Document:

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                                                                   Exhibit 10.47

                                OPTION AGREEMENT

                                      AMONG

                           BASTET BROADCASTING, INC.,

                                  DAVID SMITH,

                                       and

                         NEXSTAR BROADCASTING GROUP, LLC

                                   DATED AS OF

                                November 30, 1998

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                                TABLE OF CONTENTS
                                -----------------

ARTICLE I

GRANT OF OPTIONS; GENERAL TERMS OF SALE .....................................  1
1.1   Option Grant; Assets Covered ..........................................  1
      (a)  FCC Authorizations ...............................................  2
      (b)  Tangible Personal Property .......................................  2
      (c)  Real Property ....................................................  2
      (d)  Agreements for Sale of Time ......................................  2
      (e)  Program Contracts ................................................  2
      (f)  Other Contracts ..................................................  2
      (g)  Trademarks, etc. .................................................  2
      (h)  Programming Copyrights ...........................................  2
      (i)  FCC Records ......................................................  3
      (j)  Files and Records ................................................  3
      (k)  Goodwill .........................................................  3
      (l)  Prepaid Items ....................................................  3
      (m)  Cash .............................................................  3
      (n)  Receivables and Other Claims .....................................  3
1.2   Excluded Assets .......................................................  3
      (a)  Insurance ........................................................  3
      (b)  Name .............................................................  3
      (c)  Certain Contracts ................................................  3
      (d)  Corporate Books and Records ......................................  3
      (e)  Transaction Documents ............................................  4
1.3   Option Exercise .......................................................  4
1.4   Liabilities ...........................................................  4
      (a)  Permitted Encumbrances ...........................................  4
      (b)  Assumption of Liabilities Generally ..............................  4

ARTICLE II CLOSING ..........................................................  5
2.1   Exercise Price ........................................................  5
      (a)  Payment ..........................................................  5
      (b)  Definition of Cash Purchase Price ................................  5
      (c)  Determination of Cash Purchase Price .............................  5
      (d)  Allocation of Cash Purchase Price after Sale .....................  5
2.2   The Closing ...........................................................  5
2.3   Deliveries at Closing .................................................  6
      (a)  Deliveries by Bastet .............................................  6
      (b)  Deliveries by Buyer ..............................................  6

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF BASTET ....................................  7
3.1   Incorporation; Power ..................................................  7
3.2   Corporate Action ......................................................  7
3.3   No Defaults ...........................................................  7
3.4   Brokers ...............................................................  8

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF STOCKHOLDER ....................  8
4.1   Capacity ..............................................................  8
4.2   Action ................................................................  8
4.3   No Defaults ...........................................................  8
4.4   Brokers ...............................................................  9

ARTICLE V  REPRESENTATIONS AND WARRANTIES OF BUYER ..........................  9
5.1   Incorporation .........................................................  9
5.2   Action ................................................................  9
5.3   No Defaults ...........................................................  9
5.4   Brokers ...............................................................  9

ARTICLE VI COVENANTS OF BASTET AND STOCKHOLDER .............................. 10
6.1   Covenants of Bastet and Stockholder Generally ......................... 10
      (a)  FCC Authorizations and Other Matters ............................. 10
      (b)  Restrictions ..................................................... 10
      (c)  Reports; Access to Facilities, Files, and Records ................ 11
      (d)  Notice of Proceedings ............................................ 11
      (e)  Notice of Certain Developments ................................... 11
      (f)  Issuance or other Transfer of Stock or Equivalents ............... 11
      (g)  No Premature Assumption of Control ............................... 12
6.2   Covenants of Bastet and Stockholder during the Exercise Period ........ 12
      (a)  Application for Commission Consent ............................... 12
      (b)  Consents ......................................................... 12
      (c)  Consummation of Sale ............................................. 12
      (d)  Hart-Scott-Rodino ................................................ 13

ARTICLE VII COVENANTS OF BUYER .............................................. 13
7.1   Covenants of Buyer Generally .......................................... 13
7.2   Covenants of Buyer during Exercise Period ............................. 13

ARTICLE VIII CONDITIONS TO BASTET'S OBLIGATIONS
             ON THE CLOSING DATE ............................................ 13
8.1   Representations, Warranties, Covenants ................................ 14
8.2   Proceedings ........................................................... 14
8.3   FCC Authorization ..................................................... 14

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8.4   Hart-Scott-Rodino ..................................................... 14
8.5   Purchase Price ........................................................ 14
8.6   Other Instruments ..................................................... 14

