Document:

<PAGE>

                                                                   EXHIBIT 10.17

                              HARLEY-DAVIDSON, INC.

                         2001 YORK HOURLY-PAID EMPLOYEES

                                STOCK OPTION PLAN

                                   ARTICLE I

                                    PURPOSE

         The purpose of the Harley-Davidson, Inc. 2001 York Hourly-Paid
Employees Stock Option Plan is to provide favorable opportunities for non-exempt
employees at the Harley-Davidson Motor Company York, Pennsylvania facility
covered by the collective bargaining agreement as defined in Section 5.1 (the
"Collective Bargaining Agreement") to purchase shares of Common Stock of
Harley-Davidson, Inc. covered by the Collective Bargaining Agreement. Such
opportunities should provide an increased incentive for these employees to
contribute to the future success and prosperity of Harley-Davidson, Inc., thus
enhancing the value of the stock for the benefit of the shareholders.

                                   ARTICLE II

                                   DEFINITIONS

         The following capitalized terms used in the Plan shall have the
respective meanings set forth in this Article:

         2.1. BOARD: The Board of Directors of Harley-Davidson, Inc.

         2.2. CODE: The Internal Revenue Code of 1986, as amended.

         2.3. COMMITTEE: The Human Resources Committee of the Board.

         2.4. COMMON STOCK: The common stock of Harley-Davidson, Inc.

         2.5. COMPANY: Harley-Davidson, Inc. and any of its Subsidiaries.

         2.6. DISABILITY: Disability retirement under the Retirement Annuity
Plan for York Hourly-Paid Employees of Harley-Davidson.

         2.7. FAIR MARKET VALUE: The average of the high and low reported sales
prices of Common Stock on the New York Stock Exchange Composite Tape on the date
for which fair market value is being determined.

         2.8. NON-ISO: A stock option which is not an incentive stock option
within the meaning of Section 422 of the Code.

<PAGE>

         2.9. OPTION: A stock option granted under the Plan.

         2.10. OPTION PRICE: The purchase price of a share of Common Stock under
an Option.

         2.11. OPTIONEE: A person who has been granted one or more Options.

         2.12. PARENT CORPORATION: The parent corporation, as defined in Section
424(e) of the Code.

         2.13. PLAN: The Harley-Davidson, Inc. 2001 York Hourly-Paid Employees
Stock Option Plan.

         2.14. RETIREMENT: Normal, deferred, early, or thirty and out retirement
under the terms of the Retirement Annuity Plan for York Hourly-Paid Employees of
Harley-Davidson.

         2.15. SUBSIDIARY: A corporation, limited partnership, general
partnership, limited liability company, business trust or other entity of which
more than fifty percent (50%) of the voting power or ownership interest is
directly and/or indirectly held by Harley-Davidson, Inc.

         2.16. TERMINATION DATE: A date fixed by the Committee but not later
than the day preceding the tenth anniversary of the date on which the Option is
granted.

                                  ARTICLE III

                                 ADMINISTRATION

         3.1. The Committee shall administer the Plan and shall have full power
to grant Options, construe and interpret the Plan, establish and amend rules and
regulations for its administration, and perform all other acts relating to the
Plan, including the delegation of administrative responsibilities, which it
believes reasonable and proper.

         3.2. Subject to the provisions of the Plan, the Committee shall, in its
discretion, determine who shall be granted Options, the number of shares subject
to option under any such Options, the dates after which Options may be
exercised, in whole or in part, and the terms and conditions of the Options.

         3.3. Any decision made, or action taken, by the Committee arising out
of or in connection with the interpretation and administration of the Plan shall
be final and conclusive.

                                   ARTICLE IV

                           SHARES SUBJECT TO THE PLAN

         4.1. The total number of shares of Common Stock available for grants of
Options under the Plan shall be three hundred thousand (300,000) shares.

                                       2
<PAGE>

                                   ARTICLE V

                                   ELIGIBILITY

         5.1. Options may be granted to all full time, regular, production and
maintenance employees of the Company covered by the collective bargaining
agreement in effect between the Company and Tyson Lodge 175, District 98, of the
International Association of Machinists & Aerospace Workers, AFL/CIO (or any
successor thereto).

                                   ARTICLE VI

                                 TERM OF OPTIONS

         6.1. OPTION AGREEMENTS: All Options shall be evidenced by written
agreements executed by the Company. Such Options shall be subject to the
applicable provisions of the Plan, and shall contain such provisions as are
required by the Plan and any other provisions the Committee may prescribe. All
agreements evidencing Options shall specify the total number of shares subject
to each grant, the date of the grant, the Option Price and the Termination Date.
All Options shall be Non-ISOs.

         6.2. OPTION PRICE: The Option Price shall be set by the Committee;
provided, however, that the price per share shall not be less than the Fair
Market Value of a share of Common Stock as of the date the Option is granted.

         6.3. PERIOD OF EXERCISE: The Committee shall determine the dates after
which Options may be exercised in whole or in part. If Options are exercisable
in installments, installments or portions thereof that are exercisable and not
exercised shall accumulate and remain exercisable. The Committee may also amend
an Option to accelerate the dates after which Options may be exercised in whole
or in part. However, no Option or portion thereof shall be exercisable after the
Termination Date.

         6.4. MANNER OF EXERCISE AND PAYMENT: An Option, or portion thereof,
shall be exercised by delivery of a written notice of exercise to the Company
and payment of the full price of the shares being purchased pursuant to the
Option. An Optionee may exercise an Option with respect to less than the full
number of shares for which the Option may then be exercised, but an Optionee
must exercise the Option in full shares of Common Stock. The price of Common
Stock purchased pursuant to an Option, or portion thereof, may be paid:

                  a. in United States dollars in cash or by check, bank draft or
         money order payable to the order of the Company.

                  b. through the delivery of shares of Common Stock with an
         aggregate Fair Market Value on the date of exercise equal to the Option
         Price, or

                  c. by any combination of the above methods of payment.

The Committee shall determine acceptable methods for tendering Common Stock as
payment upon exercise of an Option and may impose such limitations and
prohibitions on the use of

                                       3
<PAGE>

Common Stock to exercise an Option as it deems appropriate, including, without
limitation, any limitation or prohibition designed to avoid certain accounting
consequences which may result from the use of Common Stock as payment upon
exercise of an Option.

         6.5. WITHHOLDING TAXES: The Company may, in its discretion, require an
Optionee to pay to the Company at the time of exercise the amount that the
Company deems necessary to satisfy its obligation to withhold Federal, state or
local income or other taxes incurred by reason of the exercise. Upon or prior to
the exercise of an Option requiring tax withholding, an Optionee may make a
written election to have shares of Common Stock withheld by the Company from the
shares otherwise to be received. The number of shares so withheld shall have an
aggregate Fair Market Value on the date of exercise sufficient to satisfy the
applicable withholding taxes. The acceptance of any such election by an Optionee
shall be at the sole discretion of the Committee.

         6.6. NONTRANSFERABILITY OF OPTIONS: Each Option shall, during the
Optionee's lifetime, be exercisable only by the Optionee and neither it nor any
right hereunder shall be transferable otherwise than by will or the laws of
descent and distribution or be subject to attachment, execution or other similar
process. In the event of any attempt by the Optionee to alienate, assign,
pledge, hypothecate or otherwise dispose of an Option or of any right hereunder,
except as provided for herein, or in the event of any levy or any attachment,
execution or similar process upon the rights or interest hereby conferred, the
Company may terminate the Option by notice to the Optionee and the Option shall
thereupon become null and void.

         6.7. CESSATION OF EMPLOYMENT OF OPTIONEE:

                  a. CESSATION OF EMPLOYMENT OTHER THAN BY REASON OF RETIREMENT,
         DISABILITY OR DEATH. . Except as may be otherwise provided by the
         Committee, if an Optionee shall cease to be employed by the Company
         otherwise than by reason of Retirement, Disability, or death, (i) each
         Option held by the Optionee, together with all rights thereunder, that
         is not vested shall terminate on the date of cessation of employment,
         to the extent not previously exercised and (ii) the Optionee shall have
         a period of 90 days from the date of cessation of employment to
         exercise each Option held by the Optionee that is vested on the date of
         cessation of employment. At the end of such 90-day period, each such
         Option that has not been exercised, together with all rights
         thereunder, shall terminate, to the extent not previously exercised."

                  b. CESSATION OF EMPLOYMENT BY REASON OF RETIREMENT OR
         DISABILITY. If an Optionee shall cease to be employed by the Company by
         reason of Retirement or Disability, each Option held by the Optionee
         shall remain exercisable, to the extent it was exercisable at the time
         of cessation of employment, until the earliest of:

                           i. the Termination Date,

                                       4
<PAGE>

                           ii. the death of the Optionee, or such later date not
                  more than one year after the death of the Optionee as the
                  Committee, in its discretion, may provide pursuant to Section
                  6.7(c) of the Plan,

                           iii. the third anniversary of the date of the
                  cessation of the Optionee's employment, if employment ceased
                  by reason of Retirement, or

                           iv. the first anniversary of the date of the
                  cessation of the Optionee's employment by reason of
                  Disability;

and thereafter all such Options shall terminate together with all rights
hereunder, to the extent not previously exercised.

                  c. CESSATION OF EMPLOYMENT BY REASON OF DEATH. In the event of
         the death of the Optionee while employed by the Company, an Option may
         be exercised at any time or from time to time prior to the earlier of
         the Termination Date or the first anniversary of the date of the
         Optionee's death, by the person or persons to whom the Optionee's
         rights under each Option shall pass by will or by the applicable laws
         of descent and distribution, to the extent that the Optionee was
         entitled to exercise such Option on the Optionee's date of death. In
         the event of the death of the Optionee while entitled to exercise an
         Option pursuant to Section 6.7(b), the Committee, in its discretion,
         may permit such Option to be exercised at any time or from time to time
         prior to the Termination Date during a period of up to one year from
         the death of the Optionee, as determined by the Committee, by the
         person or persons to whom the Optionee's rights under each Option shall
         pass by will or by the applicable laws of descent and distribution, to
         the extent that the Option was exercisable at the time of cessation of
         the Optionee's employment. Any person or persons to whom an Optionee's
         rights under an Option have passed by will or by the applicable laws of
         descent and distribution shall be subject to all terms and conditions
         of the Plan and the Option applicable to the Optionee.

                                  ARTICLE VII

                                   ADJUSTMENTS

         7.1. If (a) the Company shall at any time be involved in a transaction
to which Section 424(a) of the Code is applicable; (b) the Company shall declare
a dividend payable in, or shall subdivide or combine, its Common Stock, or (c)
any other event shall occur which in the judgment of the Committee necessitates
an adjustment to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, then the Committee may,
in such manner as it may deem equitable, adjust any or all of (i) the number and
type of securities subject to the Plan and which thereafter may be the subject
of Options; (ii) the number and type of securities subject to outstanding
Options; (iii) the Option Price with respect to any Option; and (iv) the number
of shares of Common Stock that may be issued pursuant to Options granted to an
Optionee in any calendar year. The judgment of the Committee with respect to any
matter referred to in this Article shall be conclusive and binding upon each
Optionee.

                                       5
<PAGE>

                                  ARTICLE VIII

                        AMENDMENT AND TERMINATION OF PLAN

         8.1. The Board may at any time, or from time to time, suspend or
terminate the Plan in whole or in part or amend it in such respects as the Board
may deem appropriate.

         8.2. No amendment, suspension or termination of this Plan shall,
without the Optionee's consent, alter or impair any of the rights or obligations
under any Option theretofore granted to an Optionee under the Plan.

         8.3. The Board may amend this Plan, without the limitation, in such
manner as it deems necessary to permit the granting of Options meeting the
requirements of future amendments or issued regulations, if any, to the Code.

                                   ARTICLE IX

                        GOVERNMENT AND OTHER REGULATIONS

         9.1. The obligation of the Company to issue or transfer and deliver
shares for Options exercised under the Plan shall be subject to all applicable
laws, regulations, rules, orders and approvals which shall then be in effect and
required by governmental entities and the stock exchanges on which Common Stock
is traded.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

         10.1. PLAN DOES NOT CONFER EMPLOYMENT OR SHAREHOLDER RIGHTS: The right
of the Company to terminate (whether by dismissal, discharge, retirement or
otherwise) the Optionee's employment with it at any time at will, or as
otherwise provided by any agreement between the Company and the Optionee, is
specifically reserved. Neither the Optionee nor any person entitled to exercise
the Optionee's rights in the event of the Optionee's death shall have any rights
of a shareholder with respect to the shares subject to each Option, except to
the extent that, and until, such shares shall have been issued upon the exercise
of each Option.

         10.2. PLAN EXPENSES: Any expenses of administering this Plan shall be
borne by the Company.

         10.3. USE OF EXERCISE PROCEEDS: Payments received from Optionees upon
the exercise of Options shall be used for the general corporate purposes of the
Company, except that any stock received in payment may be retired, or retained
in the Company's treasury and reissued.

         10.4. INDEMNIFICATION: In addition to such other rights of
indemnification as they may have as members of the Board or the Committee of the
Company, the members of the Board and the Committee shall be indemnified by the
Company against all costs and expenses reasonably incurred by them in connection
with any action, suit or proceeding to which they or

                                       6
<PAGE>

any of them may be party by reason of any action taken or failure to act under
or in connection with the Plan or any Option granted thereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding, except a
judgment based upon a finding of bad faith; provided that upon the institution
of any such action, suit or proceeding a Board member or the Committee shall, in
writing, give the Company notice thereof and an opportunity, at its own expense,
to handle and defend the same before such Board member or Committee undertakes
to handle and defend it on such member's own behalf.

                                   ARTICLE XI

                                 EFFECTIVE DATE

         11.1. The Plan shall become effective when it is approved by the Board.

                                       7Execution Copy

                            ASSET PURCHASE AGREEMENT

                                      AMONG

                         SINCLAIR BROADCAST GROUP, INC.

                                       AND

                        SINCLAIR RADIO OF ST. LOUIS, INC.
                    SINCLAIR RADIO OF ST LOUIS LICENSEE, LLC

                                   AS SELLERS,

                                       AND

                        EMMIS COMMUNICATIONS CORPORATION

                                    AS BUYER

                                  JUNE 21, 2000

<PAGE>

     TABLE OF CONTENTS

RECITALS 1
     ARTICLE I
          TERMINOLOGY 1
          1.1    Defined Terms. 1
          1.2    Additional Defined Terms. 5

      ARTICLE II
          PURCHASE AND SALE 6
          2.1    Sale Assets.     6
          2.2    Excluded Assets. 8
          2.3    Assumption of Liabilities.9
          2.4    Earnest Money.   10
          2.5    Purchase Price.  10
          2.6    Allocation of the Purchase Price.  11
          2.7    Adjustment of Purchase Price. 12
          2.8    Accounts Receivable.      14
      ARTICLE III
          REPRESENTATIONS AND WARRANTIES OF SELLING PARTIES    16
          3.1    Organization, Good Standing and Requisite Power.     16
          3.2    Authorization and Binding Effect of Documents.       16
          3.3    Absence of Conflicts.     16
          3.4    Consents.        17
          3.5    Sale Assets; Title.     17
          3.6    FCC Licenses.    17
          3.7    Station Agreements.       19
          3.8    Tangible Personal Property.   21
          3.9    Real Property.   21
          3.10   Intellectual Property.    22
          3.11   Financial Statements.     23
          3.12   Absence of Certain Changes or Events.       24
          3.13   Litigation.      25
          3.14   Labor Matters    26
          3.15   Employee Benefit Plans    27
          3.16   Compliance with Law       28
          3.17   Tax Returns and Payments  28
          3.18   Environmental Matters     29
          3.19   Broker's or Finder's Fees 30
          3.20   Insurance        30
          3.21   Transactions with Affiliates  30
      ARTICLE IV
          REPRESENTATIONS AND WARRANTIES OF BUYER     31
          4.1    Organization and Good Standing     31
          4.2    Authorization and Binding Effect of Documents        31

<PAGE>

          4.3    Absence of Conflicts      31
          4.4    Consents 32
          4.5    Broker's or Finder's Fees 32
          4.6    Litigation       32
          4.7    Buyer's Qualification     32
          4.8    Availability of Funds     33
          4.9    WARN Act 33
          4.10   Buyer's Defined Contribution Plan  33
      ARTICLE V
          OTHER COVENANTS   33
          5.1    Conduct of Each Station's Business Prior to the Closing Date 33
          5.2.   Notification of Certain Matters    35
          5.3    HSR Filings      35
          5.4    FCC Filing       36
          5.5    Title; Additional Documents   36
          5.6    Other Consents   36
          5.7    Inspection and Access     37
          5.8    Confidentiality  37
          5.9    Publicity        38
          5.10   Material Adverse Effect   38
          5.11   Commercially Reasonable Efforts    38
          5.12   FCC Reports and Applications  38
          5.13   Tax Returns and Payments  38
          5.14   No Solicitation  39
          5.15   Audited Financial Statements  39
          5.16   Planned Divestiture       39
          5.17   Disclosure Schedules 39
          5.18   Bulk Sales Law   40
          5.19   Cooperation on Tax Matters40
          5.20   Lease of Studio and Office Space.  40
      ARTICLE VI
          CONDITIONS PRECEDENT TO THE OBLIGATION
          OF BUYER TO CLOSE 41
          6.1    Accuracy of Representations and Warranties;
                 Closing Certificate       41
          6.2    Performance of Agreement  41
          6.3    FCC Order        41
          6.4    HSR Act  42
          6.5    Opinions of Selling Parties' Counsel       42
          6.6    Required Consents43
          6.7    Delivery of Closing Documents 43
          6.8    No Adverse Proceedings.   43

<PAGE>

      ARTICLE VII
          CONDITIONS PRECEDENT TO THE
          OBLIGATION OF SELLING PARTIES TO CLOSE 43
          7.1    Accuracy of Representations and Warranties  43
          7.2    Performance of Agreement  44
          7.3    FCC Order        44
          7.4    HSR Act  44
          7.5    Opinion of Buyer's Counsel44
          7.6    No Adverse Proceedings    44
          7.7    Delivery of Closing Documents   45
      ARTICLE VIII
           CLOSING  45
           8.1   Time and Place   45
           8.2   Documents to be Delivered to Buyer by Selling Parties      45
           8.3   Deliveries to Sellers by Buyer     46
      ARTICLE IX
           INDEMNIFICATION   47
           9.1   Survival 47
           9.2   Indemnification by Selling Parties 48
           9.3   Indemnification by Buyer  48
           9.4   Administration of Indemnification  49
           9.5   Mitigation and Limitation of Damages        50
      ARTICLE X
           TERMINATION       50
           10.1  Right of Termination      50
           10.2  Obligations Upon Termination  51
           10.3  Termination Notice        52
           10.4  Selling Parties as a Single Party  52
      ARTICLE XI
           CONTROL OF STATIONS       52
      ARTICLE XII
           EMPLOYMENT MATTERS        52
           12.1  Transfer of Employees     52
           12.2  COBRA    54
           12.3  Buyer's Employee Benefit Plans.    54
           12.4  Union Employees. 55
           12.5  Employment Agreements.    55
           12.6  No Third Party Beneficiaries. 55
      ARTICLE XIII
           MISCELLANEOUS     56
           13.1  Further Actions  56
           13.2  Payment of Expenses       56
           13.3  Specific Performance      56
           13.4  Notices  57
           13.5  Entire Agreement 59

