                  WKKD, INC.
                                  (as Seller)

                                      and

                        NEXTMEDIA OPERATING, INC., and
                           NEXTMEDIA LICENSING, INC.
                                  (as Buyer)

                          Dated as of January 1, 2001
<PAGE>

                               TABLE OF CONTENTS

                           ASSET PURCHASE AGREEMENT

<TABLE>
<S>                                                                                                          <C>
ARTICLE 1
         PURCHASE OF ASSETS..............................................................................      1
         ------------------
                  1.1      Transfer of Assets............................................................      1
                           ------------------
                                    1.1.1   Licenses and Permits.........................................      1
                                            --------------------
                                    1.1.2   Tangible Personal Property...................................      1
                                            --------------------------
                                    1.1.3   Contract Rights..............................................      2
                                            ---------------
                                    1.1.4   Intellectual Property........................................      2
                                            ---------------------
                                    1.1.5   Books and Records............................................      2
                                            -----------------
                                    1.1.6   Manufacturers' and Vendors' Warranties.......................      2
                                            --------------------------------------
                                    1.1.7   Owned Real Estate............................................      3
                                            -----------------
                                    1.1.8   Leased Real Estate...........................................      3
                                            ------------------
                  1.2      Excluded Assets...............................................................      3
                           ---------------
                                    1.2.1   Cash.........................................................      3
                                            ----
                                    1.2.2   Notes Receivable and Accounts Receivable.....................      3
                                            ----------------------------------------
                                    1.2.3   Tangible and Intangible Personal Property....................      3
                                            -----------------------------------------
                                    1.2.4   Contracts....................................................      3
                                            ---------
                                    1.2.5   Corporate Records............................................      3
                                            -----------------
                                    1.2.6   Contracts of Insurance and Insurance Proceeds................      3
                                            ---------------------------------------------
                                    1.2.7   Employee Plans...............................................      4
                                            --------------
                                    1.2.8   Name Usage...................................................      4
                                            ----------
                                    1.2.9   Other Excluded Assets........................................      4
                                            ---------------------
                                    1.2.10  Causes of Action.............................................      4
                                            ----------------
                                    1.2.11  Tax Refunds..................................................      4
                                            -----------

ARTICLE 2
         ASSUMPTION OF OBLIGATIONS.......................................................................      4
         -------------------------
                  2.1      Assumption of Obligations.....................................................      4
                           -------------------------
                  2.2      Retained Liabilities..........................................................      4
                           --------------------

ARTICLE 3
         CONSIDERATION...................................................................................      6
         -------------
                  3.1      Delivery of Consideration.....................................................      6
                           -------------------------
                  3.2      Allocation of Consideration...................................................      6
                           ---------------------------
                  3.3      Allocations and Prorations....................................................      6
                           --------------------------
</TABLE>

                                      i
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<TABLE>
<S>                                                                                                          <C>
ARTICLE 4................................................................................................      8
         CLOSING.........................................................................................      8
         -------
                  4.1      Closing.......................................................................      8
                           -------

ARTICLE 5
         GOVERNMENTAL CONSENTS...........................................................................      8
         ---------------------
                  5.1      FCC Consent...................................................................      8
                           -----------
                  5.2      FCC Applications..............................................................      8
                           ----------------

ARTICLE 6
         REPRESENTATIONS AND WARRANTIES OF SELLER........................................................      8
         ----------------------------------------
                  6.1      Representations and Warranties of Seller......................................      8
                           ----------------------------------------
                                    6.1.1   Organization, Good Standing, Etc.............................      8
                                            --------------------------------
                                    6.1.2   Authority....................................................      9
                                            ---------
                                    6.1.3   Financial Statements.........................................      9
                                            --------------------
                                    6.1.4   Undisclosed Liabilities......................................     10
                                            -----------------------
                                    6.1.5   Compliance with Applicable Laws; FCC Matters.................     10
                                            --------------------------------------------
                                    6.1.6   Litigation...................................................     11
                                            ----------
                                    6.1.7   Insurance....................................................     11
                                            ---------
                                    6.1.8   Real Estate..................................................     12
                                            -----------
                                    6.1.9   Personal Property............................................     12
                                            -----------------
                                    6.1.10  Liens and Encumbrances.......................................     13
                                            ----------------------
                                    6.1.11  Environmental Matters........................................     13
                                            ---------------------
                                    6.1.12  Taxes........................................................     15
                                            -----
                                    6.1.13  Personnel....................................................     16
                                            ---------
                                    6.1.14  Contracts....................................................     18
                                            ---------
                                    6.1.15   Labor.......................................................     18
                                             -----
                                    6.1.16  Patents, Trademarks, Etc.....................................     18
                                            ------------------------
                                    6.1.17  Absence of Certain Changes or Events.........................     19
                                            ------------------------------------
                                    6.1.18  Broker, Commission or Finder's Fees..........................     19
                                            -----------------------------------
                                    6.1.19  Full Disclosure..............................................     19
                                            ---------------
                                    6.1.20  Sellers' Financial Condition.................................     19
                                            ----------------------------
                                    6.1.21  Books and Records............................................     19
                                            -----------------
                                    6.1.22  Barter Arrangements..........................................     20
                                            -------------------
                                    6.1.23  No Third Party Options.......................................     20
                                            ----------------------
                                    6.1.24  Limitation on Representations and Warranties.................     20
                                            --------------------------------------------

ARTICLE 7
         REPRESENTATIONS AND WARRANTIES OF BUYER.........................................................     20
         ---------------------------------------
                  7.1      Representations and Warranties of Buyer.......................................     20
                           ---------------------------------------
                                    7.1.1   Organization and Standing....................................     20
                                            -------------------------
                                    7.1.2   Authorization and Binding Obligation ........................     20
                                            ------------------------------------
                                    7.1.3   Qualifications...............................................     21
                                            --------------
</TABLE>

                                      ii
<PAGE>

<TABLE>
<S>                                                                                                           <C>
                                    7.1.4   Absence of Conflicting Agreements or Required Consents.......     21
                                            ------------------------------------------------------
                                    7.1.5   Financial Condition..........................................     21
                                            -------------------
                                    7.1.6   Litigation: Compliance with Law..............................     21
                                            -------------------------------
                                    7.1.7   Broker, Commission or Finder's Fees..........................     21
                                            -----------------------------------
                                    7.1.8   Full Disclosure..............................................     22
                                            ---------------

ARTICLE 8
         COVENANTS OF SELLER.............................................................................     22
         -------------------
                  8.1      Seller Covenants..............................................................     22
                           ----------------
                                    8.1.1   Conduct of Stations prior to the Closing Date................     22
                                            ---------------------------------------------
                  8.2      Access........................................................................     24
                           ------
                  8.3      Other Consents................................................................     24
                           --------------
                  8.4      No Inconsistent Action........................................................     24
                           ----------------------
                  8.5      Notification..................................................................     24
                           ------------
                  8.6      Updating of Schedules.........................................................     25
                           ---------------------
                  8.7      Enforcement of Agreements.....................................................     25
                           --------------------------
                  8.8      FCC Filings...................................................................     25
                           -----------
                  8.9      Indemnification...............................................................     25
                           ---------------
                  8.10     [INTENTIONALLY OMITTED].......................................................     26
                  8.11     Title Insurance...............................................................     26
                           ---------------

ARTICLE 9
         COVENANTS OF BUYER..............................................................................     26
         ------------------
                  9.1      Buyer Covenants...............................................................     26
                           ---------------
                                    9.1.1   Notification.................................................     27
                                            ------------
                                    9.1.2   No Inconsistent Action.......................................     27
                                            ----------------------
                                    9.1.3   Post-Closing Access..........................................     27
                                            -------------------

ARTICLE 10
         JOINT COVENANTS.................................................................................     27
         ---------------
                  10.1     Confidentiality...............................................................     27
                           ---------------
                  10.2     Cooperation...................................................................     28
                           -----------
                  10.3     Control of Stations...........................................................     28
                           -------------------
                  10.4     Bulk Sales Laws...............................................................     28
                           ---------------
                  10.5     Public Announcements..........................................................     28
                           --------------------
                  10.6     Condition of Real Estate......................................................     28
                           ------------------------
                  10.7     Compliance with TBA...........................................................     29
                           -------------------

ARTICLE 11
         CONDITIONS OF CLOSING BY BUYER..................................................................     29
         ------------------------------
                  11.1     Representations and Warranties................................................     29
                           ------------------------------
                  11.2     Compliance with Agreement.....................................................     29
                           -------------------------
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                                                                                                           <C>
                  11.3     Third Party Consents and Approvals; Estoppel Certificates.....................     29
                           ---------------------------------------------------------
                  11.4     Closing Certificates..........................................................     29
                           --------------------
                  11.5     Governmental Consents.........................................................     30
                           ---------------------
                                    11.5.1  FCC..........................................................     30
                                            ---
                                    11.5.2  Other Consents...............................................     30
                                            --------------
                  11.6     Adverse Proceedings...........................................................     30
                           -------------------
                  11.7     Closing Documents.............................................................     30
                           -----------------
                  11.8     Material Adverse Change.......................................................     30
                           -----------------------
                  11.9     Opinion of Counsel............................................................     30
                           ------------------
                  11.10    Station Coordinates...........................................................     30
                           -------------------
                  11.11    AM License....................................................................     30
                           ----------

ARTICLE 12
         CONDITIONS OF CLOSING BY SELLER.................................................................     31
         -------------------------------
                  12.1     Representations, Warranties and Covenants.....................................     31
                           -----------------------------------------
                  12.2     Compliance with Agreement.....................................................     31
                           -------------------------
                  12.3     Certifications, Etc...........................................................     31
                           -------------------
                  12.4     Governmental Approval.........................................................     31
                           ---------------------
                                    12.4.1  FCC..........................................................     31
                                            ---
                                    12.4.2  Other Consents...............................................     31
                                            --------------
                  12.5     Adverse Proceedings...........................................................     31
                           -------------------
                  12.6     Closing Documents.............................................................     31
                           -----------------
                  12.7     Opinion of Buyer's Counsel....................................................     31
                           --------------------------
                  12.8     Phase I Environmental Survey..................................................     32
                           ----------------------------

ARTICLE 13
         DOCUMENTS TO BE DELIVERED AT THE CLOSING........................................................     32
         ----------------------------------------
                  13.1     Documents to be Delivered by Seller...........................................     32
                           -----------------------------------
                                    13.1.1  Transfer Documents...........................................     32
                                            ------------------
                                    13.1.2  Certified Resolutions........................................     32
                                            ---------------------
                                    13.1.3  Officer's Certificate........................................     32
                                            ---------------------
                                    13.1.4  Opinion......................................................     32
                                            -------
                                    13.1.5  Good Standing Certificates...................................     32
                                            --------------------------
                                    13.1.6  Other Documents..............................................     32
                                            ---------------
                  13.2     Deliveries to be Made by Buyer................................................     32
                           ------------------------------
                                    13.2.1  Purchase Price...............................................     32
                                            --------------
                                    13.2.2  Assumption Agreement.........................................     32
                                            --------------------
                                    13.2.3  Certified Resolutions........................................     33
                                            ---------------------
                                    13.2.4  Officer's Certificate........................................     33
                                            ---------------------
                                    13.2.5  Opinion......................................................     33
                                            -------
                                    13.2.6  Good Standing Certificates...................................     33
                                            --------------------------
                                    13.2.7  Other Documents..............................................     33
                                            ---------------
</TABLE>

                                      iv
<PAGE>

<TABLE>
<S>                                                                                                           <C>
ARTICLE 14
         TRANSFER TAXES: FEES AND EXPENSES...............................................................     33
         ---------------------------------
                  14.1     Expenses......................................................................     33
                           --------
                  14.2     Transfer Taxes and Similar Charges............................................     33
                           ----------------------------------
                  14.3     Governmental Filing or Grant Fees.............................................     33
                           ---------------------------------

ARTICLE 15
         ESCROW DEPOSIT, LIQUIDATED DAMAGES, SPECIFIC PERFORMANCE........................................     33
         --------------------------------------------------------
                  15.1     Escrow Deposit................................................................     33
                           --------------
                  15.2     Liquidated Damages............................................................     34
                           ------------------
                  15.3     Specific Performance..........................................................     34
                           --------------------

ARTICLE 16
         TERMINATION RIGHTS..............................................................................     35
         ------------------
                  16.1     Termination...................................................................     35
                           -----------

ARTICLE 17
         RISK OF LOSS....................................................................................     36
         ------------
                  17.1     Risk of Loss..................................................................     36
                           ------------

ARTICLE 18
         MISCELLANEOUS PROVISIONS........................................................................     36
         ------------------------
                  18.1     Survival of Representations and Warranties/Limitation on Liability............     36
                           ------------------------------------------------------------------
                  18.2     Certain Interpretive Matters and Definitions..................................     37
                           --------------------------------------------
                                    18.2.1  In General...................................................     37
                                            ----------
                                    18.2.2  Affiliate....................................................     37
                                            ---------
                                    18.2.3  Money........................................................     37
                                            -----
                                    18.2.4  Knowledge....................................................     37
                                            ---------
                  18.3     Further Assurances............................................................     38
                           ------------------
                  18.4     Financial Statements..........................................................     38
                           --------------------
                  18.5     Assignment....................................................................     38
                           -----------
                  18.6     Amendments....................................................................     39
                           ----------
                  18.7     Headings......................................................................     39
                           --------
                  18.8     Governing Law.................................................................     39
                           -------------
                  18.9     Notices.......................................................................     39
                           -------
                  18.10    Barter and Trade..............................................................     40
                           ----------------
                  18.11    Schedules.....................................................................     40
                           ---------
                  18.12    Entire Agreement..............................................................     40
                           ----------------
                  18.13    Severability..................................................................     40
                           ------------
                  18.14    Counterparts..................................................................     41
                           ------------
                  18.15    Authority.....................................................................     41
                           ---------
                  18.16    Collection of Accounts Receivable.............................................     41
                           ---------------------------------
</TABLE>

                                       v
<PAGE>

 <TABLE>
<S>                                                 <C>                                                      <C>
                                                    By:      _____________________________...............    43
</TABLE>

                                      vi
<PAGE>

                           ASSET PURCHASE AGREEMENT

     THIS ASSET PURCHASE AGREEMENT (this "Agreement"), is made this ____ day of
________, 2000, by and among NEXTMEDIA OPERATING, INC., a Delaware corporation
("NMO"), NEXTMEDIA LICENSING, INC., a Delaware corporation ("NML"; and together
with NMO, the "Buyer") and RADIOWORKS, INC., an Illinois corporation
("RadioWorks"), WFVR, INC., an Illinois corporation ("WFVR"), WKKD, INC., an
Illinois corporation ("WKKD"; and together with RadioWorks and WFVR, the
"Seller").

                             W I T N E S S E T H :

     WHEREAS, Seller owns certain assets which are used or useful in connection
with the business and operations of radio stations WKKD(AM), Aurora, Illinois
and WKKD-FM, Aurora, Illinois (collectively, the "Stations");

     WHEREAS, Seller desires to sell the Stations, and Buyer desires to purchase
substantially all of the assets of Seller used or useful in connection with the
business and operations of the Stations in accordance with the terms and
conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements hereinafter set forth, the parties hereto, intending to
be legally bound hereby agree as follows:

                                   ARTICLE 1
                              PURCHASE OF ASSETS
                              ------------------

     1.1  Transfer of Assets. On the terms and subject to the conditions
          ------------------
contained in this Agreement, on the Closing Date (as hereinafter defined),
Seller shall assign, transfer, convey and deliver to Buyer and Buyer shall
acquire and assume from Seller, all of the right, title, ownership and interest
of Seller in and to all of the following assets, properties, interests and
rights of Seller (collectively, the "Station Assets") free and clear of any and
all Liens (as hereinafter defined), claims, judgments, or encumbrances,
whatsoever, other than Permitted Liens (as hereinafter defined):

          1.1.1  Licenses and Permits. All of Seller's rights in and to the
                 --------------------
licenses, permits and other authorizations issued to Seller by any governmental
authority, including those issued by the Federal Communications Commission (the
"FCC") (hereinafter referred to collectively as the "Station Licenses"), used in
connection with the business or operations of the Stations, along with renewals
or modifications of such items from the date hereof through the Closing Date, as
such items are listed in Schedule 1.1.1 hereto;
                         --------------

          1.1.2  Tangible Personal Property. All equipment, office furniture and
                 --------------------------
fixtures, office materials and supplies, inventory, spare parts and all other
tangible personal property of every kind and description, and Seller's rights
therein, owned, leased or held by Seller and used in

                                       1
<PAGE>

connection with the business or operations of the Stations, as such items are
described or listed in Schedule 1.1.2 hereto, together with any replacements
                       --------------
thereof or improvements or additions thereto, made from the date hereof through
the Closing Date, and less any retirements or dispositions thereof, made between
the date hereof and the Closing Date in the ordinary course of Seller's business
consistent with past practices;

          1.1.3  Contract Rights. All of the Seller's rights in and under those
                 ---------------
contracts, agreements, leases and legally binding contractual rights of any
kind, written or oral, relating to the business or operations of the Stations
(collectively, the "Contracts") which are (a) listed in Schedule 1.1.3 hereto,
                                                        --------------
(b) entered into by Seller from the date hereof through the Closing Date in the
ordinary course of Seller's business consistent with past practices, subject to
Sections 1.2, 2.2 and 8.1, (c) for the sale of advertising time for cash,
subject to Sections 1.2, 2.2, and 8.1 and (d) for consideration other than cash,
such as merchandise, services or promotional consideration ("Trade Agreements"),
subject to Sections 1.2, 2.2, 8.1 and 18.10;

          1.1.4  Intellectual Property. All of Seller's rights in and to all
                 ---------------------
causes of action for any past infringement of any of the Intellectual Property
(as hereinafter defined), all foreign and domestic letters patent, patent
licenses, processes, patents, all trade secrets, trade dress, proprietary
information, call letters, trademarks, trade names, service marks, franchises,
public image, likeness, mascots, copyrights (and all extensions, renewals, and
termination rights), Internet domain names, including registrations and
applications for registration of any of them, URL addresses, computer software
programs and licenses, know-how licenses, all programming material of whatever
form or nature, jingles, slogans, the Stations' logos and all other logos or
licenses to use same, technical knowledge, know-how, confidential proprietary
information and any and all other intangible property rights of Seller, which
are used in connection with the business or operations of the Stations,
including, but not limited to, the items listed in Schedule 1.1.4 hereto
                                                   --------------
(collectively, the "Intellectual Property"), together with any associated
goodwill and any additions thereto between the date hereof and the Closing Date;

          1.1.5  Books and Records. All of Seller's rights in and to all of the
                 -----------------
files, documents, records, and books of account relating to the business or
operations of the Stations or to the Station Assets, including, without
limitation, each of the Stations' public files, programming information and
studies, technical information and engineering data, news and advertising
studies or consulting reports, marketing and demographic data, sales
correspondence, lists of advertisers, promotional materials, credit and sales
reports and filings with the FCC, originals of all written Contracts to be
assigned hereunder, logs, software programs and books and records relating to
employees, financial, accounting, legal, operational and technical matters
(excluding records relating solely to any Excluded Asset (as hereinafter
defined));

          1.1.6  Manufacturers' and Vendors' Warranties.  All of Seller's
                 --------------------------------------
rights under manufacturers', distributors', wholesalers', retailers', and
vendors' warranties relating to items included in the Station Assets and all
similar rights derived from, for, and/or against any and all third parties
relating to items included in the Station Assets;

                                       2
<PAGE>

          1.1.7  Owned Real Estate. All real property owned by Seller, together
                 -----------------
with all appurtenant easements thereunto, and all structures, fixtures and
improvements located thereon used or useful in connection with the business or
operations of the Stations as more fully described in Schedule 1.1.7 hereto,
                                                      --------------
together with any additions thereto from the date hereof through the Closing
Date (the "Owned Real Estate");

          1.1.8  Leased Real Estate. All rights, entitlement, benefits and
                 ------------------
interests of Seller under any and all of the leases of real property used or
useful in connection with the business or operations of the Stations (the
"Leased Real Estate"; and together with the Owned Real Estate, the "Real
Estate"), which Leased Real Estate is identified and described in Schedule
                                                                  --------
1.1.8;

          1.1.9  Miscellaneous Assets. All such other assets, properties,
                 --------------------
interests and rights, whether real or personal, owned by Seller which are used
or useful in connection with the business or operations of the Stations or which
are located as of the Closing Date on the Real Estate, except for Excluded
Assets.

     1.2  Excluded Assets.  Notwithstanding anything to the contrary contained
          ---------------
herein, it is expressly understood and agreed that the Station Assets shall not
include any of the following assets or any right, title or interest therein
(collectively, the "Excluded Assets"):

          1.2.1  Cash. All cash, deposits, marketable securities, and cash
                 ----
equivalents of Seller on hand and/or in banks;

          1.2.2  Notes Receivable and Accounts Receivable. All notes receivable
                 ----------------------------------------
and accounts receivable of Seller.

          1.2.3  Tangible and Intangible Personal Property. All tangible and
                 -----------------------------------------
intangible personal property of Seller disposed of or consumed in the ordinary
course of business of Seller consistent with past practices between the date
hereof and the Closing Date, as permitted hereunder;

          1.2.4  Contracts. All Contracts which have terminated or expired on or
                 ---------
prior to the Closing Date in the ordinary course of business of Seller;

          1.2.5  Corporate Records. Seller's corporate seals, minute books,
                 -----------------
charter documents,  corporate stock record books and such other books and
records as pertain to the organization, existence or share capitalization of
Seller, and duplicate copies of such financial records as are necessary to
enable Seller to file its Tax Returns (as hereinafter defined) and reports;

          1.2.6  Contracts of Insurance and Insurance Proceeds. Contracts of
                 ---------------------------------------------
insurance and all insurance proceeds or claims made by Seller arising out of or
related to the Station Assets to the extent that such contracts, proceeds or
claims relate to expenditures (a) which were made by Seller prior to the Closing
Date or (b) which Seller remains obligated to make after the Closing Date;
provided, however, that all such contracts, proceeds or claims made or received
on or after the date

                                       3
<PAGE>

of this Agreement shall be included under Station Assets;

          1.2.7   Employee Plans. The Employee Plans (as hereinafter defined)
                  --------------
and the assets thereof;

          1.2.8   Name Usage. Any right to use the name "RadioWorks"or any
                  ----------
variation thereof;

          1.2.9   Other Excluded Assets. Those specific assets identified on the
                  ---------------------
Excluded Assets Schedule attached to this Agreement as Schedule 1.2.9;
                                                       --------------

          1.2.10  Causes of Action. Except as described in Section 1.1.4, all
                  ----------------
of Seller's rights in and to all causes of action; and

          1.2.11  Tax Refunds. All Tax (as hereinafter defined) refunds relating
                  -----------
to the period prior to the Closing (as hereinafter defined).

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

     2.1  Assumption of Obligations. Subject to the provisions of Sections 2.1
          -------------------------
and 2.2,  on the Closing Date, Buyer shall assume the obligations of Seller
arising or to be performed after the Closing Date under the Contracts referred
to in Section 1.1.3 in effect on the Closing Date, and all liabilities and
obligations that arise from the ownership or operation of the Station Assets
after the Closing Date.  All of the foregoing liabilities and obligations shall
be referred to herein collectively as the "Assumed Liabilities."

     2.2  Retained Liabilities. Notwithstanding anything contained in this
          --------------------
Agreement to the contrary, Buyer does not assume or agree to pay, satisfy,
discharge or perform, and will not be deemed by virtue of the execution and
delivery of this Agreement or any document delivered at the execution of this
Agreement, or as a result of the consummation of the transactions contemplated
by this Agreement, to have assumed, or to have agreed to pay, satisfy, discharge
or perform, any liability or obligation of Seller other than the Assumed
Liabilities, including, without limitation, any of the following liabilities or
obligations of Seller (the "Retained Liabilities"):

          (a) all obligations or liabilities of Seller or any Predecessor (as
hereinafter defined) or Affiliate (as hereinafter defined) of Seller which in
any way relate to, or arise out of, any of the Excluded Assets;

          (b) other than Taxes expressly allocated pursuant to other provisions
of this Agreement, any and all Tax liabilities of Seller;

          (c) all liabilities or obligations of Seller owed to Seller or any of
its Affiliates;

                                       4
<PAGE>

          (d) all liabilities or obligations arising out of any breach by Seller
or any Predecessor or Affiliate of Seller of any of the terms or conditions of
any provision of any Contract;

          (e) all liabilities or obligations of Seller for borrowed money or for
interest on such borrowed money;

          (f) all liabilities and obligations of Seller or any Predecessor or
Affiliate of Seller resulting from, caused by or arising out of, any violation
of law, including but not limited to any statute, regulation, ordinance, decree,
or judgment;

          (g) any claims, liabilities, judgments, settlements, consents, orders,
decrees or obligations of Seller as an employer, including, without limitation,
liabilities for wages, supplemental unemployment benefits, labor claims, Equal
Employment Opportunity Commission claims, vacation benefits, severance benefits,
retirement benefits, ERISA (as hereinafter defined) benefits or claims, Federal
Consolidated Omnibus Budget Reconciliation Act of 1985 benefits, Federal Family
and Medical Leave Act of 1993 benefits, Federal Workers Adjustment and
Retraining Notification Act obligations and liabilities, or any other employee
benefits, withholding Tax liabilities, workers' compensation, or unemployment
compensation benefits or premiums, hospitalization or medical claims,
occupational disease or disability claims, or other claims attributable in whole
or in part to employment on or prior to the Closing Date or termination by
Seller or arising out of any labor matter involving Seller as an employer, and
any claims, liabilities and obligations arising from or relating to the Employee
Benefit Plans;

          (h) any claims, liabilities, settlements, judgments, proceedings,
executions, losses, damages, or expenses relating to any litigation, claim,
action, suit, proceeding, or investigation of any nature arising out of the
business or operations of the Stations on or prior to the Closing Date,
including, without limitation, any claims against or any liabilities for
personal injury to or death of, persons or damage to or destruction of property,
any workers' compensation claims, and any warranty claims;

          (i) except as may otherwise be provided herein, any accounts payable,
other indebtedness, obligations and accrued liabilities of Seller;

          (j) any claims, losses, damages, expenses, liabilities or obligations
resulting from the failure to comply with, or imposed pursuant to, any
Environmental Law (as hereinafter defined), or resulting from the use, presence,
generation, storage, treatment, transportation, handling, disposal, emission or
release of Hazardous Substances (as hereinafter defined), solid wastes, and
liquid and gaseous matters by Seller and by any other person in relation to
Seller or the Stations to the extent related to, arising from or otherwise
attributable to Seller's acts or omissions prior to or conditions existing as of
the Closing Date, including, without limitation, any liability or obligation for
cleaning up waste disposal sites from or related to Seller's acts or omissions
on or prior to the Closing Date; and

                                       5
<PAGE>

          (k) any fees and expenses incurred by Seller in connection with
negotiating, preparing, closing, performing, complying with, and carrying out
this Agreement and the transactions contemplated by this Agreement, including,
without limitation, the fees and expenses of Seller's attorneys, accountants,
investigators, auditors,  consultants and brokers.

                                   ARTICLE 3
                                 CONSIDERATION
                                 -------------

     3.1  Delivery of Consideration.  In exchange for the Station Assets, and in
          -------------------------
addition to Buyer's assumption of the Assumed Liabilities, Buyer shall, at the
Closing deliver to Seller the sum of Three Million Four Hundred Thousand and
No/100 Dollars ($3,400,000.00) (the "Purchase Price") by wire transfer of
immediately available funds, adjusted pursuant to the provisions of this
Agreement.

     3.2  Allocation of Consideration.  Within thirty (30) days after the
          ---------------------------
Closing Date, Seller and Buyer shall negotiate in good faith an allocation of
the total consideration provided herein among the Station Assets (the
"Allocation").  If the Allocation is not agreed upon within thirty (30) days
after the Closing Date, Buyer and Seller will order an appraisal of the Station
Assets from Broadcast Investments Analysts ("BIA") and BIA will determine the
Allocation.  The appraisal, if required, shall be provided to each of Buyer and
Seller within forty five (45) days after it is ordered. Buyer and Seller agree
to prepare and file all Tax Returns and reports (including, if applicable, Form
8594) in a manner consistent with the Allocation and will not in connection with
the filing of such returns make any allocation that is contrary to the
Allocation.  Buyer and Seller agree to consult with each other with respect to
all issues related to the Allocation in connection with any Tax audits,
controversy or litigation. The fees for BIA shall be borne equally by Buyer and
Seller.