ARTICLE IX REMEDIES ......................................................... 15
9.1   Bulk Sales Indemnity .................................................. 15
9.2   Acknowledgment by Buyer ............................................... 15

ARTICLE X TERMINATION/MISCELLANEOUS ......................................... 15
10.1  Termination of Agreement Prior to the Closing Date .................... 15
      (a)  By Bastet or Stockholder ......................................... 15
      (b)  By Buyer ......................................................... 16
10.2  Remedies .............................................................. 16
10.3  Expenses .............................................................. 16
10.4  Assignments; Exercise in Part ......................................... 16
10.5  Further Assurances .................................................... 16
10.6  Notices ............................................................... 17
10.7  Captions .............................................................. 18
10.8  Law Governing ......................................................... 19
10.9  Consent to Jurisdiction, Etc .......................................... 19
10.10 Waiver of Provisions .................................................. 19
10.11 Counterparts .......................................................... 19
10.12 Entire Agreement/Amendments ........................................... 19
10.13 Access to Books and Records ........................................... 20
10.14 Public Announcements .................................................. 20
10.15 Definitional Provisions ............................................... 21
      (a)  Terms Defined in Appendix ........................................ 21
      (b)  Gender and Number ................................................ 21
10.16 Arbitration ........................................................... 21
      (a)  Generally ........................................................ 21
      (b)  Notice of Arbitration ............................................ 21
      (c)  Selection of Arbitrator .......................................... 21
      (d)  Conduct of Arbitration ........................................... 21
      (e)  Enforcement ...................................................... 22
      (f)  Expenses ......................................................... 22

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                                OPTION AGREEMENT

          THIS OPTION AGREEMENT is dated as of November 30, 1998, and is entered
into among Bastet Broadcasting, Inc., a Delaware corporation ("Bastet"), David
Smith ("Stockholder"), and Nexstar Broadcasting Group, L.L.C., a Delaware
limited liability company ("Buyer"). Other capitalized terms are defined in the
Appendix to this Agreement.

                                    RECITALS

          WHEREAS, Bastet is the licensee of broadcast television station
WFXP-TV, Erie, Pennsylvania (the "Station");

          WHEREAS, Buyer and certain of its subsidiaries have guaranteed certain
indebtedness of Bastet; and

          WHEREAS, in consideration for Buyer and such subsidiaries making such
guarantee, Bastet has agreed to grant to Buyer an option to acquire the Station
Assets described in more detail below, all on the terms described below and
consistent with the rules and regulations of the FCC;

          NOW, THEREFORE, in consideration of the foregoing and of other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

                                    ARTICLE I

                                GRANT OF OPTIONS;
                             GENERAL TERMS OF SALE

          1.1 Option Grant; Assets Covered. Bastet hereby grants to Buyer, and
Buyer hereby accepts Bastet's grant of, an option (the "Option") to acquire the
Station Assets, upon the terms and conditions set forth in this Agreement. Upon
and subject to the terms and conditions stated in this Agreement, on the Closing
Date, Bastet, as its interests may appear, shall convey, transfer, and deliver
to Buyer, and Buyer shall acquire from Bastet, all of Bastet's rights in, to and
under the assets and properties of Bastet, real and personal, tangible and
intangible, of every kind and description which are used or useful in connection
with the business and operations of the Station, as a going concern, including,
without limitation, rights under contracts and leases, real and personal
property, plant and equipment, inventories, intangibles, licenses and goodwill,
but excluding all such assets and properties which constitute Excluded Assets.
The rights, assets, property, and business of Bastet with respect to the Station
to be transferred to Buyer pursuant to this Section 1.1 in connection with the
exercise of the Option are referred to as the "Station Assets," and the purchase
and sale of the Station Assets pursuant to this Agreement in connection with the
exercise of the Option is referred to as the "Sale." Subject to Section 1.2, the
Station Assets include,

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without limitation, Bastet's rights in, to and under the following, in each case
if and to the extent in existence and held by Bastet immediately prior to the
Closing:

               (a) FCC Authorizations. All licenses, construction permits and
     authorizations issued by the FCC to Bastet with respect to the Station (the
     "FCC Authorizations"), and all applications therefor, together with any
     renewals, extensions, or modifications thereof and additions thereto.

               (b) Tangible Personal Property. All equipment, vehicles,
     furniture, fixtures, transmitting towers, antennas, transmitters, satellite
     earth stations, office materials and supplies, spare parts and other
     tangible personal property of every kind and description used in connection
     with the business and operations of the Station.