<PAGE>

           13.6  Binding Effect; Benefits  59
           13.7  Assignment       59
           13.8  Governing Law    60
           13.9  Amendments and Waivers    60
           13.10 Severability     60
           13.11 Headings 61
           13.12 Counterparts     61
           13.13 References       61
           13.14 Schedules and Exhibits    61
           13.15 Joint and Several Liability   61

SCHEDULES:

     Schedule 3.1 Qualification to Do Business
     Schedule 3.3 Absence of Conflicts(Selling Parties)
     Schedule 3.5(b) Liens to be Released Prior to Closing
     Schedule 3.6 FCC Licenses
     Schedule 3.7(a) Trade Agreements
     Schedule 3.7(b) Station Agreements
     Schedule 3.7(c) Affiliate Agreements
     Schedule 3.8 Tangible Personal Property
     Schedule 3.9 Real Property Interests
     Schedule 3.10 Intellectual Property
     Schedule 3.11 Financial Statements
     Schedule 3.12 Absence of Certain Changes or Events
     Schedule 3.13 Litigation Schedule 3.14(a) Employee Claims
     Schedule 3.14(c) List of Employees
     Schedule 3.15 Employee Benefit Plans
     Schedule 3.16 Compliance with Law
     Schedule 3.17 Tax Returns and Payments
     Schedule 3.18 Environmental Matters
     Schedule 3.19 Broker's or Finder's Fees
     Schedule 3.20 Insurance
     Schedule 3.21 Transactions with Affiliates
     Schedule 4.3 Absence of Conflicts (Buyer)
     Schedule 4.7 Buyer's Qualification
     Schedule 4.10 Buyer's 401(k) Plan
     Schedule 12.1(a) Potentially Excluded Employees
     Schedule 12.3(b) Prior Service Credit Policy

<PAGE>

     ASSET PURCHASE AGREEMENT

     THIS ASSET PURCHASE AGREEMENT (the "Agreement"), dated as of June 21, 2000,
among SINCLAIR BROADCAST GROUP, INC., a Maryland corporation ("Parent");
SINCLAIR RADIO OF ST. LOUIS, INC., a Maryland corporation ("Sinclair Radio"),
SINCLAIR RADIO OF ST. LOUIS LICENSEE, LLC, a Maryland limited liability company
("Radio Licensee"), (Sinclair Radio and Radio Licensee sometimes referred to
together as "Sellers"); and EMMIS COMMUNICATIONS CORPORATION, an Indiana
corporation ("Buyer").

     RECITALS:

     WHEREAS, (i) Sinclair Radio owns and operates radio station KPNT-FM, 105.7
FM ("KPNT"), St. Genevieve, Missouri, radio station KIHT-FM, 96.3 FM ("KIHT"),
St. Louis, Missouri, radio station WVRV-FM, 101.1 FM ("WVRV"), East St. Louis,
Illinois, radio station WRTH-AM, 1430 AM ("WRTH"), St. Louis, Missouri, radio
station WIL-FM, 92.3 FM ("WIL"), St. Louis, Missouri, and radio station KXOK-FM,
97.1 FM ("KXOK"), Florissant, Missouri; and (ii) Radio Licensee owns the FCC
Licenses (as hereinafter defined) used in or relating to KPNT's, KIHT's, WVRV's,
WRTH's, WIL's and KXOK's radio broadcasting;

     WHEREAS, Parent (indirectly) owns all of the outstanding equity interests
of the Sellers; and

     WHEREAS, Buyer desires to acquire substantially all the assets used or
useful in the business and operation of such stations (as more fully described
below), and Sellers are willing to convey such assets to Buyer.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Parent, Sellers and Buyer agree as
follows:

                                    ARTICLE I
                                  TERMINOLOGY

     1.1  DEFINED TERMS.

     As used herein, the following terms shall have the meanings indicated:

<PAGE>

     AFFILIATE: With respect to any specified Person, another Person which,
directly or indirectly controls, is controlled by, or is under common control
with, the specified Person.

     APPRAISAL FIRM: BIA Consulting, Inc.

     ASSUMED PLANS: The Benefit Plans to which any Selling Party is required to
contribute pursuant to the collective bargaining agreements and labor union
contracts that are Station Agreements.

     CODE: The Internal Revenue Code of 1986, as amended.

     DOCUMENTS: This Agreement, all Exhibits and Schedules hereto, and each
other agreement, certificate or instrument delivered in connection with this
Agreement.

     EARNEST MONEY: As of a given date, the amount deposited as of such date
with the Escrow Agent under the Escrow Agreement, together with the interest and
other earnings thereon as of such date.

     ESCROW AGENT: Bank One Trust Company, NA.

     ESCROW AGREEMENT: The Escrow Agreement, dated as of the date hereof, by and
among Selling Parties, Buyer and the Escrow Agent relating to the deposit,
holding, investment and disbursement of the Earnest Money.

     EXCESS STATIONS: Those FM radio stations serving the St. Louis, Missouri
metropolitan area now owned by Affiliates of Buyer or to be acquired pursuant to
this Agreement that are to be sold or otherwise divested in order for Buyer to
avoid noncompliance with radio station ownership restrictions under the Act (as
defined below) and the rules, regulations and policies of the Department of
Justice and the Federal Trade Commission.

     FCC: Federal Communications Commission.

     FCC ORDER: The order or decision of the FCC (or its delegatee) granting its
consent to the transfer of all of the FCC Licenses to Buyer.

     FINAL ACTION: An action of the FCC that has not been reversed, stayed,
enjoined, set aside, annulled or suspended; with respect to which no timely
petition for reconsideration or administrative or judicial appeal or SUA SPONTE
action of the FCC with comparable effect is pending; and as to which the
normally applicable time for filing any such petition or appeal (administrative
or judicial) or for the taking of any such SUA SPONTE action of the FCC has
expired.

<PAGE>

     KNOWLEDGE (or any derivative thereof): With respect to the Sellers,
exclusively, the actual Knowledge of the President and Chief Executive Officer
or the Chief Financial Officer of Parent or Sinclair Communications, Inc.
("SCI"), any other employee of Parent or SCI designated as a "vice president,"
any other officer of any of the Sellers, Parent or SCI, or the General Manager,
Sales Manager or Chief Engineer of any of the Stations.

     LIABILITIES: As to any Person, all debts, adverse claims, liabilities and
obligations, direct, indirect, absolute or contingent of such Person, whether
accrued, vested or otherwise, whether in contract, tort, strict liability or
otherwise and whether or not actually reflected, or required by generally
accepted accounting principles to be reflected, in such Person's balance sheets
or other books and records.

     LIEN: Any mortgage, deed of trust, pledge, hypothecation, title defect,
right of first refusal, security or other adverse interest, encumbrance,
easement, restriction, claim, option, lien or charge of any kind, whether
voluntarily incurred or arising by operation of law or otherwise, affecting any
assets or property, including any agreement to give or grant any of the
foregoing, any conditional sale or other title retention agreement, and the
filing of or agreement to give any financing statement with respect to any
assets or property under the Uniform Commercial Code or comparable law of any
jurisdiction.

     LOSS: With respect to any Person, any and all costs, obligations,
liabilities, demands, claims, settlement payments, awards, judgments, fines,
penalties, damages and reasonable out-of-pocket expenses, including court costs
and reasonable attorney fees, whether or not arising out of a third party claim.

     MATERIAL ADVERSE CONDITION: A condition which would adversely affect or
impair, in any material respect, the right of Buyer to the ownership, use,
control or operation of any Station; provided, however, that any condition which
requires (i) that Buyer or any of its subsidiaries file periodic reports with
the FCC regarding compliance with rules and policies of the FCC pertaining to
affirmative action and equal opportunity employment, or (ii) that a Station be
operated in accordance with conditions similar to and not more adverse than
those contained in the present FCC Licenses issued for operation of such
Station, shall not be a Material Adverse Condition.

     MATERIAL ADVERSE EFFECT: A material adverse effect on the assets, business,
operations, financial condition or results of operations of the Stations taken
as a whole, except for any such effect resulting from (i) general economic
conditions applicable to the radio broadcast industry, (ii) general conditions
in the markets in which the Stations operate, or (iii) circumstances that are
not likely to recur and either have been substantially remedied or can be
substantially remedied without substantial cost or delay.

<PAGE>

     PERMITTED LIEN: (i) Any statutory Lien (including encumbrances of a
landlord) which secures a payment not yet due that arises, and is customarily
discharged, in the ordinary course of the applicable Seller's business; (ii)
Liens arising in connection with equipment or maintenance financing or leasing
under the terms of any Station Agreement; (iii) encumbrances for Taxes not yet
delinquent or which are being contested in good faith and by appropriate
proceedings if adequate reserves with respect thereto are maintained on Sellers'
books in accordance with generally accepted accounting principles, and (iv) any
other Liens or imperfections in a Seller's title to any Sale Assets or
properties that, individually and in the aggregate, are not material in
character or amount to the Sale Assets of such Seller and are not reasonably
expected to materially detract from the value or materially interfere with the
existing use of any of such Sale Assets in the operation of the applicable
Station.

     PERSON: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     PLANNED DIVESTITURE: The sale or other divestiture, prior to or
simultaneously with the Closing, by Buyer or one or more of its Affiliates of
the FCC licenses and authorizations pertaining to the Excess Stations.

     SELLING PARTIES: Sellers and Parent.

     STATIONS: KIHT, KPNT, KXOK, WIL, WRTH, and WVRV.

     SUBSIDIARY: With respect to any Person, a corporation, partnership, limited
liability company, or other entity of which shares of stock or other ownership
interests having ordinary voting power to elect a majority of the directors of
such corporation, or other Persons performing similar functions for such entity,
are owned, directly or indirectly, by such Person.

     TAXES: All federal, state, local and foreign taxes including, without
limitation, income, gains, transfer, unemployment, withholding, payroll, social
security, real property, personal property, excise, sales, use and franchise
taxes, levies, assessments, imposts, duties, licenses and registration fees and
charges of any nature whatsoever, including interest, penalties and additions
with respect thereto and any interest in respect of such additions or penalties.

<PAGE>

     TAX RETURN: Any return, filing, report, declaration, questionnaire or other
document required to be filed for any period with any taxing authority (whether
domestic or foreign) in connection with any Taxes (whether or not payment is
required to be made with respect to such document).

     TRANSFER TAXES: All sales, use, conveyance, recording and other similar
transfer Taxes and fees applicable to, imposed upon or arising out of the sale
by Sellers and the purchase by Buyer of the Stations whether now in effect or
hereinafter adopted and regardless of which party such Transfer Tax is imposed
upon. Transfer Taxes shall in no event include any net or gross income Taxes.

     1.2  ADDITIONAL DEFINED TERMS.

     As used herein, the following terms shall have the meanings defined in the
section indicated below:

          Acquisition Proposal                        Section 5.14
          Act                                         Section 3.6(b)
          Adjustment Amount                           Section 2.7(a)
          Agreement                                   Introduction
          Appraisal Report                            Section 2.6(a)
          Arbitrating Firm                            Section 2.7(e)
          Assumed Obligations                         Section 2.3(a)
          Benefit Plans                               Section 3.15(a)
          Buyer                                       Introduction
          Buyer's 401(k) Plan                         Section 4.10
          Buyer's Loss                                Section 9.2(a)
          Buyer's Plans                               Section 12.3(a)
          Buyer's Trade Credit                        Section 2.7(b)
          Cap                                         Section 9.2(b)
          CERCLA                                      Section 3.18(f)
          Closing                                     Section 8.1
          Closing Date                                Section 8.1
          Collection Period                           Section 2.8(b)
          Dispute Notice                              Section 2.7(d)
          Employees                                   Section 3.15(a)
          ERISA                                       Section 3.15(a)
          Excluded Assets                             Section 2.2
          FCC Licenses                                Section 3.6(a)
          Final Proration Notice                      Section 2.7(d)
          HSR Act                                     Section 5.3
          HSR Filings                                 Section 5.3

<PAGE>

          Indemnified Party                           Section 9.4(a)
          Indemnifying Party                          Section 9.4(a)
          Initial Closing Period                      Section 2.5(c)
          Intellectual Property                       Section 2.1(e)
          Interim Balance Sheet                       Section 3.11
          KIHT                                        Recitals
          KPNT                                        Recitals
          KXOK                                        Recitals
          Leased Real Property                        Section 3.9(c)
          Multiemployer Plan                          Section 3.15(c)
          Owned Real Property                         Section 3.9(b)
          Parent                                      Introduction
          Permits                                     Section 2.1(c)
          Preliminary Adjustment Report               Section 2.7(d)
          Purchase Price                              Section 2.5(a)
          Radio Licensee                              Introduction
          Real Property                               Section 2.1(b)
          Real Property Lease                         Section 3.9(c)
          Related Persons                             Section 3.15(a)
          Retained Receivables                        Section 2.8(a)
          Sale Assets                                 Section 2.1
          Sellers                                     Introduction
          Selling Parties' Enforcement Costs          Section 10.2(c)
          Selling Parties' Payment Amount             Section 10.2(c)
          Sinclair Radio                              Introduction
          Stations Agreements                         Section 2.1(d)
          Survival Period                             Section 9.1
          Tangible Personal Property                  Section 2.1(a)
          Threshold                                   Section 9.2(b)
          Trade Agreements                            Section 3.7(a)
          Transferred Employees                       Section 12.1(a)
          WIL                                         Recitals
          WRTH                                        Recitals
          WVRV                                        Recitals

<PAGE>

                                   ARTICLE II
                               PURCHASE AND SALE

     2.1  SALE ASSETS.

     Upon and subject to the terms and conditions provided herein, on the
Closing Date, Sellers will sell, transfer, assign and convey to Buyer, and Buyer
will purchase from Sellers, all of Sellers' right, title and interest in and to
all tangible and intangible assets (except Excluded Assets) used in the
operation of the Stations as now or previously operated (the "Sale Assets"),
including the following (but excluding any real or tangible personal property
located at 1215 Cole Street, St. Louis, Missouri, other than such tangible
personal property used in the operation of any of the Stations that is
specifically listed in SCHEDULE 3.8 or 3.9):

     (a) TANGIBLE PERSONAL PROPERTY. All transmitter, antenna and other
broadcast equipment, studio equipment, furniture, parts, computers and office
equipment, supplies, programming library and other tangible personal property
owned or leased by Sellers and used in connection with the Stations, including
but not limited to the applicable items listed on SCHEDULE 3.8 (but excluding
any real or tangible personal property located at 1215 Cole Street, St. Louis,
Missouri, other than such tangible personal property used in the operation of
any of the Stations that is specifically listed in SCHEDULE 3.8 or 3.9),
together with such modifications, replacements, improvements and additional
items, and subject to such deletions therefrom, made or acquired collectively
between the date hereof and the Closing Date in accordance with the terms and
provisions of this Agreement (collectively, the "Tangible Personal Property").

     (b) REAL PROPERTY. All interests of Sellers (including, but not limited to,
leaseholds) in the real estate listed on SCHEDULE 3.9 and all fixtures and
improvements thereon, together with such additional improvements and interests
in real estate made or acquired between the date hereof and the Closing Date
(collectively, the "Real Property").

     (c) PERMITS. The FCC Licenses, and all other governmental permits, licenses
and authorizations (and any renewals, extensions, amendments or modifications
thereof) currently in effect and now held by any Seller or hereafter obtained by
any Seller between the date hereof and the Closing Date, that are necessary for
or related to the operation of any Station (the "Permits").

     (d) STATIONS AGREEMENTS. All rights of Sellers in, to and under all
contracts, leases, agreements, commitments and other arrangements, and any
amendments or modifications, used in the operation of such any Station as of the
date hereof (including, but not limited to, those listed on SCHEDULE 3.7(A),
3.7(B) or 3.9) or made or entered into by Sellers between the date hereof and
the Closing Date in compliance with this Agreement (collectively, the "Station
Agreements").

     (e) INTELLECTUAL PROPERTY. All trade names, trademarks, service marks,
copyrights, patents, jingles, slogans, symbols, logos, the applicable call
letters, internet

<PAGE>

websites and domain names, inventions, and any other proprietary material,
process, trade secret or trade right used by any Seller in the operation of any
Station, and all registrations, applications and licenses for any of the
foregoing, including, without limitation, those set forth on SCHEDULE 3.10; any
additional such items acquired or used by any Seller in connection with the
operation of any Station between the date hereof and the Closing Date; and all
goodwill associated with any of the foregoing (collectively, the "Intellectual
Property"); PROVIDED, HOWEVER, that the Intellectual Property shall not include,
and Selling Parties shall retain exclusive rights to, all right, title and
interest whatsoever in or to the name "Sinclair" or any derivations thereof.

     (f) RECORDS. The originals or true and complete copies of all of the books,
records, accounts, files, logs, ledgers and journals pertaining to or used in
the operation of any Station, including, but not limited to, computer-readable
disk or tape copies of any of such items stored on computer disks or tapes.

     (g) MISCELLANEOUS ASSETS. Any other tangible or intangible assets,
properties or rights of any kind or nature not otherwise described above in this
SECTION 2.1 and now or before Closing owned or used by any Seller principally in
connection with the operation of any Station, including but not limited to all
goodwill of each Station (but excluding any real or tangible personal property
located at 1215 Cole Street, St. Louis, Missouri, other than such tangible
personal property used in the operation of any of the Stations that is
specifically listed in SCHEDULE 3.8 or 3.9).