     3.3  Allocations and Prorations.
          --------------------------

          3.3.1  The business and the operations of the Stations and the income
and expenses attributable thereto through 11:59 p.m. on the Closing Date (the
"Effective Time") shall be for the account of Seller and thereafter shall be for
the account of Buyer. Expenses for goods and services received both before and
after the Effective Time, utilities charges, ad valorem, real estate, property
and other Taxes (other than income Taxes, which shall be Seller's sole
responsibility for all taxable periods ending prior to and including the
Effective Time, and those Taxes arising from the sale and transfer of the
Station Assets, which, in the case of transfer and other similar Taxes, shall be
paid as set forth in Section 14.2), income and expenses under the Contracts
(other than Trade Agreements), prepaid expenses, music and other license fees
(including any retroactive adjustments thereof), wages, salaries, and other
employee benefit expenses (whether such wages, salaries or benefits are current
or deferred expenses, including, without limitation, liabilities accrued up to
the Effective Time for bonuses, commissions, vacation pay, payroll Taxes,
workers' compensation and social security Taxes) and rents and similar prepaid
and deferred items shall be prorated between Seller and Buyer in accordance with
the foregoing. Notwithstanding the foregoing, no proration shall be made with
respect to (a) severance or sick leave with respect to any employee on or prior

                                       6
<PAGE>

to the Closing or (b) any prepaid expense or other deferred item unless Buyer
will receive a benefit in respect of such prepayment or deferral after the
Effective Time.  For purposes of this Section 3.3.1, ad valorem and other real
estate Taxes shall be apportioned on the basis of the Taxes assessed for the
most recently completed calendar year, with a reapportionment as promptly as
practicable after the Tax rates and real property valuations for the calendar
year in which the Closing occurs can be ascertained. In addition, Buyer shall be
entitled to a credit, if any, in this proration process for the amount of any
Taxes (or other governmental charges) that are due and payable by Seller, but
are being contested by Seller in good faith in appropriate proceedings and are
secured by Liens, if any, on the Station Assets and such Liens have not been
removed on or prior to the Closing (but once such amounts are finally
determined, Buyer shall use such credit to remove such Liens and return to
Seller the excess of (i) the amount of such credit minus (ii) the amount of such
Taxes or other governmental charges as finally determined, or Seller shall pay
to Buyer the deficiency, as appropriate).

          3.3.2  Allocation and proration of the items set forth in Subsection
3.3.1 shall be made by Buyer and a statement thereof given to Seller within
ninety (90) days after the Closing Date. Seller shall give written notice of any
objection thereto within twenty (20) business days after delivery of such
statement, detailing the reason for such objection and stating the amount of
Seller's proposed final allocation and proration. If a timely objection is made
and the parties cannot reach agreement within thirty (30) days after receipt of
the objection as to the amount of the final allocation and proration, the matter
shall be referred to Price Waterhouse Coopers, L.L.P. (the "Independent
Auditor") to resolve the matter, whose decision will be final and binding on the
parties, and whose fees and expenses shall be borne by Buyer and Seller in
accordance with the following: each party shall pay an amount equal to the sum
of all fees and expenses of the Independent Auditor on a proportional basis
taking into account the amount of the net allocation and proration proposed by
each of Buyer and Seller and the amount of the final allocation and proration
determined by the Independent Auditor (for example, if Buyer proposed a payment
of $10 to Seller, Seller proposed a payment of $100, and the Independent Auditor
proposed a payment of $30, Buyer would pay 20/90ths of the Independent Auditor's
fees and Seller would pay 70/90ths of those fees based on the $90 in dispute
between the parties). Within five business days following a final determination
hereunder, the party obligated to make payment will make the payments determined
to be due and owing in accordance with this Section 3.3.

          3.3.3  All prorations shall be made in a manner that does not affect
the economic arrangements set out in the Time Brokerage Agreement entered into
pursuant to Section 10.7 hereof (the "TBA"). The prorations for any and all
Contracts shall be calculated as of 12:01 a.m. on the TBA Commencement Date, as
defined in the TBA.

                                   ARTICLE 4
                                    CLOSING
                                    -------

     4.1  Closing. The consummation of the transactions contemplated herein (the
          -------
"Closing")

                                       7
<PAGE>

shall occur, except as may be otherwise mutually agreed upon by Buyer and
Seller, (a) on the last day of the month after the FCC Consents (as hereinafter
defined) to the assignments of the Station Licenses have become Final Orders (as
hereinafter defined), and (b) when all terms and conditions set forth in
Articles 11 and 12 have been satisfied, or (c) such other date as may be
mutually agreed to by the parties in writing ("Closing Date"). For purposes of
this Agreement, "Final Order" means action by the FCC granting an application
consenting to the assignments contemplated by this Agreement which is not
reversed, stayed, enjoined, set aside, annulled or suspended, and with respect
to which action no timely request for stay, petition for rehearing, or
reconsideration, application for review or appeal is pending, and as to which
the time for filing any such request, petition or appeal or reconsideration by
the FCC on its own motion has expired. The Closing shall be held preferably
through exchange of closing documents by overnight deliveries, or otherwise in
the offices of Shaw Pittman, 2300 N Street, N.W., Washington, D.C., 20007, or at
such place as the parties hereto may agree.

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

     5.1  FCC Consent. It is specifically understood and agreed by Buyer and
          -----------
Seller that the Closing, the assignments of the Station Licenses and the
transfer of the Station Assets are expressly conditioned on, and are subject to,
the prior written consent and approval of, the FCC ("FCC Consent").

     5.2  FCC Applications. Within ten (10) business days after the date of this
          ----------------
Agreement, Buyer and Seller shall file applications with the FCC for the FCC
Consent ("FCC Applications"). Buyer and Seller shall prosecute the FCC
Applications with all reasonable diligence and otherwise use their reasonable
efforts to obtain the FCC Consent as expeditiously as practicable.

                                   ARTICLE 6
                   REPRESENTATIONS AND WARRANTIES OF SELLER
                   ----------------------------------------

     6.1  Representations and Warranties of Seller.  Each Seller, jointly and
          ----------------------------------------
severally,  hereby makes the following representations and warranties to Buyer,
each of which is true and correct as of the date hereof, and shall be true and
correct as of the Closing Date and shall be unaffected by any investigation
heretofore or hereafter made by Buyer:

          6.1.1     Organization, Good Standing, Etc.
                    --------------------------------

                    (a)  Each Seller is a corporation validly existing and in
good standing under the laws of the State of Illinois, has all requisite
corporate power and authority to own, lease, operate or otherwise hold the
Station Assets owned, leased or otherwise held by such entity and to carry on
the business and operations of the Stations as now being conducted and is duly
qualified to do business in each jurisdiction in which such entities operation
of the Stations or such entities ownership or leasing of property makes such
qualification necessary.

                                       8
<PAGE>

            (b)  Each Seller has all requisite corporate power and authority to
enter into this Agreement and to consummate the transactions contemplated
hereby.  The execution and delivery of this Agreement by each Seller and the
consummation of the transactions contemplated hereby have been duly authorized
by all necessary corporate action on the part of each Seller, its officers,
directors, and shareholders, as the case may be.  This Agreement has been duly
executed and delivered by each Seller and assuming the due execution and
delivery of this Agreement by Buyer, constitutes the legal, valid and binding
obligation of each Seller, enforceable against each Seller in accordance with
its terms.

     6.1.2  Authority. Assuming the consents contemplated by Sections 6.1.2 and
            ---------
6.1.14 are obtained, neither the execution and delivery of this Agreement nor
the consummation of the transactions contemplated hereby shall (a) violate,
conflict with or result in any breach or default of any provision of the
organizational documents of any Seller, (b) violate, conflict with or result in
a violation or breach of, or constitute a default (with or without due notice,
lapse of time, right to cure, or all of the foregoing) under, or permit the
suspension or termination of, or result in the acceleration of, or entitle any
party to accelerate (whether as a result of the sale of the Station Assets or
otherwise) any material obligation, covenant, term, condition, or result in the
loss of any material benefit, or give rise to the creation of any material Lien,
charge, security interest, judgment, claim or encumbrance upon any of the
properties or assets of any Seller or any of its Affiliates under any of the
terms, conditions or provisions of any loan or credit agreement, note, bond,
mortgage, indenture or deed of trust, promissory note, security agreement,
chattel mortgage, debt, or any material license, lease, agreement or other
material instrument or obligation to which any Seller is a party or by which any
Seller or any of such Seller's properties or assets may be bound or affected, or
(c) violate any order, writ, judgment, injunction, decree, statute, rule,
ordinance or regulation of any court, administrative agency or commission or
other governmental authority or instrumentality (a "Governmental Entity")
applicable to any Seller or any of such Seller's properties or assets. No
consent, approval, order or authorization of, or registration, declaration or
filing with, any Governmental Entity is required by or with respect to any
Seller in connection with the execution and delivery of this Agreement by such
Seller or the consummation by any Seller of the transactions contemplated
hereby, except for consents of the FCC to the assignments of the Station
Licenses.

     6.1.3  Financial Statements. Each Seller has supplied Buyer with certain
            --------------------
financial information contained in that certain letter dated ____________, 2000,
from Seller to Buyer (the "Seller Disclosure Letter") (such financial
information collectively being referred to as the "Seller's Financial
Statements"). The Seller's Financial Statements were prepared in accordance with
accounting principles applied on a consistent basis throughout the periods
covered thereby and present fairly and accurately, in all material respects, the
consolidated financial position, results of operations and changes in cash flows
of the Stations as of such date and for the periods then ended.

     6.1.4  Undisclosed Liabilities. Except as disclosed in Seller's Financial
            -----------------------
Statements, Seller shall, at Closing have no material debts, liabilities or
obligations of any nature, whether secured or unsecured (accrued, absolute,
known or unknown, or otherwise, and whether due or to

                                       9
<PAGE>

become due).

          6.1.5 Compliance with Applicable Laws; FCC Matters.
                --------------------------------------------

                (a) Except as stated in the Seller Disclosure Letter, Seller is
in compliance in all material respects with all federal, state, and local laws,
rules, regulations, policies, and ordinances applicable or relating to the
Station Assets and the Stations, including those of the FCC, all obligations
with respect to equal opportunity under applicable law, and all rules and
regulations of the Federal Aviation Administration ("FAA") applicable to the
towers used by the Stations (including all rules regulating hazards to air
navigation, registration of radio towers, and exposure of humans to RF (as
hereinafter defined)). Neither the ownership of or use of the Station Assets or
the Station Licenses nor the conduct of the business of Seller conflicts in any
material respect with the rights of any other person or entity, or with any
rule, regulation, or policy of any Governmental Entity. To Seller's knowledge,
all material disclosures, returns, reports, and statements that Seller or the
Stations are required to file with the FCC or with any other Governmental Entity
have been filed, and all reporting and record-keeping requirements of the FCC
and other Governmental Entities having jurisdiction over Seller or the Stations
have been complied with in all material respects during the current license
terms. To Seller's knowledge, all of such disclosures, returns, reports, and
statements were complete and correct in all material respects as filed. Seller
has fully paid all annual FCC regulatory fees payable with respect to the
Station Licenses. To Seller's knowledge, all such filings complied in all
material respects with applicable laws when made, and to Seller's knowledge, no
material deficiencies have been asserted with respect to any such filings. All
the material required by 47 C.F.R. (S) 73.3526 to be kept in the public
inspection files of the Stations is in such files. Seller has no knowledge of
any material fact or circumstance relating to Seller or the Stations arising
from noncompliance with the Communications Act of 1934, as amended, or the
rules, regulations or written policies of the FCC in effect on the date of this
Agreement (the "Communications Act"), that could reasonably be expected to (i)
disqualify Seller from assigning the Station Licenses to the Buyer or (ii)
prevent or delay the consummation by the parties of the transactions
contemplated by this Agreement.

                (b) Schedule 1.1.1 lists (i) all licenses, permits and other
                    --------------
authorizations (including all broadcast auxiliary licenses, construction permits
and all grants of Special Temporary Authority ("STA")) issued by the FCC
relating to the Stations as of the date of this Agreement and (ii) all licenses,
permits or authorizations issued to Seller by any other Governmental Entities
which are material to the business or operations of the Stations as presently
conducted and held by Seller as of the date of this Agreement.  Such licenses,
permits and authorizations, and all applications for modification, extension or
renewal thereof or for new licenses, permits, permissions or authorizations
applicable to the business or operations of the Stations are collectively
referred to herein as the Station Licenses (as further defined in Section
1.1.1), each of which is in full force and effect.  Except as stated in the
Seller Disclosure Letter, to Seller's knowledge, the Stations have been operated
in all material respects in accordance with the terms of the Station Licenses.
Except as stated in the Seller Disclosure Letter, to Seller's knowledge, all
towers and other structures used in the operation of the Stations or the Station
Assets or located on the Real Estate are obstruction

                                      10
<PAGE>

marked and lighted to the extent required by, and in accordance with the rules
and regulations of the FAA, the FCC and other Governmental Entities. Except as
stated in the Seller Disclosure Letter, appropriate notifications to the FAA and
registrations with the FCC have been filed for such towers where required.
Except as stated in the Seller Disclosure Letter and except for proceedings
affecting the radio broadcast industry generally, there are no proceedings
pending or, to the Seller's knowledge, threatened with respect to Seller's
ownership or operation of the Stations which reasonably may be expected to
result in the revocation, material adverse modification, non-renewal or
suspension of any of the Station Licenses, the denial of any pending
applications for the Station Licenses, the issuance against Seller of any cease
and desist order, or the imposition of any administrative actions by the FCC or
any other Governmental Entity with respect to the Station Licenses, or which
reasonably may be expected to adversely affect the Stations' ability to operate
as currently operated. With the exception of operations pursuant to any existing
STAs set out in Schedule 1.1.1 hereto, and with the further exception of such
                --------------
temporary reduced power operations as are necessary for routine maintenance, as
of the Closing Date, the Stations shall operate in conformity with the Station
Licenses. To Seller's knowledge, no other broadcast station or radio
communications facility is causing interference to the Stations' transmissions
beyond that which is allowed by FCC rules and regulations. Seller has all
necessary authority to use the call signs set forth on Schedule 1.1.1.
                                                       --------------

          6.1.6  Litigation. Except for any FCC rulemaking proceedings affecting
                 ----------
the radio broadcasting industry generally or except as otherwise stated in the
Seller Disclosure Letter, there is no claim, legal action, counterclaim, suit,
arbitration, governmental investigation, or other legal, administrative, or tax
proceeding, nor any order, decree, or judgment, in progress or pending, or, to
the best of Seller's knowledge, threatened, against Seller with respect to the
ownership or operation of the Stations or otherwise relating to the Station
Assets or the business of Seller. In particular, but without limiting the
generality of the foregoing, except as otherwise stated in the Seller Disclosure
Letter, there are no applications, complaints, or proceedings pending or, to the
best of Seller's knowledge, threatened, (i) before the FCC relating to Seller or
the business or operation of the Stations, other than rulemaking proceedings
that affect the radio broadcasting industry generally, (ii) before any federal
or state agency relating to Seller or the business or operation of the Stations
involving charges of illegal discrimination under any federal or state
employment laws or regulations, or (iii) before any federal, state, or local
agency relating to Seller or the business or operation of the Stations involving
zoning issues under any federal, state, or local zoning law, rule, or
regulation. Except as otherwise stated in the Seller Disclosure Letter, to
Seller's knowledge, there exists no basis, including any facts or circumstances
which are known or should be known to Seller that could give rise to any of the
actions described in this Section.

          6.1.7  Insurance. Attached to the Seller Disclosure Letter are true
                 ---------
and complete copies of each insurance policy applicable to the Station Assets
and held by Seller, each of which is in full force and effect on the date
hereof, is valid and enforceable in accordance with its terms. Seller shall
cause the same or comparable policies of insurance to remain in effect for acts,
omissions and events occurring on or prior to the Closing Date.

                                      11
<PAGE>

          6.1.8  Real Estate.
                 -----------

                 (a)  In Schedule 1.1.7 and Schedule 1.1.8 Seller has
                         --------------     --------------
provided Buyer with a true and complete list of all Owned Real Estate,
identifying each parcel of owned Real Estate by its legal description and street
address. Neither Seller nor any of its Affiliates own or hold real property or
interest in real property, including any fee estates, leaseholds and
subleaseholds, purchase options, or licenses other than disclosed to Buyer in
Schedule 1.1.7 and Schedule 1.1.8. The Real Estate (i) includes the Stations'
--------------     --------------
transmitter sites as authorized by the FCC, (ii) is approved by all local zoning
and land use authorities for its current use, and (iii) is adequate for the
business of Seller and the Stations as currently conducted. Other than the real
property under any office lease and/or any transmitter site lease, Seller holds
good and marketable title to the Owned Real Estate, free and clear of all Liens,
except Permitted Liens. To Seller's knowledge, there are no pending or
contemplated condemnation or eminent domain proceedings that may affect] the
Owned Real Estate. As of the Closing Date, all real estate Taxes, assessments
and use charges pertaining to the Owned Real Estate that have become due shall
have been paid in full.

                 (b)  Each lease of real property pertaining to any and all
Leased Real Estate (a "Real Estate Lease") is in full force and effect and is
binding and enforceable in accordance with its terms. The Seller has timely
performed its obligations under any Real Estate Lease. To Seller's knowledge,
there is no default or claim of default or breach against the Seller or any
other party to any Real Estate Lease, or any event or circumstance that, with
the passage of time or the giving of notice or both, would result in (i) a
default by the Seller or (ii) to the best of Seller's knowledge, a default by
any other party to any Real Estate Lease. To Seller's knowledge, no notice of
termination, foreclosure, eviction, or possession, condemnation or eminent
domain, has been issued with respect to any Real Estate Lease. Except as
otherwise stated in the Seller Disclosure Letter, and assuming any required
consents to assignment of the Real Estate leases can be obtained, the Real
Estate Leases are assignable to Buyer on the same terms and conditions as Seller
now enjoys under such Real Estate Leases.

                 (c)  To Seller's knowledge, all material improvements on any
of the Real Estate have been constructed, occupied, maintained and operated in
material compliance with all applicable laws, insurance requirements, contracts,
leases, permits, licenses, ordinances, restrictions, building set-back lines,
covenants, reservations, and easements, and Seller has received no notice,
written or verbal, claiming any material violation of any of the same or
requesting or requiring the performance of any material repairs, alterations or
other work in order to so comply. To Seller's knowledge, no improvement on any
of the Real Estate encroaches upon any adjacent real property of any other
person or entity.

          6.1.9  Personal Property. Seller has provided Buyer with a true and
                 -----------------
complete list of all material machinery, equipment, tools, vehicles, furniture,
leasehold improvements, office equipment, plant, inventory, spare parts, and
other tangible personal property that is owned or held by Seller and used in the
conduct of the business and operations of the Stations. Schedule 1.1.2 comprises
                                                        --------------
all material items of tangible personal property owned or leased by Seller and
used in the

                                      12
<PAGE>

operation of the Stations (other than Real Estate and certain lease Contracts).
Except as otherwise stated in the Seller Disclosure Letter, Seller owns and has
good and marketable title to each item listed on Schedule 1.1.2, and none of the
                                                 --------------
items listed on such Schedule or any other Station Assets are subject to any
Lien (other than Permitted Liens). Each item listed on Schedule 1.1.2 is in good
                                                       --------------
operating condition, adequate for the operation of Seller's business (normal
wear and tear excepted), and is available for immediate use in the current
business of Seller. Except as otherwise stated in the Seller Disclosure Letter,
all items of transmitting and studio equipment included in Schedule 1.1.2 permit
                                                           --------------
the Stations to operate in all material respects in accordance with the terms of
the FCC Licenses and the rules and regulations of the FCC, and in all material
respects with all other applicable federal, state, and local statutes,
ordinances, rules and regulations. Except as set forth in Schedule 1.1.2, the
                                                          --------------
Station Assets constitute all property necessary to conduct the business of
Seller as now conducted and to permit on-air broadcast operations by the
Stations at the power, height and other operating parameters specified in their
respective broadcast licenses.

          6.1.10  Liens and Encumbrances. As of the Closing, all of the Station
                  ----------------------
Assets, including leases, will be free and clear of all liens, pledges, claims,
orders, security interests, writs, judgments, restrictions, mortgages (real or
personal), tenancies and other possessory interests, conditional sale or other
title retention agreements, assessments, easements, rights of way, covenants,
restrictions, rights of first refusal, defects in title, encroachments and other
burdens, options or encumbrances of any kind (collectively, "Liens"), except for
(a) statutory Liens securing payments not yet delinquent or the validity of
which are being contested in good faith by appropriate actions, (b) Liens for
taxes not yet delinquent, (c) Liens securing indebtedness, all of which Liens
will be fully discharged by Seller at the Closing upon repayment of all amounts
due and owing, (d) Liens on leases arising from the provisions of such leases,
and (e) zoning ordinances (the Liens referred to in clauses (a) through (e)
being "Permitted Liens").

          6.1.11  Environmental Matters.
                  ---------------------

                  (a) Seller and/or its Affiliates have complied in all
material respects and are in material compliance with, and the Real Estate and
all improvements thereon are in material compliance with, all Environmental Laws
(as hereinafter defined). "Environmental Laws" shall mean the rules and
                           ------------------
regulations of the FCC, the Environmental Protection Agency and all other
federal, state or local government authorities pertaining to human exposure to
radio frequency ("RF") radiation and all applicable rules and regulations of
federal, state and local laws, including statutes, regulations, ordinances,
codes, rules, as amended, relating to the discharge of air pollutants, water
pollutants or process waste water or otherwise relating to the environment or
Hazardous Materials (as hereinafter defined) or toxic substances including, but
not limited to, the Federal Solid Waste Disposal Act, the Federal Clean Air Act,
the Federal Clean Water Act, the Federal Resource Conservation and Recovery Act
of 1976, the Federal Comprehensive Environmental Response, Compensation and
Liability Act of 1980, regulations of the Environmental Protection Agency,
regulations of the Nuclear Regulatory Commission, and regulations of any state
department of natural resources or state environmental protection agency now or
at any time hereafter in effect. "Hazardous Materials" shall mean all wastes,
                                  -------------------
substances, or materials (whether solids, liquids or

                                      13
<PAGE>

gases) that are deemed hazardous, toxic, pollutants, or contaminants, including,
without limitation, substances defined as "hazardous wastes," "hazardous
substances," "toxic substances," "radioactive materials," or other similar
designations in, or otherwise subject to regulation under, any Environmental
Laws. "Hazardous Materials" includes but is not limited to polychlorinated
       -------------------
biphenyls ("PCBs"), asbestos, lead-based paints, infectious wastes, radioactive
            ----
materials and wastes and petroleum and petroleum products (including, without
limitation, crude oil or any fraction thereof).

               (b)  No litigation or administrative proceeding is pending or, to
Seller's knowledge, is threatened against Seller or any of its Affiliates, which
in either case (i) asserts or alleges that Seller or any of its Affiliates
violated any Environmental Laws, (ii) asserts or alleges that Seller or any of
its Affiliates are required to clean up, remove or take remedial or other
response action due to the disposal, depositing, discharge, leaking or other
release of any Hazardous Materials at the Real Estate or (iii) asserts or
alleges that Seller or any of its Affiliate are required to pay all or a portion
of the cost of any past, present or future cleanup, removal or remedial or other
response action which arises out of or is related to the disposal, depositing,
discharge, leaking or other release of any Hazardous Materials by Seller or any
of its Affiliates at the Real Estate.

               (c)  To the knowledge of Seller, no person has caused or
permitted Hazardous Materials to be stored, deposited, treated, recycled or
disposed of on, under or at any Real Estate owned, leased, used or occupied by
Seller or any of its Affiliates which Hazardous Materials, if known to be
present, would require cleanup, removal or some other remedial action under any
Environmental Laws.

               (d)  To the knowledge of Seller, there are not now, nor have
there previously been, tanks or other facilities on, under, or at the Real
Estate which contained any Hazardous Materials which, if known to be present in
soils or ground water, would require cleanup, removal or some other remedial
action under Environmental Laws.

               (e)  To the knowledge of Seller, there are no conditions existing
currently at any Real Estate owned, leased, used or occupied by Seller or any of
its Affiliates which would subject Seller or such Affiliate to damages,
penalties, injunctive relief or cleanup costs under any Environmental Laws or
which require cleanup, removal, remedial action or other response pursuant to
Environmental Laws by Seller or such Affiliate.

               (f)  Neither Seller nor any Affiliate of Seller is subject, as a
result of its interest in the Real Estate or the Leased Property, to any
judgment, order or citation related to or arising out of any Environmental Laws
and has not been named or listed as a potentially responsible party by any
governmental body or agency in a matter related to or arising out of any
Environmental Laws.

               (g)  The operation of the Stations does not exceed the
permissible levels of exposure to RF radiation specified in the FCC's current
rules, regulations and policies concerning RF radiation.

                                      14
<PAGE>

             (h)  Seller and/or its Affiliates have been duly issued, and
currently have and shall maintain through the Closing, all material permits,
licenses, certificates and approvals required under any Environmental Law.
Seller has provided Buyer with a true and complete list of such permits,
licenses, certificates and approvals, all of which are valid and in full force
and effect. Except in accordance with such permits, licenses, certificates and
approvals, there has been no discharge of any Hazardous Materials or any other
material regulated by such permits, licenses, certificates or approvals.

             (i)  To Seller's knowledge, neither Seller nor any of its
Affiliates have any liability (and to Seller's knowledge, there is no basis for
any present or future charge, complaint, action, suit, proceeding, hearing,
investigation, claim or demand against Seller or any of its Affiliates giving
rise to any liability): (i) under the Occupational Safety and Health Act, as
amended, or any other law (or rule or regulation thereunder) of any federal,
state, local, or foreign government (or agency thereof) concerning employee
health and safety, or (ii) for any illness of or personal injury to any
employee.

     6.1.12  Taxes.
             -----

             (a) All Tax Returns that were required to be filed by Seller have
been duly filed on a timely basis under the statutes, rules and regulations of
each applicable jurisdiction, and Seller will file or will cause to be duly
filed, all Tax Returns required to be filed by Seller as of the Closing Date and
with respect to any taxable period prior to or which includes the Closing Date.
All such Tax Returns are (or will be) complete and accurate in all material
respects. Except as otherwise stated in the Seller Disclosure Letter, all Taxes,
whether or not reflected on the Tax Returns, which are due with respect to the
Seller and any of its Affiliates have been timely paid by the Seller and/or any
such Affiliate, whether or not such Taxes are disputed. For the purposes of this
Section 6.1.12 only, "Affiliates" shall mean any entity that files a
consolidated tax return with the Seller.

             (b) No claim, judgment, Lien, settlement, writ, or order for
assessment or collection of Taxes has been asserted against the Seller or any of
its Affiliates.  Neither Seller nor any of its Affiliates are a party to any
pending audit, action, suit, claim, litigation, proceeding or investigation by
any Governmental Entity for the assessment or collection of Taxes, nor does
Seller or any of its Affiliates have knowledge of any threatened audit, suit,
claim, litigation, action, proceeding or investigation.

             (c) To Seller's knowledge, neither Seller nor any of its Affiliates
have waived or extended any statutes of limitation for the assessment or
collection of Taxes. To Seller's knowledge, no claim has been made by a
Governmental Entity in a jurisdiction where the Seller or any of its Affiliates
does not currently file Tax Returns that the Seller or its Affiliates may be
subject to taxation by that jurisdiction, nor is Seller or any of its Affiliates
aware that any such assertion of Tax jurisdiction is pending or threatened. No
Liens, other than Permitted Liens (whether filed or arising by operation of law)
have been imposed upon or asserted against any of the Station Assets as a result
of or in connection with any failure, or alleged failure to pay any Tax.

                                      15
<PAGE>

          (d) Seller has withheld and paid all Taxes required to be withheld in
connection with any amounts paid or owing to any employee, creditor, independent
contractor or other third party.

          (e) Seller is not a  foreign person or entity  within the meaning of
Section 1445 of the Internal Revenue Code of 1986, as amended (the "Code").

          (f) No payment described in this Agreement is subject to Section 280G
of the Code.