               (c) Real Property. All real property interests held by Bastet
     and all buildings, structures, towers, and improvements thereon used in the
     business and operations of the Station, and all other rights under any
     Contracts relating to real property (the "Realty Contracts"); provided
     that, in the event of destruction of or damage to any such real property
     interest, any improvement thereon or any property described in Section
     1.1(b) which is not repaired or restored prior to the Closing Date, then at
     the Closing Bastet shall assign to Buyer all of Bastet's interest, if any,
     in the proceeds (the "Proceeds") of any insurance covering such damage or
     destruction.

               (d) Agreements for Sale of Time. All orders, agreements and
     other Contracts for the sale of advertising time (including Trades) on the
     Station (collectively, the "Time Sales Contracts"), to the extent
     unperformed as of the Closing Date.

               (e) Program Contracts. All program licenses and other Contracts
     under which Bastet is authorized to broadcast film product or programs on
     the Station (collectively, the "Program Contracts").

               (f) Other Contracts. All affiliation agreements and other
     Contracts relating to the Station to which Bastet is a party with respect
     to the Station (other than any Contract described in Section 1.1(c), 1.1(d)
     or 1.1(e) hereof) (collectively, the "Other Assumed Contracts").

               (g) Trademarks, etc. All trademarks, service marks, trade names,
     jingles, slogans, logotypes, the goodwill associated with the foregoing,
     and patents, owned and used by Bastet in connection with the business and
     operations of the Station, including, without limitation, all Bastet's
     rights to use the call letters "WFXP" and any related or other call
     letters, names and phrases used in connection with the Station.

               (h) Programming Copyrights. All program and programming
     materials and elements of whatever form or nature owned by Bastet and used
     solely in connection with the business and operations of the Station,
     whether recorded on tape or any

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     other substance or intended for live performance, and whether completed or
     in production, and all related common law and statutory copyrights owned by
     or licensed to Bastet and used in connection with the business and
     operations of the Station.

               (i) FCC Records. Subject to Section 10.13, all FCC logs and
     other compliance records of Bastet that relate to the operations of the
     Station.

               (j) Files and Records. Subject to Section 10.13, all files and
     other records of Bastet relating to the business and operations of the
     Station prior to the Closing Date, including, without limitation, all
     books, records, accounts, checks, payment records, tax records (including,
     without limitation, payroll, unemployment, real estate, and other tax
     records), and other such similar books and records of Bastet, for five (5)
     fiscal years immediately preceding the Closing Date (collectively, the
     "Bastet's Recent Station Records").

               (k) Goodwill. All of Bastet's goodwill in, and going concern
     value of, the Station.

               (l) Prepaid Items. All prepaid expenses relating to the Station.

               (m) Cash. All cash, cash equivalents, and cash items of any kind
     whatsoever, certificates of deposit, money market instruments, bank
     balances, and rights in and to bank accounts, marketable and other
     securities held by Bastet.

               (n) Receivables and Other Claims. All notes and accounts
     receivable and other receivables of Bastet relating to or arising out of
     the operation of the Station prior to the Closing, all security, insurance,
     and similar deposits, and all other claims of Bastet with respect to
     transactions or other conduct of the business of the Station prior to the
     Closing, including, without limitation, claims for tax refunds and claims
     of Bastet under all Contracts with respect to events for the period prior
     to the Closing.

          1.2 Excluded Assets. There shall be excluded from the Station Assets
and, to the extent in existence on the Closing Date, retained by Bastet, the
following assets (the "Excluded Assets"):

               (a) Insurance. Subject to Section 1.1(c), all contracts of
     insurance and all insurance plans and the assets thereof, together with all
     rights and claims thereunder.

               (b) Name. All of Bastet's rights to use the name "Bastet," any
     variation thereof, or any related logo, name or phrase.

               (c) Certain Contracts. All Realty Contracts, Time Sales
     Contracts, Program Contracts and Other Assumed Contracts which expire and
     are not renewed, or which otherwise terminate, on or prior to the Closing
     Date.

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               (d) Corporate Books and Records. Subject to Section 10.13, all
     account books of original entry and other than duplicate copies of such
     files and records, if any, that are maintained at any executive office of
     Bastet or the offices of Bastet's direct or indirect equity owners, and all
     materials of Bastet which constitute attorney work product or contain
     information which is protected by attorney-client privilege, wherever
     located, relating to matters at or prior to the Closing; provided that
     Bastet will provide Buyer access to such work product or privileged
     information to the extent necessary for Buyer to defend any claim brought
     against Buyer by a Person which is not, or is not an Affiliate of, a party
     to this Agreement.