     2.2  EXCLUDED ASSETS.

     Notwithstanding any provision of this Agreement to the contrary, the Sale
Assets shall not include the following (the "Excluded Assets"):

     (a) Any and all cash, bank deposits and other cash equivalents,
certificates of deposit, securities, cash deposits made by any Seller to secure
contract obligations (except to the extent Sellers receive a credit therefor
under SECTION 2.7), and all accounts receivable (other than non-cash receivables
under Trade Agreements) for services performed or for goods sold or delivered by
Sellers prior to the Closing Date;

     (b) All rights and claims of any Seller whether mature, contingent or
otherwise, against third parties with respect to, or which are made under or
pursuant to, other Excluded Assets or which relate to the period prior to the
Closing;

     (c) All prepaid expenses (and rights arising therefrom or related thereto)
except to the extent taken into account in determining the Adjustment Amount
under SECTION 2.7;

<PAGE>

     (d) All Benefit Plans (other than Assumed Plans);

     (e) All Tax Returns (and supporting materials) and all claims of any Seller
with respect to any Tax refunds;

     (f) All of any Seller's rights under or pursuant to this Agreement or any
other rights in favor of any Seller pursuant to the other Documents;

     (g) All loan agreements, letters of credit and other instruments evidencing
indebtedness for borrowed money;

     (h) All contracts of insurance, all coverages and proceeds thereunder and
all rights in connection therewith, including, without limitation, rights
arising from any refunds due with respect to insurance premium payments to the
extent they relate to such insurance policies;

     (i) All tangible personal property disposed of or consumed between the date
hereof and the Closing Date in accordance with the terms and provisions of this
Agreement;

     (j) Each Seller's minute books, ownership transfer records and other entity
records, and any records relating to Excluded Assets and to Liabilities other
than the Assumed Obligations;

     (k) All rights to the names "Sinclair Broadcast Group," "Sinclair
Communications," Sinclair and any logo or variation thereof and goodwill
associated therewith;

     (l) All assets which are owned by the Sellers and used, or which Sellers
have the right to acquire and are to be used, principally in connection with any
television station owned and/or programmed by any of the Sellers, including,
without limitation, the Real Property and tangible personal property located at
1215 Cole Street, St. Louis, Missouri, other than such tangible personal
property used in the operation of any of the Stations that is specifically
listed in SCHEDULE 3.8 or 3.9; and

     (m) All shares of capital stock, partnership interests, interests in
limited liability companies or other equity interest, including, but not limited
to, any options, warrants or voting trusts relating thereto which are owned by
Sellers and not expressly specified in SECTION 2.1.

<PAGE>

     2.3  ASSUMPTION OF LIABILITIES.

     (a) Buyer shall at Closing assume and agree to pay, discharge and perform
the following Liabilities of Sellers (collectively, the "Assumed Obligations"):

          (i) All Liabilities arising under all Stations Agreements and the
     Permits assigned and transferred to Buyer in accordance with this Agreement
     to the extent such Liabilities arise during and relate to any period on or
     after the Closing Date (excluding, however, any Liability arising from
     either (A) the breach of any Station Agreement by reason of its assignment
     to Buyer without a required consent or (B) any other breach or default by
     any Seller upon or prior to Closing under any Station Agreement).

          (ii) Provided that Sellers pay Buyer the amount, if any, owed by
     Sellers after Closing under SECTION 2.7, the Assumed Obligations shall also
     include such other Liabilities of Sellers to the extent, and only to the
     extent, the amount thereof is included as a credit to Buyer in calculating
     the Adjustment Amount as ultimately determined pursuant to SECTION 2.7.

     (b) Except for the Assumed Obligations, Buyer shall not assume or in any
manner be liable for any Liabilities of any Selling Party of any kind or nature,
all of which such Selling Party shall pay, discharge and perform when due.

     2.4  EARNEST MONEY.

     (a) Concurrently with the execution of this Agreement, Buyer has deposited
with the Escrow Agent in immediately available funds the sum of Twenty-Two
Million Dollars ($22,000,000).

     (b) The Escrow Agent shall hold the Earnest Money under the terms of the
Escrow Agreement in trust for the benefit of the Selling Parties and Buyer.

     (c) If Closing does not occur, the Earnest Money shall be delivered to
Sellers or returned to Buyer in accordance with SECTION 10.2, and if Closing
does occur, the Earnest Money shall be applied at Closing as provided in SECTION
2.5.

     2.5  PURCHASE PRICE.

     (a) Subject to increase as provided in SECTION 2.5(C) and adjustment as
provided in SECTION 2.7, the purchase price for the Sale Assets ("Purchase
Price") shall be Two Hundred Twenty Million Dollars ($220,000,000), payable as
follows:

<PAGE>

          (i) An amount equal to the Earnest Money shall be paid by the Escrow
     Agent's disbursement of the Earnest Money to Sellers by wire transfer of
     immediately available funds pursuant to joint written instructions from
     Sellers and Buyer.

          (ii) The difference of (A) the Purchase Price minus (B) the Earnest
     Money shall be paid by Buyer to Sellers on the Closing Date by wire
     transfer of immediately available funds pursuant to written instructions
     from Sellers to Buyer.

     (b) Sellers shall furnish Buyer wire instructions at least two (2) business
days prior to the Closing Date.

     (c) The Purchase Price shall be increased:

          (i)  By One Million Dollars ($1,000,000) upon expiration of the 60-day
               period following publication of notice by the FCC that
               applications for the FCC Order have been accepted for filing (the
               "Initial Closing Period") if, and only if, (A) Closing has not
               occurred prior to expiration of the Initial Closing Period
               because the FCC has failed to grant the FCC Order or the waiting
               period (including any extensions) under the HSR Act applicable to
               the transactions contemplated by this Agreement has not expired
               or been terminated, and (B) such failure of the FCC, or such
               failure of such waiting period (including any extensions) to
               expire or be terminated, is the result of facts relating to Buyer
               or its Affiliates, including, but not limited to, the facts
               disclosed on SCHEDULE 4.7; and

          (ii) By an additional One Million Dollars ($1,000,000) upon expiration
               of each consecutive 30-day period following the Initial Closing
               Period (up to a maximum of four (4) such 30-day periods) if, and
               only if, (A) Closing has not occurred prior to expiration of such
               30-day period because the FCC has failed to grant the FCC Order
               or the waiting period (including any extensions) under the HSR
               Act applicable to the transactions contemplated by this Agreement
               has not expired or terminated, and (B) such failure of the FCC,
               or such failure of such waiting period (including any extensions)
               to expire or be terminated, is the result of facts relating to
               Buyer or its Affiliates, including, but not limited to, the facts
               disclosed on SCHEDULE 4.7;

provided, however, that the aggregate increase in the Purchase Price under this
SECTION 2.5(C) shall in no event exceed Five Million Dollars ($5,000,000).

<PAGE>

     2.6  ALLOCATION OF THE PURCHASE PRICE.

     (a) Promptly after the Closing, Sellers and Buyer agree to retain the
Appraisal Firm to appraise the classes of Sale Assets. The Appraisal Firm shall
be instructed to perform an appraisal of the classes of Sale Assets and to
deliver a report to Sellers and Buyer as soon as reasonably practicable (the
"Appraisal Report"). Buyer shall pay the fees, costs and expenses of the
Appraisal Firm; PROVIDED, Seller shall use reasonable efforts to make available
to Buyer and the Appraisal Firm copies of any appraisals prepared in connection
with Sellers' acquisitions of the Stations.

     (b) Buyer and Sellers each agree to report the allocation determined in
accordance with SECTION 2.6(a) to the Internal Revenue Service in the form
required by Treasury Regulations Section 1.1060-IT and to use such allocation
for all other reporting purposes after Closing in connection with federal, state
and local income and, to the extent permitted under applicable law, franchise
Taxes.

     2.7  ADJUSTMENT OF PURCHASE PRICE.

     (a) All operating income and operating expenses of the Stations shall be
adjusted and allocated between Sellers and Buyer, and an adjustment in the
Purchase Price shall be made as provided in this Section, to the extent
necessary to reflect the principle that all such income and expenses
attributable to the operation of the Stations on or before the date preceding
the Closing Date shall be for the account of Sellers, and all such income and
expenses attributable to the operation of the Stations on and after the Closing
Date shall be for the account of Buyer. The net amount by which the Purchase
Price is to be increased or decreased in accordance with this Section is herein
referred to as the "Adjustment Amount".

     (b) Without limiting the generality of the foregoing:

          (i) Sellers shall receive a credit for the unapplied portion, as of
     Closing, of the security deposits made by Sellers under those Stations
     Agreements assumed by Buyer at Closing in accordance with SECTION 2.3.

          (ii) Buyer shall be given a credit ("Buyer's Trade Credit") in the
     amount, if any, by which the fair market value of all advertising time
     required to be broadcast on the Stations on or after the Closing Date under
     the Trade Agreements exceeds by more than $250,000, the fair market value
     of the goods and services to be received on or after the Closing Date under
     the Trade Agreements. Sellers shall be given a credit in the amount, if
     any, by which the fair market value of the goods or services to be received
     on or after the Closing Date under the Trade Agreements exceeds by more
     than $250,000 the fair

<PAGE>

     market value of any advertising time required to be broadcast on the
     Stations on or after the Closing Date.

          (iii) Buyer shall be given a credit equal to the amount of cash
     consideration that Sellers have not paid prior to the Closing Date for
     programming run by the Stations prior to the Closing Date.

          (iv) With respect to each vacation day or portion thereof earned but
     not taken before the Closing Date by the Stations' employees hired by
     Buyer, Buyer shall receive a credit equal to the compensation equivalent
     thereof.

          (v) An adjustment and proration shall be made in favor of Sellers for
     the amount, if any, of prepaid expenses, the benefit of which accrues to
     Buyer hereunder, and other current assets acquired by Buyer hereunder which
     are paid by Sellers to the extent such prepaid expenses and other current
     assets relate to the period after the Closing, provided that the credit
     given Sellers for each prepaid expense shall not exceed an amount
     commensurate with the benefit therefrom to be received by Buyer after
     Closing.

          (vi) There shall be no proration for sick leave.

          (vii) There shall be no proration for any payments made by Interep to
     any of the Sellers in connection with obtaining the right to serve as the
     national sales representative of any of the Stations.

     (c) To the extent not inconsistent with the express provisions of this
Agreement, the allocations made pursuant to this Section shall be made in
accordance with generally accepted accounting principles.

     (d) Three (3) business days prior to the Closing Date, Sellers shall
provide Buyer with a statement setting forth a detailed computation of Sellers'
reasonable and good faith estimate of the Adjustment Amount as of the Closing
Date (the "Preliminary Adjustment Report"). If the Adjustment Amount reflected
on the Preliminary Adjustment Report is a credit to Buyer, the Purchase Price
payable on the Closing Date shall be reduced by the amount of the preliminary
Adjustment Amount, and if the Adjustment Amount reflected on the Preliminary
Adjustment Report is a charge to Buyer, the Purchase Price payable on the
Closing Date shall be increased by the amount of such preliminary Adjustment
Amount. Within ninety (90) days after the Closing Date, Buyer shall deliver to
Sellers in writing and in reasonable detail a good faith final determination of
the Adjustment Amount determined as of the Closing Date ("Final Proration
Notice"). Sellers shall assist Buyer in making such determination, and Buyer
shall provide Sellers with reasonable access to the properties, books and
records relating to the Stations for

<PAGE>

the purpose of determining the Adjustment Amount. Sellers shall have the right
to review the computations and workpapers used in connection with Buyer's
preparation of the Adjustment Amount. If Sellers disagree with the amount of the
Adjustment Amount determined by Buyer, Sellers shall so notify Buyer in writing
(the "Dispute Notice") within forty-five (45) days after the date of receipt of
Buyer's Final Proration Notice, specifying in detail any point of disagreement;
PROVIDED, HOWEVER, that if Sellers fail to notify Buyer in writing of Sellers'
disagreement within such 45-day period, Buyer's determination of the Adjustment
Amount, as indicated in the Final Proration Notice shall be final, conclusive
and binding on Sellers and Buyer. After the receipt of any notice of
disagreement, Buyer and Sellers shall negotiate in good faith to resolve any
disagreements regarding the Adjustment Amount. If agreement is reached within
forty-five (45) days after Buyer's receipt of the Dispute Notice, then upon
reaching such agreement, Sellers shall pay to Buyer or Buyer shall pay to
Sellers, as the case may be, an amount equal to the difference between (i) the
agreed Adjustment Amount and (ii) the preliminary Adjustment Amount indicated in
the Preliminary Adjustment Report. Any such payment shall be made as provided in
SECTION 2.7(f). If agreement is not reached within such 30-day period, then the
dispute resolutions of SECTION 2.7(e) shall apply.

     (e) If Sellers and their auditors and Buyer and its auditors do not, within
the 30-day period specified in SECTION 2.7(d), reach an agreement on the
Adjustment Amount as of the Closing Date, then an independent accounting firm of
recognized national standing (the "Arbitrating Firm") which has not regularly
provided services to either the Buyer or Sellers in the last three (3) years,
which shall be knowledgeable and experienced in the operation of radio
broadcasting stations, shall be selected by Sellers and Buyer to resolve the
disputed items. If Sellers and Buyer do not agree on the Arbitrating Firm within
five (5) days, the Arbitrating Firm shall be a nationally recognized accounting
firm selected by lot (after excluding one firm designated by Sellers and one
firm designated by Buyer). Buyer and Sellers shall each inform the Arbitrating
Firm in writing as to their respective positions concerning the Adjustment
Amount as of the Closing Date, and each shall make readily available to the
Arbitrating Firm any books and records and work papers relevant to the
preparation of such firm's computation of the Adjustment Amount. The Arbitrating
Firm shall be instructed to complete its analysis within thirty (30) days from
the date of its engagement and upon completion to inform the parties in writing
of its own determination of the Adjustment Amount and the basis for its
determination. Any determination by the Arbitrating Firm in accordance with this
Section shall be final and binding on the parties for purposes of this Section.
Within five (5) days after the Arbitrating Firm delivers to the parties its
written determination of the Adjustment Amount, Sellers shall pay to Buyer, or
Buyer shall pay to Sellers, as the case may be, an amount equal to the
difference between (i) the Adjustment Amount as determined by the Arbitrating
Firm and (ii) the preliminary Adjustment Amount indicated in the Preliminary
Adjustment Report. Any such payment shall be made as provided in SECTION 2.7(f).

<PAGE>

     (f) Any payments required under SECTION 2.7(d) OR (e) shall be paid by wire
transfer in immediately available funds to the account of the payee at a
financial institution in the United States and shall for all purposes constitute
an adjustment to the Purchase Price.

     2.8  ACCOUNTS RECEIVABLE.

     (a) Within ten (10) days after the Closing Date, Sellers shall furnish to
Buyer a true and complete list of Sellers' accounts receivable (other than
non-cash receivables under Trade Agreements) arising from the operation of the
Stations prior to the Closing Date (the "Retained Receivables"), which list
shall set forth for each Retained Receivable the name of the debtor, the date of
the invoice, the amount of any payments previously received on account and the
balance due.

     (b) For a period of one hundred eighty (180) days after the Closing Date
(the "Collection Period"), Buyer will, without charge to Sellers, use its usual
and customary procedures (which may include referral to a collection agency) to
collect the Retained Receivables as Sellers' agent for collection, provided that
(i) Buyer shall not be required to commence litigation, employ legal counsel or
make any other extraordinary collection efforts, and (ii) Buyer's obligation to
act as Sellers' agent in the collection of the Retained Receivables shall
terminate upon expiration of the Collection Period. For the purpose of
determining amounts collected by Buyer with respect to the Retained Receivables,
each payment by an account debtor shall be applied to the older or oldest
accounts receivable of such account debtor unless the account debtor in writing
(a copy of which Buyer shall provide to Sellers) identifies such an account as
being in dispute and directs that a particular payment be applied to a specific
newer account receivable.

     (c) Every four (4) weeks during the Collection Period (and within fifteen
(15) days after the end of the Collection Period), Buyer shall deliver to
Sellers a statement showing all collections of Retained Receivables made on
behalf of Sellers since the last previous report and shall pay such collections
to Sellers by check, or by wire transfer, as specified by Sellers, at the time
such statement is delivered. Buyer shall have no right to setoff amounts owed
hereunder by Buyer to Seller against any amounts owed hereunder by Sellers to
Buyer.

     (d) Sellers shall not engage in any collection efforts against account
debtors under the Retained Receivables during the first ninety (90) days of the
Collection Period, other than with respect to accounts receivable identified as
in dispute as provided in foregoing SECTION 2.8(B). After the first ninety (90)
days of the Collection Period, Sellers shall have the right, at their expense,
to assist and participate with Buyer

<PAGE>

in the collection of unpaid Retained Receivables, PROVIDED, HOWEVER, Sellers'
collection efforts shall be commercially reasonable and consistent with its past
practices.

     (e) Buyer shall not, without Sellers' prior written consent, compromise or
settle for less than full value any of the Retained Receivables unless Buyer
pays Sellers the full amount of any deficiency. Buyer shall be entitled to
purchase from Sellers any Retained Receivable for the full amount thereof at any
time during or at the expiration of the Collection Period.

     (f) At the end of the Collection Period, Buyer shall return to Sellers all
files concerning the collection or attempts to collect the Retained Receivables
and Buyer's responsibility for the collection of the Retained Receivables shall
cease; provided, Buyer shall promptly pay over to Sellers any amounts received
with respect to the Retained Receivables after the Collection Period, together
with a statement setting forth the components of such amounts.

                                   ARTICLE III
               REPRESENTATIONS AND WARRANTIES OF SELLING PARTIES

     Selling Parties, jointly and severally, represent and warrant to Buyer as
follows;

     3.1  ORGANIZATION, GOOD STANDING AND REQUISITE POWER.

     Each Selling Party, other than Radio Licensee, is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Maryland, and has all requisite power to own, operate and lease those Sale
Assets which it owns and carry on its business. Radio Licensee is a limited
liability company duly organized, validly existing and in good standing under
the laws of the State of Maryland and has all requisite power to own, operate
and lease those Sale Assets which it owns and carry on its business. Each Seller
is duly licensed, qualified to do business and in good standing as a foreign
entity under the laws of the jurisdiction listed beside such Seller's name in
SCHEDULE 3.1.

<PAGE>

     3.2  AUTHORIZATION AND BINDING EFFECT OF DOCUMENTS.

     Each Selling Party has all requisite corporate power and authority (or
other appropriate power and authority based on the structure of such Selling
Party) to enter into this Agreement and the other Documents and to consummate
the transactions contemplated by this Agreement and each of the other Documents.
The execution and delivery of this Agreement and each of the other Documents by
each Selling Party and the consummation by each Selling Party of the
transactions contemplated hereby and thereby have been duly authorized by all
necessary action (including all necessary shareholder or member approvals, if
any) on the part of each Selling Party. This Agreement has been, and each of the
other Documents at or prior to Closing will be, duly executed and delivered by
each Selling Party. This Agreement constitutes (and each of the other Documents,
when executed and delivered, will constitute) the valid and binding obligation
of each Selling Party enforceable against each Selling Party in accordance with
its terms except as the enforceability of this Agreement or of any of the other
Documents may be affected by bankruptcy, insolvency, or similar laws affecting
creditors' rights generally and by judicial discretion in the enforcement of
equitable remedies.

     3.3  ABSENCE OF CONFLICTS.

     Except as set forth on SCHEDULE 3.3, and except for necessary clearances or
approvals under the HSR Act or the Act, the execution, delivery and performance
by each Selling Party of this Agreement and the other Documents, and
consummation by each Selling Party of the transactions contemplated hereby and
thereby, do not and will not (i) conflict with or result in any breach of any of
the terms, conditions or provisions of, (ii) constitute a default under, (iii)
result in a violation of, (iv) give any third party the right to modify,
terminate or accelerate any obligation under, or (v) result in the creation of
any Lien upon the Sale Assets under, the provisions of the organizational
documents of such Selling Party, any material indenture, mortgage, lease, loan
agreement or other material agreement or instrument to which such Selling Party
is bound or affected, or any law, statute, rule, judgment, order or decree to
which such Selling Party is subject.