          (g) None of the Stations Assets is (i) "tax-exempt use" property
                                                  --------------
within the meaning of Section 168(h) of the Code, (ii) required to be treated as
owned by another person pursuant to the provisions of Section 168(f)(8) of the
Internal Revenue Code of 1954, as amended and in effect immediately prior to the
enactment of the Tax Reform Act of 1986, (iii) "tax exempt bond financed
                                                ------------------------
property" within the meaning of Section 168(g) of the Code or (iv) "limited use
--------                                                            -----------
property" (as such term is used in Rev. Proc. 76-30).
--------

          (h) For purposes of this Agreement, the terms "Tax" and "Taxes" shall
mean all federal, state, local, or foreign income, payroll, Medicare, Medicaid,
withholding, unemployment insurance, social security, Federal Insurance
Contribution Act, sales, use, service, service use, leasing, leasing use,
excise, franchise, gross receipts, value added, alternative or add-on minimum,
estimated, occupation, real and personal property, stamp, duty, document,
transfer, workers' compensation, windfall profits, environmental (including
taxes under Section 59A of the Code), or other tax, charge, fee, levy or
assessment of the same or of a similar nature, including any interest, penalty,
or addition thereto, whether disputed or not.  The term "Tax Return" means any
return, declaration, report, claim for refund, or information return or
statement relating to Taxes or any amendment thereto, and including any schedule
or attachment thereto.

  6.1.13  Personnel.
          ---------

          (a) Attached to the Seller Disclosure Letter are (i) all of Seller's
Employee Plans (as hereinafter defined) and Compensation Arrangements (as
hereinafter defined) and complete and accurate copies, or memoranda, as the case
may be, of all Employee Plans and Compensation Arrangements (or related
insurance policies), (ii) copies of all employee handbooks or similar documents
describing such Employee Plans and Compensation Arrangements, and (iii) a true
and complete list of all employees of Seller and such employees' job
descriptions, dates of hire, salaries, commissions, W-2 earnings, and amounts
and dates of last salary increases.

          (b) Each Employee Plan and Compensation Arrangement has been
administered in compliance with its own terms and in compliance with the
provisions of ERISA (as hereinafter defined), the Code, the regulations
implementing the Code, the Age Discrimination in Employment Act, and all other
applicable federal or state laws in all material respects.  Seller is not aware
of any pending or threatened governmental audit or examination of any Employee
Plan or

                                      16
<PAGE>

Compensation Arrangement. There exists no action, suit, or claim (other than
routine claims for benefits), or of any basis therefor, with respect to any
Employee Plan or Compensation Arrangement pending or, to the knowledge of
Seller, threatened against any of such plans or arrangements.

          (c) Neither Seller nor any of its Affiliates have contributed to or is
required to contribute to any Multi-Employer Plan (as hereinafter defined) with
respect to the employees of Seller or any of its Affiliates, and neither Seller
nor any of its Affiliates nor any other trade or business under common control
with Seller or any of its Affiliates (within the meaning of Sections 414(b),
(c), (m) or (o) of the Code) has incurred or reasonably expects to incur any
withdrawal liability, as defined under Section 4201 et seq. of ERISA.

          (d) Except as otherwise stated in the Seller Disclosure Letter,
neither Seller nor any of its Affiliates nor any other trade or business under
common control with Seller or any  of its Affiliates (within the meaning of
Sections 414(b), (c), (m) or (o) of the Code) sponsors, maintains, or
contributes to any Employee Plan or Compensation Arrangement that provides
retiree medical or retiree life insurance coverage to employees of Seller or any
of its Affiliates upon retirement of such employees.

          (e) Except as otherwise stated in the Seller Disclosure Letter, with
respect to each Employee Plan and, to the extent applicable, each Compensation
Arrangement: (i) each Employee Plan that is intended to be qualified, and each
amendment thereto, is the subject of a favorable determination letter, and no
plan amendment that is not the subject of a favorable determination letter would
affect the validity of an Employee Plan's letter; and (ii) no prohibited
transaction, within the definition of Section 4975 of the Code or Title 1, Part
4 of ERISA, has occurred that would subject Seller or any of its Affiliates to
any liability that could become a liability of Buyer.  All contributions,
premiums, or payments accrued, in whole or in part, under each Employee Plan or
Compensation Arrangement or with respect thereto as of the Closing shall be paid
or accrued by Seller of its Affiliates prior to the Closing.

          (f) For purposes of this Agreement, the following terms shall have the
meaning indicated: (i) "Employee Plan" shall mean any pension, profit-sharing,
                        -------------
deferred compensation, vacation, bonus, incentive, medical, vision, dental,
disability, life insurance, or any other employee benefit plan as defined in
Section 3(3) of ERISA that or by which Seller or any of its Affiliates or any
entity related to Seller (under the terms of Section 414(b), (c), (m) or (o) of
the Code) sponsors, maintains, or otherwise is bound that provides benefits to
persons employed or previously employed by Seller or any of its Affiliates; (ii)
"Compensation Arrangement" shall mean any plan or compensation arrangement other
 ------------------------
than an Employee Plan that provides to persons employed or previously employed
by Seller or any of its Affiliates any compensation or other benefits, whether
deferred or not, in excess of base salary or wages, including any bonus or
incentive plan, stock rights plan, deferred compensation arrangement, life
insurance, stock purchase plan, severance pay plan, and any other employee
fringe benefit plan; (iii) ERISA shall mean the Employee Retirement Income
Securities Act of 1974, as amended, any successor thereto, and all regulations
promulgated thereunder; and (iv) Multi-Employer Plan means a plan, as defined in

                                      17
<PAGE>

ERISA Section 3(37), to which Seller or any of its Affiliates or any entity
related to Seller or any of its Affiliates (under the terms of Section 414(b) or
(c) of the Code) contributes or is required to contribute.

          6.1.14  Contracts. The Contracts are the only contractual agreements
                  ---------
necessary to carry out the business and operations of the Stations as currently
conducted. Each Contract with respect to the Stations is a valid and binding
obligation of Seller, and is in full force and effect. Seller and each other
party to such Contract with respect to the Stations have performed in all
material respects the obligations required to be performed by them and are not
(with or without lapse of time or the giving of notice, right to cure, or both)
in material breach or default thereunder. Schedule 1.1.3 identifies, as to each
                                          --------------
Contract with respect to the Stations listed thereon, whether the consent of the
other party thereto is required in order for such Contract to continue in full
force and effect upon the consummation of the transactions contemplated hereby.

          6.1.15  Labor. Neither Seller nor any of its Affiliates is a party
                  -----
to or subject to any collective bargaining agreements. Except as otherwise
stated in the Seller Disclosure Letter, neither Seller nor any of its Affiliates
have written or oral contracts of employment with any employee. To Seller and/or
its Affiliates have complied and are in compliance with all laws, rules and
regulations relating to the employment of labor, including those related to
wages, hours, collective bargaining, occupational safety, discrimination, and
the payment of social security and other payroll related taxes, and neither
Seller nor any of its Affiliates have received any written notice alleging that
Seller or such Affiliate has failed to comply in any material respect with any
such laws, rules or regulations. No controversies, disputes or proceedings are
pending or, to Seller's knowledge, threatened between Seller or any of its
Affiliates and any employee (singly or collectively). No labor union or other
collective bargaining unit represents or claims to represent any of the
employees of Seller or any of its Affiliates. There is no union campaign being
conducted to represent employees of Seller or any of its Affiliates or to
solicit cards from employees to authorize a union to request National Labor
Relations Board certification election with respect to any employees of Seller
or any of its Affiliates. To Seller's knowledge, no key employee of Seller or
any of its Affiliates is planning to terminate his or her employment.

          6.1.16  Patents, Trademarks, Etc. Seller has provided Buyer with a
                  ------------------------
true and complete list of all Intellectual Property owned by Seller or under
which Seller is licensed or franchised, all of which are valid.  Seller has
delivered to Buyer copies of all documents in Seller's possession establishing
or evidencing all Intellectual Property.  To Seller's knowledge, neither Seller
nor any of its Affiliates are infringing upon or otherwise acting adversely to
any trademarks, trade names, service marks, service names, copyrights, patents,
patent applications, know-how, methods, or processes owned by any other person
or entity, and there is no claim or action pending, or, to the knowledge of
Seller, threatened, with respect thereto.  The Intellectual Property comprises
all intangible property interests necessary to conduct the business of the
Stations as now conducted.

          6.1.17  Absence of Certain Changes or Events.  Except as contemplated
                  ------------------------------------
or expressly permitted by this Agreement, since the date of Seller's Financial
Statements, there has not been: (a)

                                      18
<PAGE>

any material damage, destruction or loss of any kind with respect to the
Stations not covered by valid and collectible insurance, nor has there been any
event or circumstance which has had, or reasonably could be expected to have, a
material adverse effect on the assets or the business or operations of the
Stations; (b) with respect to the Stations, the execution of any agreement with
any Station management or broadcast personnel (whether an employee or
independent contractor) providing for his/her employment, or any increase in
compensation or severance or termination of benefits payable or to become
payable by Seller, to any officer, Station management, or broadcast personnel
(whether an employee or independent contractor), or any increase in benefits
under any collective bargaining agreement, except in any case in the ordinary
course of business consistent with prior practice and except as permitted by
Section 8.1.1; or (c) any change by Seller in its financial or tax accounting
principles or methods, except insofar as required by applicable law.

          6.1.18  Broker, Commission or Finder's Fees. Except for the payment of
                  -----------------------------------
a fee to YorkStreet Partners by Seller at Closing, neither Seller nor any entity
acting on behalf of Seller has agreed to pay a broker, commission, finder's fee
or similar payment in connection with this Agreement or any matter related
hereto.

          6.1.19  Full Disclosure.  No representation or warranty by Seller
                  ---------------
contained in this Agreement (including the Schedules hereto), the Seller
Disclosure Letter, or in any certificate furnished pursuant to this Agreement
contains or will contain any untrue statement of a material fact, or omits or
will omit to state any material fact necessary, in light of the circumstances
under which it was or will be made, in order to make the statements herein or
therein not misleading. There is no fact known to Seller and not disclosed in
this Agreement that materially affects, or may in the future materially
adversely affect, the Station Assets or the business or operations of the
Stations.

          6.1.20  Sellers' Financial Condition.  No insolvency proceedings of
                  ----------------------------
any character, including, without limitation, bankruptcy, receivership,
reorganization, composition or arrangement with creditors, voluntary or
involuntary, affecting Seller or any of its respective assets or properties are
pending, or threatened, and Seller has made no assignment for the benefit of
creditors, fraudulent conveyances, preferences, or transfers, nor has the Seller
taken any action with a view to, or which would constitute a basis for, the
institution of any such insolvency proceedings.  Seller shall use the proceeds
received under this Agreement to pay, satisfy, or discharge, or to make
appropriate provision for the payment of any and all creditors of Seller prior
to making any distribution to its shareholders or managers or members.

          6.1.21  Books and Records.  The books, records and accounts of Seller
                  -----------------
maintained with respect to the Stations accurately and fairly reflect, in
reasonable detail and in all material respects, the transactions and the assets
and liabilities of Seller. Seller has not engaged in any transaction, maintained
any bank account or used any of the funds of Seller except for transactions,
bank accounts and funds which have been and are reflected, in all material
respects, in the normally maintained books and records of the Stations.

          6.1.22  Barter Arrangements.  Seller has provided Buyer with a true,
                  -------------------
complete and

                                      19
<PAGE>

accurate list of all barter, trade or similar arrangements for the sale of
advertising for other than cash and all Trade Agreements relating to the
business or operations of the Stations which are outstanding as of the date
hereof. With respect to the Stations, all such advertising time sold under such
barter, trade or similar arrangements for other than cash or under Trade
Agreements may be preempted by advertising time that is sold for cash. All such
barter, trade or similar arrangements for the sale of advertising time for other
than cash and all Trade Agreements entered into since June 1, 2000, have been
entered into in the ordinary course of business consistent with past practices.

          6.1.23  No Third Party Options. There are no existing agreements with,
                  ----------------------
operations or rights of, or commitments to any person other than Buyer to
acquire any of the Station Assets or any interest therein.

          6.1.24  Limitation on Representations and Warranties. Sellers'
                  --------------------------------------------
representations and warranties set out in this Section VI are accurate as of the
date hereof and, subject to the following qualification, shall be accurate as of
the Closing Date:

          Buyer shall not breach this Agreement or the parties' TBA in
          a manner that materially adversely affects the accuracy of
          Seller's representations and warranties herein.

                                   ARTICLE 7
                    REPRESENTATIONS AND WARRANTIES OF BUYER
                    ---------------------------------------

     7.1  Representations and Warranties of Buyer.  Each Buyer, jointly and
          ---------------------------------------
severally, hereby makes the following representations and warranties to Seller,
each of which is true and correct as of the date hereof, and shall be true and
correct as of the Closing Date, and shall be unaffected by any investigation
heretofore or hereafter made by Seller:

          7.1.1   Organization and Standing.  Each Buyer is a corporation duly
                  -------------------------
organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power and authority to own, lease and
operate its properties and to carry on its business as now being conducted. Each
Buyer is qualified to transact business in Illinois and all other jurisdictions
in which the Stations do business.

          7.1.2   Authorization and Binding Obligation.  Each Buyer has all
                  ------------------------------------
requisite corporate power and authority to enter into and perform this Agreement
and the transactions contemplated hereby, and to own or lease the Station Assets
and to carry on the business and operations of the Stations upon the
consummation of the transactions contemplated by this Agreement. The execution
and delivery of this Agreement by each Buyer and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of each Buyer, its officers, directors, and
shareholders, as the case may be. This Agreement has been duly executed and
delivered by each Buyer and assuming the due execution and delivery of this
Agreement by Seller, constitutes the legal, valid and binding obligation of each
Buyer, enforceable

                                      20
<PAGE>

against each Buyer in accordance with its terms.

          7.1.3   Qualifications.  There is no fact, allegation, condition, or
                  --------------
circumstance relating to Buyer that could reasonably be expected to prevent or
delay the grant of the FCC Consent. Buyer knows of no fact that would, under the
Communications Act or the rules, regulations and policies of the FCC, disqualify
Buyer from becoming the licensee of the Stations.  Buyer will not require or
request a waiver or exemption from any provision of the Communications Laws as
they exist on the date hereof, in order to acquire either of the Stations.

          7.1.4   Absence of Conflicting Agreements or Required Consents. Except
                  ------------------------------------------------------
for the FCC Consent contemplated herein, the execution, delivery and performance
of this Agreement by Buyer shall not: (i) violate or conflict with any of the
terms, conditions or provisions of the Articles of Incorporation or By-laws of
Buyer; (ii) require the consent of any third party not affiliated with Buyer;
(iii) violate any applicable statute, ordinance, law, judgment, settlement,
order, injunction, decree, rule, regulation or ruling of any Governmental Entity
applicable to Buyer; and (iv) either alone or with the giving of notice or the
passage of time, violate the terms, conditions or provisions of, or constitute a
default or breach under, any agreement, instrument, license or permit to which
Buyer is now subject.

          7.1.5   Financial Condition.  Buyer has the financial ability and/or
                  -------------------
resources to consummate the transactions contemplated hereunder. No insolvency
proceedings of any character, including, without limitation, bankruptcy,
receivership, reorganization, composition or arrangement with creditors,
voluntary or involuntary, affecting Buyer or any of its respective assets or
properties are pending, or threatened, and Buyer has made no assignment for the
benefit of creditors, fraudulent conveyances, preferences, or transfers, nor has
the Buyer taken any action with a view to, or which would constitute a basis
for, the institution of any such insolvency proceedings.

         7.1.6    Litigation: Compliance with Law.  There is no litigation,
                  -------------------------------
administrative action, suit, claim, arbitration or other proceeding, or
petition, complaint or investigation before any court or Governmental Entity
pending against Buyer that would adversely affect Buyer's ability to perform its
obligations pursuant to this Agreement or the agreements to be executed by Buyer
in connection herewith. Buyer has committed no violation of any applicable law,
statute, regulation or ordinance or any other requirement of any Governmental
Entity or court which would have an adverse effect on Buyer's ability to perform
its obligations pursuant to this Agreement or the agreements to be executed in
connection herewith.

          7.1.7   Broker, Commission or Finder's Fees.  Neither Buyer nor any
                  -----------------------------------
entity acting on behalf of Buyer has agreed to pay a broker, commission,
finder's fee or similar payment in connection with this Agreement or any matter
related hereto.

          7.1.8   Full Disclosure.  No representation or warranty by Buyer
                  ---------------
contained in this Agreement (including the Schedules hereto) or in any
certificate furnished pursuant to this Agreement contains or will contain any
untrue statement of a material fact, or omits or will omit to state any material
fact necessary, in light of the circumstances under which it was or will be
made,

                                      21
<PAGE>

in order to make the statements herein or therein not misleading.

          7.1.9   Limitation on Representation and Warranties.  The parties
                  -------------------------------------------
recognize that the FCC has instituted a proceeding in MM Docket No. 00-244 with
respect to certain aspects of its multiple ownership rules.  Buyer has no
knowledge of how any interim or final FCC action in MM Docket No. 00-244 may
impact on the processing of the FCC applications or the evaluation of Buyer's
qualifications.  Buyer specifically excludes form its representations and
warranties all matters relating to compliance or noncompliance with any final or
interim FCC rules or policies adopted in MM Docket No. 00-244.

                                   ARTICLE 8
                              COVENANTS OF SELLER
                              -------------------

     8.1  Seller Covenants.  Except as otherwise contemplated under the TBA,
          ----------------
Seller covenants and agrees with Buyer that, pending the Closing and except as
otherwise agreed to in writing by Buyer:

          8.1.1   Conduct of Stations prior to the Closing Date.  Seller, from
                  ---------------------------------------------
and after the date hereof through the Closing Date, shall:

                  (a) through the TBA Commencement Date, use commercially
reasonable efforts to maintain its present business organization, keep available
the services of its present employees and those of its independent contractors,
preserve its relationships with its customers and others having business
relationships with the Stations, and refrain from materially and adversely
changing any of its business practices and policies (including, but not limited
to, advertising (including substantially the same amount of cash expenditure),
marketing, promotion, pricing, purchasing, personnel, sales and budget practices
and policies).

                  (b) maintain its books of account and records in its usual and
customary manner, except as otherwise provided herein;

                  (c) notify Buyer if the regular broadcast transmission of the
Stations from its main transmitting facilities at full authorized effective
radiated power is interrupted for a period of more than five (5) consecutive
hours or for an aggregate of ten (10) or more hours in any continuous three-day
period;

                  (d) conduct its business in all material respects in
compliance with the terms of the Station Licenses and all applicable laws,
rules, and regulations, including, without limitation, the applicable rules and
regulations of the FCC;

                  (e) use, repair, and, if necessary, replace any of the
Stations' studio and transmission assets in a reasonable manner consistent with
Seller's historical practice and maintain the Station Assets in substantially
their current condition, ordinary wear and tear excepted;

                                      22
<PAGE>

               (f) maintain  insurance in accordance with Section 6.1.7;

               (g) not, without the prior written consent of Buyer, which
consent shall not be unreasonably withheld, conditioned or delayed, incur any
debts, obligations or liabilities (absolute, accrued, contingent, or otherwise),
which include obligations (monetary or otherwise) to be performed by Buyer that
exceed Ten Thousand Dollars ($10,000) individually or Twenty Five Thousand
Dollars ($25,000) in the aggregate;

               (h) not lease, sell, convey, transfer, assign, license, transfer,
encumber, mortgage, pledge, or subject to a Lien, claim, or encumbrance (other
than Permitted Liens) any of the Station Assets or sell or transfer any of the
Station Assets without replacing such Station Assets with assets of
substantially the same value and utility;

               (i) not, without the prior written consent of Buyer, which
consent shall not be unreasonably withheld, conditioned or delayed, (A) modify
or extend any Contracts (excluding Contracts for the sale of advertising time
for cash) or (B) enter into any new Contracts (excluding Contracts for the sale
of advertising time for cash) the payments under which exceed Ten Thousand
Dollars ($10,000) individually or Twenty Five Thousand Dollars ($25,000) in the
aggregate;

               (j) not without the prior written consent of Buyer, which consent
shall not be unreasonably withheld, conditioned or delayed, make or grant any
general wage or salary increase or generally materially modify the employees',
the Station management's or on-air personnel's terms and conditions of
employment;

               (k) not make any change in (i) the accounting principles,
methods, or practices followed by it or depreciation or amortization policies or
rates or (ii) any Tax election or settle any Tax audit or controversy relating
to the Station Assets;

               (l) not make any loans or make any dividends or distributions
other than of Excluded Assets;

               (m) other than in the ordinary course of business, not cancel,
discharge, or compromise any debt or claim, or waive or release any right, of
material value;

               (n) not disclose, directly or indirectly, to any person or entity
(other than Buyer and its representatives) any confidential or proprietary
information, except as may otherwise be required by law;

               (o) through the TBA Commencement Date, use commercially
reasonable efforts to maintain the present format of the Stations and with
programming consistent with past practices;

                                      23
<PAGE>

               (p) through the TBA Commencement Date, other than in the ordinary
course of business, not increase the number of regularly scheduled commercial
units run during the day-parts on the Stations (other than changes in the number
of commercial units run during any day-part as a result of operating
difficulties that require commercial units to be broadcast at times other than
as scheduled);

               (q) agree to do any of the foregoing; and

               (r) use its best efforts to correct each of the regulatory
matters identified in the Seller Disclosure Letter.

     8.2  Access.  Upon reasonable written notice from Buyer, Seller shall (a)
          ------
give or cause the Stations to give Buyer and Buyer's counsel, accountants,
engineers and other representatives, including environmental consultants,
reasonable access during normal business hours to all of Seller's properties,
books, Contracts, Trade Agreements, reports and records including financial
information and tax returns relating to the Stations, and to all real estate,
buildings and equipment relating to the Stations, in order that Buyer may have
full opportunity to make such investigation, including, but not limited to,
environmental assessments, as it desires of the affairs of the  Stations and
(b) furnish Buyer with information and copies of all documents and agreements
including, but not limited to, financial and operating data and other
information concerning the financial condition, results of operations and
business of the Stations, that Buyer may reasonably request. The rights of Buyer
under this Section shall not be exercised in such a manner as to interfere
unreasonably with the business of the Stations; provided, however, that such
investigations shall not adversely effect or diminish the effect of any and all
representation and warranties made by Seller herein.

     8.3  Other Consents.  Seller will use commercially reasonable efforts to
          --------------
obtain all consents, authorizations, or approvals required for the consummation
of the transactions contemplated by this Agreement so long as Seller shall not
be required to pay a premium or penalty in order to obtain such consents;
provided, however, that no provision in a contract requiring payment of a fee in
connection with assignment or transfer of that contract shall be considered a
premium or penalty under this section.

     8.4  No Inconsistent Action.  Seller shall not take any action which is
          ----------------------
inconsistent with its obligations under this Agreement.

     8.5  Notification.  Seller shall promptly notify Buyer in writing of (a)
          ------------
the failure of Seller or any employee, servant, or agent of Seller to comply
with or satisfy in any material respect any covenant, condition or agreement to
be complied with hereunder; and (b) the occurrence of any event that would
entitle Buyer  to terminate this Agreement pursuant to Section 16.1.

     8.6  Updating of Schedules.  From time to time after FCC Consent and prior
          ---------------------
to the Closing, Seller will supplement or amend the Schedules delivered in
connection herewith with respect to any matter which exists or occurs after the
date of this Agreement and which, if existing

                                      24
<PAGE>

or occurring at or prior to the date of this Agreement, would have been required
to be set forth or described in the Schedules or which is necessary to correct
any information therein; provided, however, that the provisions of this Section
are informational only and Buyer shall not be bound to the terms of any changed
Schedules unless they are incorporated into this Agreement by a written
amendment signed by Buyer.

     8.7  Enforcement of Agreements.  During the period prior to Closing and
          --------------------------
subject to the TBA, Seller shall enforce, if necessary, the terms of any and all
Contracts.

     8.8  FCC Filings.  Seller shall file or cause to be filed on a current
          -----------
basis until the Closing Date all applications, fees, reports and documents
required to be filed with the FCC with respect to the Stations. Copies of each
such application, fee filing, report and document filed between the date hereof
and the Closing Date shall be furnished to Buyer promptly after its filing.

     8.9  Indemnification.
          ---------------

          (a) From and after the Closing Date, Seller shall defend, indemnify
and hold Buyer, its officers, directors, employees, agents and Affiliates, and
its assigns {forever} harmless from and against all costs, suits, actions,
claims, settlements, judgments, losses and damages (including reasonable
attorney fees at all levels) incurred by Buyer or such officers, directors,
employees, agents, Affiliates or assigns as a result of or arising out of (i)
the breach by Seller of any of its representations and warranties contained in
this Agreement, (ii) the failure by Seller to perform its covenants set forth in
this Agreement, (iii) the conduct of the business or operations of the Stations
or the use or ownership of the Station Assets on or before the Closing Date,
including any and all liabilities arising under any of the Station Licenses or
Contracts which relate to events occurring prior to the Closing Date, (iv) any
and all obligations or liabilities of Seller under any contract or agreement not
expressly assumed by Buyer pursuant to the terms hereof, and (v) any acts or
omissions of negligence, gross negligence, illegal or wrongful conduct, or any
claims for personal injury, death, or property damage committed by Seller or its
agents, servants, and employees, which accrued prior to the Closing Date.  Buyer
shall make no settlement, compromise, admission or acknowledgment that would
give rise to liability on the part of the Seller without the prior written
consent of Seller.

          (b) On the Closing Date, Buyer and Seller will enter into the
Indemnification Escrow Agreement in the form of Exhibit 8.9 hereto in accordance
with which Buyer shall at Closing deposit an irrevocable letter of credit in
form and substance reasonably acceptable to Buyer in the amount of $100,000.00
and drawn on a financial institution reasonably acceptable to Buyer (the
"Indemnification Escrow Deposit") with the escrow agent identified in the
Indemnification Escrow Agreement (the "Indemnification Escrow Agent").

          (c) Buyer shall be entitled to payment out of the Indemnification
Escrow Deposit pursuant to the terms of this Section 8.9 and the Indemnification
Escrow Agreement for all amounts due to Buyer with respect to any claim by Buyer
against Seller for liabilities of Seller payable under

                                      25
<PAGE>

this Section with respect to breaches of representations and warranties of
Seller (the "Buyer Indemnified Costs").

          (d) Seller hereby covenants and agrees that at any time Seller is or
becomes obligated to indemnify Buyer under this Section 8.9, Seller will execute
and deliver to the Indemnification Escrow Agent written instructions to draw
down on the Indemnification Escrow Deposit and release to Buyer sufficient funds
to indemnify Buyer for the Buyer Indemnified Costs.

          (e) Any claim for indemnification under Section 8.9(a) must be made
within the applicable period specified in Section 18.1 hereto and shall be
subject to the limitations on maximum liability set out therein.

          (f) Buyer shall give prompt written notice to Seller of any claim
asserted by Buyer hereunder; provided, however, that failure to give such notice
or delaying such notice shall not affect Buyer's right to indemnification and
Seller's obligation to indemnify as set forth in this Agreement, except to the
extent Seller's ability to remedy, contest, defend or settle with respect to
such claim is thereby prejudiced.  The obligations and liabilities of the
parties with respect to any claim asserted hereunder shall be subject to Section
18.1.

          (g) Notwithstanding anything in this Agreement to the contrary, after
the Closing, Seller shall not have any liability for any claim brought by Buyer
under this Section 8.9 unless and until the aggregate amount of all claims of
Buyer is at least $25,000, whereupon any claims, including the first $25,000 of
such claims may be brought by such party.

     8.10 [INTENTIONALLY OMITTED]

     8.11 Title Insurance.  Within forty five (45) days of the date of this
          ---------------
Agreement, Seller shall provide Buyer with a draft ALTA title insurance binder
with respect to the Owned Real Estate. If Buyer finds that the preliminary
binder reveals title defects which adversely effect the use, value and/or
operation of the Station or the Station Assets, then Seller shall have up to
five (5) days prior to the Closing to cure said defects.

                                   ARTICLE 9
                              COVENANTS OF BUYER
                              ------------------

     9.1  Buyer Covenants.  Buyer covenants and agrees that, pending the Closing
          ---------------
and except as otherwise agreed to in writing by Seller:

          9.1.1   Notification.  Buyer shall promptly notify Seller in writing
                  ------------
of (a) any litigation, arbitration or administrative proceeding pending or, to
its knowledge, threatened against Buyer which challenges the transactions
contemplated hereby, (b) the failure of Buyer, or any employee or agent of Buyer
to comply with or satisfy in any material respect any covenant, condition or
agreement to be complied with or be satisfied by it hereunder or (c) the
occurrence of any event

                                      26
<PAGE>

that would entitle Seller to terminate this Agreement pursuant to Section 16.1.