            (e) Transaction Documents. All rights of Bastet, or any successor
     to Bastet, pursuant to any Transaction Document.

          1.3 Option Exercise. In order to exercise the Option, Buyer must
deliver to Bastet (prior to the Option Expiration Date) written notice (an
"Exercise Notice") of Buyer's intention to do so. Buyer may withdraw any
Exercise Notice prior to the Closing by written notice to that effect to Bastet.
No such withdrawal (and no withdrawal of any subsequent Exercise Notice) will
affect Buyer's right subsequently to exercise the Option by delivering to Bastet
(prior to the Option Expiration Date) one or more other Exercise Notices. Upon
the withdrawal of any Exercise Notice, Buyer shall reimburse Bastet for all
reasonable out-of-pocket expenses incurred by Bastet in connection with its
compliance with Section 6.2 with respect to such Exercise Notice.

          1.4 Liabilities.

               (a) Permitted Encumbrances. At the Closing, the Station Assets
     shall be sold and conveyed to Buyer free and clear of all Liens, (including
     all Liens which secure the repayment of Existing Station Indebtedness),
     other than (i) Liens for current taxes in respect of the Station and the
     Station Assets and other amounts which are not then due and payable and
     which arise by operation of law, (ii) Liens on the Station Assets which are
     in existence on the date of this Agreement and which do not secure
     indebtedness or borrowed money, (iii) Liens on the Station's assets arising
     by operation of law or in the ordinary course of Bastet's business after
     the date of this Agreement and not securing indebtedness for borrowed
     money, and (iv) Liens on the Station Assets which, in the aggregate, would
     not be expected to have a material effect on the Station Assets after the
     Sale.

           (b) Assumption of Liabilities Generally. The "Assumed Liabilities"
     will be all liabilities and obligations of Bastet relating to the operation
     of the Station or the ownership or operation of the Station Assets, in each
     case as of the Closing Date, whether contingent or absolute, known or
     unknown, accrued or not accrued, or matured or unmatured, including all
     liabilities and obligations pursuant to any Realty Contract, Time Sales
     Contract, Program Contract or Other Assumed Contract (collectively, the
     "Assumed Contracts") in effect on the Closing Date. On the Closing Date,
     Buyer will assume and agree to pay, satisfy, perform and discharge all
     Assumed Liabilities. From and after the Closing, Buyer will discharge and
     reimburse and hold harmless Bastet against, and Bastet will not be
     responsible

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     or otherwise liable for, any Assumed Liability. Without limiting the
     foregoing, except as otherwise provided in this Agreement, the "Assumed
     Liabilities" will not include, and on the Closing Date Buyer shall not
     assume or thereafter be liable for, any liability or obligation of Bastet
     relating to any Existing Station Indebtedness (it being understood that all
     Existing Station Indebtedness will be satisfied prior to, or
     contemporaneously with, the consummation of the Sale). The revenues,
     expenses and liabilities of Bastet or attributable to the Station and the
     Station Assets will not be prorated between Buyer and Bastet in connection
     with the Sale.

                                   ARTICLE II

                                     CLOSING

          2.1 Exercise Price.

               (a) Payment. In consideration of the transfer and delivery of
     the Station Assets to Buyer at the Closing, (i) Buyer will pay to Bastet an
     amount which is equal to the Cash Purchase Price, and (ii) Buyer will
     assume the Assumed Liabilities. The Cash Purchase Price shall be paid by
     Buyer to Bastet on the Closing Date by wire transfer of immediately
     available funds to such bank account(s) as Bastet may designate on or prior
     to the Closing Date.

               (b) Definition of Cash Purchase Price. The "Cash Purchase Price"
     shall be equal to the Existing Station Indebtedness as of the date of the
     Closing.

               (c) Determination of Cash Purchase Price. Each of Buyer, Bastet
     and Stockholder will use reasonable efforts to assist in the determination
     of the Existing Station Indebtedness. Notwithstanding Section 10.1(a) of
     this Agreement, neither Bastet nor Stockholder may terminate this Agreement
     at any time at which an Exercise Notice has been given (and not withdrawn)
     and the related Existing Station Indebtedness has not been determined, or
     during the twenty business days after any such determination.