     3.4  CONSENTS.

     Except as set forth on SCHEDULE 3.3, SCHEDULE 3.7 or SCHEDULE 3.9, and
except for any necessary clearances or approvals under the HSR Act or the Act,
the execution, delivery and performance by each Selling Party of this Agreement
and the other Documents, and consummation by each Selling Party of the
transactions contemplated hereby and thereby, do not and will not require the
authorization, consent, approval, exemption, clearance or other action by or
notice or declaration to, or filing with, any court, any administrative or other
governmental body, or any other third party.

<PAGE>

     3.5  SALE ASSETS; TITLE.

     (a) The Sale Assets constitute all of the assets, properties and rights of
every type and description, real, personal and mixed, tangible and intangible,
that are currently used in or material to the operation of the Stations, with
the exception of the Excluded Assets (which Excluded Assets include the traffic
system used in the operation of KPNT, WVRV and KXOK at 1215 Cole Street, St.
Louis, Missouri, the other assets described as Excluded Assets in SECTION
2.2(l), and all other assets described as Excluded Assets in SECTION 2.2).

     (b) Together, Sellers own and have good title to, or a valid lessee's or
licensee's interest (pursuant to one or more Station Agreements) in, all of the
Sale Assets free and clear of all Liens except (i) Liens described on SCHEDULE
3.5(b) which Sellers shall cause to be released prior to Closing and (ii)
Permitted Liens.

     3.6  FCC LICENSES.

     Except as set forth on SCHEDULE 3.6:

     (a) Radio Licensee is the valid and legal holder of each of the licenses,
permits and authorizations of the FCC listed on SCHEDULE 3.6 (together as to all
Stations, the "FCC Licenses"), and any action of the FCC with respect to each
FCC License is a Final Action with the exception of the FCC Order. The
expiration date of the term of each main FCC License is shown on SCHEDULE 3.6.

     (b) The FCC Licenses (i) are valid and in full force and effect, and
constitute all of the licenses, permits and authorizations used in or required
for the current operation of the Stations under the Communications Act of 1934,
as amended, and the rules, regulations and policies of the FCC thereunder
(collectively, the "Act"), and (ii) constitute all the currently in effect
licenses and authorizations, including amendments and modifications thereto,
issued by the FCC for the operation of the Stations.

     (c) Other than as set forth in the FCC Licenses or restrictions applicable
to the radio broadcast industry generally, none of the FCC Licenses is subject
to any restriction or condition which limits in any material respect the full
operation of the applicable Station as now conducted, and as of the Closing
Date, none of the FCC Licenses shall be subject to any restriction or condition
which would limit in any material respect the full operation of such Station as
currently operated.

<PAGE>

     (d) Each Station is being operated by the applicable Seller in all material
respects in accordance with the terms and conditions of the FCC Licenses and the
Act, including but not limited to those pertaining to RF emissions.

     (e) No applications, complaints or proceedings are pending or, to the
Knowledge of any Selling Party, are threatened which may result in the
revocation, modification, non-renewal or suspension of any of the FCC Licenses,
the denial of any pending applications, the issuance of any cease and desist
order or the imposition of any material fines, forfeitures or other
administrative actions by the FCC with respect to any Station or its operation,
other than actions or proceedings affecting the radio broadcasting industry in
general.

     (f) Sellers have complied in all material respects with all requirements to
file registrations, reports, applications and other documents with the FCC with
respect to each Station, and all such registrations, reports, applications and
documents are true, correct and complete in all material respects.

     (g) Other than actions or proceedings affecting the radio broadcasting
industry in general or facts relating to Buyer, no Seller has Knowledge of
matters (i) which might reasonably be expected to result in the adverse
modification, suspension or revocation of or the refusal to renew any of the FCC
Licenses or the imposition of any material fines or forfeitures by the FCC
against any Selling Party, or (ii) which might reasonably be expected to result
in the FCC's denial or delay of approval of the assignment to Buyer of any FCC
License or the imposition of any Material Adverse Condition in connection with
approval of the transfer to Buyer of any FCC License.

     (h) There are no unsatisfied or otherwise outstanding citations issued by
the FCC with respect to any Station or its operation.

     (i) True, complete and accurate copies of all FCC Licenses material to the
operation of each Station as now conducted have been delivered by Sellers to
Buyer.

     (j) Except for the FCC Licenses, there are no material licenses, permits or
authorizations from governmental or regulatory authorities required for the
lawful operation and conduct of the Stations as previously and currently
operated by Sellers.

<PAGE>

     3.7  STATION AGREEMENTS.

     (a) SCHEDULE 3.7(a) lists all agreements, contracts, understandings and
commitments (including, without limitation, programming agreements which may be
listed on SCHEDULE 3.7(b)) as of the date indicated thereon for the sale of time
on any Station for other than monetary consideration ("Trade Agreements"), and
sets forth the parties thereto, the financial value of the time required to be
provided from and after the date of such Schedule and the estimated financial
value of the goods or services to be received by each Seller from and after the
date of such Schedule. True and complete copies of all written Trade Agreements
in effect as of such date involving broadcast time of more than $25,000,
including all amendments, modifications and supplements thereto, have been
delivered to Buyer, and each Trade Agreement involving broadcast time of more
than $25,000 entered into by any Seller between the date of this Agreement and
Closing shall be promptly delivered to Buyer.

     (b) SCHEDULE 3.7(b) lists all the following types of agreements used in or
relating to the operation of each Station:

          (i) Agreements for sale of broadcast time on such Station for monetary
     consideration that (A) are not terminable by Sellers without charge or
     penalty upon thirty (30) days or less prior written notice and (B) involve
     broadcast time of more than Twenty-Five Thousand Dollars ($25,000);

          (ii) All network affiliation agreements;

          (iii) All sales agency or advertising representation contracts;

          (iv) Each lease of any Sale Asset (including a description of the
     property leased thereunder) other than such agreements not requiring
     expenditures of more than $25,000 in any calendar year and having a term
     (after taking into account any cancellation right of Sellers without charge
     or penalty) of one (1) year or less) except for leases of Real Property
     listed on SCHEDULE 3.9;

          (v) All collective bargaining agreements;

          (vi) All severance agreements, employment agreements, talent
     agreements and agreements with independent contractors, other than such
     agreements that (A) do not provide for any severance payments or benefits,
     (B) do not require expenditures of more than $25,000 in any calendar year
     and (C) have a term (after taking into account any cancellation right of
     Sellers without charge or penalty) of one (1) year or less;

<PAGE>

          (vii) All agreements requiring such Station to acquire goods or
     services exclusively from a single supplier or provider, or prohibiting
     such Station from providing certain goods or services to any Person other
     than a specified Person;

          (viii) All agreements that have a remaining term (after taking into
     account any cancellation rights of Sellers without charge or penalty) of
     more than one (1) year or involve a commitment of more than $25,000; and

          (ix) Any other agreement that is material to the business, operations,
     financial condition or results of operations of any Station.

True and complete copies of all the foregoing Station Agreements that are in
writing, and true and accurate summaries of all the foregoing Station Agreements
that are oral, including all amendments, modifications and supplements, have
been delivered to Buyer. The Stations Agreements that are not described in
Section 3.7(a) or in the foregoing CLAUSES (I) through (IX) of this SECTION
3.7(b) (without regard to the monetary thresholds set forth in SECTION 3.7(a) or
in such clauses of SECTION 3.7(B)) do not involve commitments by parties thereto
with an aggregate fair market value of more than One Hundred Fifty Thousand
Dollars ($150,000).

     (c) SCHEDULE 3.7(c) lists all of the contracts and agreements used in or
relating to the operation of the Stations to which an Affiliate of any Seller is
a party (other than agreements for sale of broadcast time on the Stations and
KDNL-TV for monetary consideration entered into in the ordinary course of
business that involve broadcast time on the Stations of less than Twenty-Five
Thousand Dollars ($25,000)). True and complete copies of those in writing have
been delivered to Buyer, and summaries of those that are oral are set forth on
SCHEDULE 3.7(c).

     (d) With respect to the Station Agreements which are, individually or in
the aggregate, material to the assets, business, operations, financial condition
or results of operations of a Station, except as set forth in the Schedules, (i)
such Station Agreements are valid, binding, in full force and effect, and
enforceable in accordance with their terms except as the enforceability of such
Contracts may be affected by bankruptcy, insolvency, or similar laws affecting
creditors' rights generally and by judicial discretion in the enforcement of
equitable remedies; (ii) neither Sellers nor, to the Knowledge of any Seller,
any other party is in material default under, and no event has occurred which
(after the giving of notice or the lapse of time or both) would constitute a
material default under, any such Station Agreements; (iii) neither Sellers nor
any Affiliate of Sellers has granted or been granted any material waiver or
forbearance with respect to any such Station Agreements; (iv) the applicable
Seller holds the right to enforce and receive the benefits under all such
Station Agreements, free and clear of Liens (other than Permitted Liens) but
subject to the terms and provisions of each such

<PAGE>

agreement; (v) none of the rights of any Seller or any Affiliate of any Seller
under any such Station Agreements is subject to termination or modification as a
result of the consummation of the transactions contemplated by this Agreement;
and (vi) except as set forth on SCHEDULE 3.7(a), 3.7(b) or 3.9, no consent or
approval by each party to any such Station Agreements is required thereunder for
the consummation of the transactions contemplated hereby.

     3.8  TANGIBLE PERSONAL PROPERTY.

     (a) SCHEDULE 3.8 lists, as of the date noted on such Schedule, all Tangible
Personal Property (other than Excluded Assets, office supplies and other
incidental items) material to the conduct of the business and operations of each
Station as now operated.

     (b) Except as specified on SCHEDULE 3.8, the equipment constituting a part
of the Tangible Personal Property used in or necessary for the operation of each
Station as now operated by any Seller has been properly maintained in all
material respects in accordance with industry practices, is in a good state of
repair and operating condition (subject to ordinary wear and tear), and complies
in all material respects with the Act and other applicable material laws, rules,
regulations and ordinances.

     3.9  REAL PROPERTY.

     (a) The list of Real Property set forth on SCHEDULE 3.9 is a correct and
complete list of all of the interests in real estate which any Seller holds or
which are used to any material extent in the operation of any Station.

     (b) Each Seller holds good fee simple title to each parcel of Real Property
listed in SCHEDULE 3.9 as owned by the Seller (the "Owned Real Property") free
and clear of any Liens except (i) Liens described on SCHEDULE 3.5(b) which
Sellers shall cause to be released prior to Closing, and (ii) Permitted Liens.
To each Seller's Knowledge, except as set forth on SCHEDULE 3.9, there is no
pending, threatened or contemplated action to take by eminent domain or to
condemn any of the Real Property.

     (c) Each lease (including all amendments, modifications and supplements)
under which any Seller leases an interest in any of the Real Property (each, a
"Real Property Lease") is specified, and each leased Real Property, including
but not limited to studio and office space and each transmitter or antenna site
(the "Leased Real Property"), and its use by any Seller are identified, on
SCHEDULE 3.9. Except as set forth on such Schedule, such Seller holds good title
to the lessee's interest under each Real Property Lease free and clear of all
Liens except Permitted Liens. True and complete

<PAGE>

copies of all Real Property Leases, including all amendments, modifications and
supplements, have been delivered to Buyer.

     (d) Except as set forth on the Schedules hereto, (i) each Real Property
Lease is legal, valid, binding and enforceable in accordance with its terms;
(ii) neither Sellers nor, to the Knowledge of any Seller, any other party is in
material default under any Real Property Lease; (iii) to the Knowledge of each
Seller, there has not occurred any event which, after the giving of notice or
the lapse of time or both, would constitute a material default under, or result
in the material breach of, any Real Property Lease, nor has any Selling Party
received written notice alleging any such event has occurred; (iv) none of the
rights of the applicable Seller under any Real Property Lease is subject to
termination or modification as a result of the consummation of the transactions
contemplated by this Agreement; (v) no consent or approval by any party to any
Real Property Lease is required for the consummation of the transactions
contemplated hereby; and (vi) no Seller has granted or been granted any material
waiver or forbearance with respect to any Real Property Lease.

     (e) All improvements on the Real Property owned by any of the Sellers are
in compliance in all material respects with applicable federal, state and local
laws, building codes, ordinances and regulations, including but not limited to
zoning and land use laws, ordinances and regulations, and the use by any Seller
of each portion of the Real Property complies in all material respects with
applicable zoning and land use laws, ordinances and regulations. Each Seller's
improvements on the Real Property are in good working condition and repair
(subject to ordinary wear and tear).

     3.10  INTELLECTUAL PROPERTY.

     SCHEDULE 3.10 lists all trade names, trademarks, service marks, copyrights
and patents constituting the Intellectual Property, including all registrations,
applications and licenses for any of the Intellectual Property. Except as
disclosed on SCHEDULE 3.10:

     (a) To the Knowledge of each Seller, the applicable Seller owns, free and
clear of Liens other than Permitted Liens, all right and interest in, and right
and authority to use, or has a valid license to use, in connection with the
conduct of the business of the applicable Station as presently conducted, all of
the Intellectual Property listed on SCHEDULE 3.10, and all of the rights and
properties constituting a part of the Intellectual Property are in full force
and effect.

     (b) There are no outstanding or, to the Knowledge of any Seller, threatened
judicial or adversary proceedings with respect to any of the Intellectual
Property.

<PAGE>

     (c) No Selling Party has granted to any other person or entity any license
or other right or interest in or to any of the Intellectual Property or to the
use thereof.

     (d) No Seller has Knowledge of any infringement or unlawful use of any of
the Intellectual Property.

     (e) To each Seller's Knowledge, no Seller has violated any provisions of
the Copyright Act of 1976, 17 U.S.C.ss.101, ET SEQ., in any material respect.

     (f) Sellers have delivered to Buyer copies of all state and federal
registrations and other material documents, if any, establishing any of the
rights and properties constituting a part of the Intellectual Property.

     3.11 FINANCIAL STATEMENTS.

     Attached as SCHEDULE 3.11 are:

     (a) The unaudited balance sheets of each Seller as of December 31, 1998 and
1999;

     (b) The unaudited balance sheet of each Seller as of April 30, 2000 (the
"Interim Balance Sheet");

     (c) The unaudited consolidated income statements of Sinclair Radio for the
years ended December 31, 1998 and 19 99, and for the interim period ended April
30, 2000;

     (d) The unaudited income statements of Radio Licensee for the years ended
December 31, 1998 and 1999, and for the interim period ended April 30, 2000;

     (e) The unaudited broadcast cash flow statements for KIHT for the years
ended December 31, 1998 and 1999, and for the interim period ended April 30,
2000;

     (f) The unaudited combined broadcast cash flow statements for KPNT, WVRV
and KXOK for the years ended December 31, 1998 and 1999, and for the interim
period ended April 30, 2000; and

     (g) The unaudited combined broadcast cash flow statements for WIL and WRTH
for the years ended December 31, 1998 and 1999, and for the interim period ended
April 30, 2000.

<PAGE>

To the extent each financial statement (i.e., balance sheet, income or broadcast
cash flow statement) referred to in this SECTION 3.11 relates to the period of
time during which, or a date on which, the Station or Stations covered by such
financial statement were owned by Sellers (or any Affiliate thereof), such
financial statement (i) has been prepared from and accurately reflects the books
and records of Sellers and (ii) and has been prepared, and presents fairly and
accurately the financial condition of the Station or Stations covered by such
financial statement as at its date or the results of operations of such Station
or Stations for the period then ended, in conformity with generally accepted
accounting principles applied in a manner consistent with the preparation of the
most recent audited financial statements of Parent, except for the absence of
footnotes and certain normal and recurring year-end adjustments, none of which
will be material to the results of operations or financial condition of any such
Station. Except as specifically stated in Section B of SCHEDULE 3.11, none of
such financial statements understates in any material respect the normal and
customary costs and expenses of conducting the business or operations of any of
the Stations as currently conducted, or otherwise materially inaccurately
reflects the results of operations of any of the Stations; provided, that the
foregoing representations regarding each such financial statement are given only
to each Seller's Knowledge with respect to any Station for any period of time or
date covered by such financial statement during or on which neither Sellers nor
an Affiliate thereof owned the Station.

     3.12 ABSENCE OF CERTAIN CHANGES OR EVENTS.

     Since the date of the Interim Balance Sheet and through the date hereof,
other than as described on SCHEDULE 3.12:

     (a) There has not been any damage, destruction or other casualty loss with
respect to the Sale Assets (whether or not covered by insurance) which,
individually or in the aggregate has had or is reasonably likely to have a
Material Adverse Effect.

     (b) None of Sellers or the Stations has suffered any adverse change or
development which, individually or in the aggregate, has had or is reasonably
likely to have a Material Adverse Effect.

     (c) No Seller has:

          (i) amended or terminated any Station Agreement except in the ordinary
     course of business consistent with past practices, or any Real Property
     Lease (other than amendment, noted on SCHEDULE 3.9 hereto);

          (ii) mortgaged, pledged or subjected to any Lien, any of the Sale
     Assets, except for Permitted Liens;

<PAGE>

          (iii) acquired or disposed of any Sale Assets or entered into any
     agreement or other arrangement for such acquisition or disposition, except
     in the ordinary course of business consistent with past practices;

          (iv) entered into any agreement, commitment or other transaction
     except those that (A) were entered into in the ordinary course of business
     consistent with past practice or (B) are not material to the assets,
     business, operations, results of operations or financial condition of any
     Station;

          (v) paid any bonus to any officer, director or employee or granted to
     any officer, director or employee any other increase in compensation in any
     form, except in the ordinary course of business consistent with past
     practices;

          (vi) adopted or amended any collective bargaining, bonus,
     profit-sharing, compensation, stock option, pension, retirement, deferred
     compensation, severance or other plan, agreement, trust, fund or
     arrangement for the benefit of employees (whether or not legally binding)
     or made any material changes in its policies of employment;

          (vii) entered into any agreement (other than agreements that will be
     terminated prior to Closing) with any Affiliate of any Seller; or

          (viii) operated its business other than in the ordinary course
     consistent with past practices.

     3.13 LITIGATION.

     Except as described in SCHEDULE 3.13, (i) there are no actions, suits,
claims, investigations or administrative or arbitration proceedings pending or,
to the Knowledge of any Seller, threatened against any Seller before or by any
court, arbitration tribunal or governmental department or agency, domestic or
foreign, that relates to any Station or the Sale Assets; (ii) neither any Seller
nor, to the Knowledge of any Seller, any of the officers or employees of any
Seller, has been charged with, or to the Knowledge of any Seller, is under
investigation with respect to, any violation of any provision of any federal,
state, foreign or other applicable law or administrative regulation in respect
of such officer's or employee's employment at any Station or with any Seller;
and (iii) neither any Seller, any properties or assets of any Seller nor, to the
Knowledge of any Seller, any officer or employee of any Seller is a party to or
bound by any order, arbitration award, judgment or decree of any court,
arbitration tribunal or governmental department or agency, domestic or foreign,
in respect of any business practices, the acquisition of any property, or the
conduct of any business of any Seller which, individually or in the aggregate,
has had or is reasonably likely to have a Material

<PAGE>

Adverse Effect or materially impair the ability of any Seller to perform its
obligations hereunder and consummate the transactions contemplated hereby.