          9.1.2     No Inconsistent Action.    Buyer shall not take any action
                    ----------------------
which is inconsistent with its obligations under this Agreement.

          9.1.3     Post-Closing Access.   Buyer, for a period of one (1) year
                    -------------------
following the Closing Date, shall make available during normal business hours
for audit and inspection by Seller and Seller's representatives, for any
reasonable purpose and upon reasonable notice, all records, files, documents and
correspondence transferred to it hereunder  relating to the pre-closing period.
All information, records, files, documents and correspondence made available or
disclosed under this Section 9.1.3 shall be kept confidential.  Seller shall
assume cost of all expenses incurred in connection with this Section.

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

     Buyer and Seller covenant and agree that, pending the Closing and except as
otherwise agreed to in writing, they shall act in accordance with the following:

     10.1 Confidentiality.   Buyer and Seller shall not disseminate, disclose,
          ---------------
reveal, divulge, inform, or communicate, directly or indirectly, through any
person or entity, including, but not limited to, its managers, members,
officers, directors, employees, representatives, agents, advisors, and
attorneys, and shall preserve and keep confidential all information
("Confidential Information") obtained by either of them with respect to the
other party hereto in connection with this Agreement and the negotiations
preceding this Agreement, and will use such information solely in connection
with the transactions contemplated by this Agreement, and if the transactions
contemplated hereby are not consummated for any reason, each shall return to
each other party hereto, without retaining a copy thereof, any schedules,
contracts, records, properties, extracts, summaries, documents or any other
written information obtained from such other party in connection with this
Agreement and the transactions contemplated hereby except to the extent required
or useful in connection with any claim made with respect to the transactions
contemplated by this Agreement or the negotiation thereof. Notwithstanding the
foregoing, no party shall be required to keep confidential or return any
information which (a) is known or available through other lawful sources, not
bound by a confidentiality agreement with the disclosing party, (b) is or
becomes publicly known through no fault of the receiving party or its agents,
(c) is required to be disclosed pursuant to an order or request of a judicial or
government authority (provided the non-disclosing party is given reasonable
prior notice such that it may seek, at its expense, confidential treatment of
the information to be disclosed), (d) is developed by the receiving party
independently of the disclosure by the disclosing party or (e) is required to be
disclosed under applicable law or rule, as determined by counsel for the
receiving party. This covenant shall survive the Closing Date, and the
expiration or termination of this Agreement.

     10.2 Cooperation.   Buyer and Seller shall cooperate fully with one another
          -----------
in taking any

                                      27
<PAGE>

actions, including actions to obtain the required consent of any Governmental
Entity or any third party necessary or helpful to accomplish the transactions
contemplated by this Agreement.

     10.3 Control of Stations.      Prior to Closing, Buyer shall not, directly
          -------------------
or indirectly, control or direct the business or operations of the Stations.

     10.4 Bulk Sales Laws.    Buyer hereby waives compliance by Seller with the
          ---------------
provisions of the "bulk sales" or similar laws of any state. Seller shall defend
and indemnify Buyer and hold it forever harmless from any and all losses,
settlements, judgments, actions, suits, claims, costs, damages and expenses
(including but not limited to, reasonable attorneys' fees at all levels)
sustained by Buyer as a result of any failure of Seller to comply with any "bulk
sales" or similar laws.  This covenant shall survive the Closing Date and the
expiration or termination of this Agreement.

     10.5 Public Announcements.     Prior to the Closing, neither Buyer nor
          --------------------
Seller shall issue any press release or make any public disclosure with respect
to the transactions contemplated by this Agreement without the prior written
approval of the other party, except (a) Buyer and Seller may make any disclosure
as may be required by applicable law or by obligations pursuant to any listing
agreement with any securities exchange or any stock exchange regulations; and
(b) Buyer and Seller may each continue such communications with employees,
customers, suppliers, franchises, lenders, lessors, shareholders, and other
particular groups as may be legally required or necessary or appropriate and not
inconsistent with the best interests of the other party or the prompt
consummation of the transactions contemplated herein.

     10.6 Condition of Real Estate.  Buyer shall, at its sole expense, conduct
          ------------------------
environmental studies, and may conduct title examinations, and land surveys
(together with the environmental studies, the "Studies") of the Real Estate.
Buyer shall notify Seller if the Studies disclose (a) an environmental liability
constituting a breach of the representations and warranties in Section 6.1.11,
(b) evidence of encroachments that materially and adversely affect the use of
the Real Estate or (c) any other matters that materially and adversely affect
title to the Real Estate.  Seller shall promptly commence remedial action at its
expense to cure the condition giving rise to such matter and cure such condition
prior to the Closing; provided, however, that Seller shall not be obligated to
spend (but may choose to spend) more than $25,000 in the aggregate in its
attempts to cure all such conditions.  Seller shall notify Buyer within 30 days
after its receipt of the Buyer notice if it determines that it is unable or
unwilling to cure such conditions for $25,000 or less and chooses not to attempt
to cure such conditions, in which case Buyer may elect (i) to terminate this
Agreement or (ii) to waive such obligations and receive, within ninety (90) days
after Closing, an amount that is equal to or less than $25,000; provided,
however, that if any dispute arises between the parties with respect to any
remedial action or the cost thereof, the parties shall, within a reasonable time
after such dispute arises (A) submit the dispute to an independent environmental
consultant selected jointly by the parties, or (B) if, the parties fail to
jointly select an independent environmental consultant, each party must submit
the name of an independent environmental consultant to the other party and the
consultants so selected shall then jointly select an independent environmental
consultant; and provided, further, that (X) the decision of the selected
independent environmental

                                      28
<PAGE>

consultant shall be binding and conclusive as to all parties to the dispute and
(Y) any and all costs and expenses incurred by the parties in connection with
such dispute shall be borne equally between the parties. If this Agreement is
terminated in accordance with the immediately preceding sentence, no party shall
have any liability to the other with respect to such termination. Either party
may extend the Closing by not more than 30 days, subject to Section 16.1(g)
                                                            ---------------
hereto, if either party reasonably determines that any necessary remedial action
can be completed during such extended period.

     10.7 Compliance with TBA.  Concurrently with the execution of this
          -------------------
Agreement, NMO, WFVR and WKKD shall enter into the TBA appended hereto as
Exhibit 10.7.  The parties shall perform their respective obligations under the
TBA.

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

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

     11.1 Representations and Warranties.   All representations and warranties
          ------------------------------
of Seller made in this Agreement or in any Exhibit, Schedule or document
delivered pursuant hereto, shall be true and complete in all material respects
as of the date hereof and on and as of the Closing Date as if made on and as of
that date, except for changes expressly permitted or contemplated by the terms
of this Agreement.

     11.2 Compliance with Agreement.  All of the terms, covenants and conditions
          -------------------------
to be complied with and performed by Seller on or prior to the Closing Date
shall have been complied with or performed in all material respects to the
satisfaction of the Buyer.

     11.3 Third Party Consents and Approvals; Estoppel Certificates.   Seller
          ---------------------------------------------------------
shall have obtained all third-party consents and approvals, if any, required for
the transfer or continuance, as the case may be, of the Contracts on Schedule
                                                                     --------
1.1.3 (and contracts that would have been on Schedule 1.1.3  had they been in
-----                                        ---------------
existence on the date of this Agreement), and such third parties have provided
estoppel certificates, affidavits, consents, non-disturbance agreements, and/or
written clarifications of the rights of Buyer thereunder, all in form and
substance reasonably satisfactory to Buyer.

     11.4 Closing Certificates.  Buyer shall have received a certificate, dated
          --------------------
as of the Closing Date, from the Seller, executed by an authorized officer of
Seller certifying, in such detail as Buyer may reasonably request that the
conditions set forth in Sections 11.1 and 11.2 hereto have been fulfilled.

     11.5 Governmental Consents.
          ---------------------

          11.5.1    FCC.   The FCC  Consent shall have been issued by the FCC
                    ---
without any
                                      29
<PAGE>

conditions that would otherwise permit Buyer to terminate this Agreement
pursuant to Section 16.1, below, and each such FCC Consent shall have become a
Final Order.

          11.5.2    Other Consents. All other material authorizations, consents,
                    --------------
approvals, and clearances of any Governmental Entity required to permit the
consummation of the transactions contemplated by this Agreement shall have been
obtained.

     11.6 Adverse Proceedings.  No injunction, order, stipulation, settlement,
          -------------------
writ, decree or judgment of any court, agency or other Governmental Entity shall
have been rendered against Seller or Buyer which would render it unlawful, as of
the Closing Date, to effect the transactions contemplated by this Agreement in
accordance with its terms.

     11.7 Closing Documents. Seller shall have executed and delivered or caused
          -----------------
to be delivered to Buyer, on the Closing Date (a) all special warranty deeds,
bills of sale, endorsements, titles, licenses, assignments and other instruments
of conveyance and transfer consistent with the terms hereof and otherwise
reasonably satisfactory in form and substance to Buyer, effecting the sale,
transfer, assignment and conveyance of the Station Assets to Buyer and (b) all
other documents, instruments, certificates and agreements required of Seller
under the terms of this Agreement.

     11.8  Material Adverse Change. Except for changes caused by Buyer under the
           -----------------------
TBA, no material adverse change in the Station Assets shall have occurred.

     11.9  Opinion of Counsel.  Buyer shall have received a written opinion of
           ------------------
Seller's counsel dated as of the Closing Date as to the matters set forth in

Exhibit 11.9 hereto in form and substance reasonably satisfactory to Buyer.
------------

     11.10 Station Coordinates.  Seller shall have filed appropriate
           -------------------
applications with the FCC and FAA to correct the coordinates of the Stations'
transmitting towers.

     11.11 AM License. Seller shall have completed all repairs to the WKKD(AM)
           ----------
transmission system and, if required by the Communications Laws, shall have
filed an application for direct measurement of power for WKKD(AM) in form and
substance reasonably acceptable to Buyer's engineering consultants.

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

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

     12.1 Representations, Warranties and Covenants. All representations and
          -----------------------------------------
warranties of

                                      30
<PAGE>

Buyer made in this Agreement or in any Exhibit, Schedule or document delivered
pursuant hereto, shall be true and complete in all material respects as of the
date hereof and on and as of the Closing Date as if made on and as of that date,
except for changes expressly permitted or contemplated by the terms of this
Agreement and except those given as of a specified date.

     12.2 Compliance with Agreement.  All the terms, covenants, and conditions
          -------------------------
to be complied with and performed by Buyer on or prior to the Closing Date shall
have been complied with or performed in all material respects.

     12.3 Certifications, Etc.   Seller shall have received a certificate, dated
          -------------------
as of the Closing Date, from the Buyer, executed by an authorized officer of
Buyer certifying, in such detail as Seller may reasonably request that the
conditions set forth in Sections 12.1 and 12.2 hereto have been fulfilled.

     12.4 Governmental Approval.
          ---------------------

          12.4.1    FCC.   The FCC Consent shall have been issued by the FCC and
                    ---
each such FCC Consent shall have become a Final Order.

          12.4.2    Other Consents.   All other material authorizations,
                    --------------
consents, approvals, and clearances of any Governmental Entity required to
permit the consummation of the transactions contemplated by this Agreement shall
have been obtained.

     12.5 Adverse Proceedings.      No injunction, order, stipulation,
          -------------------
settlement, decree or judgment, writ, of any court, agency or other Governmental
Entity shall have been issued or rendered, as the case may be, against Buyer or
Seller which would render it unlawful, as of the Closing date, to effect the
transactions contemplated by this Agreement in accordance with its terms.

     12.6 Closing Documents. Buyer shall have delivered or caused to be
          -----------------
delivered to Seller, on the Closing Date, an assumption agreement with respect
to Assumed Liabilities reasonably satisfactory in form and substance to Seller.

     12.7 Opinion of Buyer's Counsel.  Seller shall have received a written
          --------------------------
opinion of Buyer's counsel dated as of the Closing Date as to the matters set
forth in Exhibit 12.7 hereto in form and substance reasonably satisfactory to
         ------------
Seller.

     12.8 Phase I Environmental Survey.  Not less than thirty (30) days prior to
          ----------------------------
the Closing Date, Seller shall have been provided copies of any Phase I
Environmental Survey conducted by Buyer with respect to the Property.

                                  ARTICLE 13
                   DOCUMENTS TO BE DELIVERED AT THE CLOSING
                   ----------------------------------------

                                      31
<PAGE>

     13.1 Documents to be Delivered by Seller.  At the Closing, Seller will
          -----------------------------------
deliver to Buyer the following, at the expense of Seller and in proper form for
recording when appropriate:

          13.1.1    Transfer Documents.  Such bills of sale, assignments,
                    ------------------
general warranty deeds and other good and sufficient instruments of transfer as
Buyer may reasonably request in order to convey and transfer to Buyer title to
the Station Assets (collectively, the "Transfer Documents").

          13.1.2    Certified Resolutions.   Certified resolutions of the Board
                    ---------------------
of Directors of each Seller approving the execution and delivery of this
Agreement and each of the other documents delivered by each Seller pursuant
thereto and authorizing the consummation of the transactions contemplated hereby
and thereby.

          13.1.3    Officer's Certificate.   A certificate, dated as of the
                    ---------------------
Closing Date, executed on behalf of each Seller in the form described in Section
11.4.

          13.1.4    Opinion.   Written opinion of Shaw, Pittman in substantially
                    -------
the form attached hereto as Exhibit 11.9, dated as of the Closing Date.
                            ------------

          13.1.5    Good Standing Certificates.   Governmental certificates
                    --------------------------
showing that each Seller is duly incorporated and in good standing in the state
of its incorporation and in good standing in each jurisdiction where such
qualification is necessary, certified as of a date not more than ten (10) days
before the Closing Date.

          13.1.6    Other Documents.   Such additional information and materials
                    ---------------
as Buyer shall reasonably request.

     13.2 Deliveries to be Made by Buyer.  At the Closing, Buyer will deliver to
          ------------------------------
Seller, at the expense of Buyer:

          13.2.1    Purchase Price.   Evidence of a wire transfer in immediately
                    --------------
available funds of the amount of the Purchase Price, subject to any adjustments.

          13.2.2    Assumption Agreement.   An assumption agreement relating to
                    --------------------
Buyer's assumption of the Assumed Liabilities in form and substance mutually
agreeable to the parties hereto.

          13.2.3    Certified Resolutions.   Certified resolutions of the Board
                    ---------------------
of Directors of each Buyer approving the execution and delivery of this
Agreement and each of the other documents delivered by each Buyer pursuant
hereto and authorizing the consummation of the transactions contemplated hereby
and thereby.

          13.2.4    Officer's Certificate.   A certificate, dated the Closing
                    ---------------------
Date, executed on behalf of each Buyer in the form described in Section 12.3.

                                      32
<PAGE>

          13.2.5    Opinion.   A written opinion of Leibowitz & Associates, P.A.
                    -------
in substantially the form attached hereto as Exhibit 12.7, dated as of the
                                             ------------
Closing Date.

          13.2.6    Good Standing Certificates.   Governmental certificates
                    --------------------------
showing that each Buyer is duly incorporated and in good standing in the state
of its incorporation certified as of a date not more than ten (10) days before
the Closing Date.

          13.2.7    Other Documents.   Such additional information and materials
                    ---------------
as Seller shall reasonably request.

                                   ARTICLE 14
                       TRANSFER TAXES: FEES AND EXPENSES
                       ---------------------------------

     14.1 Expenses.  Except as set forth in Sections 14.2 and 14.3  below, each
          --------
party hereto shall be solely responsible for all costs and expenses incurred by
it in connection with the negotiation, preparation and performance of and
compliance with the terms of this Agreement.

     14.2 Transfer Taxes and Similar Charges.  All recordation, transfer and
          ----------------------------------
documentary taxes and fees, stamps, and any excise, sales or use taxes, and all
similar costs of transferring the Station Assets in accordance with this
Agreement shall be borne equally by Seller and Buyer.  Buyer and Seller shall,
in good faith, attempt to calculate all such taxes and fees prior to Closing and
to settle their respective obligations therefore on or before the Closing Date.

     14.3 Governmental Filing or Grant Fees.  Any filing or grant fees imposed
          ---------------------------------
by any governmental authority, the consent of which is required for the
consummation of the transactions contemplated hereby, including, but not limited
to, the FCC shall be borne equally by Buyer and Seller.

                                  ARTICLE 15
           ESCROW DEPOSIT, LIQUIDATED DAMAGES, SPECIFIC PERFORMANCE
           --------------------------------------------------------

     15.1 Escrow Deposit.  Within five (5) business days of the date of this
          --------------
Agreement, Buyer shall deposit with Media Services Group, Inc., a Virginia
corporation ("Earnest Money Escrow Agent"), an irrevocable Letter of Credit or
cash in the amount of One Hundred Seventy Thousand Dollars ($170,000) (the
"Earnest Money Escrow Deposit").  The Earnest Money Escrow Deposit shall be held
and disbursed by Earnest Money Escrow Agent pursuant to the terms of the Earnest
Money Escrow Agreement, appended hereto as Exhibit 15.1 (the "Earnest Money
                                           ------------
Escrow Agreement"), which Earnest Money Escrow Agreement has been entered into
by the Seller, Buyer and  Earnest Money Escrow Agent.  At closing, the Earnest
Money Escrow Deposit shall be returned to Buyer.  If the Closing does not occur
solely because Buyer materially breached this Agreement or defaulted in the
performance of any of its material obligations hereunder and Seller has not
breached this Agreement or defaulted in the performance of any of its material
obligations hereunder,

                                      33
<PAGE>

Buyer and Seller shall execute written instructions to the Earnest Money Escrow
Agent directing it to deliver the Earnest Money Escrow Deposit to Seller as
liquidated damages, as provided in Section 15.2. If the Closing does not occur
because Seller materially breached this Agreement or defaulted in the
performance of any of its material obligations hereunder and Buyer has not
breached this Agreement or defaulted in the performance of any of its material
obligations hereunder, Buyer and Seller shall execute written instructions to
the Earnest Money Escrow Agent directing it to deliver the Earnest Money Escrow
Deposit to Buyer and Buyer may seek specific performance of this Agreement, as
provided in Section 15.3. If Buyer fails for any reason to timely make the
Escrow Deposit contemplated hereunder, this Agreement shall automatically become
null and void and of no further effect.

     15.2 Liquidated Damages.  If this Agreement is terminated by Seller
          ------------------
pursuant to Section 16.1 (b)(ii), the parties agree and acknowledge that Seller
will suffer damages that are not practicable to ascertain.  Accordingly, in such
event, Seller shall be entitled to the sum of $340,000, as liquidated damages,
payable solely and exclusively through the Earnest Money Escrow Agreement. The
parties agree that the foregoing liquidated damages are reasonable considering
all the circumstances existing as of the date hereof and constitute the parties'
good faith estimate of the actual damages reasonably expected to result from the
termination of this Agreement pursuant to Section 16.1 (b)(ii).  Seller agrees
that, to the fullest extent permitted by law, the right to receive the Earnest
Money Escrow Deposit shall be its sole and exclusive remedy if the Closing does
not occur with respect to any damages whatsoever that Seller may suffer or
allege to suffer as a result of any claim, suit, proceeding, litigation, or
cause of action asserted by Seller relating to or arising from breaches of the
representations, warranties or covenants of Buyer contained in this Agreement
and to be made or performed at or prior to the Closing.  Except for a
termination pursuant to Section 16.1 (b)(ii) (for which the sole recourse of
Seller shall be as  provided in this Section 15.2) or pursuant to Sections
16.1(a) or 16.1(f) (for which no party shall have any liability to the other),
the termination of this Agreement shall not relieve the parties for any
liability or obligation relating to their breaches of this Agreement occurring
prior to such termination, or for any liability or obligation which survives the
expiration or termination of this Agreement.

     15.3 Specific Performance. Seller hereby acknowledges that the Station
          --------------------
Assets are unique, and that the harm to Buyer resulting from a breach by the
Seller of its obligations to sell the Station Assets to Buyer cannot be
adequately compensated by damages.  Accordingly, Seller agrees that Buyer shall
have the right to have this Agreement specifically performed by Seller and
hereby agrees not to assert any objections to the imposition of the remedy of
specific performance by any court of competent jurisdiction.

                                  ARTICLE 16
                              TERMINATION RIGHTS
                              ------------------

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

                                      34
<PAGE>

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

          (b) by written notice of (i) Buyer to Seller if Seller breaches in any
material respect any of its representations or warranties or defaults in any
material respect in the observance or in the due and timely performance of any
of its covenants or agreements herein contained or in the TBA and such breach or
default shall not be cured within thirty (30) days of the date of notice of
breach or default served by Buyer, or (ii) Seller to the Buyer if Buyer breaches
in any material respect any of  its representations or warranties or defaults in
any material respect in the observance or in the due  and timely performance of
any of its covenants or agreements herein contained or in the TBA and such
breach or default shall not be cured within thirty (30) days of the notice of
breach or default served by Seller; but such notice and cure period shall not
apply in the case of Buyer's or Seller's failure to consummate the transactions
in accordance with the terms and times specified in Section 4.1 of this
Agreement;

          (c) by Buyer or Seller by written notice to the other, if a court of
competent jurisdiction or other Governmental Entity shall have issued an order,
decree or ruling or taken any other action (which order, decree or ruling the
parties hereto shall use their best efforts to lift, dismiss, vacate, or set
aside), in each case permanently restraining, permanently enjoining or otherwise
prohibiting the transactions contemplated by this Agreement or the TBA, and such
order, decree, ruling or other action shall have become final and nonappealable;

          (d) by the party whose qualifications are not at issue, if, for any
reason, the FCC denies or dismisses any of the FCC Applications and the time for
reconsideration or court review under the Communications Act with respect to
such denial or dismissal has expired and there is not pending with respect
thereto a timely filed petition for reconsideration or request for review;

          (e) by written notice of Buyer to Seller if the FCC Consents contain a
condition that materially reduces the value of this transaction to Buyer and the
time for reconsideration or court review under the Communications Act with
respect to such condition(s) has expired without the filing with respect thereto
of a timely petition for reconsideration or request for review; or

          (f) by written notice of Buyer to Seller, or by Seller to the Buyer,
if the Closing shall not have been consummated within nine months after
acceptance for filing of the FCC Applications.

     Notwithstanding the foregoing, no party hereto may effect a termination
hereof if such party is in material default or breach of this Agreement.

                                  ARTICLE 17
                                 RISK OF LOSS
                                 ------------

     17.1 Risk of Loss.  The risk of loss or damage to the Station Assets shall
          ------------
be upon the Seller at all times prior to the Closing Date. In the event of loss
or damage, Seller shall promptly

                                      35
<PAGE>

notify Buyer thereof, and if the lost or damaged Station Assets are capable of
being replaced or repaired for an aggregate amount less than Twenty-Five
Thousand Dollars ($25,000), then Seller shall, at its sole cost and expense,
replace or repair such Station Assets prior to the Closing Date or deliver to
Buyer at the Closing an amount in cash equal to the cost of replacement or
repair of such Station Assets, as mutually agreed in good faith by Buyer and
Seller. Notwithstanding the foregoing, if the amount required to replace or
repair such Station Assets exceeds Twenty-Five Thousand Dollars ($25,000),
Seller may elect not to replace or repair such Station Assets; provided,
however, that in such event Buyer, at its option, may elect to terminate this
Agreement or agree to accept from Seller, at the Closing, an amount in cash
equal to any and all insurance proceeds with respect to such Station Assets, and
waive any default or breach with respect to the loss or damage. Buyer may
terminate this Agreement, without any additional obligation to Buyer or Seller,
if (a) WKKD-FM is off the air or operating at less than 90 percent (90%) of its
licensed power for three (3) or more consecutive days or eight (8) or more days
in any thirty (30) day period or (b) WKKD(AM) is off the air or operating at
variance from its STA (or at variance from its license, if WKKD(AM) ceases
operation under its STA) for three (3) or more consecutive days or eight (8) or
more days in any thirty (30) day period. Either party may extend the Closing
Date by up to 30 days or for such longer period as mutually agreeable to the
parties in order to allow Seller to complete any repair or replacement, required
or authorized by this Section.

                                  ARTICLE 18
                           MISCELLANEOUS PROVISIONS
                           ------------------------

     18.1 Survival of Representations and Warranties/Limitation on Liability.
          ------------------------------------------------------------------

          (a) All representations and warranties contained in this Agreement,
made prior to or at the Closing, shall be deemed continuing representations and
warranties and shall survive the Closing for a period of one (1) year from
Closing; provided, however, that any representations and warranties relating to
authorization and title shall continue for a period in perpetuity; those
relating to tax and environmental matters shall continue until the end of
applicable statutory limitations; and those relating to the operating condition
of the Station Assets shall continue for a period of fifteen (15) months from
Closing.  Seller's indemnification of Buyer for "bulk sales" liability shall
continue indefinitely.

          (b) With respect to those representations and warranties of Seller
which survive the Closing for periods exceeding one year, the duration of
Buyer's rights of action against Seller with respect to those representations
and warranties shall exceed one year only to the extent that (i) Seller has
received the same or comparable representations and warranties (the
"Corresponding Warranties") under that certain Stock Purchase Agreement (the
"SPA") dated July 16, 1999, by and among RadioWorks, Salter Broadcasting
Company, a Delaware corporation, Trust A, an Illinois legal entity, Trust B, an
Illinois legal entity, Shelly D. Salter, Jill D. Nelson, Kathleen A. Wells,
Arlene R. Salter and the other stockholders named therein, and (ii) Seller's
rights of action under the SPA for breach of the Corresponding Warranties have
not expired.

                                      36
<PAGE>

          (c) No claim may be brought under this Agreement unless written notice
describing in reasonable detail the nature and basis of such claim is given on
or prior to the last day of the applicable survival period.  In the event such
notice is given, the right to indemnification with respect thereto shall survive
the applicable survival period until such claim is finally resolved and any
obligations thereto are fully satisfied.  No investigation by or on behalf of
any party shall constitute a waiver as to enforcement of any representation,
warranty, or covenant contained in this Agreement, and no notice of information
delivered by Seller or any of its Affiliates shall affect Buyer's right to rely
on any representation or warranty made by Seller or any of its Affiliates or
relieve Seller or any of its Affiliates of any obligations under this Agreement.

          (d) The maximum aggregate liability Buyer or Seller may have to the
other for a breach of the covenants, representations or warranties contained in
this Agreement or in any document delivered pursuant to this Agreement shall be
$170,000.

     18.2 Certain Interpretive Matters and Definitions.
          --------------------------------------------

          18.2.1  In General. Unless the context otherwise requires, (a) all
                  ----------
references to Sections, Articles or Schedules are to Sections, Articles or
Schedules of or to this Agreement, (b) each term defined in this Agreement has
the meaning assigned to it, (c) each accounting term not otherwise defined in
this Agreement has the meaning assigned to it in accordance with GAAP as in
effect on the date hereof, (d) "or" is disinjunctive but not necessarily
exclusive and (e) words in the singular include the plural and vice versa.

          18.2.2  Affiliate.  Unless otherwise stated, the term "Affiliate" has
                  ---------
the meaning given it in Rule 12b-2 of Regulation 12B under the Securities
Exchange Act of 1934, as amended.

          18.2.3  Money.  All references to "$" or dollar amounts will be to
                  -----
lawful currency of the United States of America.

          18.2.4  Knowledge.  Representations made "to [a party's] knowledge"
                  ---------
or "to the best of [a party's] knowledge" mean to the actual knowledge of that
party after (a) reasonable inquiry of all then-existing managers, department
heads, engineers or other similar employees or agents, including counsel of that
party who are responsible for or who reasonably could be expected to have
substantial knowledge about the subject matters of the representation being made
and (b) reasonable examination of any documents, correspondence or other items
in the records in the possession, custody or control of the party pertaining to
the subject matter of the representation being made.

     18.3 Further Assurances. At and after the Closing, Seller shall from time
          ------------------
to time, at the request of and without further cost or expense to Buyer, execute
and deliver such other instruments of assignment, conveyance and transfer and
take such other actions as may reasonably be requested in order to more
effectively consummate the transactions contemplated hereby, and Buyer shall
from time to time, at the request of and without further cost or expense to
Seller, execute and deliver such other instruments and take such other actions
as may reasonably be requested in order to more

                                      37
<PAGE>

effectively assume the Assumed Liabilities. This section shall survive the
expiration or termination of this Agreement.