               (d) Allocation of Cash Purchase Price after Sale. Buyer and
     Bastet will allocate the Cash Purchase Price among the Station Assets in
     accordance with a report of such allocation prepared in good faith by Buyer
     based upon the valuation report of an independent appraiser retained by
     Buyer and in accordance with all applicable provisions of the Internal
     Revenue Code of 1986, as in effect from time to time. Buyer will submit
     such reports of Buyer and such independent appraiser to Bastet prior to the
     Closing of the Sale. Buyer and Bastet agree to file (at such times and in
     such manner as may be required by applicable Legal Requirements) all
     relevant returns and reports (including, without limitation, Forms 8594,
     Asset Acquisition Statements, and all income and other tax returns) on the
     basis of such allocations.

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          2.2 The Closing. Subject to Section 10.1, the closing of the Sale,
and the assumption of the Assumed Liabilities (the "Assumption"), and the
consummation of all related transactions to be consummated contemporaneously
therewith pursuant to this Agreement (the "Closing"), shall be held after the
satisfaction or Bastet's waiver in writing of each of the conditions set forth
in Article VIII and at the time and location and on the date specified by Buyer
in writing to Bastet delivered not less than fifteen business days prior to such
date, or at such other place and/or at such other time and day as Bastet and
Buyer may agree in writing.

          2.3 Deliveries at Closing. All actions at the Closing shall be deemed
to occur simultaneously, and no document or payment to be delivered or made at
the Closing shall be deemed to be delivered or made until all such documents and
payments are delivered or made to the reasonable satisfaction of Buyer, Bastet
and their respective counsel.

               (a) Deliveries by Bastet. At the Closing, Bastet shall deliver
     to Buyer such instruments of conveyance and other customary documentation
     as shall in form and substance be reasonably satisfactory to Buyer and its
     counsel in order to effect the Sale, including, without limitation, the
     following:

               (1)  one or more bills of sale or other instruments (including
                    assignments of FCC Authorizations, call letters, service
                    marks, leases and other contracts) conveying the Station
                    Assets;

               (2)  any releases of Liens that are necessary in order to
                    transfer the Station Assets in the manner contemplated by
                    Section 1.4(a);

               (3)  a certified copy of the resolutions or proceedings of
                    Bastet's board of directors and stockholders (or similar
                    Persons) authorizing Bastet's consummation of the Sale;

               (4)  a certificate as to the existence and/or good standing of
                    Bastet issued by the Secretary of State or Secretary of the
                    Commonwealth, as the case may be, of each state under the
                    laws of which Bastet is incorporated, organized, formed or
                    authorized to do business, in each case dated on or after
                    the fifth Business Day prior to the Closing Date, certifying
                    as to the good standing and/or qualification of Bastet in
                    such jurisdiction;

               (5)  a receipt for the Cash Purchase Price;

               (6)  all Consents received by Bastet through the Closing Date;
                    and

               (7)  such other documents as Buyer may reasonably request.

               (b) Deliveries by Buyer. At the Closing, Buyer shall deliver to
     Bastet the Cash Purchase Price as provided in Section 2.1 and such
     instruments of assumption and other

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     customary documentation as shall in form and substance be reasonably
     satisfactory to Bastet and its counsel in order to effect the Sale and the
     Assumption, including, without limitation, the following:

               (1)  a certificate of Buyer dated the Closing Date to the effect
                    that, except as specified in such certificate, the
                    conditions set forth in Article VIII have been fulfilled;

               (2)  if Buyer is not a natural person, then a certified copy of
                    the resolutions or proceedings of Buyer authorizing the
                    consummation of the Sale and the Assumption;

               (3)  if Buyer is not a natural person, then a certificate issued
                    by the Secretary of State of the state under the laws of
                    which Buyer is incorporated, organized or formed (and in any
                    event, if qualification of Buyer to conduct business in the
                    Commonwealth of Pennsylvania is required in order for Buyer
                    to hold the Station Assets after the Sale, then of the
                    Secretary of the Commonwealth of Pennsylvania), in each case
                    dated on or after the fifth Business Day prior to the
                    Closing Date, certifying as to the organization and/or
                    qualification of Buyer in each such jurisdiction; and

               (4)  such other documents as Bastet may reasonably request.