     3.14 LABOR MATTERS.

     (a) Except as listed on SCHEDULE 3.14(A):

          (i) To each Seller's Knowledge, no present or former employee or
     independent contractor of any Station has a pending claim or charge which
     has been asserted or threatened against any Seller for (A) overtime pay;
     (B) wages, salaries or profit sharing; (C) vacations, time off or pay in
     lieu of vacation or time off; (D) any material violation of any statute,
     ordinance, contract or regulation relating to minimum wages, maximum hours
     of work or the terms or conditions of employment; (E) discrimination
     against employees on any basis; (F) unlawful or wrongful employment or
     termination practices; (G) unlawful retirement, termination or labor
     relations practices or breach of contract; or (H) any material violation of
     occupational safety or health standards.

          (ii) There is not pending or, to the Knowledge of any Seller,
     threatened against any Seller any labor dispute, strike or work stoppage
     that affects or interferes with the operation of any Station, and no Seller
     has Knowledge of any organizational effort currently being made or
     threatened by or on behalf of any labor union with respect to employees of
     any Station. There are no material unresolved unfair labor charges against
     any Seller, and no Seller has experienced any strike, work stoppage or
     other similar significant labor difficulties within the preceding twelve
     (12) months.

     (b) Except as set forth on SCHEDULE 3.7(b), (i) no Selling Party is a
signatory or a party to, or otherwise bound by, a collective bargaining
agreement now in effect which covers employees or former employees of any
Station, (ii) no Selling Party has agreed to recognize any union or other
collective bargaining unit with respect to any employees of any Station, and
(iii) no union or other collective bargaining unit has been certified as
representing any employees of any Station.

     (c) SCHEDULE 3.14(c) sets forth a true and complete list, as of the date
set forth on such list, of all persons employed by a Seller in connection with
the operation of a Station who earn more than $15,000 per year, and states for
each such employee the date hired, the current level of compensation (including
any projected bonus) payable to such employee (limited in the case of each
employee who is compensated on a commission basis to a description of the manner
in which such commissions are determined and the specification of compensation
earned by such employee in 1999), and whether such employee is employed under a
written contract or is covered by a

<PAGE>

written severance agreement. Except pursuant to written employment agreements
and written severance agreements listed on SCHEDULE 3.7(B), the only severance
obligations of Sellers are set forth on SCHEDULE 3.14(C). A true and complete
copy of any handbook, policy manual or similar written guidelines furnished to
employees of any Station has been delivered to Buyer.

     3.15 EMPLOYEE BENEFIT PLANS.

     (a) All compensation or benefit plans, policies, practices, arrangements
and agreements covering any employee or former employee of any Station or the
beneficiaries or dependents of such employee or former employee (such employees,
former employees, beneficiaries and dependents herein referred to collectively
as the "Employees") which are or have been established or maintained and are
currently in effect, or to which contributions are being made by any Selling
Party or by any other trade or business, whether or not incorporated, which is
or has been treated as a single employer together with any Selling Party under
Section 414 of the Code (such other trades and businesses referred to
collectively as the "Related Persons") or to which any Selling Party or any
Related Person is obligated to contribute, including, but not limited to,
"employee benefit plans" within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), employment,
retention, change of control, severance, stock option or other equity based,
bonus, incentive compensation, deferred compensation, retirement, fringe benefit
and welfare plans, policies, practices, arrangements and agreements
(collectively, the "Benefit Plans"), are disclosed in SCHEDULE 3.15. Except
pursuant to a Benefit Plan disclosed in SCHEDULE 3.15, the severance policy
described on SCHEDULE 3.14(c) or any agreements disclosed in SCHEDULE 3.7(b), no
Selling Party has fixed or contingent liability or obligation to any of the
Employees or to any person whose services are or were provided as an independent
contractor to any Seller or any Station.

     (b) All Benefit Plans (other than the Assumed Plans, with respect to which
this representation is limited to each Seller's Knowledge) have been
administered and are in compliance in all material respects with the terms of
the Benefit Plans and applicable provisions, if any, of ERISA and the Code and
all other applicable law. No Selling Party or any Related Person has engaged in
a transaction with respect to any Benefit Plan that could result in a material
Tax, penalty or other liability under the Code or ERISA being imposed against
Buyer, a Station or the Sale Assets.

     (c) Other than the Assumed Plans, no Benefit Plan is a multiemployer plan
within the meaning of Section 3(37) or Section 4001(a)(3) of ERISA (a
"Multiemployer Plan").

     (d) No Selling Party or any Related Person has, to any Seller's Knowledge,
incurred or expects to incur any material withdrawal liability with respect to a

<PAGE>

Multiemployer Plan under Subtitle E of Title IV of ERISA regardless of whether
based on contributions by any entity which is considered a predecessor of any
Selling Party or one employer with any Selling Party under Section 4001 of
ERISA.

     (e) All contributions required to have been made by any Selling Party under
the terms of any Benefit Plan or applicable law have been timely made.

     (f) No Selling Party has any unfunded obligations (including projected
obligations) for retiree health and life benefits under any Benefit Plan other
than continuation coverage required by law, provided that this representation is
limited to the Knowledge of Sellers to the extent it relates to the Assumed
Plans.

     (g) No Selling or any Related Person has incurred any material liability
under or pursuant to Title I or IV of ERISA or the penalty, excise tax or joint
and several liability provisions of the Code relating to employee benefit plans
and, to each Seller's Knowledge, no event or condition has occurred or exists
which would result in any such material liability to any Selling Party.

     3.16 COMPLIANCE WITH LAW.

     Sellers have operated and are operating each Station in all material
respects in compliance with the Act and all other material federal, state and
local laws, statutes, ordinances, regulations, licenses, permits or exemptions
therefrom and all applicable orders, writs, injunctions and decrees of any
court, commission, board, agency or other instrumentality, and except as
specified on SCHEDULE 3.16, no Seller has received any written notice of
material noncompliance pertaining to any operation of any Station that has not
been cured.

     3.17 TAX RETURNS AND PAYMENTS.

     (a) Except as set forth in SCHEDULE 3.17, each Selling Party has filed all
Tax Returns required to be filed by a Selling Party, including filings regarding
employees, sales, operations or assets. All Taxes due and payable pursuant
thereto have been paid, except for any such Taxes that are being contested in
good faith for which adequate reserves have been made on a Selling Party's
financial statements.

     (b) Except as set forth in SCHEDULE 3.17, (i) no outstanding unsatisfied
deficiency, delinquency or default for any Tax has been claimed or assessed
against any Selling Party, (ii) no Selling Party has received written notice of
any such deficiency, delinquency or default, and (iii) to each Seller's
Knowledge, no taxing authority is now threatening to assert any such deficiency,
delinquency or default and, to each Seller's Knowledge, there is no reasonable
basis for any such assertion.

<PAGE>

     (c) No Tax is required to be withheld by Buyer pursuant to Section 1445 of
the Code as a result of the transactions contemplated by this Agreement.

     (d) Each Selling Party has withheld any Tax required to be withheld by such
Selling Party under applicable law and regulations, and such withholdings have
either been paid to the proper governmental agency or set aside in accounts for
such purpose, or accrued, reserved against and entered upon the books of such
Selling Party.

     3.18 ENVIRONMENTAL MATTERS.

     (a) Except as set forth on SCHEDULE 3.18, Sellers have obtained all
material environmental, health and safety permits necessary for the operation of
each Station, all such permits are valid and in full force and effect, and
Sellers are in compliance in all material respects with all terms and conditions
of such permits.

     (b) Except as set forth on SCHEDULE 3.18, there is no proceeding pending
or, to any Seller's Knowledge, threatened which may result in the reversal,
rescission, termination, modification or suspension of any environmental or
health or safety permits necessary for the operation of the Stations, and to
each Selling Party's Knowledge, there is no basis for any such proceeding.

     (c) Except as set forth on SCHEDULE 3.18, to each Seller's knowledge, each
Seller has operated and is operating in all material respects in compliance with
all material federal, state, local and other laws, statutes, ordinances and
regulations, and licenses, permits, exemptions, orders, writs, injunctions and
decrees of any court, commission, board, agency or other governmental
instrumentality, applicable to such Seller relating to environmental matters.

     (d) Except as set forth on SCHEDULE 3.18, to each Seller's knowledge, there
are no conditions or circumstances associated with the Sale Assets which may
give rise to any material liability or material cost under applicable
environmental law. Except as listed on SCHEDULE 3.18, no Seller owns or uses any
electrical or other equipment containing polychlorinated biphenyls.

     (e) For the purposes of this SECTION 3.18, (i) "hazardous materials" shall
mean any waste, substance, materials, smoke, gas, emissions or particulate
matter designated as hazardous or toxic under any applicable environmental law,
and (ii) "environmental law" shall mean any federal, state, local or other laws,
statutes, ordinances, regulations, licenses, permits or any order, writ,
injunction or decree of any court, commission, board, agency or other
instrumentality relating to the regulation of hazardous materials.

<PAGE>

     (f) Except as set forth on SCHEDULE 3.18, with respect to the operation of
any Station, no Seller has filed or, to any Seller's knowledge, been required to
file any notice under any applicable material law, rule, regulation, order,
judgment, injunction, decree or ruling reporting a release of a hazardous
material into the environment, and no notice pursuant to Section 103(a) or (c)
of the Comprehensive Environmental Response, Compensation and Liability Act, 42
U.S.C.A. ss.9601, ET SEQ. ("CERCLA") or any other applicable environmental law
or regulation has been or, to any Seller's Knowledge, was required to be filed.

     (g) Except as set forth on SCHEDULE 3.18, no Selling Party has received any
notice letter under CERCLA or any other written notice, and, to each Seller's
Knowledge, there is no investigation pending or threatened, to the effect that
any Seller has or may have material liability for or as a result of the release
or threatened release of a hazardous material into the environment or for the
suspected unlawful presence of hazardous material thereon nor, to any Seller's
Knowledge, does there exist any basis for such investigation.

     3.19 BROKER'S OR FINDER'S FEES.

     Except as set forth on SCHEDULE 3.19, no agent, broker, investment banker
or other person or firm acting on behalf of or under the authority of any
Selling Party or any Affiliate of any Selling Party is or will be entitled to
any broker's or finder's fee or any other commission or similar fee, directly or
indirectly, in connection with the transactions contemplated by this Agreement.

     3.20 INSURANCE.

     SCHEDULE 3.20 lists and briefly describes each insurance policy currently
maintained by any Seller with respect to the assets and business of any Station.
All of such insurance policies are in full force and effect, and no Seller is in
default with respect to its obligations under any such insurance policy and has
not been denied insurance coverage thereunder.

     3.21 TRANSACTIONS WITH AFFILIATES.

     Except as described on SCHEDULE 3.21, no Seller has been involved in any
business arrangement or relationship relating to any Station with any Affiliate
of any Seller, and no Affiliate of any Seller owns any property or right,
tangible or intangible, which is used in the operation of any Station or is
material to the Sale Assets or the business, operations, financial condition or
results of operations of any Station.

<PAGE>

                                   ARTICLE IV
                    REPRESENTATIONS AND WARRANTIES OF BUYER

     Buyer represents and warrants to Selling Parties as follows:

     4.1  ORGANIZATION AND GOOD STANDING.

     Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the State of Indiana. Buyer has all requisite
corporate power to own, operate and lease its properties and carry on its
business as it is now being conducted and as the same will be conducted
following the Closing. Prior to the Closing Date, Buyer will be qualified to do
business in each of the States in which any of the Stations are located.

     4.2  AUTHORIZATION AND BINDING EFFECT OF DOCUMENTS.

     Buyer has all requisite corporate power and authority to enter into this
Agreement and the other Documents, to consummate the transactions contemplated
by this Agreement and the other Documents and to own the Sale Assets. The
execution and delivery of this Agreement and each of the other Documents by
Buyer and the consummation by Buyer of the transactions contemplated hereby and
thereby have been duly authorized by all necessary corporate action on the part
of Buyer. This Agreement has been, and each of the other Documents at or prior
to Closing will be, duly executed and delivered by Buyer. This Agreement
constitutes (and each of the other Documents, when executed and delivered, will
constitute) the valid and binding obligation of Buyer enforceable against Buyer
in accordance with its terms.

     4.3  ABSENCE OF CONFLICTS.

     Except as set forth on SCHEDULE 4.3 and except for any necessary clearances
or approvals under the HSR Act or the Act, the execution, delivery and
performance by Buyer of this Agreement and the other Documents, and consummation
by Buyer of the transactions contemplated hereby and thereby, do not and will
not (i) conflict with or result in any breach of any of the terms, conditions or
provisions of, (ii) constitute a default under, (iii) result in a violation of,
or (iv) give any third party the right to modify, terminate or accelerate any
obligation under, the articles of incorporation or by-laws of Buyer, any
indenture, mortgage, lease, loan agreement or other agreement or instrument to
which Buyer is bound or affected, or any law, statute, rule, judgment, order or
decree to which Buyer is subject.

<PAGE>

     4.4  CONSENTS.

     Except as set forth on SCHEDULE 4.3 and except for any necessary clearances
or approvals under the HSR Act or the Act, the execution, delivery and
performance by Buyer of this Agreement and the other Documents, and consummation
by Buyer of the transactions contemplated hereby and thereby, do not and will
not require the authorization, consent, approval, exemption, clearance or other
action by or notice or declaration to, or filing with, any court or
administrative or other governmental body, or the consent, waiver or approval of
any other Person.

     4.5  BROKER'S OR FINDER'S FEES.

     No agent, broker, investment banker, or other person or firm acting on
behalf of Buyer or under its authority is or will be entitled to any broker's or
finder's fee or any other commission or similar fee, directly or indirectly,
from Buyer in connection with the transactions contemplated by this Agreement.

     4.6  LITIGATION.

     There are no legal, administrative, arbitration or other proceedings or
governmental investigations pending or, to the knowledge of Buyer, threatened
against Buyer that would give any third party the right to enjoin or delay the
transactions contemplated by this Agreement.

     4.7  BUYER'S QUALIFICATION.

     Except as disclosed in SCHEDULE 4.7, Buyer is, and at all times between the
date hereof and up until and including Closing will be, legally, financially and
otherwise qualified under the Act, HSR Act and all rules, regulations and
policies of the FCC, the Department of Justice, the Federal Trade Commission
(the "FTC") and any other governmental agency, to acquire and operate the
Stations. Except as disclosed in SCHEDULE 4.7, there are no facts or proceedings
which would reasonably be expected to disqualify Buyer under the Act or HSR Act
or otherwise from acquiring or operating the Stations or would cause the FCC not
to approve the assignment of the FCC Licenses to Buyer or the Department of
Justice and the FTC not to allow the waiting period under the HSR Act to
terminate within thirty (30) days of the filing provided for in SECTION 5.3.
Except as disclosed in SCHEDULE 4.7, Buyer has no knowledge of any fact or
circumstance relating to Buyer or any of Buyer's Affiliates that would
reasonably be expected to (a) cause the filing of any objection to the
assignment of the FCC Licenses to Buyer, (b) lead to a material delay in the
processing by the FCC of the applications for such assignment or (c) lead to a
material delay in the termination of the waiting period required by the HSR Act.
Except as disclosed in SCHEDULE 4.7, no waiver of any

<PAGE>

FCC rule or policy is necessary to be obtained for the grant of the applications
for the assignment of the FCC Licenses to Buyer, nor will processing pursuant to
any exception or rule of general applicability be requested or required in
connection with the consummation of the transactions herein.

     4.8  AVAILABILITY OF FUNDS.

     Buyer will have available on the Closing Date sufficient funds to enable it
to consummate the transactions contemplated hereby.

     4.9  WARN ACT.

     Buyer is not planning or contemplating and has not made or taken any
decisions or actions concerning the employees of the Stations after the Closing
Date that would require the service of notice under the Worker Adjustment and
Restraining Notification Act of 1988, as amended, or any similar state law.

     4.10 BUYER'S DEFINED CONTRIBUTION PLAN.

     SCHEDULE 4.10 completely and accurately lists all Buyer's defined
contribution plan or plans (the "Buyer's 401(k) Plan") intended to be qualified
under Section 401(a) and 401(k) of the Code in which the Transferred Employees
will be eligible to participate. Buyer has a currently applicable determination
letter from the Internal Revenue Service.

                                    ARTICLE V
                                OTHER COVENANTS

     5.1  CONDUCT OF EACH STATION'S BUSINESS PRIOR TO THE CLOSING DATE.

     Selling Parties covenant and agree with Buyer that from the date hereof
through the Closing Date, or the termination of this Agreement if earlier,
unless Buyer otherwise consents in writing (which consent shall not be
unreasonably withheld, delayed or conditioned), Sellers shall:

     (a) Operate each Station in the ordinary course of business consistent with
past practices, including (i) incurring promotional expenses substantially
consistent with the amount currently budgeted, (ii) making capital expenditures
prior to the Closing Date as are necessary to repair or replace assets that are
damaged or destroyed, (iii) using commercially reasonable efforts to preserve
the Station's present business operations, organization and goodwill and its
relationships with customers, employees, advertisers,

<PAGE>

suppliers and other contractors (including independent contractors providing
on-air or production services) and to maintain programming for the Station
consistent in all material respects with the type and quantity of the Station's
programming consistent with past practice, and (iv) continuing the Station's
usual and customary policy with respect to extending credit and collection of
accounts receivable and the maintenance of its facilities and equipment;

     (b) Operate each Station and otherwise conduct its business in all material
respects in compliance with the terms or conditions of its FCC Licenses, the
Act, and all other material rules, regulations, laws and orders of all
governmental authorities having jurisdiction over any aspect of the operation of
such Station;

     (c) Maintain each Seller's books and records in accordance with generally
accepted accounting principles on a basis consistent with prior periods;

     (d) Promptly notify Buyer in writing of any event or condition which, with
notice or the lapse of time or both, would constitute an event of material
default under any of the Stations Agreements which are, individually or in the
aggregate, material to the Sale Assets or the business, operations, financial
condition or results of operations of any Station;

     (e) Timely comply in all material respects with the Stations Agreements
which are individually or in the aggregate, material to the Sale Assets or the
business, operations, financial condition or results of operations of any
Station;

     (f) Not sell, lease, grant any rights in or to or otherwise dispose of, or
agree to sell, lease or otherwise dispose of, any of the Sale Assets except for
dispositions of assets that (i) are in the ordinary course of business
consistent with past practice and (ii) if material, are replaced by similar
assets of substantially equal or greater value or utility;

     (g) Not amend, enter into, renew or extend, except in the ordinary course
of business consistent with past practice, any Trade Agreement; any personal
property lease that would cause the aggregate rent required to be paid under
personal property leases (including amendments) entered into after the date of
this Agreement to exceed in the aggregate Twenty-Five Thousand Dollars
($25,000.00); any studio or office lease; antenna or transmitter space lease;
network affiliation agreement; programming agreement; or any agreement described
in SECTION 3.7(b)(VII);

     (h) Not enter into, amend, renew or extend any employment or talent
contracts or other Station Agreements except on terms comparable to those of
Station Agreements now in existence and otherwise in the ordinary course of
business consistent with past practices;

     (i) Maintain technical equipment currently in use in good operating
condition and repair except for ordinary wear and tear;

     (j) Not increase in any manner the compensation (including severance pay or
plans) or benefits of any employees, independent contractors, consultants or
commission agents of any Seller or any Station, except in the ordinary course of
business consistent with past practice, as required by an employment or
consulting agreement or in connection with and commensurate with a change in
responsibility;

     (k) Not enter into any agreement relating to any Station (other than
agreements that will be terminated prior to Closing) with any Affiliate of any
Seller;

     (l) Except as required by law, not voluntarily enter into or amend any
collective bargaining agreement applicable to any employees of any Station or
otherwise voluntarily recognize any union as the bargaining representative of
any such employees; and not enter into or amend any collective bargaining
agreement applicable to any employees of any Station to provide that it shall be
binding upon any "successor" employer or such employees; and

     (m) Not take or agree to take any action that would materially delay the
consummation of the Closing as contemplated by this Agreement.