     18.4 Financial Statements.  At all times after the date hereof, Seller
          --------------------
shall, and shall cause its representatives (including its independent public
accountants) to, cooperate in all reasonable respects with the efforts of Buyer
and its independent auditors to prepare such audited and interim unaudited
financial statements of the Stations as Buyer may reasonably require. Seller
shall execute and deliver to Buyer's independent accountants such customary
management representation letters as they may require as a condition to their
ability to sign an unqualified report upon the unaudited financial statements of
the Stations for the periods for which such financial statements may be
required.  Seller shall cause its independent public accountants to make
available to Buyer and its representatives all of their work papers related to
the financial statements or Tax Returns of Seller (to the extent they relate to
the Stations), and to provide Buyer's independent public accountants with full
access to those personnel who previously have been involved in the audit, review
or compilation of Seller's financial statements or Tax Returns.  Buyer shall
assume cost of all expenses incurred in connection with this Section.

     18.5 Assignment.  Neither this Agreement nor any of the rights, interests
          ----------
or obligations hereunder shall be assigned by any of the parties hereto, whether
by operation of law or otherwise; provided, however, that without releasing
Buyer from any of its obligations or liabilities hereunder (a) nothing in this
Agreement shall limit Buyer's ability to sell or transfer this Agreement to an
assignee who is qualified to be a licensee of the FCC, or any or all of its
assets (whether by sale of equity or assets, or by merger, consolidation or
otherwise) without the consent of Seller (b) nothing in this Agreement shall
limit Buyer's ability to assign the Station Licenses (including the right to
acquire the Station Licenses at the Closing) to any subsidiary, affiliate or
related entity of Buyer without the consent of Seller and (c) nothing in this
Agreement shall limit Buyer's ability to make a collateral assignment of its
rights under this Agreement to any institutional lender that provides funds to
Buyer without the consent of Seller; provided, further, that no such assignment
shall result in any (i) major change to the FCC Applications under applicable
FCC rules and regulations or (ii) delay of the consummation of the transactions
contemplated hereunder. Seller shall execute an acknowledgment of such
assignment(s) and collateral assignments in such forms as Buyer or its
institutional lenders may from time to time reasonably request; provided,
however, that unless written notice is given to Seller that any such assignment
has been consummated or any such collateral assignment has been foreclosed upon,
Seller shall be entitled to deal exclusively with Buyer as to any matters
arising under this Agreement or any of the other agreements delivered pursuant
hereto. In the event of such an assignment, the provisions of this Agreement
shall inure to the benefit of and be binding on Buyer's successors and assigns.

     18.6 Amendments.  No amendment, waiver of compliance with any provision or
          ----------
condition hereof or consent pursuant to this Agreement shall be effective unless
evidenced by an instrument in writing signed by the party against whom
enforcement of any waiver, amendment, change, extension or discharge is sought.
No waiver by a party of any condition, term, or covenant shall constitute that
party's waiver to enforce any other condition, covenant, term (or any default or
breach

                                      38
<PAGE>

thereof by the other party) at any time.

     18.7 Headings.  The headings set forth in this Agreement are for
          --------
convenience only and will not control or affect the meaning or construction of
the provisions of this Agreement.

     18.8 Governing Law.  The construction and performance of this Agreement
          -------------
shall be governed by the laws of the State of Illinois without giving effect to
the choice of law provisions thereof.  Any proceedings to enforce or interpret
this Agreement shall be commenced in a court of competent jurisdiction in the
State of Illinois.  The parties agree not to assert nor interpose any defenses,
and do hereby waive the same, to the conferral of personal jurisdiction, and
venue by such court in any suit, action, or proceeding.  The prevailing party in
any such action or proceeding and any appeal thereof shall be entitled to
recover reasonable attorneys' fees and costs.

     18.9 Notices.  Any notice, demand or request required or permitted to be
          -------
given under the provisions of this Agreement shall be in writing  and shall be
deemed to have been duly delivered and received on the date of personal
delivery; on the third day after deposit in the U.S. Mail if mailed by
registered or certified mail, postage prepaid and return receipt requested; on
the day after delivery to a nationally recognized overnight courier service if
sent by an overnight delivery service for next morning delivery or, if sent by
facsimile, to the number below, on the date of the confirmed facsimile
transmission and shall be addressed to the following addresses:

          (i)  In the case of Seller, to:

                    Mr. Robert E. Rhea, Jr.
                    RadioWorks, Inc.
                    2830 Sandy Hollow Road
                    Rockford, IL 61109
                    Facsimile: (815) 974-2202

               With a copy to:

                    Richard R. Zaragoza, Esq.
                    Shaw Pittman
                    2300 N Street, NW
                    Washington, DC 20037-1128
                    Facsimile: (202) 663-8007

          (ii) In the case of Buyer:

                    Mr. Sean Stover
                    NextMedia Operating, Inc.
                    6312 South Fiddler's Green Circle, Suite 360-E
                    Englewood, CO 80111

                                      39
<PAGE>

                    Facsimile: (303) 694-4940

               With a copy to:

                    Matthew L. Leibowitz, Esq.
                    Leibowitz & Associates, P.A.
                    One S.E. Third Avenue, Suite 1450
                    Miami, Florida 33131
                    Facsimile: (305) 530-9417

     18.10 Barter and Trade.  Buyer shall assume those certain Trade Agreements
           ----------------
listed on Schedule 1.1.3. Buyer shall not assume any additional Trade Agreements
hereunder unless (a) Buyer obtains the value of the goods and services provided
in exchange for the advertising to be broadcast and (b) those goods and services
are useful to the business of the Stations. If the value of trade, barter, and
similar arrangements for the sale of advertising time for other than cash that
are assumed by Buyer under this Agreement including those listed on Schedule
1.1.3 is $25,000 or more with respect to any of the Stations, then Seller shall
pay Buyer the excess above the first $25,000 for such Station within ninety (90)
days after the Closing.

     18.11 Schedules.  The Schedules and Exhibits attached to this Agreement and
           ---------
the other documents delivered pursuant hereto are hereby made a part of this
Agreement as if set forth in full herein.

     18.12 Entire Agreement.  This Agreement contains the entire agreement among
           ----------------
the parties hereto with respect to its subject matter and supersedes all
negotiations, prior discussions, agreements, letters of intent, and
understandings, written or oral, relating to the subject matter of this
Agreement, and all conditions, terms, and covenants are hereby fully merged and
integrated herein. This Agreement shall not be amended nor modified, unless by a
written instrument, duly executed by both of the parties duly authorized
representatives.

     18.13 Severability.  If any provision of this Agreement is held to be
           ------------
unenforceable, invalid, or void to any extent for any reason, that provision
shall remain in force and effect to the maximum extent allowable, and the
enforceability and validity of the remaining provisions of this Agreement shall
not be affected thereby, and shall remain in full force and effect.

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

     18.15 Authority.  Buyer and Seller expressly acknowledge that the agents
           ---------
executing this Agreement on their behalf, possess the full agency and authority,
both actual and apparent, to fully bind their respective principals to this
Agreement. Neither party shall assert or interpose any defense in any
proceeding, which defenses are hereby waived, that said agents did not possess
the legal

                                      40
<PAGE>

authority and agency to bind their respective principals to this Agreement.

     18.16  Collection of Accounts Receivable.
            ---------------------------------

            (a) The accounts receivable of the Stations generated prior to the
TBA Commencement Date (the "Pre-Closing Receivables") shall be and remain the
property of Seller. No later than January 11, 2001, Seller shall furnish Buyer
with a list (certified by the Chief Financial Officer of Seller to be a true and
complete list) of all accounts receivable of Seller which remain outstanding as
of the TBA Commencement Date. Buyer agrees, with respect to any Pre-Closing
Receivables, to remit all amounts collected on Seller's behalf, no less often
than the fifteenth business day after the close of each month during the
Collection Period (as hereinafter defined) and without deduction or adjustment
except for accrued sales commissions paid to former sales personnel of Seller at
the commission rate prevailing at the time of the sale.

            (b) During the period commencing on the TBA Commencement Date and
ending one hundred eighty (180) days thereafter (the "Collection Period"), Buyer
shall use reasonable efforts, consistent with Seller's current billing and
collection practices and in the ordinary course of the business, to collect
outstanding Pre-Closing Receivables; provided, however, that notwithstanding the
foregoing, Buyer shall be under no obligation to commence litigation, employ
counsel or engage the services of a collection agency to effect collection.
Buyer shall not make any compromise, adjustment, concession or settlement of any
Pre-Closing Receivables without Seller's express written consent and Buyer shall
be under no obligation to compromise, adjust, concede or settle any accounts
receivable generated after the TBA Commencement Date or otherwise grant any
credit or allowance to effect collection of a Pre-Closing Receivable.

            (c) Within fifteen days after the end of each month during the
Collection Period, Buyer shall give Seller a report of all collections of any
Pre-Closing Receivables during the preceding month.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      41
<PAGE>

     IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
duly executed and delivered as of the date first above written.

                                   RADIOWORKS, INC., an Illinois corporation

                                   By:  ______________________________
                                        Robert E. Rhea, Jr., President

                                   WFVR, INC., an Illinois corporation

                                   By:  ______________________________
                                        Robert E. Rhea, Jr., President

                                   WKKD, INC., an Illinois corporation

                                   By:  ______________________________
                                        Robert E. Rhea, Jr., President

                                   NEXTMEDIA OPERATING, INC.,
                                   a Delaware corporation

                                   By:  _________________________________
                                        Matthew L. Leibowitz, Secretary

                                   NEXTMEDIA LICENSING, INC.,
                                   a Delaware corporation

                                   By:  _____________________________
                                        Matthew L. Leibowitz, Secretary

                                      42<PAGE>

                                                                   Exhibit 10.20

================================================================================

                            ASSET PURCHASE AGREEMENT

                          Dated as of January 31, 2001

                                      Among

                                CITYVISION, LLC,
                          CITYVISION MID-AMERICA, LLC,
                        CITYVISION CONNECTICUT, LLC, and
                    CITYVISION MASSACHUSETTS, LLC, as Sellers

                                       and

                        NEXTMEDIA OUTDOOR, INC., as Buyer

================================================================================
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                  Page

<S>           <C>                                                                  <C>
ARTICLE I     DEFINED TERMS.........................................................1

     1.1      Defined Terms.........................................................1

ARTICLE II    SALE AND PURCHASE OF ASSETS...........................................6

     2.1      Agreement to Sell and Purchase........................................6

     2.2      Excluded Assets.......................................................6

     2.3      Nonassignable Contracts...............................................7

     2.4      Liabilities...........................................................8

     2.5      Purchase Price........................................................9

     2.6      Adjustments and Prorations...........................................11

     2.7      Allocation...........................................................12

ARTICLE III   REPRESENTATIONS AND WARRANTIES OF SELLER.............................13

     3.1      Organization, Standing and Authority.................................13

     3.2      Authorization and Binding Obligation.................................13

     3.3      Absence of Conflicting Agreements....................................13

     3.4      Licenses.............................................................14

     3.5      Site Leases..........................................................14

     3.6      Title to and Condition of Personal Property..........................14

     3.7      Contracts............................................................15

     3.8      Consents.............................................................15

     3.9      Advertising Displays.................................................15

     3.10     Financial Statements.................................................15

     3.11     Reports..............................................................16

     3.12     Taxes................................................................16

     3.13     Claims; Legal Actions................................................16

     3.14     Compliance with Laws.................................................16

     3.15     Undisclosed Liabilities..............................................16

     3.16     Books and Records....................................................17

     3.17     Assets...............................................................17

     3.18     Environment, Health and Safety.......................................17
</TABLE>

                                         i
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                  Page
<S>           <C>                                                                  <C>
     3.19     Brokerage............................................................17

     3.20     Affiliated Transactions..............................................17

     3.21     Affiliation with AA..................................................18

     3.22     No Real Property.....................................................18

     3.23     Absence of Certain Changes...........................................18

     3.24     No Third Party Options...............................................18

     3.25     Full Disclosure......................................................18

ARTICLE IV    REPRESENTATIONS AND WARRANTIES OF BUYER..............................18

     4.1      Organization, Standing and Authority.................................18

     4.2      Authorization and Binding Obligation.................................18

     4.3      Absence of Conflicting Agreements or Consents........................19

     4.4      Brokerage............................................................19

     4.5      Affiliation with AA..................................................19

ARTICLE V     COVENANTS............................................................19

     5.1      Conduct Prior to the Closing Date....................................19

     5.2      Access...............................................................20

     5.3      Satisfaction of Conditions; Closing..................................21

     5.4      Sale of Assets; Negotiations.........................................21

     5.5      Notification.........................................................21

     5.6      Response to Certain Actions..........................................22

     5.7      Further Assurances...................................................22

     5.8      Accounts Receivable..................................................22

     5.9      Taxes, Fees and Expenses.............................................22

     5.10     Bulk Sales Law.......................................................22

     5.11     Confidentiality......................................................22

     5.12     Noncompetition and Nonsolicitation...................................23

     5.13     Financial Information................................................24

ARTICLE VI    CLOSING; TERMINATION AND RISK OF LOSS................................24

     6.1      Closing..............................................................24

</TABLE>

                                       ii
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                  Page
<S>           <C>                                                                  <C>
     6.2      Termination Rights...................................................24

     6.3      Procedures and Effect of Termination.................................25

     6.4      Risk of Loss.........................................................25

     6.5      Resolution of Disagreements..........................................26

ARTICLE VII   CONDITIONS OF CLOSING BY BUYER.......................................26

     7.1      Representations, Warranties and Covenants............................26

     7.2      Compliance with Agreement............................................26

     7.3      Closing Certificates.................................................26

     7.4      Third Party Consents and Governmental Approvals......................26

     7.5      No Adverse Proceedings...............................................27

     7.6      Closing Documents....................................................27

     7.7      No Material Adverse Change...........................................27

     7.8      Title Commitment.....................................................27

ARTICLE VIII  CONDITIONS OF CLOSING BY SELLER.....................................27

     8.1      Representations, Warranties and Covenants............................27

     8.2      Compliance with Agreement............................................28

     8.3      Closing Certificates.................................................28

     8.4      No Adverse Proceedings...............................................28

     8.5      Closing Documents....................................................28

ARTICLE IX    CLOSING DELIVERIES...................................................28

     9.1      Deliveries by Seller.................................................28

     9.2      Deliveries by Buyer..................................................29

ARTICLE X     SURVIVAL AND INDEMNIFICATION.........................................30

     10.1     Survival of Representations, Warranties and Covenants................30

     10.2     Indemnification by Sellers...........................................30

     10.3     Indemnification by Buyer.............................................31

     10.4     Procedure for Indemnification........................................31

     10.5     Limitations on Indemnity; Offset; Interest...........................32

ARTICLE XI    MISCELLANEOUS........................................................33
</TABLE>

                                        iii
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                  Page
     <S>      <C>                                                                  <C>
     11.1     Notices..............................................................33

     11.2     Specific Performance.................................................34

     11.3     Benefit and Binding Effect...........................................34

     11.4     Headings.............................................................34

     11.5     Gender and Number....................................................34

     11.6     Counterparts.........................................................34

     11.7     Entire Agreement.....................................................35

     11.8     Amendment............................................................35

     11.9     Severability.........................................................35

     11.10    Governing Law; Consent to Jurisdiction and Venue.....................35
</TABLE>

                                       iv
<PAGE>

                                    EXHIBITS
                                    --------

Exhibit A - Form of Bill of Sale
Exhibit B - Form of Assignment and Assumption Agreement
Exhibit C - Form of Management Agreement

                                    SCHEDULES
                                    ---------

Schedule 1.1(a)   Advertising Contracts
Schedule 1.1(b)   Advertising Displays
Schedule 1.1(c)   Indianapolis Assets
Schedule 2.1(d)   Personal Property
Schedule 2.7      Allocation of Assets
Schedule 3.1      Foreign Qualifications
Schedule 3.4      Licenses
Schedule 3.5      Site Leases
Schedule 3.7      Contracts
Schedule 3.8      Consents
Schedule 3.10     Financial Statements
Schedule 3.12     Taxes
Schedule 3.13     Claims; Legal Actions
Schedule 3.15     Undisclosed Liabilities
Schedule 3.18     Environment, Health and Safety
Schedule 3.19     Seller Brokerage Commissions
Schedule 3.20     Affiliated Transactions
Schedule 3.22     Real Property
Schedule 3.23     Absence of Certain Changes
Schedule A        Cash Flow
Schedule B        Operating Costs
Schedule C        Eads Bridge Cash Flow
<PAGE>

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

          This ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of January
31, 2001, is made and entered into by and among CITYVISION, LLC, a Delaware
limited liability company ("Cityvision"), CITYVISION MID-AMERICA, LLC, a
Delaware limited liability company, CITYVISION CONNECTICUT, LLC, a Connecticut
limited liability company, and CITYVISION MASSACHUSETTS, LLC, a Delaware limited
liability company (collectively, "Seller"), NEXTMEDIA OUTDOOR, INC., a Delaware
corporation (or its permitted assigns, including, without limitation,
subsidiaries or Affiliates of NextMedia Outdoor, Inc. or NextMedia Operating,
Inc., a Delaware corporation) (the "Buyer") and for purposes of Section 5.12
                                                                ------------
only, Triumph Holdings, LLC, a Delaware limited liability company ("Triumph"),
and Peter McClary.

                                P R E M I S E S:
                                ---------------

          WHEREAS, Seller owns and operates an outdoor advertising business
which develops billboard sites and sells advertising on billboards; and

          WHEREAS, Seller desires to sell to Buyer and Buyer desires to purchase
from Seller substantially all of the assets used or useful in the operation of
the Business (as defined herein) upon the terms and conditions hereinafter set
forth.

                              A G R E E M E N T S:
                              -------------------

          In consideration of the above premises and the covenants and
agreements contained herein, Buyer and Seller hereby agree as follows:

                                    ARTICLE I

                                  DEFINED TERMS
                                  -------------

     1.1 Defined Terms. The following terms shall have the following meanings in
         -------------
this Agreement:

          "1999 Financials" shall have the meaning set forth in Section 3.10
           ---------------                                      ------------
hereof.

          "AA" shall have the meaning set forth in Section 2.5(d) hereof.
           --                                      --------------

          "Accounts Receivable" means any and all amounts or other obligations
           -------------------
owed to Seller by reason of a sale of a good or the provision of a service
(including the providing of outdoor advertising) in the ordinary course of
Seller's conduct of the Business prior to the Closing Date and for which such
goods have been sold or such services have been provided and for which Buyer has
no liability or obligation with respect thereto.

          "Advertising Contracts" shall mean all Contracts, including trade
           ---------------------
advertising contracts, whether written or oral, for advertising services to be
provided by Seller (including
<PAGE>

rental of space on Advertising Displays) in effect as of the date hereof and all
such other Contracts entered into after such date and in effect on the Closing
Date to which Seller is a party or which have been assumed by or assigned to
Seller. All Advertising Contracts in effect as of the date hereof are listed on
Schedule 1.1(a) hereto.
---------------

          "Advertising Displays" shall mean all illuminated and unilluminated
           --------------------
painted bulletins, poster panels, junior panels and other outdoor advertising
displays, including billboards and the existing structures used in the display
thereof (such as supporting structures, upright beams, brackets, lighting
equipment and other fixtures attached thereto), whether or not in the process of
construction or assembly, reflected on Seller's books and records as of the date
hereof as being owned, leased, used or operated by Seller and any others that
have been acquired, owned, leased, used or operated by Seller thereafter prior
to the Closing Date. All Advertising Displays as of the date hereof are
described on Schedule 1.1(b) hereto.
             ---------------

          "Affiliate" has the meaning given to such term in Rule 12b-2 of
           ---------
Regulation 12B under the Securities Exchange Act of 1934, as amended.

          "Ancillary Agreements" shall have the meaning set forth in Section 3.2
           --------------------                                      -----------
hereof.

          "Assets" shall have the meaning set forth in Section 2.1 hereof.
           ------                                      -----------

          "Assumed Contracts" means all (i) Contracts relating to the operation
           -----------------
of the Business, including, without limitation, those described and set forth on
Schedule 3.7 hereto, the Advertising Contracts and the Site Leases and (ii) any
------------
Contracts relating to the operation of the Business entered into by Seller on or
after the date of this Agreement and before the Closing which Buyer has
specifically agreed to assume after Buyer has had a reasonable opportunity to
review such Contracts.

          "Assumed Liabilities" shall have the meaning set forth in
           -------------------
Section 2.4(a) hereof.
--------------

          "Basket Amount" shall have the meaning set forth in Section 10.5(a)
           -------------                                      ---------------
hereof.

          "Bulk Sales Law" shall have the meaning set forth in Section 5.10
           --------------                                      ------------
hereof.

          "Business" means Seller's operation of an outdoor advertising
           --------
business, which develops billboard sites and sells advertising on billboards in
the Markets.

          "Business Day" means any day other than a Saturday, a Sunday or a day
           ------------
on which banking institutions in New York, New York are not required to be open.

          "Cash Flow" shall have the meaning set forth in Section 2.5(c) hereof.
           ---------                                      --------------

          "Cause of Action" means a right to receive or recover property, debt
           ---------------
or damages on a cause of action, whether pending or not and whether arising in
contract, tort or otherwise. The term shall include, but not be limited to,
rights to judgments, settlements and proceeds from judgments or settlements.

                                       2
<PAGE>

          "Claimant" shall have the meaning set forth in Section 10.4(a) hereof.
           --------                                      ---------------

          "Closing" means the consummation of the transactions contemplated by
           -------
this Agreement in accordance with the provisions of Article VI hereof.
                                                    ----------

          "Closing Date" means the date of the Closing specified in Article VI
           ------------                                             ----------
hereof.

          "Closing Payment" shall have the meaning set forth in Section 2.5(a)
           ---------------                                      --------------
hereof.

          "Code" means the Internal Revenue Code of 1986, as amended to the date
           ----
hereof.

          "Consents" means the consents of third parties, including, without
           --------
limitation, applicable governmental authorities, necessary to transfer the
Assets to Buyer or otherwise to consummate the transactions contemplated hereby,
all of which Consents are set forth on Schedule 3.8 hereto.
                                       ------------

          "Contracts" means all contracts, leases, licenses, commitments and
           ---------
agreements (including any amendments and other modifications thereto) to which
Seller is a party and which relate to the Assets or to the Business or the
operations thereof.

          "Earn-Out" shall have the meaning set forth in Section 2.5(b) hereof.
           --------                                      --------------

          "Earn-Out Period" shall mean the eighteen (18) month period
           ---------------
immediately following the Closing Date.

          "Environmental Claims" refers to any complaint, summons, citation,
           --------------------
notice, directive, order, claim, litigation, investigation, judicial or
administrative proceeding, judgment, letter or other communication from any
governmental agency, department, bureau, office or other authority, or any third
party involving violations of Environmental Laws with respect to the ownership
of the Assets or the operation of the Business.

          "Environmental Laws" include the Comprehensive Environmental Response,
           ------------------
Compensation and Liability Act, 42 U.S.C. 9601 et seq., as amended; the Resource
Conservation and Recovery Act, 42 U.S.C. 6901 et seq., as amended; the Clean Air
Act, 42 U.S.C. 7401 et seq., as amended; the Clean Water Act, 33 U.S.C. 1251 et
seq., as amended; the Occupational Safety and Health Act, 29 U.S.C. 655 et seq.,
and any other federal, state, local or municipal laws, statutes, regulations,
rules or ordinances imposing liability or establishing standards of conduct for
protection of the environment, including, without limitation, the protection of
surface water, groundwater, drinking water, air, wildlife, plants or other
natural resources, or the health and safety of Persons or property, including,
without limitation, protection of the health and safety of employees.

          "Excluded Assets" shall have the meaning set forth in Section 2.2
           ---------------                                      -----------
hereof.

          "Excluded Liabilities" shall have the meaning set forth in Section
           --------------------                                      -------
2.4(b) hereof.
------

                                       3
<PAGE>

          "Final Resolution" shall have the meaning set forth in Section
           ----------------                                      -------
10.5(c).
-------

          "Financial Statements" means the financial statements of Seller
           --------------------
relating to the Business, attached as Schedule 3.10 hereto.
                                      -------------

          "GAAP" means generally accepted accounting principles.
           ----

          "Hazardous Substances" means all substances, materials or waste that
           --------------------
are regulated by federal, state or local government under the Environmental Laws
as hazardous, toxic or pollutants or contaminants as well as any petroleum or
petroleum derived product.

          "Indemnifying Party" shall have the meaning set forth in Section
           ------------------                                      -------
10.4(a).
-------

          "Indianapolis Assets" means any assets of Seller relating to the
           -------------------
outdoor advertising business operated by Seller in and around the Indianapolis,
Indiana metropolitan area (including, without limitation, those sites set forth
on Schedule 1.1(c)).
   ---------------

          "Licenses" means all of the licenses, permits and other authorizations
           --------
issued by or pending with any federal, state or local governmental authorities
to Seller used or useful in connection with the operation of the Business,
including, without limitation, those listed on Schedule 3.4 hereto.
                                               ------------

          "Liens" means any claims, mortgages, pledges, liens, security or other
           -----
third party interests, conditional sales agreements, options, encumbrances,
debts or charges of any kind.

          "Losses" shall have the meaning set forth in Section 10.5(a) hereof.
           ------                                      ---------------

          "Management Agreement" means that certain Management Agreement among
           --------------------
Cityvision and Buyer to be executed as of the Closing Date, in substantially the
form of Exhibit C attached hereto.
        ---------

          "Markets" means each of the following markets in which Seller
           -------
currently conducts business: (i) Hartford, Connecticut, (ii) Westfield,
Massachusetts, (iii) Springfield, Massachusetts, and (iv) East St. Louis,
Illinois. Solely for the purpose of Section 5.12, the term Market shall also
                                    ------------
include St. Louis, Missouri.

          "NDA" shall have the meaning set forth in Section 11.7 hereof.
           ---                                      ------------

          "Net Income" shall have the meaning set forth in Section 2.5(c)
           ----------                                      --------------
hereof.

          "Net Revenue" shall mean gross revenue less advertising agency
           -----------
commissions, calculated in accordance with GAAP consistently applied.

          "Nonassignable Right" shall have the meaning set forth in Section
           -------------------                                      -------
2.3(a) hereof.
------

          "Noncompete Period" shall have the meaning set forth in Section
           -----------------                                      -------
5.12(b) hereof.
-------

                                       4
<PAGE>

          "Notice Period" shall have the meaning set forth in Section 5.12(b)
           -------------                                      ---------------
hereof.

          "Permitted Site" shall have the meaning set forth in Section 5.12(b)
           --------------                                      ---------------
hereof.

          "Permitted Site Notice" shall have the meaning set forth in Section
           ---------------------                                      -------
5.12(b) hereof.
-------

          "Permitted Site Price" shall have the meaning set forth in Section
           --------------------                                      -------
5.12(b) hereof.
-------

          "Person" means an individual, a partnership, a corporation, a limited
           ------
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization or a governmental entity or any
department, agency or political subdivision thereof.

          "Personal Property" includes, without limitation, machinery,
           -----------------
equipment, computer programs, computer software, copyrights, patents,
trademarks, websites, URL addresses, tools, motor vehicles, furniture, leasehold
improvements, office equipment, supplies, plant, spare parts and all other
tangible or intangible personal property which is owned, used or leased by
Seller in the operation of the Business.

          "Purchase Price" means the consideration payable to Seller for the
           --------------
Assets as provided in Section 2.5 hereof.
                      -----------

          "Restricted Parties" shall have the meaning set forth in Section
           ------------------                                      -------
5.12(a) hereof.
-------

          "Restrictive Covenant" shall have the meaning set forth in Section
           --------------------                                      -------
5.12(a) hereof.
-------

          "Site Leases" shall mean all leases, licenses, easements, occupancy
           -----------
agreements and other grants of the right to use real property not owned in fee
by Seller for the use, operation, construction, or management of outdoor
Advertising Displays, and all extensions, modifications or renewals (whether or
not pursuant to different terms and conditions) thereof to which Seller was a
party or of which it had the benefit as of the date hereof or which have been
assumed by or assigned to Seller or entered into thereafter and are in effect as
of the Closing Date, including, without limitation, rights to locations on which
structures have not been built and which Buyer has specifically agreed to assume
after Buyer has had a reasonable opportunity to review such Site Leases. All
Site Leases as of the date hereof are listed on Schedule 3.5 hereto, which
                                                ------------
Schedule sets forth for each such Site Lease (a) the location of the property,
(b) the name of the lessor or grantor, (c) the annual base rent for such Site
Lease, if any, and (d) the expiration date, if any.