     5.2. NOTIFICATION OF CERTAIN MATTERS.

     Selling Parties shall give prompt notice to Buyer, and Buyer shall give
prompt notice to the Selling Parties, of (a) the occurrence, or failure to
occur, of any event that would be likely to cause any of their respective
representations and warranties contained in this Agreement to be untrue or
inaccurate in any material respect at any time from the date hereof to the
Closing Date, and (b) any failure on their respective parts to comply with or
satisfy, in any material respect, any covenant, condition or agreement to be
complied with or satisfied by either of them under this Agreement.

<PAGE>

     5.3  HSR FILINGS.

     Within ten (10) days after the execution of this Agreement, Selling Parties
and Buyer shall make the filings required to be made under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended ("HSR Act"), in connection with
the transactions contemplated by this Agreement (the "HSR Filings"). Sellers and
Buyer shall use their commercially reasonable efforts to diligently take, or to
fully cooperate in the taking of, all necessary and proper steps, including (in
the case of Buyer) consummating the Planned Divestiture, and provide any
additional information reasonably requested, in order to comply with the
requirements of the HSR Act.

     5.4  FCC FILING.

     (a) Within ten (10) business days after the execution of this Agreement,
Selling Parties and Buyer shall file all applications with the FCC necessary to
obtain the FCC Order (except for those applications that will be required in
connection with the Planned Divestiture), and shall cooperate in taking all
commercially reasonable action necessary and proper to promptly obtain the FCC
Order without a Material Adverse Condition and shall cooperate in taking all
commercially reasonable action necessary and proper to cause the FCC Order to
become a Final Action as soon as practicable, provided that (i) commercially
reasonable action shall not include payment or providing of material
consideration to settle with an objecting party, and (ii) Buyer shall not be
obligated to consummate the Planned Divestiture except in accordance with
SECTION 5.16. Buyer and Sellers shall oppose and file such papers and pleadings
with the FCC or other appropriate forum opposing and objecting to any petitions
to deny or other objections filed with respect to the application for the FCC
Consent and any requests for reconsideration or judicial review of the FCC
Consent.

     (b) If the Closing shall not have occurred for any reason within the
original effective period of the FCC Consent, and neither party shall have
terminated this Agreement under ARTICLE X, the parties shall jointly request an
extension of the effective period of the FCC Consent. No extension of the
effective period of the FCC Consent shall limit the exercise by either party of
its right to terminate the Agreement under ARTICLE X.

     5.5  TITLE; ADDITIONAL DOCUMENTS.

     At the Closing, Sellers shall transfer and convey to Buyer good title to
all of the Sale Assets free and clear of any Liens except Permitted Liens.
Sellers shall execute or cause to be executed such documents, in addition to
those delivered at the Closing, as may be necessary to confirm in Buyer such
title to the Sale Assets and to carry out the purposes and intent of this
Agreement, which documents shall be in a form reasonably

<PAGE>

acceptable to Buyer and Sellers. Buyer shall execute or cause to be executed
such documents, in addition to those delivered at Closing, as may be necessary
to confirm Buyer's assumption of the Assumed Obligations, which documents shall
be in a form reasonably acceptable to Buyer and Sellers.

     5.6  OTHER CONSENTS.

     Selling Parties shall use their commercially reasonable efforts to obtain
the consents or waivers to the transactions contemplated by this Agreement
required under the Station Agreements without any condition or modification
adverse to Buyer or any Station, and Buyer shall cooperate as reasonably
requested by Selling Parties in assisting Selling Parties to obtain such
consents. Neither Selling Parties nor Buyer shall be required to pay or grant
any material consideration in order for Selling Parties to obtain any such
consent or waiver except that Selling Parties shall be required to obtain
releases of Liens (other than Permitted Liens) which encumber any of the Sale
Assets with Selling Parties being permitted to use the proceeds delivered by
Buyer at Closing in order to obtain such releases.

     5.7  INSPECTION AND ACCESS.

     Sellers will, prior to the Closing Date, make available the assets, books,
accounting records, correspondence and files of Sellers (to the extent related
to the operation of the Stations) for examination by Buyer, its officers,
attorneys, accountants and agents, with the right to make copies of all or
portions of such books, records and files. Such access will be available during
normal business hours upon reasonable notice and in such manner as will not
unreasonably interfere with the conduct of the business of the Stations. Sellers
will furnish to Buyer monthly unaudited financial statements corresponding to
and prepared in a manner consistent with the unaudited statements identified in
SECTION 3.11, and such additional financial, operating and other information
regarding Sellers or the Stations as Buyer may reasonably request. If Closing
occurs, the books, records and files that are not part of but relate to the Sale
Assets shall be preserved and maintained by Sellers for four (4) years after the
Closing, and the books, records and files that are part of the Sale Assets shall
be maintained and preserved by Buyer for a period of four (4) years after the
Closing. Each such party shall give the other party and its authorized
representatives, during normal business hours, such access to, and the
opportunity at the other party's expense to copy, such books and records
retained by it as reasonably requested by the other party.

     5.8  CONFIDENTIALITY.

     Subject to SECTION 5.15, all information delivered or made available to
Buyer or Buyer's representatives or otherwise disclosed in writing by the
Selling Parties (or their

<PAGE>

representatives) before or after the date hereof, in connection with the
transactions contemplated by this Agreement, shall be kept confidential by Buyer
and its representatives and shall not be used other than as contemplated by this
Agreement, except to the extent (i) such information was otherwise publicly
available when received, (ii) is or hereafter becomes lawfully obtainable from
third parties not related to Buyer or its Affiliates, (iii) such information is
required to be disclosed by law, judicial or other governmental rule or order,
or the rules of any stock exchange, (iv) such duty as to confidentiality is
waived in writing by Sellers or (v) such information is provided by Buyer to a
buyer of one or more of the Stations resold by Buyer as part of the Planned
Divestiture, provided that such buyer is bound by a confidentiality agreement
(of which buyer affirmatively acknowledges Sellers are third party
beneficiaries) as restrictive as the foregoing provisions of this SECTION 5.8
and the Confidentiality Agreement referred to in the immediately following
sentence. Buyer shall continue to be bound by the terms and conditions of the
Confidentiality Agreement dated June 25, 1999 between the parties hereto,
subject, however, to clause (v) of the foregoing sentence.

     5.9  PUBLICITY.

     The parties agree that no public release or announcement concerning the
transactions contemplated hereby shall be issued by any party without the prior
written consent of the other party (which will not be unreasonably withheld),
except as required by law or applicable regulations, in which case the party
issuing the press release or announcement shall provide the other party with a
copy thereof sufficiently in advance of such issuance to permit the other party
to comment thereon. The parties further agree that they shall not, and shall
direct their employees located in, or having responsibilities with respect to
the St. Louis Market not to, publicly discuss the transaction contemplated
hereby or the Planned Divestiture with any advertisers on, or vendors to, the
Stations.

     5.10 MATERIAL ADVERSE EFFECT.

     Buyer and Selling Parties will promptly notify the other party of any event
of which Buyer or Selling Parties, as the case may be, obtains knowledge which
has had or could reasonably be expected to have Material Adverse Effect.

     5.11 COMMERCIALLY REASONABLE EFFORTS.

     Subject to the terms and conditions of this Agreement, each party will use
its commercially reasonable efforts to take all action and to do all things
necessary, proper or advisable to satisfy any condition hereunder in its power
to satisfy and to consummate and make effective as soon as practicable the
transactions contemplated by this Agreement.

<PAGE>

     5.12 FCC REPORTS AND APPLICATIONS.

     Sellers shall file, on a current and timely basis and in all material
respects in a truthful and complete fashion until the Closing Date, all reports
and documents required to be filed with the FCC with respect to the Stations. In
addition, Sellers shall timely file all applications necessary for renewal of
any of the FCC Licenses, shall prosecute each such application with diligence,
shall in each case seek renewal for a full term, and shall diligently oppose any
objection to, appeal from or petition to reconsider the grant of any such
renewal application.

     5.13 TAX RETURNS AND PAYMENTS.

     Selling Parties will timely file with the appropriate governmental agencies
all Tax Returns required to be filed by Selling Parties with respect to the
Stations prior to Closing and timely pay all Taxes reflected on such Tax Returns
as owing by the Selling Parties.

     5.14 NO SOLICITATION.

     From the date hereof until the earlier of Closing or termination of this
Agreement, none of the Selling Parties or any Affiliate of any Selling Party
shall directly or indirectly (i) knowingly discuss, solicit or encourage any
proposal or offer from any Person relating specifically to the acquisition or
purchase of any interest in any Seller or any material assets of any Station or
any merger, consolidation or other business combination with any Seller (each an
"Acquisition Proposal"), or (ii) otherwise knowingly assist or negotiate with
any Person with respect to an Acquisition Proposal; provided, nothing contained
herein shall apply to limit discussions, negotiations, etc. relating to a sale
of any stock of Parent or of all or substantially all of Parent's broadcast
properties (other than the Stations) and/or non-broadcast properties. Selling
Parties shall promptly notify Buyer in writing if an Acquisition Proposal is
made after the date of this Agreement.

     5.15 AUDITED FINANCIAL STATEMENTS.

     Selling Parties recognize that Buyer is a publicly reporting company and
agrees that Buyer shall be entitled at Buyer's expense to cause audited and
unaudited financial statements of the Stations to be prepared for such periods
and filed with the Securities and Exchange Commission, and included in a
prospectus distributed to prospective investors, as required by laws and
regulations applicable to Buyer as a publicly reporting company or registrant.
Selling Parties agree to cooperate with Buyer and the auditing accountants as
reasonably requested by Buyer in connection with the

<PAGE>

preparation and filing of such financial statements, including providing a
customary management representation letter in the form prescribed by generally
accepted auditing standards and using their commercially reasonable efforts to
obtain the consent of Sellers' independent accounting firm to permit Buyer and
Buyer's auditors to have access to such firm's workpapers. Under no circumstance
shall the preparation of any financial statements pursuant to such audit: (a)
require any Seller to change or modify any accounting policy, (b) cause any
unreasonable disruption in the business or operations of any Station, or (c)
cause any delay that is more than de minimis in any internal reporting
requirements of any Seller.

     5.16 PLANNED DIVESTITURE.

     Buyer shall use its commercially reasonable efforts to consummate the
Planned Divestiture as promptly as practicable on terms and conditions
acceptable to Buyer within its reasonable judgment and with a third-party buyer
that (i) is not an Affiliate of Buyer, (ii) is not a trust in which Buyer has a
direct or indirect beneficial interest, and (iii) will not cause Buyer, after
consummation of the Planned Divestiture, to have an attributable interest under
the Act in any of the Excess Stations.

     5.17 DISCLOSURE SCHEDULES.

     Sellers and Buyer acknowledge and agree that Sellers shall not be liable
for the failure of the Schedules to be accurate as a result of the operation of
the Stations prior to a Closing in accordance with SECTION 5.1 of this
Agreement. The inclusion of any fact or item on a Schedule referenced by a
particular section in this Agreement shall, should the existence of the fact or
item or its contents be relevant to any other section, be deemed to be disclosed
with respect to such other section whether or not an explicit cross-reference
appears in the Schedules if such relevance is readily apparent from examination
of such Schedules.

     5.18 BULK SALES LAW.

     Buyer hereby waives compliance by Sellers, in connection with the
transactions contemplated hereby, with the provisions of any applicable bulk
transfer laws.

<PAGE>

     5.19 COOPERATION ON TAX MATTERS.

     Buyer agrees to cooperate as reasonably requested by Sellers in effecting a
tax-deferred like-kind exchange under Section 1031 of the Code in which Buyer
will acquire the Sale Assets from Sellers and Sellers will assign all or part of
their rights (but not their obligations) under this Agreement to a "qualified
intermediary" (as defined in Treas. Reg. 1.1031(k)-(g)(4)); provided that (i)
such exchange will not cause the Closing Date to be delayed beyond the first
date on which Buyer would otherwise be entitled to close its purchase of the
Sale Assets under this Agreement, (ii) Buyer is reimbursed by Sellers for all of
its costs and expenses incurred in cooperating with Sellers to effect such
exchange, (iii) Buyer is not required to incur or assume any liability or
obligation in addition to the liabilities and obligations Buyer is required to
incur or assume under the terms of this Agreement determined as if this SECTION
5.19 were not included in this Agreement (other than costs and expenses
reimbursed by Sellers), (iv) Sellers' ability to effect the exchange shall not
constitute a condition precedent to the Selling Party's obligation to close the
sale of the Sale Assets to Buyer in accordance with the terms and conditions of
this Agreement (excluding this SECTION 5.19), and (v) the Selling Parties shall
indemnify Buyer from and against any and all Losses arising from, relating to or
in connection with such exchange (other than Losses resulting from (A) Buyer's
breach of this SECTION 5.19 or (B) any liability or obligation Buyer is required
to incur or assume under the terms of this Agreement determined as if this
SECTION 5.19 were not included in this Agreement), and indemnification of such
Losses shall not be subject to or count against the Threshold or the Cap.

     5.20 LEASE OF STUDIO AND OFFICE SPACE.

     On the Closing Date, Buyer as lessee shall, and the Selling Parties shall
cause the owner of the real property located at 1215 Cole Street, St. Louis,
Missouri, as lessor to, enter into a lease for use of studio and office space
for the operation of KPNT, WVRV and KXOK in the form and substance of EXHIBIT A,
under which Buyer will be entitled to sublet in whole or in part to a subsequent
buyer of any of such Stations.

                                   ARTICLE VI
                     CONDITIONS PRECEDENT TO THE OBLIGATION
                               OF BUYER TO CLOSE

     Buyer's obligation to close the acquisition of the Sale Assets pursuant to
the terms of this Agreement is subject to the satisfaction, on or prior to the
Closing Date, of each of the following conditions, unless waived by Buyer in
writing:

<PAGE>

     6.1  ACCURACY OF REPRESENTATIONS AND WARRANTIES; CLOSING CERTIFICATE.

     (a) The representations and warranties of the Selling Parties contained in
this Agreement or in any other Document shall be true and correct in all
material respects on the date of this Agreement, and on and as of the Closing
Date (except for representations and warranties that speak as of a specific date
or time which need only be true and complete as of such date or time) with the
same effect as though made on and as of the Closing Date except for changes
permitted under this Agreement and except where the failure to be true and
complete (determined without regard to any materiality or Knowledge
qualifications therein) does not have a Material Adverse Effect.

     (b) Selling Parties shall have delivered to Buyer on the Closing Date an
officer's and manager's certificate that the conditions specified in SECTIONS
6.1(A), 6.2, 6.7, and 7.6 are satisfied as of the Closing Date.

     6.2  PERFORMANCE OF AGREEMENT.

     Each Selling Party shall have performed in all material respects all of its
material covenants, agreements and obligations required by this Agreement to be
performed or complied with by it prior to or at Closing.

<PAGE>

     6.3  FCC ORDER.

     (a) The FCC Order shall have been granted without any Material Adverse
Condition notwithstanding that it may not have become a Final Action; provided
that if a petition to deny or other third-party objection is filed with the FCC
prior to the date on which the FCC Order is issued and becomes effective, and
such petition or objection is not withdrawn as of such date and in the
reasonable judgment of Buyer's counsel such objection would reasonably be
expected to result in a reversal or rescission of the FCC Consent, then Buyer's
obligation to effect the Closing shall be subject to the further condition that
the FCC Order shall have become a Final Action.

     (b) Conditions which the FCC Order or any order, ruling or decree of any
judicial or administrative body specifies and requires to be satisfied prior to
transfer of the FCC Licenses to Buyer shall have been satisfied.

     (c) All of the FCC Licenses material to the operation of each Station as
now conducted shall be in full force and effect.

     6.4  HSR ACT.

     The waiting period (including any extensions) under the HSR Act applicable
to the transactions contemplated by this Agreement shall have expired or been
terminated.

     6.5  OPINIONS OF SELLING PARTIES' COUNSEL.

     Buyer shall have received (a) the written opinion or opinions of Selling
Parties' counsel, dated as of the Closing Date, that (i) each Selling Party is a
corporation or limited liability company, as applicable, duly formed and in good
standing under the laws of the state of its formation and is in good standing
and duly qualified to do business under the laws of each applicable
jurisdiction, (ii) the execution, delivery and performance of the Agreement and
each of the other Documents have been duly authorized by all requisite action
(including any necessary shareholder or member approval) on the part of each
Selling Party, and (iii) the Agreement and other Documents have been duly and
validly executed and delivered by each Selling Party and constitute valid and
legally binding obligations enforceable against each Selling Party in accordance
with their terms, subject to bankruptcy, insolvency and other laws affecting the
enforcement of creditors' rights generally and general principles of equity; and
(b) the written opinion of Sellers' FCC counsel, dated as of the Closing Date,
that (i) Radio Licensee holds the FCC Licenses listed in a schedule to such
legal opinion, and the FCC Licenses (A) are in full force and effect and
constitute all of the licenses, permits and authorizations required by the FCC
for the operation of the Stations; and (B) constitute all of the licenses and
authorizations issued by the FCC to the Radio

<PAGE>

Licensee for, or in connection with, the operation of the Stations, (ii) all
authorizations, approvals and consents of the FCC required under the Act to
permit the assignment of the FCC Licenses by the Radio Licensee to Buyer have
been obtained, are in effect, and have not been reversed, stayed, enjoined, set
aside, annulled or suspended, and (iii) except as set forth in SCHEDULE 3.6,
there is no FCC or judicial order, judgment, decree, notice of apparent
liability or order of forfeiture outstanding, and to counsel's knowledge, no
action, suit, notice of apparent liability, order of forfeiture, investigation
or other proceeding pending, by or before the FCC or any court of competent
jurisdiction against any Seller that might result in a revocation, cancellation,
suspension, non-renewal, short-term renewal or materially adverse modification
of the FCC Licenses, except FCC proceedings generally affecting the television
or radio industry. Each opinion may be subject to customary qualifications and
limitations.

     6.6  REQUIRED CONSENTS.

     Selling Parties shall have obtained prior to Closing the written consents
or waivers to the transactions contemplated by this Agreement, in form
reasonably satisfactory to Buyer's counsel and without any adverse modification
or condition that is material to Buyer or any of the Stations, which are
required under each Station Agreement indicated with an asterisk on SCHEDULE
3.9.

     6.7  DELIVERY OF CLOSING DOCUMENTS.

     Selling Parties shall have delivered or caused to be delivered to Buyer on
the Closing Date each of the Documents to be delivered pursuant to SECTION 8.2.

     6.8  NO ADVERSE PROCEEDINGS.

     No judgment or order shall have been rendered and remain in effect, and no
action or proceeding by any governmental entity shall be pending, against Buyer,
that would make unlawful the purchase and sale of the Sale Assets as
contemplated by this Agreement.

                                   ARTICLE VII
                          CONDITIONS PRECEDENT TO THE
                     OBLIGATION OF SELLING PARTIES TO CLOSE

     The obligations of Selling Parties to close the sale of the Sale Assets
pursuant to the terms of this Agreement is subject to the satisfaction, on or
prior to the Closing Date, of each of the following conditions, unless waived by
Selling Parties in writing:

<PAGE>

     7.1  ACCURACY OF REPRESENTATIONS AND WARRANTIES.

     (a) The representations and warranties of Buyer contained in this Agreement
shall be true and correct in all material respects on the date hereof, and on
and as of the Closing Date with the same effect as though made on and as of the
Closing Date except for changes that are not materially adverse to Sellers.

     (b) Buyer shall have delivered to Sellers on the Closing Date a certificate
that the conditions specified in SECTIONS 7.1(A), 7.2 and 6.8 are satisfied as
of the Closing Date.

     7.2  PERFORMANCE OF AGREEMENT.

     Buyer shall have performed in all material respects all of its covenants,
agreements and obligations required by this Agreement and each of the other
Documents to be performed or complied with by it prior to or at Closing.

     7.3  FCC ORDER.

     (a) The FCC Order shall have been granted.

     (b) Conditions which the FCC Order or any order, ruling or decree of any
judicial or administrative body specifies and requires to be satisfied prior to
transfer of the FCC Licenses to Buyer shall have been satisfied.

     7.4  HSR ACT.

     The waiting period (including any extensions) under the HSR Act applicable
to the transactions contemplated by this Agreement shall have expired or been
terminated.

     7.5  OPINION OF BUYER'S COUNSEL.

     Sellers shall have received the written opinion of Buyer's counsel, dated
as of the Closing Date, that (i) Buyer is a corporation duly formed and in good
standing under the laws of the state in which Buyer is incorporated, (ii) the
execution, delivery and performance of the Agreement and other Documents have
been duly authorized by all requisite corporate action (including any necessary
shareholder approval) on the part of Buyer and (iii) the Agreement and each of
the other Documents have been duly and validly executed and delivered by Buyer
and constitute valid and legally binding obligations enforceable against Buyer
in accordance with their terms, subject to bankruptcy, insolvency and other law
effecting the enforcement of creditors' rights

<PAGE>

generally and general principles of equity. The opinion of Buyer's counsel may
be subject to customary qualifications and limitations.

     7.6  NO ADVERSE PROCEEDINGS.

     No judgment or order shall have been rendered and remain in effect, and no
action or proceeding by any governmental entity shall be pending, against any
Seller that would restrain or make unlawful the purchase and sale of the Sale
Assets as contemplated by this Agreement.

     7.7  DELIVERY OF CLOSING DOCUMENTS.

     Buyer shall have delivered or cause to be delivered to Sellers on the
Closing Date each of the Documents to be delivered pursuant to SECTION 8.3.

                                  ARTICLE VIII
                                    CLOSING

     8.1  TIME AND PLACE.

     Closing of the purchase and sale of the Sale Assets pursuant to this
Agreement (the "Closing") shall take place at the offices of Thomas & Libowitz,
USF&G Tower, Suite 1100, 100 Light Street, Baltimore, Maryland 21202, at 10:00
o'clock A.M. on the fifth business day following satisfaction or waiver of the
conditions precedent hereunder to Closing (the "Closing Date").

     8.2  DOCUMENTS TO BE DELIVERED TO BUYER BY SELLING PARTIES.

     At the Closing, Selling Parties shall deliver to, or cause to be delivered
to, Buyer the following, in each case in form and substance reasonably
satisfactory to Buyer:

     (a) The opinions of Selling Parties' counsel and FCC counsel, dated the
Closing Date, to the effect set forth in SECTION 6.5;

     (b) To the extent available from applicable jurisdictions, governmental
certificates, dated as of a date as near as reasonably practicable to the
Closing Date, showing that each Selling Party is duly organized and in good
standing in its state of formation and, as to each Seller, is qualified to do
business and in good standing in each jurisdiction listed for such Seller in
SCHEDULE 3.1;

     (c) A certificate of a Secretary, Assistant Secretary, or Member of each
Selling Party attesting as to the incumbency of each officer or manager of such
Selling

<PAGE>

Party who executes this Agreement and any of the other Documents and to similar
customary matters; (d) A bill of sale and other instruments of transfer and
conveyance transferring the Sale Assets to Buyer, in form acceptable to Buyer in
its reasonable judgment;

     (e) The certificate described in SECTION 6.1(B);

     (f) A written instruction of Selling Parties to Escrow Agent instructing
the Escrow Agent to distribute the Earnest Money as prescribed in SECTION 2.4;

     (g) The consents or waivers prescribed in SECTION 6.6;

         (h) A certificate for each of the Selling Parties dated as of the
Closing Date and executed by the Selling Party's Secretary certifying that the
resolutions, as attached to such certificate, were duly adopted by the Selling
Party's Board of Directors, members or managers as required to duly authorize
and approve the execution of this Agreement and the consummation of the
transaction contemplated hereby and that such resolutions remain in full force
and effect;

     (i) Affidavits executed by Sellers regarding mechanic's liens sufficient to
allow deletion of such liens as a standard exception in final title insurance
policies to be issued pursuant to any title insurance commitments which Buyer
shall have obtained to insure fee simple title to any of the Owned Real Property
or leasehold title to any of the Leased Real Property;

     (j) The lease in the form and substance of EXHIBIT A; and

     (k) Such additional information and materials as Buyer shall have
reasonably requested in writing to evidence the satisfaction of the conditions
to its obligation to close hereunder, including without limitation, any
documents expressly required by this Agreement to be delivered by Selling
Parties at Closing.

     8.3  DELIVERIES TO SELLERS BY BUYER.

     At the Closing, Buyer shall deliver or cause to be delivered to Sellers the
following, in each case in form and substance reasonably satisfactory to
Sellers:

     (a) The Purchase Price in accordance with SECTION 2.5, as adjusted under
SECTION 2.7(D);

<PAGE>

     (b) The opinion of Buyer's counsel, dated the Closing Date, as prescribed
in SECTION 7.5;

     (c) The certificate described in SECTION 7.1(B);

     (d) A certificate of the Secretary or Assistant Secretary of Buyer
attesting as to the incumbency of each officer of Buyer who executes this
Agreement and any of the other Documents and to similar customary matters;

     (e) A written instruction of Buyer to Escrow Agent instructing the Escrow
Agent to distribute the Earnest Money as prescribed in SECTION 2.4;

     (f) A certificate, dated as of the Closing Date, executed by Buyer's
Secretary certifying that the resolutions, as attached to such certificate, were
duly adopted by Buyer's Board of Directors, authorizing and approving the
execution of this Agreement and the consummation of the transaction contemplated
hereby and that such resolutions remain in full force and effect;

     (g) An assumption agreement, in form acceptable to the Selling Parties
within their reasonable judgment, pursuant to which Buyer shall assume and agree
to perform the Assumed Obligations;

     (h) To the extent available from the applicable jurisdictions, certificates
as to the formation and/or good standing of Buyer issued by the appropriate
governmental authorities in the state of organization and each jurisdiction in
which Buyer is required to be qualified to do business as the owner of the
Stations, each such certificate (if available) to be dated a date not more than
a reasonable number of days prior to the Closing Date;

     (i) The lease in the form and substance of EXHIBIT A; and

     (j) Such additional information and materials as Sellers shall have
reasonably requested to evidence the satisfaction of the conditions to their
obligation to close hereunder.

<PAGE>

                                   ARTICLE IX
                                INDEMNIFICATION

     9.1  SURVIVAL.

     All representations, warranties, covenants and agreements in this Agreement
or any other Document shall survive the Closing regardless of any investigation,
inquiry or knowledge on the part of any party, and the Closing shall not be
deemed a waiver by any party of the representations, warranties, covenants or
agreements of any other party in this Agreement or any other Documents;
provided, however, that the period of survival shall, (i) with respect to the
representations and warranties in SECTION 3.18 (Environmental Matters), end
eighteen (18) months after the Closing Date, and (ii) in the case of any other
representation or warranty, end twelve (12) months after the Closing Date (in
each case, the "Survival Period"). No claim for breach of any representation or
warranty may be brought under this Agreement or any other Document 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 of a claim is so given, the right to indemnification with
respect to such claim shall survive the applicable Survival Period until the
claim is finally resolved and any obligations with respect to the claim are
fully satisfied.

     9.2  INDEMNIFICATION BY SELLING PARTIES.

     (a) Subject to SECTION 9.2(B), Selling Parties shall, jointly and
severally, indemnify, defend, and hold harmless Buyer and its officers,
directors, employees, Affiliates, successors and assigns from and against, and
pay or reimburse each of them for and with respect to, any Loss (each, a
"Buyer's Loss") relating to, arising out of or resulting from:

          (i) Any breach by any Selling Party of any of its representations,
     warranties, covenants or agreements in this Agreement or any other
     Document; or

          (ii) Any obligation, indebtedness or Liability of any Selling Party
     (other than the Assumed Obligations) regardless of whether disclosed to
     Buyer and regardless of whether constituting a breach by a Selling Party of
     any representation, warranty, covenant or agreement hereunder or under any
     other Document; or

          (iii) Noncompliance by any Seller with the provisions of the Bulk
     Sales Act, if applicable, in connection with the transactions contemplated
     by this Agreement.

<PAGE>

     (b) If Closing occurs, notwithstanding anything to the contrary contained
herein, Selling Parties shall not be obligated to indemnify Buyer except to the
extent that (i) the aggregate amount of Buyer's Losses exceeds Five Hundred
Thousand Dollars ($500,000) (the "Threshold") (and then only to the extent the
aggregate amount of Buyer's Losses exceed Two Hundred Fifty Thousand Dollars
($250,000)) and (ii) the aggregate amount of Buyer's Losses is less than
Twenty-Two Million Dollars ($22,000,000) (the "Cap"), provided that any payment
owed by Selling Parties to Buyer for any of Buyer's Losses pursuant to or under
SECTION 2.7, SECTION 5.19 or SECTION 9.2(A)(II) or (III) shall not be counted in
determining whether the Threshold limitation is satisfied or the Cap is reached,
and Buyer shall have the right to recover any such Buyer's Losses without regard
to the Threshold limitation or the Cap.

     9.3  INDEMNIFICATION BY BUYER.

         Subject to SECTION 10.2, Buyer shall indemnify and hold harmless
Selling Parties and their officers, directors, members, employees, agents,
representatives, Affiliates, successors and assigns from and against, pay or
reimburse each of them for and with respect to any Loss relating to, arising out
of or resulting from:

          (i) Any breach by Buyer of any of its representations, warranties,
     covenants or agreements in this Agreement or any other Document; or

          (ii) The Assumed Obligations; or

          (iii) Buyer's operation of the Stations on or after the Closing Date
     (except for any Loss relating to, arising out of or resulting from any
     Excluded Asset) or Buyer's ownership of the Sale Assets.

     9.4  ADMINISTRATION OF INDEMNIFICATION.

     For purposes of administering the indemnification provisions set forth in
SECTIONS 9.2 and 9.3, the following procedure shall apply:

     (a) Whenever a claim shall arise for indemnification under this Article,
the party entitled to indemnification (the "Indemnified Party") shall reasonably
promptly give written notice to the party from whom indemnification is sought
(the "Indemnifying Party") setting forth in reasonable detail, to the extent
then available, the facts concerning the nature of such claim and the basis upon
which the Indemnified Party believes that it is entitled to indemnification
hereunder.

<PAGE>

     (b) In the event of any claim for indemnification resulting from or in
connection with any claim by a third party, the Indemnifying Party shall be
entitled, at its sole expense, either (i) to participate in defending against
such claim or (ii) to assume the entire defense with counsel which is selected
by it and which is reasonably satisfactory to the Indemnified Party provided
that (A) the Indemnifying Party agrees in writing that it does not and will not
contest its responsibility for indemnifying the Indemnified Party in respect of
such claim or proceeding and (B) no settlement shall be made and no judgment
consented to without the prior written consent of the Indemnified Party which
shall not be unreasonably withheld (except that no such consent shall be
required if the claimant is entitled under the settlement to only monetary
damages actually paid by the Indemnifying Party). If, however, (i) the claim,
action, suit or proceeding would, if successful, result in the imposition of
damages for which the Indemnifying Party would not be solely responsible, or
(ii) representation of both parties by the same counsel would otherwise be
inappropriate due to actual or potential differing interests between them, then
the Indemnifying Party shall not be entitled to assume the entire defense and
each party shall be entitled to retain counsel (at each such party's own
expense) who shall cooperate with one another in defending against such claim.

     (c) If the Indemnifying Party does not choose to defend against a claim by
a third party, the Indemnified Party may defend in such manner as it reasonably
determines is appropriate or settle the claim (after giving notice thereof to
the Indemnifying Party) on such terms as the Indemnified Party may deem
appropriate, and the Indemnified Party shall be entitled to periodic
reimbursement of defense expenses incurred and prompt indemnification from the
Indemnifying Party in accordance with this Article.

     (d) Failure or delay by an Indemnified Party to give a reasonably prompt
notice of any claim (if given prior to expiration of any applicable Survival
Period) shall not release, waive or otherwise affect an Indemnifying Party's
obligations with respect to the claim, except to the extent that actual loss or
prejudice occurs as a result of such failure or delay. Buyer shall not be deemed
to have notice of any claim solely by reason of any knowledge acquired on or
prior to the Closing Date by an employee of any Station.

     9.5  MITIGATION AND LIMITATION OF DAMAGES.

     Each party hereto agrees to use reasonable efforts to mitigate any losses
which form the basis for any claim for indemnification hereunder.
Notwithstanding anything contained in this Agreement to the contrary, no party
shall be entitled to punitive damages regardless of the theory of recovery.

<PAGE>

                                    ARTICLE X
                                  TERMINATION

     10.1 RIGHT OF TERMINATION.

     This Agreement may be terminated prior to Closing:

     (a) By written agreement of Selling Parties and Buyer; or

     (b) By written notice from a party that is not then in material breach of
this Agreement if:

               (i) The other party has continued in material breach of this
          Agreement for thirty (30) days after written notice of such breach
          from the terminating party is received by the other party; or

               (ii) On the date that would otherwise be the Closing Date if any
          of the conditions precedent to the obligations of Buyer (in the case
          of termination by Buyer) set forth in SECTIONS 6.1(a), 6.1(b), 6.2,
          6.5, 6.6 and 6.7 of this Agreement, or any of the conditions precedent
          to the obligations of Sellers (in the case of termination by the
          Selling Parties) set forth in SECTIONS 7.1(a), 7.1(b), 7.2, 7.5 and
          7.7 of this Agreement, have not been satisfied or waived in writing by
          the party with respect to which satisfaction is a condition precedent
          to its obligation to close (whether or not occurring as the result of
          a party's material breach of any provision of this Agreement); or

               (iii) Closing does not occur within twelve (12) months after the
          date hereof.

         10.2     OBLIGATIONS UPON TERMINATION.

     (a) SECTIONS 5.8, 5.9, 13.2 and 13.4 through 13.15 and ARTICLES IX and X
shall survive the termination of this Agreement and remain in full force and
effect. Each party to this Agreement shall remain liable after termination for
breach of this Agreement prior to termination; provided that if Closing does not
occur, the aggregate liability of Buyer for breach under this Agreement shall be
limited as provided in SECTION 10.2(c).

     (b) If this Agreement is terminated prior to Closing for any reason other
than as specified in SECTION 10.2(c), Buyer shall be entitled to the return of
the Earnest Money, in which case Buyer and Selling Parties shall cooperate in
taking such action as required under the Escrow Agreement to effect the Escrow
Agent's distribution of the Earnest Money to Buyer.

<PAGE>

     (c) If this Agreement is terminated prior to Closing (i) by the Selling
Parties pursuant to SECTIONS 10.1(b)(I) or 10.1(b)(II) or (ii) by either party
hereto pursuant to SECTION 10.1(b)(III) if on the date of such termination
pursuant to SECTION 10.1(b)(III) any of the conditions precedent specified in
SECTIONS 6.3, 6.4, 7.3 and/or 7.4 shall not have occurred as a result of facts
relating to Buyer or any Affiliate of Buyer (including, without limitation, as a
result of the failure by Buyer to consummate the Planned Divestiture regardless
of whether Buyer has used its commercially reasonable efforts to do so and has
otherwise complied with its obligations hereunder), Selling Parties' sole remedy
at law or in equity under this Agreement shall be (i) the termination by Selling
Parties of this Agreement, and (ii) the recovery from Buyer of (A) an amount
equal to the Earnest Money (the "Selling Parties' Payment Amount") and (B)
Selling Parties' reasonable attorneys' fees and other costs of collection
incurred by Selling Parties in enforcing their right to recover Selling Parties'
Payment Amount (such fees and other costs herein referred to as "Selling
Parties' Enforcement Costs"). In the event of such termination, Selling Parties
shall be entitled to receive the Earnest Money in payment of Selling Parties'
Payment Amount, and Buyer and Selling Parties shall cooperate in taking such
action as required under the Escrow Agreement to effect the Escrow Agent's
distribution of the Earnest Money to Selling Parties. Selling Parties shall also
be entitled to pursue any other remedy available to Selling Parties at law or in
equity to recover the entire Selling Parties' Payment Amount and Selling
Parties' Enforcement Costs, provided that the total monetary damages (including
any amount received from the Escrow Agent under the Escrow Agreement) to which
Selling Parties shall be entitled shall not exceed the sum of Selling Parties'
Payment Amount plus Selling Parties' Enforcement Costs. BUYER ACKNOWLEDGES AND
AGREES THAT SELLING PARTIES' RECEIPT OF SELLING PARTIES' PAYMENT AMOUNT SHALL
CONSTITUTE EITHER PAYMENT OF LIQUIDATED DAMAGES HEREUNDER OR CONSIDERATION IN
EXCHANGE FOR SELLING PARTIES' AGREEING TO ENTER INTO A TRANSACTION WITH A PARTY
SUBJECT TO CERTAIN REGULATORY RESTRICTIONS ON CONSUMMATING THE TRANSACTIONS
CONTEMPLATED HEREBY, AND NOT A PENALTY, AND THAT SELLING PARTIES' PAYMENT AMOUNT
IS REASONABLE IN LIGHT OF (AND IS INTENDED TO COMPENSATE THE SELLING PARTIES
FOR) THE SUBSTANTIAL BUT INDETERMINATE HARM ANTICIPATED TO BE CAUSED BY BUYER'S
MATERIAL BREACH OR DEFAULT UNDER THIS AGREEMENT OR THE FAILURE OF THE CLOSING TO
OCCUR UNDER THE CIRCUMSTANCES DESCRIBED IN FOREGOING CLAUSE (ii) OF THIS SECTION
10.2(c) (REGARDLESS OF WHETHER BUYER IS IN BREACH HEREUNDER), THE DIFFICULTY OF
PROOF OF LOSS AND DAMAGES, THE INCONVENIENCE AND NON-FEASIBILITY OF OTHERWISE
OBTAINING AN ADEQUATE REMEDY, AND THE VALUE OF THE TRANSACTIONS TO BE
CONSUMMATED HEREUNDER.