          "Taxes" means all federal, state, county, local, foreign and other
           -----
taxes of any kind whatsoever (including, without limitation, income, profits,
premium, estimated, excise, sales, use, occupancy, gross receipts, franchise, ad
valorem, severance, capital levy, production, transfer, license, stamp,
environmental, withholding, employment, unemployment compensation, payroll
related and property taxes, import duties and other governmental charges and
assessments), whether or not measured in whole or in part by net income, and
including deficiencies, interest, additions to tax or interest, and penalties
with respect thereto, and including expenses associated with contesting any
proposed adjustment related to any of the foregoing.

                                       5
<PAGE>

          "Tax Return" means any return, information report or filing with
           ----------
respect to Taxes, including any schedules attached thereto and including any
amendment thereof.

          "Third Party Price" shall have the meaning set forth in Section
           -----------------                                      -------
5.12(b) hereof.
-------

                                   ARTICLE II

                           SALE AND PURCHASE OF ASSETS
                           ---------------------------

     2.1 Agreement to Sell and Purchase. Subject to the terms and conditions set
         ------------------------------
forth in this Agreement, Seller hereby agrees to sell, transfer and deliver to
Buyer on the Closing Date, and Buyer agrees to purchase from Seller on the
Closing Date, all of the rights, title and interest of Seller in and to the
assets listed below (the "Assets"), wherever located, free and clear of any
Liens (except as set forth in Section 3.6 herein), including, but not limited
                              -----------
to:

          (a) All of the Assumed Contracts;

          (b) All of Seller's right, title and interest in and to all Licenses;

          (c) All Advertising Displays;

          (d) All Personal Property specifically set forth on Schedule 2.1(d);
                                                              ---------------

          (e) All files, books and other records relating primarily to the
Business or operations thereof, including, without limitation, executed copies
of the Assumed Contracts or, if no executed agreement exists, summaries of the
Assumed Contracts, price lists, marketing information, sales records, customer
lists and files;

          (f) All of Seller's goodwill with respect to the Business and the
operations thereof;

          (g) All rights under or pursuant to all warranties, representations
and guarantees made by suppliers in connection with the Assets or services
furnished to Seller to the extent such warranties, representations and
guarantees are assignable; and

          (h) All such other assets, properties, interests and rights owned by
Seller that are used in connection with the Business or the operations thereof
or relate to the ownership of the Assets, except for any Excluded Assets (as
such term is defined in Section 2.2).
                        -----------

     2.2 Excluded Assets. The following assets of Seller shall not be acquired
         ---------------
by Buyer and shall be deemed excluded assets (collectively, the "Excluded
Assets"):

          (a) Accounts Receivable;

          (b) All cash on hand and in bank accounts and other cash items and
equivalents of Seller as of the Closing Date;

                                       6
<PAGE>

          (c) Seller's minute books and other books and records relating to
internal governance matters, and any books and records not related to the
Business and the operations thereof;

          (d) Seller's right, title and interest in and to the name "CityVision"
and any derivation thereof;

          (e) The Indianapolis Assets;

          (f) Any claims, rights or interest of Seller in or to any refunds of
federal, state or local franchise, income or other Taxes or fees of any nature
whatsoever which relate solely to the period prior to the Closing Date;

          (g) All Contracts other than Assumed Contracts and all assets or funds
held in trust, or otherwise, associated with or used in connection with Seller's
employee benefit plans, programs or arrangements;

          (h) All of Seller's rights in an to all Causes of Action relating to
the Business which existed on or prior to the Closing Date which relate entirely
to the period prior to the Closing Date; and

          (i) Any Personal Property not specifically set forth on Schedule
                                                                  --------
2.1(d).
------

     2.3 Nonassignable Contracts.
         -----------------------

          (a) Nonassignability. Without limiting or otherwise affecting the
              ----------------
rights of Buyer pursuant to Article X of this Agreement, to the extent that any
                            ---------
Assumed Contract is not capable of being assigned without the consent, approval
or waiver of a third Person (including, without limitation, a governmental
entity), or if such assignment or attempted assignment would constitute a breach
thereof or a violation of any law or regulation (each, a "Nonassignable Right"),
nothing in this Agreement will constitute an assignment or require the
assignment thereof, except to the extent provided in this Section 2.3.
                                                          -----------

          (b) Seller to Use Commercially Reasonable Efforts. Notwithstanding
              ---------------------------------------------
anything to the contrary contained herein, Seller shall not be obligated to
assign to Buyer any rights or obligations in, to or under any of the
Nonassignable Rights without first having obtained all consents, approvals and
waivers necessary for such assignment; provided, however, that Seller shall use
                                       --------  -------
its commercially reasonable efforts to obtain all such consents, approvals and
waivers prior to the Closing and, if the Closing occurs without certain consents
being obtained, Seller shall use its commercially reasonable efforts after the
Closing Date to obtain all such consents, approvals and waivers. Buyer
acknowledges and agrees that it shall cooperate with Seller in Seller's efforts
to obtain all required consents, approvals and waivers.

          (c) If Waivers or Consents Cannot Be Obtained. To the extent that any
              -----------------------------------------
consent, approval or waiver required for the assignment of any Nonassignable
Right cannot be obtained by Seller either prior to or after the Closing, then
Seller shall use it commercially

                                       7
<PAGE>

reasonable efforts to: (i) provide to Buyer the financial and business benefits
of such Nonassignable Right and (ii) enforce, at the request of Buyer, for the
account of Buyer, any rights of Seller arising from any such Nonassignable Right
(including, without limitation, the right to elect to terminate in accordance
with the terms thereof upon the advice of Buyer).

     2.4 Liabilities.
         -----------

          (a) Assumed Liabilities. Subject to the provisions of this Section
              -------------------                                    -------
2.4(b), at Closing, Buyer shall assume, discharge and perform the liabilities
------
and obligations of Seller arising or to be performed after the Closing Date
under the Assumed Contracts and Licenses in effect on the Closing Date and all
other liabilities and obligations that arise from the ownership or operation of
the Assets after the Closing Date. All of the foregoing liabilities and
obligations shall be referred to herein collectively as the "Assumed
Liabilities."

          (b) Excluded Liabilities. Notwithstanding anything contained in this
              --------------------
Agreement to the contrary, Buyer shall not assume or otherwise be liable in
respect of, or be deemed by virtue of the execution and delivery of this
Agreement, or as a result of the consummation of the transactions contemplated
by this Agreement, to have assumed or otherwise be liable in respect of, any
debt, claim, obligation, or other liability of Seller, or any of its Affiliates
other than the Assumed Liabilities, including, without limitation, any of the
following liabilities or obligations of Seller (collectively, the "Excluded
Liabilities").

               (i) all obligations or liabilities of Seller or any predecessor
     or Affiliate of Seller which in any way relate to, or arise out of, any of
     the Excluded Assets;

               (ii) any and all Tax liabilities of Seller;

               (iii) all liabilities or obligations of Seller owed to Affiliates
     of Seller;

               (iv) all liabilities or obligations of Seller for borrowed money
     or interest on such borrowed money;

               (v) all liabilities or obligations arising out of any breach by
     Seller or any predecessor or Affiliate of Seller of any of the terms or
     conditions of any provision of any Contract;

               (vi) all liabilities or obligations of Seller or any predecessor
     or Affiliate of Seller resulting from, caused by or arising out of, any
     violation of law;

               (vii) all claims, liabilities, or obligations of Seller as an
     employer, including, without limitation, liabilities for wages,
     supplemental unemployment benefits, vacation benefits, severance benefits,
     retirement benefits, Federal Consolidated Omnibus Budget Reconciliation Act
     of 1985 benefits, Federal Family and Medical Leave Act of 1993 benefits,
     Federal Workers Adjustment and Retraining Notification Act obligations and
     liabilities, or any other employee benefits, withholding Tax liabilities,
     workers' compensation, or unemployment compensation benefits or premiums,
     hospitalization or

                                       8
<PAGE>

     medical claims, occupational disease or disability claims, or other claims
     attributable in whole or in part to employment or termination by Seller or
     arising out of any labor matter involving Seller as an employer, and any
     claims, liabilities and obligations arising from or relating to any
     employee benefit plans;

               (viii) all claims, liabilities, losses, damages, or expenses
     relating to any litigation, proceeding, or investigation of any nature
     arising out of the Business or ownership of the Assets on or prior to the
     Closing Date including, without limitation, any claims against or any
     liabilities for injury to, or death of, Persons or damage to or destruction
     of property, any workers' compensation claims, and any warranty claims;

               (ix) except as may otherwise be provided herein, any accounts
     payable, other indebtedness, obligations or accrued liabilities of Seller;

               (x) any claims, liabilities, losses, damages, expenses or
     obligations resulting from the failure to comply with, or imposed pursuant
     to, any Environmental Law or resulting from the use, presence, generation,
     storage, treatment, transportation, handling, disposal, emission or release
     of Hazardous Substances, solid wastes, and gaseous matters by Seller or by
     any other Person related to, or affiliated with, Seller or the Assets to
     the extent related to, arising from or otherwise attributable to acts or
     omissions prior to, or conditions existing as of, the Closing Date,
     including, without limitation, any liability or obligation for cleaning up
     waste disposal sites from or related to acts or omissions on or prior to
     the Closing Date;

               (xi) all fees and expenses incurred by Seller in connection with
     negotiating, preparing, closing, and carrying out this Agreement and the
     transactions contemplated by this Agreement, including, without limitation,
     the fees and expenses of Seller's attorneys, accountants, consultants and
     brokers; and

               (xii) any contracts that Buyer is not specifically assuming.

Seller agrees that it shall pay promptly when due any and all Excluded
Liabilities not discharged by it at or prior to Closing. Buyer is not the
successor employer of Seller's employees for any purpose and is not required to
employ any of such employees and has no liability whatsoever with respect to any
employee of Seller.

     2.5 Purchase Price.
         --------------

          (a) The Purchase Price for the Assets is Three Million Five Hundred
Thousand Dollars ($3,500,000), which amount, plus any amount to be paid by Buyer
to Seller pursuant to Section 2.8 of this Agreement, shall be paid to Seller or
                      -----------
its designee at Closing by wire transfer to an account or accounts designated by
Seller (the "Closing Payment"). Buyer shall be notified in writing at least two
(2) Business Days prior to the Closing Date of the account(s) to which the
Closing Payment should be directed.

                                       9
<PAGE>

          (b) Regardless of whether the Management Agreement has been terminated
and subject to Section 13(b) of the Management Agreement, in addition to the
Closing Payment and in accordance with Section 2.5(d) hereof, Buyer shall pay to
                                       --------------
Seller the Earn-Out amount, if any (as defined below), by wire transfer to an
account designated by Seller at least two (2) Business Days prior to the date
such payment is due. For the purposes hereof, the "Earn-Out" shall mean an
amount equal to: (i) the sum of (x) Cash Flow (as defined in paragraph (c)
                         ---
below) attributable to the Assets and other assets of the Buyer purchased by
Buyer in accordance with the terms and conditions of the Management Agreement
located on any Identified Site or any New Site (as each term is defined in the
Management Agreement), plus (y) Cash Flow attributable to the Assets and other
                       ----
assets of the Buyer purchased by Buyer in accordance with the terms and
conditions of the Management Agreement located on any Identified Site or New
Site, which have been sold, assigned or transferred by Buyer after the Closing
Date to a third party at any time during the Earn-Out Period, (ii) multiplied by
                                                                   ----------
seven (7), minus (iii) the sum of (x) the Closing Payment, (y) Capital
           -----           ---
Expenditures (as defined in the Management Agreement) incurred by Buyer (or
committed by Buyer to the extent any Cash Flow has been generated with respect
thereto) in connection with the construction of any Advertising Displays during
the Earn-Out Period and (z) Overhead Costs and Development Costs (as such terms
are defined in the Management Agreement), (iv) plus the amount equal to the
                                               ----
excess of Period Cash Flow (as defined below) over $1,250,000. In the event that
any Assets sold, assigned or transferred to a third party by Buyer during the
Earn-Out Period are Advertising Displays which have not yet been constructed or
outdoor advertising sites which were constructed within 90 days of such sale,
assignment or transfer and have not had at least three (3) months of advertising
or are Identified Sites (as such term is defined in the Management Agreement)
and have not had at least three (3) months of advertising, Cash Flow will be
determined in accordance with Schedule A attached hereto for each such outdoor
                              ----------
advertising site. Notwithstanding the foregoing, with respect to any New Sites
(as such term is defined in the Management Agreement) that have not had at least
three (3) months of advertising, Cash Flow shall be determined in good faith by
Buyer and Seller as soon as reasonably practicable.

          (c) For the purposes hereof, "Cash Flow" shall mean, with respect to
Advertising Displays, Net Revenue less (A) an appropriate allowance for
uncollectible accounts determined in accordance with GAAP consistently applied
and (B) Operating Costs (as such term is defined on Schedule B attached hereto)
                                                    ----------
for the twelve (12) month period immediately preceding the expiration of the
Earn-Out Period. For Advertising Displays with at least three (3) months but
less than twelve (12) months of calculable Cash Flow, the amount of Cash Flow
shall be calculated on an annualized basis. Cash Flow shall be calculated with
respect to a specific Advertising Display commencing on the earlier to occur of
(i) the date on which the first advertisement is placed on an Advertising
Display or (ii) ninety (90) days following the completion of construction of
such Advertising Display. Notwithstanding anything herein to the contrary, in
connection with any calculation of Cash Flow pursuant to this Section 2.5(c),
                                                              --------------
Operating Costs less Site Lease costs for any given Advertising Display shall
not exceed 23% of Net Revenue relative to such Advertising Display. If (xx) the
two (2) Eads Bridge sites (described on Schedule 3.5 hereto) have not had at
                                        ------------
least three (3) calendar months of advertising and (yy) the Eads Bridge
construction was not completed with the bridge open to pedestrian and

                                       10
<PAGE>

vehicle traffic within fifteen (15) months of the Closing, then Cash Flow for
each Eads Bridge site shall be determined in accordance with Schedule C attached
                                                             ----------
hereto. Except with respect to the Eads Bridge sites and any sales of
Advertising Displays as provided in the last two sentences of Section 2.5(b), no
                                                              --------------
Cash Flow shall be attributed to any Advertising Displays with less than three
(3) months of calculable Cash Flow for purposes of determining the Earn-Out. For
the purposes hereof, the term "Period Cash Flow" shall mean Net Revenue less
Operating Costs (as defined on Schedule B attached hereto) calculated in
                               ----------
accordance with GAAP consistently applied for the eighteen month period ending
at 11:59 p.m. on the last day of the Earn-Out Period with respect to the
operation of the business by Cityvision under the terms and conditions of the
Management Agreement.

          (d) Within sixty (60) days after the expiration of the Earn-Out
Period, Buyer shall calculate the Earn-Out amount and shall promptly submit such
calculation to Seller. If Seller disagrees with such calculation, Seller shall
give prompt written notice thereof to Buyer, but in no event later than thirty
(30) days after receipt of such calculation, specifying in reasonable detail the
nature and extent of such disagreement. Thereafter, Buyer and Seller shall have
a period of ten (10) days in which to resolve such disagreement. If the parties
are unable to resolve such disagreement within such 10-day period, the matter
shall be submitted to Arthur Andersen LLP ("AA"), an independent certified
public accounting firm, which accounting firm shall be directed to submit a
final calculation of the Earn-Out amount within thirty (30) days. AA's
determination shall be final and binding on both Buyer and Seller. Each party
shall bear the fees and expenses of its own representatives, including its
independent accountants, if any, in connection with the determination of the
Earn-Out amount and shall share equally the fees and expenses of AA, if any.
Within ten (10) Business Days following a final determination hereunder of the
Earn-Out amount (either by agreement of the parties or pursuant to the dispute
resolution mechanism described above), Buyer will pay the Earn-Out amount
determined to be due and payable in accordance with this Section 2.5.
                                                         -----------

          (e) On the date that the final determination of the Earn-Out amount is
made pursuant to the provisions of Section 2.5(d), Buyer shall deliver to Seller
                                   --------------
a good faith estimate of the amount and aging of accounts receivable deemed
uncollectible as of such date. Seller shall, on Buyer's behalf, thereafter
continue to attempt to collect such deemed uncollectible accounts receivable for
the next sixty (60) days in accordance with the standard collection practices
and procedures of Buyer. At the end of such sixty-day period, to the extent that
any accounts receivable previously deemed to be uncollectible have been
collected, Buyer shall recalculate the Earn-Out amount that would have been
payable if such accounts receivable had previously been collected in accordance
with the provisions of Section 2.5(b). Such recalculated Earn-Out amount shall
                       --------------
be compared to the amount previously paid to Seller by Buyer in accordance with
the provisions of Section 2.5(d). Buyer shall, within ten (10) Business Days
                  --------------
following such recalculation, pay to Seller, the amount, if any, that such
recalculated Earn-Out Amount exceeds the Earn-Out Amount previously calculated
and paid to Seller in accordance with the provisions of Sections 2.5(b) and
                                                        ---------------
2.5(d).
------

     2.6 Adjustments and Prorations.
         --------------------------
                                      11
<PAGE>

          (a) All revenues arising from the operation of the Business, earned or
accrued until midnight on the day prior to the Closing Date, and all expenses,
costs or liabilities, arising therefrom incurred, accrued or payable up until
such time including, without limitation, business, license, utility charges,
real and personal property Taxes and assessments levied against the Assets,
property and equipment rentals, applicable copyright or other fees, sales and
service charges and Taxes (other than income Taxes, which shall be Seller's sole
responsibility for all Taxable periods ending prior to the Closing Date, and
those Taxes arising from the sale and transfer of the Assets, which, in the case
of transfer and other similar Taxes shall be paid as set forth in Section 5.9)
                                                                  -----------
shall be prorated between Buyer and Seller in accordance with the principle that
(i) Seller shall receive all revenues, refunds and deposits (to the extent such
refunds or deposits can be released or refunded) of Seller held by third
parties, and shall be responsible for all expenses, costs and liabilities
incurred, payable or allocable to the conduct of the Business for the period
prior to the Closing Date and (ii) Buyer shall receive all revenues earned or
accrued, and shall be responsible for all expenses, costs and liabilities
incurred, payable or allocable to the conduct of the Business for the period
commencing on and continuing after the Closing Date (provided that Buyer shall
have no responsibility for any wages, salaries, vacation, sick pay or other
similar expenses of any employee of Seller, it being understood that Buyer is
not the successor employer of any of Seller's employees).

          (b) Adjustments or prorations pursuant to this Section 2.6 will,
                                                         -----------
insofar as feasible, be determined and paid on the Closing Date based upon
Seller's calculation delivered to Buyer five (5) days prior to the Closing Date
and approved by Buyer, with final settlement and payment by the appropriate
party occurring as described below. In the event any adjustment must be made
post-Closing, the determination of the amount of adjustment under this Section
                                                                       -------
2.6 shall be made by Buyer in accordance with GAAP, consistently applied. Upon
---
such determination, within ninety (90) days after the Closing Date, Buyer shall
submit such determination to Seller for approval. If Seller disagrees with the
determination made by Buyer of the adjustment, Seller shall give prompt written
notice thereof, but in no event later than ten (10) days after receipt of such
determination, specifying in reasonable detail the nature and extent of such
disagreement and stating the amount of Seller's proposed final allocation and
proration, and Buyer and Seller shall have a period of ten (10) days in which to
resolve such disagreement. If the parties are unable to resolve such
disagreement within such 10-day period, the matter shall be submitted to AA, an
independent certified public accounting firm, which accounting firm shall be
directed to submit a final resolution within thirty (30) days. AA's
determination shall be binding on both Buyer and Seller. Each party shall bear
the fees and expenses of its own representatives, including its independent
accountants, if any, and shall share equally the fees and expenses of AA, if
any. Within ten (10) Business Days following a final determination hereunder of
the adjustments or prorations (either by agreement of the parties or pursuant to
the dispute mechanism described above), the party obligated to make payment will
pay the amounts determined to be due and owing in accordance with this Section
                                                                       -------
2.6.
---

     2.7 Allocation. Buyer and Seller shall attempt in good faith to negotiate
         ----------
an allocation of the Closing Payment to the Assets in a manner which complies
with Section 1060 of the Code prior to Closing. The parties acknowledge and
agree that if Buyer and Seller are unable to reach such agreement prior to
Closing, then, within sixty (60) days after Closing, Buyer and Seller shall

                                       12
<PAGE>

negotiate in good faith such allocation. In the event that Buyer and Seller
cannot agree on such allocation within such sixty-day period, the matter shall
be submitted to AA, an independent accounting firm, which accounting firm shall
be directed to submit a final allocation within thirty (30) days. AA's
determination shall be binding on both Buyer and Seller. Each party shall bear
the fees and expenses of its own representatives, including its independent
accountants, if any, and shall share equally the fees and expenses of AA, if
any. The allocation, whether agreed upon by both Buyer and Seller or submitted
by AA, shall be consistently reported by Buyer and Seller on Form 8594 in
compliance with Section 1060 of the Code.

     2.8 Pre-Built Advertising Displays.
         ------------------------------

          (a) At the Closing, Buyer shall pay to Seller an amount equal to
Seller's actual cost of constructing Advertising Displays with respect to the
following sites, which sites are intended to be used by Seller in connection
with its obligations under the Management Agreement: STL 1, STL 2 and STL 5
(each as more fully described on Schedule 3.5 hereto). Notwithstanding the
                                 ------------
foregoing, the maximum amount which Buyer shall pay to Seller pursuant to this
Section 2.8(a) shall be $200,000. Such payment shall be considered an advance of
--------------
Capital Expenditures and shall be deducted from the amount of the Capital
Expenditure Commitment (as such term is defined in the Management Agreement).

          (b) At the Closing, Buyer shall reimburse Seller for Seller's Overhead
Costs (as defined in the Management Agreement) incurred after December 1, 2000
in connection with the Management of the Business. Any such payment made by
Buyer at Closing shall be included as an "Overhead Cost" in the eventual
calculation of the Earn-Out amount.

                                   ARTICLE III

                    REPRESENTATIONS AND WARRANTIES OF SELLER
                    ----------------------------------------

     Each Seller hereby jointly and severally represents and warrants to Buyer
as follows:

     3.1 Organization, Standing and Authority. Each Seller is a limited
         ------------------------------------
liability company duly organized and validly existing and in good standing under
the laws of the jurisdiction of its organization. Each Seller has all necessary
power and authority to own, lease and operate the Assets and to carry on the
Business as now being conducted and as proposed to be conducted and is duly
qualified to do business in each jurisdiction in which its operation of the
Assets or its ownership or leasing of property makes such qualification
necessary. Each of the foregoing states are listed on Schedule 3.1 hereto.
                                                      ------------

     3.2 Authorization and Binding Obligation. Each Seller has the requisite
         ------------------------------------
power and authority to execute, deliver, and perform this Agreement and all
other agreements to be executed and delivered by it hereunder or in connection
herewith (the "Ancillary Agreements"), and all necessary actions on the part of
each Seller have been duly and validly taken to authorize the execution,
delivery and performance of this Agreement and the Ancillary Agreements. This
Agreement has been duly executed and delivered by each Seller and constitutes
the legal, valid

                                       13
<PAGE>

and binding obligation of each Seller enforceable against each Seller, and each
of the Ancillary Agreements to be delivered by Seller, when executed and
delivered at Closing, will constitute a valid and binding obligation of each
Seller, in accordance with its terms, except as provided by bankruptcy,
insolvency, fraudulent conveyance or similar laws affecting creditors' rights
generally and general equitable principles.

     3.3 Absence of Conflicting Agreements. Neither the execution, delivery or
         ---------------------------------
performance of this Agreement or the Ancillary Agreements when so executed (with
or without the giving of notice, the lapse of time, or both) nor the
consummation of the transactions contemplated hereby, (i) will conflict with any
provision of the Articles of Organization or Operating Agreement of any Seller;
(ii) will conflict with, will result in a breach of, or will constitute a
default under any applicable law, judgment, order, ordinance, decree, rule,
regulation or ruling of any court or governmental instrumentality, except for
those conflicts, breaches and defaults that, individually or in the aggregate,
could not reasonably be expected to have a material adverse effect on Seller's
ability to consummate the transactions contemplated by this Agreement; (iii)
will result in a breach of, will conflict with, will constitute a default under
or will permit any party to terminate, modify, accelerate the performance of or
cancel the terms of, any Assumed Contract or License to which any Seller is a
party or by which any Seller may be bound; or (iv) creates any Lien upon any of
the Assets.

     3.4 Licenses. Schedule 3.4 hereto contains a true, correct and complete
         --------  ------------
list of all of the Licenses used in the operation of the Business. The Licenses
comprise all of the licenses, permits and other authorizations necessary to
conduct the Business in the manner and to the full extent now being conducted by
Seller, and none of the Licenses is subject to any restriction or condition
which would limit the full operation of the Business as presently operated. The
Licenses, except as otherwise set forth on Schedule 3.4, are in full force and
                                           ------------
effect, and the conduct of the Business is in accordance therewith. Upon
consummation of the transactions contemplated hereby, the Licenses will be
transferred to Buyer such that Buyer may continue to operate the Business as
presently operated.

     3.5 Site Leases. Schedule 3.5 hereto contains a true, correct and complete
         -----------  ------------
list of the all Site Leases used in connection with, or necessary to conduct,
the Business as now conducted. Seller has good and marketable title to all of
the Site Leases relating to the ten (10) outdoor display easements located in
East St. Louis, Illinois, described on Schedule 3.5, and none of such Site
                                       ------------
Leases is subject to any Lien, except for (a) Liens which shall be discharged or
removed by Seller prior to or at Closing, (b) Liens for Taxes not yet due and
payable and (c) such imperfections of title and encumbrances, if any, which are
not, individually or in the aggregate, material in character, amount or extent,
and which do not materially detract from the value, or materially interfere with
the present use (or anticipated use for outdoor displays, except as disclosed on
Schedule 3.7), of the property subject thereto or affected thereby. Except as
------------
set forth on Schedule 3.5, each of the Site Leases is in full force and effect.
             ------------
All necessary Licenses with respect to the Site Leases have been obtained, have
been validly issued, are in full force and effect and upon consummation of the
transactions contemplated hereby, the Site Leases will be transferred to Buyer
such that Buyer may continue to operate the Business as presently operated.
Except as otherwise disclosed on Schedule 3.5, Seller is not, and to Seller's
                                 ------------
knowledge, no other

                                       14
<PAGE>

party is in material default under any Site Lease. Seller has the full legal
power and authority to assign its rights under each Site Lease listed in
Schedule 3.5 hereto to Buyer.
------------

     3.6 Title to and Condition of Personal Property. Schedule 2.1(d) hereto
         -------------------------------------------  ---------------
contains a true, correct and complete list of the items of Personal Property
which Buyer will acquire as of the Closing Date relating to the operation of the
Business. Seller has good and marketable title to all of the Personal Property
listed on Schedule 2.1(d) and none of such Personal Property is subject to any
          ---------------
Lien, except for (a) Liens which shall be discharged or removed by Seller prior
to or at Closing, (b) Liens for Taxes not yet due and payable and (c) such
imperfections of title and encumbrances, if any, which are not, individually or
in the aggregate, material in character, amount or extent, and which do not
detract from the value, or interfere with the present use, of the Personal
Property subject thereto or affected thereby. Seller is not, and to Seller's
knowledge no other party is, in material default under any of the leases,
licenses or other agreements relating to the Personal Property listed on
Schedule 2.1(d). Except as otherwise disclosed in Schedule 2.1(d) hereto, the
---------------                                   ---------------
Personal Property listed therein is in good operating condition and repair
(ordinary wear and tear excepted), and is available for immediate use in the
Business.

     3.7 Contracts. Schedule 3.7 hereto contains a true, correct and complete
         ---------  ------------
list of all the Assumed Contracts in effect on the date hereof relating to the
Business. On or prior to the date hereof, Seller has provided Buyer with true,
correct and complete copies of the Assumed Contracts set forth on Schedule 3.7.
                                                                  ------------
All of the Assumed Contracts are in full force and effect and are valid, binding
and enforceable against Seller in accordance with their terms. Except as
otherwise disclosed on Schedule 3.7, there is no default or breach by Seller, or
                       ------------
to Seller's knowledge, any other party to any Assumed Contract and there are no
negotiations pending or in progress to revise, modify, terminate or extend any
such Assumed Contracts. Except as set forth on Schedule 3.7, to the Seller's
                                               ------------
knowledge, there is no provision in any Assumed Contract which any party to such
Assumed Contract is unable to perform. The Assumed Contracts are the only
contractual agreements necessary to operate the Business as currently conducted
and as presently proposed to be conducted.

     3.8 Consents. Schedule 3.8 sets forth (a) those Assumed Contracts which
         --------  ------------
require consent for assignment to Buyer and (b) all of the other consents,
governmental or otherwise, required to consummate the transactions contemplated
hereby. Except for the Consents described in Schedule 3.8 hereto, no consent,
                                             ------------
authorization, approval, order, license, certificate or permit of or from, or
declaration or filing with, any federal, state, local or other governmental
authority or any court or other tribunal, and no consent or waiver of any party
to any Contract to which Seller is a party is required or declaration to or
filing with any governmental or regulatory authority, or any other third party
is required to: (i) execute this Agreement or any Ancillary Agreement, (ii)
consummate this Agreement of any Ancillary Agreement and the transactions
contemplated hereby or thereby, or (iii) permit Seller to assign or transfer the
Assets to Buyer.

     3.9 Advertising Displays. At Closing, Seller will own the Advertising
         --------------------
Displays, all of which are located within the Markets, free and clear of all
Liens. Each of the Advertising Displays is in material compliance with all
applicable federal, state and local laws, rules,

                                       15
<PAGE>

regulations, ordinances, codes and statutes. The location of each Advertising
Display is set forth on Schedule 1.1(b) attached hereto.
                        ---------------

     3.10 Financial Statements. Schedule 3.10 hereto contains true, correct and
          --------------------  -------------
complete copies of (a) the unaudited financial statements of Seller pertaining
to its business, which financial statements contain a balance sheet, statement
of operations and statement of changes in members' equity for fiscal year ended
December 31, 1999 (the "1999 Financials") and (b) the unaudited financial
statements of Seller pertaining to its business, which financial statements
contain a balance sheet, statement of operations, statement of changes in
members' equity and statement of cash flows for the nine months ended September
30, 2000 (such unaudited financial statements and the 1999 Financials are
collectively referred to herein as the "Financial Statements"). The Financial
Statements were prepared in accordance with GAAP, consistently applied. The
Financial Statements are true and correct in all material respects and present
fairly the operating income and financial condition of Seller and its business
as at their respective dates. Except as otherwise indicated in the Financial
Statements, the accounting practices used by Seller in preparing Seller's
internal financial statements for the Financial Statements were the same in each
of such Financial Statements and were consistently followed throughout the
periods reflected in each of such Financial Statements.

     3.11 Reports. All material returns, reports and statements which the
          -------
Business is required to file with any governmental agency have been filed, and
all reporting requirements of governmental authorities having jurisdiction over
the operation of the Business have been complied with.

     3.12 Taxes. Except to the extent set forth in Schedule 3.12, Seller has
          -----                                    -------------
filed or caused to be filed all federal, state, county, local or city Tax
Returns affecting the Business or the Assets which are required to be filed by
Seller, and all Tax assessments and other governmental charges which are due and
payable have been timely paid. To Seller's knowledge, there are no Tax liens
upon the Business or the Assets. All Tax reports filed by Seller fairly reflect
the Taxes of Seller for the periods covered thereby and the Seller has received
no notice of any Tax deficiency or delinquency. No Internal Revenue Service
audit of Seller is pending or, to the knowledge of Seller, threatened and the
results of any completed audits are properly reflected in the Financial
Statements. All monies required to be withheld by Seller from employees or
collected from customers for income taxes, social security and unemployment
insurance Taxes and sales, excise and use Taxes, and the portion of any such
Taxes to be paid by Seller to governmental agencies or set aside in accounts for
such purposes have been so paid or set aside, or such monies have been approved,
reserved against and entered upon the books of Seller and the Financial
Statements.

     3.13 Claims; Legal Actions. Except as set forth on Schedule 3.13, there are
          ---------------------                         -------------
no actions, suits, proceedings, orders or claims pending or threatened against
Seller, or pending or threatened by Seller against any third party, at law or in
equity, or before or by any governmental department, commission, board, bureau,
agency or instrumentality which relate to, or in any way affect, the Business or
the Assets (including, without limitation, any actions, suits, proceedings or
investigations with respect to the transactions contemplated by this Agreement
or any Ancillary

                                       16
<PAGE>

Agreement). Seller is not subject to any judgment, order or decree of any court
or other governmental agency, and Seller has received no written opinion or
memorandum from legal counsel to the effect that it is exposed, from a legal
standpoint, to any liability which may be material to the Business.

     3.14 Compliance with Laws. Seller has complied in all material respects
          --------------------
with (i) the Licenses and (ii) all applicable federal, state and local laws,
rules, regulations, ordinances, codes, statutes, judgments, orders and decrees
in connection with the operation of the Business. To Seller's knowledge, neither
the ownership or the use of the properties of Seller relating to the Business
nor the conduct of the Business conflicts with the rights of any other Person.

     3.15 Undisclosed Liabilities. With respect to the Business or the Assets,
          -----------------------
except as set forth in Schedule 3.15 hereto or otherwise disclosed in this
                       -------------
Agreement or any Schedule or Exhibit hereto, (a) Seller has no liability,
secured or unsecured (whether absolute, accrued, contingent or otherwise and
whether due or to become due) of a nature required by GAAP to be reflected in a
balance sheet or disclosed in the notes thereto except (i) as such liabilities
and obligations are reflected in Seller's Financial Statements, or (ii) for
liabilities and obligations incurred after the Balance Sheet Date, in the
ordinary course of business consistent with past practices (none of which is a
liability resulting from breach of contract, breach of warranty, tort,
infringement, claim or lawsuit), none of which individually or in the aggregate
are materially adverse to the Assets or operations of the Business and (b)
Seller has no contingent liabilities or other liabilities outside the ordinary
course of business not reflected in the Financial Statements.

     3.16 Books and Records. The books of account of the Business and other
          -----------------
records of the Seller relating to the Business are true, correct and complete in
all material respects. At the Closing, all such books and records shall be
located at the business office of Seller, except for the books and records which
relate solely and exclusively to the Excluded Assets.

     3.17 Assets. The Assets include all material assets used or useful in
          ------
connection with the Business as currently conducted and all material assets
which permit the operation of the Business as currently conducted. At Closing,
Seller will transfer good and valid title to the Assets (other than those which
are leased or licensed by Seller) free and clear of any Liens.

     3.18 Environment, Health and Safety. To Seller's knowledge, except as set
          ------------------------------
forth on Schedule 3.18:
         -------------

          (a) The Seller's operation of the Business is in compliance in all
material respects with Environmental Laws;

          (b) The Business has obtained, and is in material compliance with, all
necessary permits or authorizations that are required under Environmental Laws
to operate the Business;

                                       17
<PAGE>

          (c) No Environmental Claims have been asserted against Seller or, to
the knowledge of Seller, any predecessor in interest, nor does Seller have
knowledge or notice of any threatened or pending Environmental Claim against
Seller; and

          (d) Seller further represents that it has delivered to Buyer true,
correct and complete copies of all environmental reports, studies,
investigations or correspondence in Seller's possession, if any, regarding any
environmental conditions at any of the Site Lease locations.

     3.19 Brokerage. Except as set forth on Schedule 3.19, there are no claims
          ---------                         -------------
for brokerage commissions, finders' fees or similar compensation in connection
with the transactions contemplated by this Agreement based on any arrangement or
agreement binding upon Seller. Seller shall pay, and shall hold Buyer harmless
against, any liability, loss or expense (including, without limitation,
reasonable attorneys' fees and out-of-pocket expenses) arising in connection
with any such claim.

     3.20 Affiliated Transactions. Except as set forth on Schedule 3.20 hereto,
          -----------------------                         -------------
no officer, director, employee, stockholder, member or Affiliate of Seller or
any individual related by blood, marriage, or adoption to any such individual or
any entity in which such Person owns any beneficial interest, is a party to any
agreement, contract, commitment, or transaction with Seller or has any interest
in any property used by Seller or the Assets.

     3.21 Affiliation with AA. Neither Seller nor any Affiliate of Seller
          -------------------
currently uses the services of AA or has used such services within the past two
years, or is currently affiliated in any way with AA.

     3.22 No Real Property. Except as set forth on Schedule 3.22, Seller does
          ----------------                         -------------
not own any real property which is used or useful in the operation of the
Business.

     3.23 Absence of Certain Changes. Since September 30, 2000, there has not
          --------------------------
been: (a) any material damage, destruction or loss of any kind with respect to
the Assets not covered by valid and collectible insurance, nor, to Seller's
knowledge and except as set forth on Schedule 3.23, has there been any event or
                                     -------------
circumstance which has had, or reasonably could be expected to have, a material
adverse effect on the Assets or operation of the Business; (b) any change by
Seller in its financial or Tax accounting principles or methods, except insofar
as required by GAAP or applicable law; (c) any sale or encumbrance of any Assets
of the Business except in the ordinary course of business (other than the
Indianapolis Assets); or (d) any adverse change in Seller's relationship with
its material lenders, suppliers, customers and Seller has no reason to believe
that such adverse change may be reasonably likely to occur.

     3.24 No Third Party Options. There are no existing agreements with, options
          ----------------------
or rights of, or commitments to any Person other than to Buyer to acquire any of
the Assets or any interest therein.

                                       18
<PAGE>

     3.25 Full Disclosure. No representation or warranty by Seller contained in
          ---------------
this Agreement (including the Schedules hereto), or in any certificate furnished
pursuant to this Agreement, contains or will contain any untrue statement of a
material fact, or omits or will omit to state any material fact necessary, in
light of the circumstances under which it was or will be made, in order to make
the statements herein or therein made not misleading.

                                   ARTICLE IV

                     REPRESENTATIONS AND WARRANTIES OF BUYER
                     ---------------------------------------

     Buyer represents and warrants to Seller as follows:

     4.1 Organization, Standing and Authority. Buyer is a corporation duly
         ------------------------------------
organized, validly existing, and in good standing under the laws of the State of
Delaware.

     4.2 Authorization and Binding Obligation. Buyer has the requisite power and
         ------------------------------------
authority to execute, deliver, and perform this Agreement and all Ancillary
Agreements and all necessary action on the part of Buyer has been duly and
validly taken to authorize the execution, delivery and performance of this
Agreement and the Ancillary Agreements. This Agreement has been duly executed
and delivered by Buyer and constitutes the legal, valid and binding obligation
of Buyer enforceable against Buyer, and each of the Ancillary Agreements to be
delivered by Buyer, when executed and delivered at Closing, will constitute a
valid and binding obligation of Buyer, in accordance with its terms, except as
provided by bankruptcy, insolvency, fraudulent conveyance or similar laws
affecting creditors' rights generally and general equitable principles.

     4.3 Absence of Conflicting Agreements or Consents. No consent,
         ---------------------------------------------
authorization, approval, order, license, certificate or permit of or from, or
declaration or filing with any federal, state, local or other governmental
authority or any court or other tribunal, and no consent or waiver of any party
to any contract to which Buyer is a party is required for the execution,
delivery or performance of this Agreement or any Ancillary Agreement. Neither
the execution, delivery or performance of this Agreement or any Ancillary
Agreement (with or without the giving of notice, the lapse of time, or both) nor
the consummation of the transactions contemplated hereby or thereby: (i) will
conflict with the Certificate of Incorporation of Buyer; (ii) will conflict
with, result in a breach of, or constitute a default under any applicable law,
judgment, order, injunction, decree, rule, regulation or ruling of any court or
governmental instrumentality, except for such conflicts, breaches and defaults
that, individually or in the aggregate, could not reasonably be expected to have
a material adverse effect on Buyer's ability to consummate the transactions
contemplated by this Agreement; or (iii) will conflict with, result in a breach
of, constitute a default under, permit any party to terminate, modify,
accelerate the performance of or cancel the terms of, any agreement, lease,
instrument of indebtedness, license or other obligations to which Buyer is a
party, or by which Buyer may be bound, such that Buyer could not acquire or
operate the Assets and the Business.

     4.4 Brokerage. There are no claims for brokerage commissions, finders' fees
         ---------
or similar compensation in connection with the transactions contemplated by this
Agreement based

                                       19
<PAGE>

on any arrangement or agreement binding upon Buyer. Buyer shall pay, and hold
Seller harmless against, any liability, loss or expense (including, without
limitation, reasonable attorneys fees and out-of-pocket expenses) arising in
connection with any such claim.

     4.5 Affiliation with AA. Neither Buyer nor any Affiliate of Buyer currently
         -------------------
uses the services of AA or has used such services within the past two years, or
is currently affiliated in any way with AA.

                                    ARTICLE V

                                    COVENANTS
                                    ---------

     5.1 Conduct Prior to the Closing Date. Seller, from and after the date
         ---------------------------------
hereof through the Closing Date, shall:

          (a) use its commercially reasonable efforts to maintain its present
business organization, preserve its relationships with its customers and others
having business relationships with it and refrain from materially and adversely
changing any of its business policies;

          (b) maintain its books of account and records in the usual and
ordinary manner and in accordance with GAAP consistent with past practice
consistently applied except as otherwise provided herein;

          (c) operate in the usual and ordinary course of business in accordance
with past practices and conduct its business in all material respects in
compliance with the terms of the Licenses and in accordance with all applicable
laws, rules, and regulations;

          (d) maintain the Assets in substantially their current condition,
ordinary wear and tear excepted; (e) maintain insurance on the Assets in such
amounts and of such kinds comparable to that in effect on the date of this
Agreement;

          (f) not knowingly incur any debts, obligations or liabilities
(absolute, accrued, contingent, or otherwise) that include obligations (monetary
or otherwise) to be performed by Buyer after the Closing that exceeds $50,000
individually or $100,000 in the aggregate;

          (g) not lease, mortgage, pledge, or subject to a Lien any of the
Assets or sell or transfer any of the Assets without replacing such Assets with
an asset of substantially the same value and utility;

          (h) not: (i) modify or extend any Assumed Contracts (other than
automatic renewals that are effective without providing any notice) or (ii)
enter into any new Contract that would constitute an Assumed Contract, which
requires payments after the Closing in excess of

                                       20
<PAGE>

$50,000 individually or $100,000 in the aggregate, without the prior written
consent of Buyer, which consent shall not be unreasonably withheld or delayed;

          (i) not make (i) any change in the accounting principles, methods, or
practices followed by Seller or depreciation or amortization policies or rates,
or (ii) change any Tax election or settle any Tax audit or controversy relating
to the Assets;

          (j) not make any loans or make any dividends or distributions other
than with any Excluded Assets;

          (k) other than in the ordinary course of business, not cancel or
compromise any debt or claim, or waive or release any right, of material value
that will be assumed by or assigned to Buyer at the Closing;

          (l) not disclose to any person (other than Buyer and its
representatives) any confidential or proprietary information, except as may
otherwise be required by law; and

          (m) agree to do any of the foregoing.

     5.2 Access. From and after the date hereof through the Closing Date, Seller
         ------
shall, or shall cause the Company, to (a) give Buyer and Buyer's counsel,
accountants, engineers and other representatives, reasonable access during
normal business hours to all of the Company's employees and the Assets, in order
that Buyer may have full opportunity to make, at Buyer's expense, such review,
examination and investigation as Buyer desires of the affairs of the Company and
(b) furnish Buyer with information and copies of all documents and agreements
including, but not limited to, financial and operating data and other
information concerning the financial condition, results of operations and
business of the Company that Buyer may reasonably request. The rights of Buyer
under this Section 5.2 shall not be exercised in such a manner as to interfere
           -----------
unreasonably with the business or operations of the Company.

     5.3 Satisfaction of Conditions; Closing. From and after the date hereof
         -----------------------------------
through the Closing Date, each of Buyer and Seller shall use its commercially
reasonable efforts to conduct its business in such a manner that on the Closing
Date the representations and warranties of such party contained in this
Agreement shall be true and correct in all material respects as though such
representations and warranties were made on and as of such date. Furthermore,
Seller and Buyer shall cooperate with each other and shall use their respective
commercially reasonable efforts to satisfy promptly all conditions required
hereby to be satisfied by Buyer and Seller in order to consummate the
transactions contemplated by this Agreement.

     5.4 Sale of Assets; Negotiations. From and after the date hereof through
         ----------------------------
the Closing Date, Seller shall not, and Seller shall cause its respective
Affiliates, directors, officers, employees, agents, representatives, legal
counsel, and financial advisors not to: (a) solicit, initiate, accept, consider,
entertain or encourage the submission of proposals or offers from any Person
with respect to the acquisition contemplated by this Agreement or any similar
transaction wherein such Person would directly or indirectly acquire all or any
portion of the Assets or

                                       21
<PAGE>

ownership interests in Seller, or any merger, consolidation, or business
combination, directly or indirectly, with or for Seller or all or substantially
all of the Company, or (b) participate in any negotiations regarding, or, except
as required by legal process (including pursuant to discovery or agreements
existing on the date hereof), furnish to any Person (other than Buyer) to do or
seek any of the foregoing. Seller shall not enter into any agreement or
consummate any transactions that would interfere with the consummation of the
transactions contemplated by this Agreement. Seller shall promptly notify Buyer
in writing if it receives any written inquiry, proposal or offer described in
this Section 5.4 or any verbal inquiry, proposal or offer described in this
     -----------
Section 5.4 that is competitive with the terms of the transactions contemplated
-----------
by this Agreement and Seller shall inform such inquiring Person of the existence
of this Agreement and make such inquiring Person or entity aware of Seller's
obligations under this Section 5.4. The notification under this Section 5.4
                       -----------                              -----------
shall include the identity of the Person making such inquiry, offer, or other
proposal, the terms thereof, and any other information with respect thereto as
Buyer may reasonably request. Seller shall not provide any confidential
information concerning the Business or the Assets to any third party other than
in the ordinary course of the business and consistent with prior practice.
Seller has ceased and caused to be terminated any existing activities,
discussions or negotiations with any Person conducted heretofore with respect to
any of the foregoing.

     5.5 Notification. From and after the date hereof through the Closing Date,
         ------------
each party hereto shall promptly notify the other party hereto in writing of:
(a) the failure of such party or, to such party's knowledge, any employee or
agent of such party to comply with or satisfy in any material respect any
covenant, condition or agreement to be complied with hereunder, or (b) the
occurrence of any event that would entitle such party to terminate this
Agreement pursuant to Section 6.2.
                      -----------

     5.6 Response to Certain Actions. From and after the date hereof through the
         ---------------------------
Closing Date, each of Buyer and Seller agrees to cooperate and use its
commercially reasonable efforts to contest and resist any action, including
administrative or judicial action, and make reasonable attempts to have vacated,
lifted, reversed or overturned any decree, judgment, injunction or other order,
whether temporary, preliminary or permanent, that is in effect and that
restricts, prevents or prohibits the consummation of the transactions
contemplated by this Agreement.

     5.7 Further Assurances. At and after the Closing, Seller shall from time to
         ------------------
time, at the request of, and without further cost and expense to Buyer, take
such actions, and shall execute and deliver to Buyer such further deeds, bills
of sale or other transfer documents as may be reasonably requested by Buyer in
order to more effectively consummate the transactions contemplated hereby, and
Buyer shall from time to time, at the request of, and without further cost and
expense to, Seller, execute and deliver such other instruments and take such
other actions as may reasonably be requested in order to more effectively assume
the Assumed Liabilities.

     5.8 Accounts Receivable. All Accounts Receivable of Seller arising out of
         -------------------
the operations of the Business prior to the Closing Date and outstanding on the
Closing Date shall remain the property of Seller and shall be collected by
Seller. At Closing, Seller shall deliver a

                                       22
<PAGE>

true, correct and complete detailed statement of each Account Receivable as of
the Closing Date which Seller will collect, consistent with its customary
collection practices.

     5.9 Taxes, Fees and Expenses. All sales, use, transfer, and purchase Taxes
         ------------------------
and fees, if any, arising out of the transfer of the Assets pursuant to this
Agreement shall be paid by Seller. Buyer and Seller agree to cooperate with each
other and to file all necessary documentation (including but not limited to, all
Tax Returns) with respect to all such amounts in a timely manner. Except as
otherwise provided in this Agreement, each party shall pay its own costs and
expenses incurred in connection with the authorization, preparation, execution,
and performance of this Agreement, including, without limitation, all fees and
expenses of counsel, accountants, agents and other representatives.

     5.10 Bulk Sales Law. Buyer hereby waives compliance by Seller with the
          --------------
provisions of Article 6 of the Uniform Commercial Code - Bulk Transfers and the
Bulk Sales Act and any other applicable United States, state or provincial bulk
sales act or statute, if applicable ("Bulk Sales Law"), and Seller warrants and
agrees to pay and discharge when due all claims of creditors which could be
asserted against Buyer by reason of such noncompliance to the extent that such
liabilities arise before the Closing, and agrees to protect, defend, hold
harmless and indemnify Buyer from and against any and all such claims and
demands pursuant to the procedures set forth in Article X hereof which shall
                                                ---------
apply thereto in all respects in the event liability for noncompliance with the
Bulk Sales Law arises at any time following the Closing.

     5.11 Confidentiality. Except as necessary for the consummation of the
          ---------------
transactions contemplated hereby, each party hereto shall keep confidential any
information which is obtained from the other party in connection with the
transactions contemplated hereby, except to the extent that such materials or
information are or become readily available to the public, have been obtained
from independent sources, were known by either party on a non-confidential basis
prior to disclosure to such party or are required to be disclosed in public
filings or otherwise by applicable law.

     5.12 Noncompetition and Nonsolicitation.
          ----------------------------------

          (a) As additional consideration for Buyer's agreement to purchase the
Assets and to pay the Purchase Price to Seller, each of Seller, Triumph and
Peter McClary (each of such parties are hereinafter referred to collectively as
the "Restricted Parties") has agreed to the noncompetition provision set forth
in subparagraph (b) below (the "Restrictive Covenant"). Each of the Restricted
Parties hereby jointly and severally represents and acknowledges that (i) each
of Triumph and Mr. McClary is a member of Cityvision, having a substantial
equity interest therein, (ii) the Restrictive Covenant is being entered into in
connection with Seller's sale of the Assets and (iii) in the absence of the
Restricted Parties agreeing to be bound by the terms and conditions of the
Restrictive Covenant, the sale would not be consummated by Buyer.

          (b) During the term of the Management Agreement and for a period of 18
months thereafter (the "Noncompete Period"), each of the Restricted Parties will
not, within any of the Markets, directly or indirectly, carry on, engage in,
assist in or have any financial interest

                                       23
<PAGE>

in, or otherwise participate or be involved in any way in, as an owner, partner,
member, employee, agent, officer, board member, consultant, independent
contractor or shareholder, any outdoor advertising business that is competitive
with the Business (other than the Restricted Parties' permitted activities in
the Markets as set forth in the Management Agreement); provided, however, that
                                                       --------  -------
with respect to Mr. McClary only, the Restrictive Covenant shall become null and
void with respect to the Hartford, Connecticut, Springfield, Massachusetts and
Westfield, Massachusetts markets if the Earn-Out payable pursuant to Section 2.4
                                                                     -----------
shall be less than $4,000,000. In such case, Mr. McClary shall be entitled to
develop and operate Advertising Display sites in such markets (each a "Permitted
Site"); provided, however, that, in the event Mr. McClary, at any time during
        --------  -------
the Noncompete Period, wishes to sell his rights in and to any Permitted Site,
Mr. McClary shall first offer to Buyer in writing (the "Permitted Site Notice")
the right to purchase all of Mr. McClary's right, title and interest in and to
such Permitted Site at a purchase price equal to Net Revenue less Operating
Costs (determined relative to such Permitted Site) multiplied by seven (7) (the
"Permitted Site Price"). Buyer may exercise such right of first refusal by
delivering, within fifteen (15) days (the "Notice Period") of receipt of the
Permitted Site Notice, written notice to Mr. McClary of its election to purchase
all of Mr. McClary's right, title and interest in and to the Permitted Site. If,
at the expiration of the Notice Period, Buyer shall not have exercised such
right of first refusal, Buyer shall be deemed to have waived any and all of its
rights with respect to such Permitted Site and Mr. McClary shall be entitled to
sell his rights in and to such Permitted Site to any other party; provided,
                                                                  --------
however, that if the purchase price offered by such other party (the "Third
-------
Party Price") is less than the Permitted Site Price, Mr. McClary shall again
offer to Buyer the right to purchase his rights in and to the Permitted Site at
the Third Party Price in accordance with the aforementioned notice requirements.
Nothing herein shall prohibit any of the Restricted Parties from being a passive
owner of not more than five percent (5%) of the outstanding stock of any class
of securities of a corporation or other entity engaged in such business which is
publicly traded and in which he/it has no active participation.

          (c) If, at the time of enforcement of the Restrictive Covenant, a
court shall hold that the duration, scope, area or other restrictions stated
herein are unreasonable, each of the Restricted Parties agree that reasonable
maximum duration, scope, area or other restrictions may be substituted by such
court for the stated duration, scope, area or other restrictions and upon
substitution by such court, this Agreement shall be automatically modified
without further action by the parties hereto.

          (d) Each of the Restricted Parties hereby agrees that damages at law,
including, but not limited to, monetary damages, will be an insufficient remedy
to Buyer in the event that the Restrictive Covenant is violated and that, in
addition to any remedies or rights that may be available to Buyer, all of which
other remedies or rights shall be deemed to be cumulative, retained by Buyer and
not waived by the enforcement of any remedy available hereunder, including, but
not limited to, the right to sue for monetary damages, Buyer shall also be
entitled, upon application to a court of competent jurisdiction, to obtain
injunctive relief, including, but not limited to, a temporary restraining order
or temporary, preliminary or

                                       24
<PAGE>

permanent injunction, to enforce the Restrictive Covenant, all of which shall
constitute rights and remedies to which Buyer may be entitled.

          (e) During the Noncompete Period, each of the Restricted Parties will
not solicit for employment any employee of Buyer if such Person is then or was
at any time within the preceding three (3) months an employee of Buyer, its
subsidiaries or its Affiliates.

     5.13 Financial Information. Seller hereby covenants and agrees that, unless
          ---------------------
otherwise specifically provided in this Agreement, any financial information
required to be delivered pursuant to this Agreement and any calculations
required to be made pursuant to this Agreement shall be prepared or calculated
using GAAP consistently applied.

                                   ARTICLE VI

                      CLOSING; TERMINATION AND RISK OF LOSS
                      -------------------------------------

     6.1 Closing. The Closing shall take place at the offices of Buyer's
         -------
attorney at 10:00 a.m., central standard time, within five Business Days after
the conditions set forth in Articles VII and VIII hereof have been satisfied or
                            ------------     ----
waived by the party entitled to do so, or at such other place or time as shall
be mutually agreed upon by Buyer and Seller.

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

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

          (b) by written notice of: (i) Buyer to Seller if any Seller breaches
in any material respect any of its representations or warranties or defaults in
any material respect in the observance or in the due and timely performance of
any of its covenants or agreements herein contained and such breach or default
shall not be cured within thirty (30) days of the date of notice of breach or
default served by Buyer or (ii) Seller to the Buyer if Buyer breaches in any
material respect any of its representations or warranties or defaults in any
material respect in the observance or in the due and timely performance of any
of its covenants or agreements herein contained and such breach or default shall
not be cured within thirty (30) days of the notice of breach or default served
by Seller; but such notice and cure period shall not apply in the case of
Buyer's or Seller's failure to consummate the transactions in accordance with
the terms and times specified in Section 6.1 hereof;
                                 -----------

          (c) by Buyer or Seller by written notice to the other, if a court of
competent jurisdiction or other governmental entity shall have issued an order,
decree or ruling or taken any other action (which order, decree or ruling the
parties hereto shall use their commercially reasonable efforts to lift), in each
case permanently restraining, permanently enjoining or otherwise prohibiting the
transactions contemplated by this Agreement, and such order, decree, ruling or
other action shall have become final and nonappealable;

                                       25
<PAGE>

          (d) by either party, in the event that the Closing does not occur at
or before 5:00 p.m. central standard time on March 30, 2001; and

          (e) by written notice of Buyer to Seller, in accordance with Section
                                                                       -------
6.3.
---

Notwithstanding the foregoing, no party hereto may effect a termination hereof
if such party is in material default or in breach of this Agreement.