<PAGE>

     10.3 TERMINATION NOTICE.

     If the terminating party is entitled to terminate this Agreement pursuant
to the Subsection of SECTION 10.1 specified in the termination notice, then
termination will be deemed effected pursuant to the specified Subsection
notwithstanding that termination could be effected pursuant to more than one
such Subsection.

     10.4 SELLING PARTIES AS A SINGLE PARTY.

     For purposes of this ARTICLE X, (i) no Selling Party shall in any event
constitute an "other party" in relation to any other Selling Party, (ii) all
Selling Parties shall together constitute but a single party, and (iii) any
breach of this Agreement by one Selling Party shall be deemed to constitute a
breach of this Agreement by all Selling Parties.

                                   ARTICLE XI
                              CONTROL OF STATIONS

     Between the date of this Agreement and the Closing Date, Buyer shall not
control, manage or supervise the operation of any Station or the conduct of its
business, all of which shall remain the sole responsibility and under the
control of the applicable Seller, subject to such Seller's compliance with this
Agreement.

                                   ARTICLE XII
                               EMPLOYMENT MATTERS

     12.1 TRANSFER OF EMPLOYEES .

     (a) Sellers and Buyer shall cooperate in arranging a joint presentation by
the Chairman of Buyer and a designated representative of Sellers to Sellers'
employees promptly after the date of this Agreement. The form and substance of
the presentation shall be subject to the approval of both Sellers and Buyer,
which shall not be unreasonably withheld. Upon completion of the Closing, Buyer
shall offer employment to each of the employees of the Stations (including those
on leave of absence, whether short-term, long-term, family, maternity,
disability, paid, unpaid or other, and those hired after the date hereof in the
ordinary course of business) at a comparable salary, position and place of
employment as held by each such employee immediately prior to the Closing Date
(such employees who are given and accept such offers of employment are referred
to herein as the "Transferred Employees"). Sellers agree to cooperate fully with
Buyer in connection with Buyer's offering to hire any such employees, and
Sellers shall not take any action, directly or indirectly, to prevent any such
employee from becoming employed by Buyer from and after the Closing; provided,
however, that (i)

<PAGE>

prior to the earlier of the Closing Date or termination of this Agreement, Buyer
shall not employ or solicit the employment (unless conditioned upon the
occurrence of Closing) of any person employed by Sellers at a Station, (ii) all
such offers of employment shall be expressly conditioned upon the occurrence of
Closing, (iii) if this Agreement is terminated, Buyer shall not, for a period of
one year after such termination, employ or solicit the employment of any person
employed by any Seller at a Station at any time during the six-month period
preceding such termination, and (iv) Sellers shall be permitted to retain (or
have hired by an Affiliate of Sellers) any of the employees listed on SCHEDULE
12.1(a), provided that (A) Sellers shall notify Buyer in writing prior to the
Closing Date of each such employee who accepts such an offer of Sellers (or
their Affiliates), (B) each such employee who accepts such an offer shall not be
a Transferred Employee, and (C) any employment or severance agreement covering
any such employee shall be an Excluded Asset and shall not be assigned to Buyer
or to any extent constitute an Assumed Obligation. Nothing in this SECTION
12.1(a) is intended to nor shall guarantee employment for any Transferred
Employee for any length of time after the Closing Date.

     (b) Except as provided otherwise in this ARTICLE XII, Sellers shall pay,
discharge and be responsible for (i) all salary and wages arising out of or
relating to the employment of Sellers' employees prior to Closing, and (ii) all
liabilities and obligations arising under the Benefit Plans during the period
prior to Closing. Buyer shall pay, discharge and be responsible for all salary,
wages and benefits arising out of or relating to the employment of Transferred
Employees by Buyer upon or after Closing. Buyer shall be responsible for all
severance liabilities for any Transferred Employees terminated on or after the
Closing Date, including, but not limited to, any such liabilities required to be
paid pursuant to the severance agreements listed on SCHEDULE 3.7(b).

     12.2 COBRA.

     Sellers shall comply with the provisions of the Continuation coverage Under
Group Health Plan of ERISA, Title I, Part 6, to the extent applicable in
connection with any Seller's termination of any of its employees. Buyer shall
comply with the provisions of the Continuation Coverage under Group Health Plan
of ERISA, Title I, Part 6, to the extent applicable in connection with Buyer's
termination of any of the Transferred Employees.

     12.3 BUYER'S EMPLOYEE BENEFIT PLANS.

     (a) Buyer shall cause all Transferred Employees as of the Closing Date to
be eligible to participate in its "employee welfare benefit plans" and "employee
pension benefit plans" (as defined in Section 3(1) and 3(2) of ERISA,
respectively) of Buyer in which similarly situated employees of Buyer are
generally eligible to participate from

<PAGE>

time to time ("Buyer's Plans"); provided, however, that all Transferred
Employees and their spouses and dependents shall be eligible for coverage
immediately after the Closing Date (and shall not be excluded from coverage on
account of any pre-existing condition) under those Buyer's Plans constituting
employee welfare benefit plans to the extent permitted under such plans with
respect to Transferred Employees.

     (b) For purposes of any length-of-service requirements, waiting period,
vesting periods or differential benefits based on length of service in any
Buyer's Plan for which a Transferred Employee may be eligible after the Closing,
Buyer shall ensure that, to the extent permitted by law, such Transferred
Employee shall be given credit, in accordance with Buyer's prior service credit
policy set forth on SCHEDULE 12.3(b), for prior service with Sellers, any
Affiliate of Sellers or any prior owner of the Stations. In addition, to the
extent permitted under Buyer's Plans, Buyer shall ensure that each Transferred
Employee receives credit under any Buyer's Plan constituting a welfare benefit
plan for any deductibles or co-payments paid by such Transferred Employee and
his or her dependents for the current plan year under the corresponding Benefit
Plan, if any, maintained by Sellers or any Affiliate of Sellers. Buyer shall
provide vacation or vacation pay (to the extent Buyer provides vacation pay to
its employees) to each Transferred Employee to the extent Buyer has received a
credit relating to such vacation for such Transferred Employee pursuant to
SECTION 2.7(b)(IV) in determining the Adjustment Amount. If any Transferred
Employee asserts a claim against Sellers for accrued vacation that is the
responsibility of Buyer under the foregoing sentence, Buyer shall, to the extent
of the accrued vacation credit provided to Buyer with respect to such
Transferred Employee pursuant to SECTION 2.7(b)(IV), indemnify, defend and hold
harmless Sellers from and against any and all losses, directly or indirectly, as
a result of, based upon or arising from any such claim.

     (c) As soon as practicable following the Closing Date, Buyer shall make
available to the Transferred Employees Buyer's 401(k) Plan in accordance with
the terms and provisions of such plan. As soon as practicable after the Closing
Date, Sellers shall (i) cause the trustee under Sellers' 401(k) Plan to transfer
to the trustee under Buyer's 401(k) Plan, in cash, all of the Transferred
Employees' individual account balances under the Sellers' 401(k) Plan, except
that to the extent such account balances consist of outstanding plan participant
loan receivables, such receivables shall be transferred to Buyer's trustee in
kind, and (ii) provide Buyer (A) a statement of the account balances as of the
Closing Date for each Transferred Employee (including the balance of any plan
participant loan receivables), (B) the documentation evidencing, and setting
forth the terms and conditions applicable to repayment of, each plan participant
loan receivable, and (C) such other information regarding such individual
accounts and plan participant loan receivables as reasonably requested by Buyer
for the administration of such accounts and receivables under Buyer's 401(k)
Plan after Closing.

<PAGE>

     12.4 UNION EMPLOYEES.

     Notwithstanding the other provisions of this ARTICLE XII, upon consummation
of the Closing, Buyer shall (i) recognize the unions and labor organizations
which are parties to the collective bargaining agreements set forth in SCHEDULE
3.7(b); and (ii) assume and be responsible for the liabilities and obligations
of each Seller arising under the collective bargaining agreements listed on
SCHEDULE 3.7(b), including the Assumed Plans, but only to the extent arising
during and relating to any period on or after the Closing Date.

     12.5 EMPLOYMENT AGREEMENTS.

     Buyer acknowledges and agrees that Buyer's obligations pursuant to this
ARTICLE XII are in addition to, and not in limitation of, Buyer's assumption of
Sellers' obligations, to the extent arising during and relating to any period on
or after the Closing Date, under the written employment or talent agreements and
written severance agreements which are (i) listed on SCHEDULE 3.7(b) or (ii)
hereafter entered into by any Seller prior to the Closing Date; provided,
however, that notwithstanding anything contained in this Agreement to the
contrary, no employment, talent or severance agreement hereafter entered into by
any Seller shall constitute a Station Agreement or an Assumed Obligation unless
approved by Buyer in writing, which approval will not be unreasonably withheld,
delayed or conditioned.

     12.6 NO THIRD PARTY BENEFICIARIES.

     The covenants and agreements set forth in this ARTICLE XII shall be solely
for the benefit of, and shall only be enforceable by, the parties to this
Agreement and their permitted assigns. Without limiting the generality of the
foregoing, nothing in this Agreement shall provide or be construed to provide
any employees of the Selling Parties with any rights under this Agreement, and
no Person, other than the parties to this Agreement, is or shall be entitled to
bring any action to enforce any provision of this Agreement.

<PAGE>

                                  ARTICLE XIII
                                 MISCELLANEOUS

     13.1 FURTHER ACTIONS.

     From time to time before, at and after the Closing, each party, at its
expense and without further consideration, will execute and deliver such
documents as reasonably requested by the other party in order more effectively
to consummate the transactions contemplated hereby.

     13.2 PAYMENT OF EXPENSES.

     (a) The fees for the HSR Filings, the fees for filing the applications with
the FCC under SECTION 5.4, and the Transfer Taxes payable in connection with the
transactions contemplated by this Agreement shall be paid fifty percent (50%) by
Sellers and fifty percent (50%) by Buyer.

     (b) Except as otherwise expressly provided in this Agreement, each of the
parties shall bear its own expenses, including the fees of any attorneys and
accountants engaged by such party, in connection with the transactions
contemplated by this Agreement.

     13.3 SPECIFIC PERFORMANCE.

     Selling Parties acknowledge that the Stations are of a special, unique and
extraordinary character, and that damages alone are an inadequate remedy for a
breach of this Agreement by Selling Parties. Accordingly, as an alternative to
termination of this Agreement under SECTION 10.1, if Buyer is not then in
material default hereunder, Buyer shall be entitled, in the event of Selling
Parties' breach, to enforcement of this Agreement (subject to obtaining any
required approval of the FCC or the Department of Justice) by a decree of
specific performance or injunctive relief requiring Selling Parties to fulfill
their obligations under this Agreement. Such right of specific performance or
injunctive relief shall be in addition to, and not in lieu of, Buyer's right to
recover damages and to pursue any other remedies available to Buyer for Selling
Parties' breach. In any action to specifically enforce Selling Parties'
obligation to close the transactions contemplated by this Agreement, Selling
Parties shall waive the defense that there is an adequate remedy at law or in
equity and any requirement that Buyer prove actual damages. As a condition to
seeking specific performance, Buyer shall not be required to tender the Purchase
Price as contemplated by SECTION 2.5 but shall be required to demonstrate that
Buyer is ready, willing and able to tender the Purchase Price as contemplated by
such Section.

<PAGE>

     13.4 NOTICES.

     All notices, payments (unless otherwise specified herein), demands or other
communications given hereunder shall be in writing and shall be sufficiently
given if delivered by courier (including overnight delivery service), sent by
telecopy (with receipt personally confirmed by telephone) or sent by registered
or certified mail, first class, postage prepaid, addressed as follows:

     (a) If to Buyer, to:

                 Emmis Communications Corporation
                 One Emmis Plaza
                 40 Monument Circle, Suite 700
                 Indianapolis, IN 46204
                 Attention:  Jeffrey H. Smulyan, Chairman
                 Attention:  J. Scott Enright, Esq.

                 Emmis Communications Corporation
                 15821 Ventura Boulevard, Suite 685
                 Encino, CA 91436
                 Attention: Gary Kaseff, Esq.

         Copy to:

                  Bose McKinney & Evans LLP
                  2700 First Indiana Plaza
                  135 North Pennsylvania Street
                  Indianapolis, IN 46204
                  Attention: David L. Wills

     (b) If to Selling Parties, to:

                  Sinclair Broadcast Group, Inc.
                  10706 Beaver Dam Road
                  Cockeysville, MD 21030
                  Attention: President

<PAGE>

         Copies to:

                  Sinclair Communications, Inc.
                  10706 Beaver Dam Road
                  Cockeysville, MD 21030
                  Attention: General Counsel

                  Thomas & Libowitz, P.A.
                  100 Light Street, Suite 1100
                  Baltimore, MD 21202-1053
                  Attention: Steven A. Thomas, Esq.

or to such other address as a party may from time to time give notice to the
other party in writing (as provided above). Any such notice, payment, demand or
communication shall be deemed to have been given or made (i) if so mailed, on
the date indicated on the return receipt, and (ii) if delivered by courier or
telecopy, on the date received.

     13.5 ENTIRE AGREEMENT.

     This Agreement, the Schedules, the other Documents, and the Settlement
Agreement executed contemporaneously herewith constitute the entire agreement
and understanding between the parties with respect to the subject matter hereof
and supersede any prior negotiations, agreements, understandings or arrangements
between the parties hereto with respect to the subject matter hereof.

     13.6 BINDING EFFECT; BENEFITS.

     Except as otherwise expressly provided in this Agreement, (i) the terms and
provisions of this Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors or permitted assigns, and
(ii) nothing in this Agreement, express or implied, shall confer on any person
other than the parties hereto and their respective successors or permitted
assigns any rights, remedies, obligations or liabilities under or by reason of
this Agreement.

     13.7 ASSIGNMENT.

     Neither this Agreement nor any of the rights, interests or obligations
hereunder may be assigned by either party without the prior written consent of
the other party, provided that:

     (a) Either party may assign its rights under this Agreement as collateral
security to any lender providing financing to the party or any of its
Affiliates; provided, that no such assignment shall relieve any party of its
obligations hereunder; and

     (b) Buyer may assign all of its rights under this Agreement to one or more
direct or indirect wholly-owned subsidiaries of Buyer, provided that (i) the
representations and warranties of Buyer hereunder shall be true and correct in
all

<PAGE>

respects as applied to each assignee, (ii) both Buyer and the assignees shall
execute and deliver to Selling Parties a written instrument in form and
substance satisfactory to Selling Parties within their reasonable judgment in
which both Buyer and the assignees agree to be jointly and severally liable for
performance of all of Buyer's obligations under this Agreement, (iii) such
assignment shall not materially delay issuance of the FCC Order or expiration or
termination of the waiting period under the HSR Act, and (iv) Buyer and the
assignees shall deliver such other documents and instruments as reasonably
requested by Selling Parties, including appropriate certified resolutions of the
boards of directors of Buyer and the assignees.

     13.8 GOVERNING LAW.

     This Agreement shall in all respects be governed by and construed in
accordance with the laws of the State of New York without regard to its
principles of conflicts of laws.

     13.9 AMENDMENTS AND WAIVERS.

     No term or provision of this Agreement may be amended, waived, discharged
or terminated orally but only by an instrument in writing signed by the party
against whom the enforcement of such amendment, waiver, discharge or termination
is sought. Any waiver shall be effective only in accordance with its express
terms and conditions, but any such waiver or failure to insist upon strict
compliance with any obligation, representation, warranty, covenant, agreement or
condition under this Agreement shall not operate as a waiver of, or estoppel
with respect to, any subsequent or other failure.

     13.10 SEVERABILITY.

     Any provision of this Agreement which is unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such
unenforceability without invalidating the remaining provisions hereof, and any
such unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto hereby waive any provision of law now or
hereafter in effect which renders any provision hereof unenforceable in any
respect.

     13.11 HEADINGS.

     The captions in this Agreement are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof.

<PAGE>

     13.12 COUNTERPARTS .

     This Agreement may be executed in any number of counterparts, and by any
party on separate counterparts, each of which shall be an original, and all of
which together shall constitute one and the same instrument.

     13.13 REFERENCES .

     All references in this Agreement to Articles and Sections are to Articles
and Sections contained in this Agreement unless a different document is
expressly specified. References herein to a "party" shall mean the Selling
Parties on one hand and the Buyer on the other.

     13.14 SCHEDULES AND EXHIBITS .

     Unless otherwise specified in this Agreement, each Schedule and Exhibit
referenced in this Agreement is attached to, and is incorporated by reference
into, this Agreement.

     13.15 JOINT AND SEVERAL LIABILITY .

     Selling Parties shall be jointly and severally liable for each
representation, warranty, covenant, agreement, liability or obligation of all or
any one of the Selling Parties under this Agreement or any other Document
whether or not otherwise indicated in this Agreement or any other Document.

<PAGE>

         Executed as of the date first written above.

                                       SINCLAIR BROADCAST GROUP, INC.

                                       By:______________________________________
                                       Printed Name:____________________________
                                       Its:_____________________________________

                                                     "Parent"

                                       SINCLAIR RADIO OF ST. LOUIS, INC.

                                       By:______________________________________
                                       Printed Name:____________________________
                                       Its:_____________________________________

                                       SINCLAIR RADIO OF ST. LOUIS LICENSEE, LLC

                                       By:______________________________________
                                       Printed Name:____________________________
                                       Its:_____________________________________
                                                     "Sellers"

                                       EMMIS COMMUNICATIONS CORPORATION

                                       By:______________________________________
                                       Printed Name:____________________________
                                       Its:_____________________________________
                                                      "Buyer"

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]