     6.3 Procedures and Effect of Termination. In order to effect the
         ------------------------------------
termination of this Agreement pursuant to, and in accordance with, the terms and
conditions of any provision of Section 6.2, written notice of such termination
                               -----------
shall be given to the other party to this Agreement and this Agreement, assuming
the relevant provision of Section 6.2 has been satisfied, shall terminate and
                          -----------
the transactions contemplated hereby shall be abandoned, without further action
by either of the parties hereto. If this Agreement is terminated as provided
herein:

          (a) upon request therefor, each party shall redeliver all documents,
work papers and other materials of the other party hereto, and all copies of any
such materials, relating to the transactions contemplated hereby, whether
obtained before or after the execution hereof, to the party furnishing the same;
and

          (b) neither party hereto shall have any liability or further
obligation to the other party to this Agreement resulting from such termination
except: (i) that the provisions of Section 5.11 (Confidentiality), Section 5.9
                                   ------------                    -----------
(Expenses) and this Section 6.3 shall remain in full force and effect and the
                    -----------
parties shall have the obligations stated therein, and (ii) no party waives any
claim or right for damages against a breaching party to the extent that such
termination results from the breach by a party hereto of any of its
representations, warranties, covenants or agreements set forth herein.

     6.4 Risk of Loss. The risk of loss or damage to the Assets shall be upon
         ------------
Seller at all times prior to the Closing Date, unless such loss or damage was
caused by Buyer or by any employee of Buyer. Seller shall promptly notify Buyer
of any such loss or damage. If the lost or damaged Assets are capable of being
replaced or repaired for an aggregate amount less than $200,000, then Seller
shall, at its sole cost and expense, replace or repair such Assets prior to the
Closing Date or deliver to Buyer at the Closing an amount in cash equal to the
cost of replacement or repair of such Assets, as mutually agreed in good faith
by Buyer and Seller, unless such loss or damage was caused by Buyer or by any
employee of Buyer. Notwithstanding the foregoing, if the amount required to
replace or repair such Assets exceeds $200,000, Seller may elect not to replace
or repair such Assets, provided, however, that in such event Buyer, at its
                       --------  -------
option, may elect to terminate this Agreement without either party being subject
to a claim by the other for damages in connection with this Section 6.4, or
                                                            -----------
waive any default or breach with respect to the loss or damage and receive a
$200,000 reduction in the Closing Payment at Closing.

     6.5 Resolution of Disagreements. If Buyer and Seller are unable to agree
         ---------------------------
upon the extent of any loss or damage, the cost to repair, replace or restore
any lost or damaged property,

                                       26
<PAGE>

the adequacy of any repair, replacement, or restoration of any lost or damaged
property, or any other matter arising under Section 6.4, the disagreement shall
                                            -----------
be referred to an insurance company mutually acceptable to each of Buyer and
Seller, whose decision shall be final, binding upon and non-appealable by the
parties, and whose fees and expenses shall be paid one-half by Seller and
one-half by Buyer.

                                   ARTICLE VII

                         CONDITIONS OF CLOSING BY BUYER
                         ------------------------------

     The obligations of Buyer hereunder, including, without limitation, Buyer's
obligations to close the transactions contemplated herein, are, at its option,
subject to satisfaction, at or prior to the Closing Date, of all of the
following conditions, any of which may be waived by Buyer:

     7.1 Representations, Warranties and Covenants. All of the representations
         -----------------------------------------
and warranties of Seller made in this Agreement or in any Exhibit, Schedule or
document delivered pursuant hereto, shall be true and correct in all material
respects as of the date hereof and on and as of the Closing Date as if made on
and as of that date, except for those given as of a specified date which must
only be true and correct as of such specified date.

     7.2 Compliance with Agreement. All of the terms, covenants and conditions
         -------------------------
to be complied with and performed by Seller on or prior to the Closing Date
shall have been complied with or performed in all material respects.

     7.3 Closing Certificates. Buyer shall have received a certificate, dated as
         --------------------
of the Closing Date, from each Seller, executed by an executive officer of such
Seller certifying, in such detail as Buyer may reasonably request, that the
conditions set forth in Sections 7.1 and 7.2 hereto have been fulfilled.
                        ------------     ---

     7.4 Third Party Consents and Governmental Approvals. Seller shall have
         -----------------------------------------------
obtained all third party consents and governmental approvals, if any, required
for the transfer or continuance, as the case may be, of the Assumed Contracts
listed on Schedule 3.7 (and contracts of a similar nature that would have been
          ------------
included on Schedule 3.7 had they been in existence on the date of this
            ------------
Agreement), the Licenses and the Site Leases, each in a form which is
satisfactory to Buyer in its sole and absolute discretion and without additional
cost, expense or liability to Buyer.

     7.5 No Adverse Proceedings. No injunction, order, decree or judgment of any
         ----------------------
court, agency or other governmental entities shall have been rendered against
Seller or Buyer which would render it unlawful, as of the Closing Date, to
effect the transactions contemplated by this Agreement in accordance with its
terms.

     7.6 Closing Documents. Seller shall have delivered or caused to be
         -----------------
delivered to Buyer, on the Closing Date, the documents identified in Section
                                                                     -------
9.1.
---

                                       27
<PAGE>

     7.7 No Material Adverse Change. Since the date hereof through the Closing
         --------------------------
Date, there shall have been no material adverse change to the Assets, taken as a
whole, or the financial condition or operating results of the Business.

     7.8 Title Commitment. Buyer shall have received a binding commitment from
         ----------------
Commonwealth Title Insurance Company to issue a standard form ALTA title
insurance policy or policies in favor of Buyer and Buyer's mortgagee, if
applicable, on the ten (10) outdoor display easements located in East St. Louis,
Illinois, in an aggregate amount acceptable to Buyer in its sole discretion,
which policy when issued shall show that none of such easements is subject to
any Lien, except for (a) Liens for Taxes not yet due and payable and (b) such
imperfections of title and encumbrances, if any, which are not, individually or
in the aggregate, material in character, amount or extent, and which do not
materially detract from the value, or materially interfere with the present use
(or anticipated use for outdoor display, except as disclosed on Schedule 3.7),
                                                                ------------
of the property subject thereto or affected thereby, and which policy shall
include such endorsements as Buyer's mortgagee, if applicable, may require in
its discretion. Buyer shall have received an as-built survey of each outdoor
easement prepared by Koch Engineering and Consulting, Inc., dated within thirty
(30) days prior to Closing, prepared in accordance with the "Minimum Standard
Detail Requirements for ALTA/ACSM Land Title Surveys," jointly established and
adopted by the American Land Title Association and the American Congress on
Surveying and Mapping.

                                  ARTICLE VIII

                         CONDITIONS OF CLOSING BY SELLER
                         -------------------------------

     The obligations of Seller hereunder including, without limitation, Seller's
obligations to close the transactions contemplated herein are, at its option,
subject to the satisfaction, at or prior to the Closing Date, of all of the
following conditions, any of which may be waived by Seller:

     8.1 Representations, Warranties and Covenants. All of the representations
         -----------------------------------------
and warranties of Buyer made in this Agreement or in any Exhibit, Schedule or
document delivered pursuant hereto, shall be true and correct in all material
respects as of the date hereof and on and as of the Closing Date as if made on
and as of that date, except for those given as of a specified date which must
only be true and correct as of such specified date.

     8.2 Compliance with Agreement. All the terms, covenants, and conditions to
         -------------------------
be complied with and performed by Buyer on or prior to the Closing Date shall
have been complied with or performed in all material respects.

     8.3 Closing Certificates. Seller shall have received a certificate, dated
         --------------------
as of the Closing Date, from Buyer, executed by an executive officer of Buyer
certifying, in such detail as Seller may reasonably request, that the conditions
set forth in Sections 8.1 and 8.2 hereto have been fulfilled.
             ------------     ---

                                       28
<PAGE>

     8.4 No Adverse Proceedings. No injunction, decree or judgment of any court,
         ----------------------
agency or other governmental entities shall have been rendered against Buyer or
Seller which would render it unlawful, as of the Closing Date, to effect the
transactions contemplated by this Agreement in accordance with its terms.

     8.5 Closing Documents. Buyer shall have delivered or caused to be delivered
         -----------------
to Seller, on the Closing Date the documents identified in Section 9.2.
                                                           -----------

                                   ARTICLE IX

                               CLOSING DELIVERIES
                               ------------------

     9.1 Deliveries by Seller. Prior to, or on the Closing Date, as applicable,
         --------------------
Seller shall deliver or cause to be delivered to Buyer the following, in form
and substance reasonably satisfactory to Buyer and its counsel:

          (a) Bill of Sale. A duly executed Bill of Sale, substantially in the
              ------------
form of Exhibit A hereto, from Seller;
        ---------

          (b) Assignment Agreement. A duly executed Assignment and Assumption
              --------------------
Agreement with respect to the Assumed Contracts, substantially in the form of
Exhibit B hereto, from Seller;
---------

          (c) Consents. A copy of each required Consent listed on Schedule 3.8;
              --------                                            ------------

          (d) Manager's Certificate. A certificate of each Seller, dated as of
              ---------------------
the Closing Date, executed by the Managing Member of such Seller certifying that
the resolutions, as attached to such certificate, were duly adopted by such
Seller's managers and members, authorizing and approving the execution of this
Agreement and the Ancillary Agreements and the consummation of the transactions
contemplated hereby and thereby and that such resolutions remain in full force
and effect;

          (e) Officer's Certificate. A certificate, dated as of the Closing
              ---------------------
Date, executed on behalf of each Seller in the form described in Section 7.3;
                                                                 -----------

          (f) Licenses, Contracts, Business Records, Etc. To the extent they are
              ------------------------------------------
in possession of Seller, copies of all Licenses, Assumed Contracts, plans,
engineering records, and all files and records used by Seller in connection with
the ownership of the Assets or the operation of the Business, which copies shall
be available at the Closing or at the Seller's principal business office;

          (g) Good Standing. A certificate of Good Standing of each Seller
              -------------
issued by the Secretary of State of Delaware (or, with respect to CityVision
Connecticut, LLC, the Secretary of State of Connecticut), dated within five (5)
days of the Closing Date and brought down to the Closing Date by telegram of the
applicable Secretary of State;

                                       29
<PAGE>

          (h) Foreign Qualifications. Certificates showing that Seller is in
              ----------------------
good standing and is qualified to do business in each of the states listed on
Schedule 3.1;
------------

          (i) Management Agreement. Seller shall have executed and delivered the
              --------------------
Management Agreement, in the form of Exhibit C hereto;
                                     ---------

          (j) Pay-Off Letters. Pay-off Letters evidencing payment of Seller's
              ---------------
obligations with respect to any outstanding loan agreements and capital leases
which are secured by the Assets;

          (k) UCC-3 Termination Statements. UCC-3 Termination Statements
              ----------------------------
terminating or releasing any outstanding Liens against the Assets;

          (l) Consolidating Financial Statements. Consolidating Financial
              ----------------------------------
Statements, in form and substance reasonably satisfactory to Buyer, dated as of
the Closing Date, which eliminate the Indianapolis Assets; and

          (m) Other. Duly executed copies of all other deeds, endorsements,
              -----
assignments, consents and instruments as may be necessary to transfer the Assets
to Buyer.

     9.2 Deliveries by Buyer. Prior to, or on the Closing Date, as applicable,
         -------------------
Buyer shall deliver to Seller the following, in form and substance reasonably
satisfactory to Seller and its counsel:

          (a) Closing Payment. The Closing Payment as provided in Section 2.5(a)
              ---------------                                     --------------
hereof;

          (b) Assumption Agreement. A duly executed counterpart of the
              --------------------
Assignment and Assumption Agreement with respect to the Assumed Contracts,
substantially in the form of Exhibit B hereto, with Seller;
                             ---------

          (c) Management Agreement. Buyer shall have executed and delivered the
              --------------------
Management Agreement, in the form of Exhibit C hereto;
                                     ---------

          (d) Good Standing. A certificate of Good Standing of Buyer issued by
              -------------
the Secretary of State of Delaware, dated within five (5) days of the Closing
Date and brought down to the Closing Date by telegram of the Secretary of State
of Delaware; and

          (e) Officer's Certificate. A certificate, dated as of the Closing
              ---------------------
Date, executed on behalf of Buyer in the form described in Section 8.3.
                                                           -----------

                                    ARTICLE X

                          SURVIVAL AND INDEMNIFICATION
                          ----------------------------

     10.1 Survival of Representations, Warranties and Covenants.
          -----------------------------------------------------

                                       30
<PAGE>

          (a) Notwithstanding any examination made for or on behalf of any of
the parties hereto, the knowledge of any officer, director, employee or agent of
any of the parties hereto or any of their respective Affiliates, or the
acceptance of any certificate or opinion, all representations and warranties
contained in this Agreement shall be deemed continuing representations and
warranties and shall survive the Closing Date for a period of eighteen (18)
months, except for any breach of the representations and warranties contained in
Section 3.12 hereof (Taxes), which shall survive the Closing Date until the
------------
expiration of the applicable statute of limitations, the representations and
warranties contained in Section 3.17 hereof (Assets), which shall survive the
                        ------------
Closing Date indefinitely and the representations and warranties contained in
Section 3.18 hereof (Environmental), which shall survive the Closing Date for
------------
ten (10) years.

          (b) Unless a specified period is set forth in this Agreement (in which
event such period will control), the covenants in this Agreement will survive
the Closing and remain in effect indefinitely.

     10.2 Indemnification by Sellers. Subject to Section 10.5, Seller agrees to
          --------------------------             ------------
indemnify, defend and hold harmless Buyer and its Affiliates and their
respective directors, officers, partners, employees, agents and representatives
from and against:

          (a) Any and all losses, liabilities or damages resulting from any
untrue representation or breach of any warranty by Seller contained herein or in
any certificate, document or instrument delivered to Buyer hereunder;

          (b) Any and all losses, liabilities or damages resulting from the
nonfulfillment of any covenant or other agreement of the Seller contained herein
or in any certificate, document or instrument delivered to Buyer hereunder;

          (c) Any and all losses, liabilities or damages resulting from Seller's
ownership of the Assets or operation or control of the Business prior to the
Closing Date, including, without limitation, any and all liabilities arising
under the Licenses or the Assumed Contracts which relate to events occurring
prior to the Closing Date;

          (d) Any Excluded Liabilities;

          (e) The conduct of the Business and ownership of the Assets prior to
the Closing Date; and

          (f) Any and all actions, suits, proceedings, claims, demands,
assessments, judgments, costs or expenses, including reasonable legal fees and
expenses, incident to any of the foregoing or in enforcing this indemnity.

     10.3 Indemnification by Buyer. Subject to Section 10.5, Buyer agrees to
          ------------------------             ------------
indemnify, defend and hold harmless Seller and its Affiliates and their
respective directors, officers, partners, employees, agents and representatives
from and against:

                                       31
<PAGE>

          (a) Any and all losses, liabilities or damages resulting from any
untrue representation or breach of warranty by Buyer contained herein or in any
certificate, document or instrument delivered to Seller hereunder;

          (b) Any and all losses, liabilities or damages resulting from the
nonfulfillment of any covenant or other agreement of Buyer contained herein or
in any certificate, document or instrument delivered to Seller hereunder;

          (c) Any and all losses, liabilities or damages resulting from Buyer's
ownership of the Assets or operation or control of the Business on and after the
Closing Date, including, without limitation, any and all liabilities arising
under the Assumed Contracts which relate to events occurring after the Closing
Date; or

          (d) Any and all actions, suits, proceedings, claims, demands,
assessments, judgments, costs or expenses, including reasonable legal fees and
expenses, incident to any of the foregoing or in enforcing this indemnity.

     10.4 Procedure for Indemnification. The procedure for indemnification shall
          -----------------------------
be as follows:

          (a) The party claiming indemnification (the "Claimant") shall give
reasonably prompt notice to the party from whom indemnification is claimed (the
"Indemnifying Party") of any claim, whether between the parties or brought by a
third party, specifying (i) the factual basis for such claim and (ii) the amount
of the claim. If the claim relates to an action, suit or proceeding filed by a
third party against Claimant, such notice shall be given by Claimant within ten
(10) Business Days after written notice of such action, suit or proceeding is
received by Claimant.

          (b) Following receipt of notice from the Claimant of a claim, the
Indemnifying Party shall have twenty (20) Business Days (or such shorter period
of time as may be required to respond to the subject litigation or proceeding)
to make such investigation of the claim as the Indemnifying Party deems
necessary or desirable. For the purposes of such investigation, the Claimant
agrees to make available to the Indemnifying Party or its authorized
representative(s) the information relied upon by the Claimant to substantiate
the claim. If the Claimant and the Indemnifying Party agree at or prior to the
expiration of said 20-day period (or any mutually agreed upon extension thereof)
to the validity and amount of such claim, the Indemnifying Party shall
immediately pay to the Claimant the full amount of the claim. If the Claimant
and the Indemnifying Party do not agree within said period (or any mutually
agreed upon extension thereof), the Claimant may seek appropriate legal remedy.

          (c) With respect to any claim by a third party as to which the
Claimant is entitled to indemnification hereunder, the Indemnifying Party shall
have the right at its own expense, to participate in or assume control of the
defense of such claim, and the Claimant shall cooperate fully with the
Indemnifying Party. If the Indemnifying Party elects to assume control of the
defense of any third-party claim, the Claimant shall have the right to
participate in the

                                       32
<PAGE>

defense of such claim and retain separate co-counsel at the Indemnifying Party's
expense; provided if requested to participate at Indemnifying Party's request or
if the Claimant reasonably believes (based upon an opinion of counsel) that a
conflict of interest exists between Claimant and the Indemnifying Party, then
the Claimant will be reimbursed for reasonable expenses of counsel. The
Indemnifying Party will select counsel reasonably satisfactory to the Claimant.
The Indemnifying Party will not consent to an entry of judgment or settlement
without release of liability and, with respect to nonmonetary terms, the
Claimant's consent (not to be unreasonably withheld or delayed).

          (d) If a claim, whether between the parties or by a third party,
requires immediate action, the parties will make every effort to reach a
decision with respect thereto as expeditiously as possible.

          (e) If the Indemnifying Party does not elect to assume control or
otherwise participate in the defense of any third party claim, it shall be bound
by the results obtained by the Claimant with respect to such claim.

     10.5 Limitations on Indemnity; Offset; Interest.
          ------------------------------------------

          (a) If Buyer is entitled to indemnification from Seller pursuant to
this Article X, Buyer shall not be entitled to make a claim for such
     ---------
indemnification unless and until the aggregate losses, liabilities or damages
("Losses") shall have exceeded $25,000 (the "Basket Amount"), at which time
Buyer shall be entitled to recover, dollar-for-dollar, all such Losses including
the Basket Amount up to an aggregate indemnification amount equal to the amount
of the Earn-Out due Seller, as provided in subsection (b) below.

          (b) If Buyer is entitled to indemnification from Seller pursuant to
this Article X, Buyer's sole and exclusive remedy against Seller for any claim
     ---------
for indemnification made by Buyer pursuant to this Article X shall be to set off
                                                   ---------
any such Losses against the Earn-Out due to Seller pursuant to Section 2.5
                                                               -----------
hereof; provided, however, that, notwithstanding anything to the contrary
        --------  -------
contained in Section 2.5(d) hereof, the Earn-Out amount, or any portion thereof,
             --------------
that is necessary in the reasonable judgment of Buyer, to satisfy any
unsatisfied written claims timely made by Buyer pursuant to this Article X
                                                                 ---------
concerning any indemnifiable Losses hereunder shall not be paid to Seller until
final resolution of such claims has been made in accordance with the provisions
of this Article X.
        ---------

          (c) In the event Buyer asserts a claim for indemnification under this
Article X prior to the final calculation of the Earn-Out amount in accordance
---------
with Section 2.5 hereof, Buyer shall, in addition to offsetting the amount of
     -----------
such claim against payment of the Earn-Out to Seller, offset an amount
representing accrued interest on the amount of such claim from (i) the date such
claim is accepted by Seller or (ii) judgment or other order is entered for Buyer
with respect to such claim, each in accordance with the provisions of Section
                                                                      -------
10.4 hereof ("Final Resolution"), through and including the date Buyer either
----
receives payment therefor or pays the Earn-Out amount to Seller (net of any
offset for such claim and interest thereon). Interest shall be computed from the
date of Final Resolution at the annualized rate of interest equal to the

                                       33
<PAGE>

"prime" or "reference" rate of interest as publicly announced by The Chase
Manhattan Bank and in effect on the date of Final Resolution, calculated on the
basis of the actual number of days elapsed over 365. In the event that no
Earn-Out amount, calculated pursuant to Section 2.5 hereof, is due and payable,
                                        -----------
then the provisions of this Section 10.5(c) shall be inapplicable.
                            ---------------

          (d) In calculating the amount of any Losses for which Buyer is
entitled to indemnification under this Article X, the amount of any insurance
                                       ---------
proceeds received by Buyer relating to or in connection with such Losses shall
reduce the amount of any such indemnification claim by Buyer.

                                   ARTICLE XI

                                  MISCELLANEOUS
                                  -------------

     11.1 Notices. All notices, demands, and requests required or permitted to
          -------
be given under the provisions of this Agreement shall be: (i) in writing, (ii)
delivered by personal delivery, or sent by commercial delivery service or
registered or certified mail, return receipt requested or sent by telecopy,
(iii) deemed to have been given on the date of personal delivery or the date set
forth in the records of the delivery service or on the return receipt or, in the
case of a telecopy, upon confirmation thereof and (iv) addressed as follows:

          If to any Seller:

               CityVision, LLC
               c/o Triumph Holdings, LLC
               500 Fifth Avenue, Suite 3030
               New York, NY 10110
               Attention:  James J. Sullivan
               Telecopy No.: (212) 704-2138

          With a copy to:

               John J. Crowe, Esq.
               Pryor Cashman Sherman & Flynn LLP
               410 Park Avenue, 10th Floor
               New York, NY  10022
               Telecopy No.: (212) 326-0806

          If to Buyer:

               NextMedia Outdoor, Inc.
               6312 South Fiddler's Green Circle, 360E
               Englewood, CO 80111
               Attention: Sean Stover
               Telecopy No.: (303) 694-4940

                                       34
<PAGE>

          With a copy to:

               Weil, Gotshal & Manges, LLP
               100 Crescent Court, Suite 1300
               Dallas, TX  75201-6950
               Attention: Glenn D. West
               Fax No.: (214) 746-7777

or to any such other or additional persons and addresses as the parties may from
time to time designate in a writing delivered in accordance with this Section
                                                                      -------
11.1.
----

     11.2 Specific Performance. In addition to any other remedies which Buyer
          --------------------
may have at law or in equity, Seller hereby acknowledges that the Assets are
unique, and that the harm to Buyer resulting from a breach by Seller of its
obligations to sell the Assets to Buyer cannot be adequately compensated by
damages. Accordingly, Seller agrees that, from the date hereof through the
Closing Date, Buyer shall have the right to have this Agreement specifically
performed by Seller and hereby agrees not to assert any objections to the
imposition of the equitable remedy of specific performance by any court of
competent jurisdiction.

     11.3 Benefit and Binding Effect. Neither party may assign this Agreement
          --------------------------
without the prior written consent of the other party hereto; provided, however,
                                                             --------  -------
that the Company may assign this Agreement (i) to any of its wholly-owned
subsidiaries or Affiliates or (ii) upon five days prior written notice to
Seller, in connection with (x) the sale of all or substantially all of the
assets relating to the operation of the Business, (y) any dissolution, merger,
consolidation or other reorganization of the Company or (z) the sale or transfer
of at least fifty percent (50%) of the capital stock of the Company if such
party expressly agrees in writing to be bound by the terms and conditions of
this Agreement, including without limitation, Section 2.5 hereof. This Agreement
                                              -----------
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

     11.4 Headings. The headings herein are included for ease of reference only
          --------
and shall not control or affect the meaning or construction of the provisions of
this Agreement.

     11.5 Gender and Number. Words used herein, regardless of the gender and
          -----------------
number specifically used, shall be deemed and construed to include any other
gender, masculine, feminine or neuter, and any other number, singular or plural,
as the context requires.

     11.6 Counterparts. This Agreement may be signed in any number of
          ------------
counterparts with the same effect as if the signature on each such counterpart
were upon the same instrument.

     11.7 Entire Agreement. Other than that certain Non-Disclosure Agreement
          ----------------
dated September 6, 2000 (the "NDA") entered into by certain of the parties
hereto and the matters agreed to therein, this Agreement, all schedules and
exhibits hereto and all documents, writings,

                                       35
<PAGE>

instruments and certificates delivered or to be delivered by the parties
pursuant hereto collectively represent the sole and entire understanding and
agreement between Buyer and Seller with respect to the subject matter hereof.
All schedules, and exhibits attached to this Agreement shall be deemed part of
this Agreement and incorporated herein, as if fully set forth herein. Except for
the NDA, this Agreement supersedes all prior negotiations and understandings
between Buyer and Seller whatsoever, and all letters of intent and other
writings relating to such negotiations and understandings.

     11.8 Amendment. This Agreement cannot be amended, supplemented or modified
          ---------
except by an agreement in writing which makes specific reference to this
Agreement or an agreement delivered pursuant hereto, as the case may be, and
which is signed by the party against which enforcement of any such amendment,
supplement or modification is sought.

     11.9 Severability. If in any jurisdiction any provision of this Agreement
          ------------
or its application to any party or circumstance is restricted, prohibited or
unenforceable, such provision shall, as to such jurisdiction, be ineffective
only to the extent of the restriction, prohibition or unenforceability without
invalidating the remaining provisions hereof and without affecting the validity
or enforceability of such provision in any other jurisdiction or its application
to other parties or circumstances. In addition, if any one or more of the
provisions contained in this Agreement shall for any reason in any jurisdiction
be held excessively broad as to time, duration, geographical scope, activity or
subject, it shall be construed, by limiting and reducing it, so as to be
enforceable to the extent compatible with the applicable law of such
jurisdiction as it shall then appear.

     11.10 Governing Law; Consent to Jurisdiction and Venue. This Agreement will
           ------------------------------------------------
be governed by, and construed and enforced in accordance with, the laws of the
State of New York, without regard to conflicts of law principles thereof. Each
of the parties hereto hereby (a) irrevocably and unconditionally submits to the
non-exclusive jurisdiction of any New York State or Federal court sitting in New
York County, New York in any action or proceeding arising out of or relating to
this Agreement, any other agreement or document delivered pursuant hereto or any
transaction contemplated hereby, (b) irrevocably waives, to the fullest extent
it may effectively do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding, and (c) irrevocably and
unconditionally consents to the service of any and all process in any such
action or proceeding by the mailing of copies of such process by certified mail
to such party and its counsel at their respective addresses specified in Section
                                                                         -------
11.1 above.
----

            [The Remainder of this Page Is Intentionally Left Blank.]

                                       36
<PAGE>

          This Agreement has been executed by Buyer and Seller as of the date
first above written.

                                         NEXTMEDIA OUTDOOR, INC.

                                         By:____________________________________
                                            Sean R. Stover
                                            Vice President

                                         CITYVISION, LLC

                                         By:   Triumph Holdings, LLC,
                                               its Managing Member

                                         By:____________________________________
                                            Bruce A. Friedman,
                                            its Principal Manager

                                         CITYVISION MID-AMERICA, LLC

                                         By:   CityVision, LLC,
                                               its Managing Member

                                         By:   Triumph Holdings, LLC,
                                               its Managing Member

                                         By:
                                            ------------------------------------
                                            Bruce A. Friedman,
                                            its Principal Manager
<PAGE>

                                         CITYVISION CONNECTICUT, LLC

                                         By:   CityVision, LLC,
                                               its Managing Member

                                         By:   Triumph Holdings, LLC,
                                               its Managing Member

                                         By:
                                            ------------------------------------
                                            Bruce A. Friedman,
                                            its Principal Manager

                                         CITYVISION MASSACHUSETTS, LLC

                                         By:   CityVision, LLC,
                                               its Managing Member

                                         By:   Triumph Holdings, LLC,
                                               its Managing Member

                                         By:
                                            ------------------------------------
                                            Bruce A. Friedman,
                                            its Principal Manager
<PAGE>

          IN WITNESS WHEREOF, the undersigned have executed this Agreement with
respect to Section 5.12 only.

                                         TRIUMPH HOLDINGS, LLC

                                         By:____________________________________
                                            Bruce A. Friedman,
                                            its Principal Manager

                                            ____________________________________
                                            Peter McClary

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