                                   ARTICLE III

                    REPRESENTATIONS AND WARRANTIES OF BASTET

              Bastet represents and warrants to Buyer as follows:

          3.1 Incorporation; Power. Bastet is a corporation duly organized,
validly existing, and in good standing under the laws of the State of Delaware
and in good standing under the laws of the Commonwealth of Pennsylvania. Bastet
has the corporate power to enter into and consummate the transactions
contemplated by this Agreement. David Smith is the beneficial and record owner
of all issued and outstanding capital stock of Bastet, and there are not
outstanding any warrants, options or other securities or rights (collectively
with capital stock of Bastet, "Bastet Stock Equivalents") which directly or
indirectly are exercisable or exchangeable for, or convertible into, any capital
stock of Bastet or any other Bastet Stock Equivalent.

          3.2 Corporate Action. All actions necessary to be taken by or on the
part of Bastet in connection with the execution and delivery of this Agreement
and the consummation of transactions contemplated hereby to be consummated and
presently necessary to make the same effective have been duly and validly taken.
This Agreement has been duly and validly authorized,

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executed, and delivered by Bastet and constitutes a valid and binding agreement,
enforceable against Bastet in accordance with and subject to its terms.

          3.3 No Defaults. On the Closing Date (after giving effect to all
Consents which have been obtained), neither the execution and delivery by Bastet
of this Agreement, nor the consummation by Bastet of the transactions
contemplated by this Agreement to be consummated on or prior to the Closing
Date, will constitute, or, with the giving of notice or the passage of time or
both, would constitute, a material violation of or would conflict in any
material respect with or result in any material breach of or any material
default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Bastet is subject, or of Bastet's certificate of
incorporation or by-laws or similar organizational documents, or of any material
contract, agreement, or instrument to which Bastet is a party or by which Bastet
is bound.

          3.4 Brokers.  There is no broker or finder or other Person who would
have any valid claim against Bastet for a commission or brokerage fee in
connection with this Agreement or the transactions contemplated hereby as a
result of any agreement or understanding of or action taken by Bastet or any
Affiliate of Bastet.

                                   ARTICLE IV

                  REPRESENTATIONS AND WARRANTIES OF STOCKHOLDER

          Stockholder represents and warrants to Buyer as follows:

          4.1 Capacity. If Stockholder is not a natural person, then
Stockholder is a corporation, partnership, limited liability company or other
entity duly organized or constituted, validly existing, and in good standing
under the laws of the state under whose laws Stockholder is purported to have
been organized or constituted, and Buyer has the corporate or other power (or,
if Stockholder is a natural person, then Stockholder has the legal capacity) to
enter into and consummate the transactions contemplated by this Agreement.

          4.2 Action. All actions necessary to be taken by or on the part of
Stockholder in connection with the execution and delivery of this Agreement and
the consummation of transactions contemplated hereby to be consummated and
presently necessary to make the same effective have been duly and validly taken.
This Agreement has been duly and validly authorized (if Stockholder is not a
natural person), executed, and delivered by Stockholder and constitutes a valid
and binding agreement, enforceable against Stockholder in accordance with and
subject to its terms.

          4.3 No Defaults. On the Closing Date (after giving effect to all
Consents which have been obtained), neither the execution and delivery by
Stockholder of this Agreement, nor the consummation by Stockholder of the
transactions contemplated by this Agreement to be consummated on or prior to the
Closing Date, will constitute, or, with the giving of notice or the

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passage of time or both, would constitute, a material violation of or would
conflict in any material respect with or result in any material breach of or any
material default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Stockholder is subject, or (if Stockholder is not a natural
person) of Stockholder's certificate of incorporation or by-laws or similar
organizational documents, or of any material contract, agreement, or instrument
to which Stockholder is a party or by which Stockholder is bound.

          4.4 Brokers. There is no broker or finder or other Person who would
have any valid claim against Stockholder for a commission or brokerage fee in
connection with this Agreement or the transactions contemplated hereby as a
result of any agreement or understanding of or action taken by Stockholder or
any Affiliate of Stockholder.

                                    ARTICLE V

                     REPRESENTATIONS AND WARRANTIES OF BUYER

                  Buyer represents and warrants to Bastet and Stockholder as
follows:

          5.1 Incorporation. If Buyer is not a natural person, then Buyer is a
corporation, partnership, limited liability company or other entity duly
organized or constituted, validly existing, and in good standing under the laws
of the state under whose laws Buyer is purported to have been organized or
constituted, and Buyer has the corporate or other power (or, if Buyer is a
natural person, then Buyer has the legal capacity) to enter into and consummate
the transactions contemplated by this Agreement.

          5.2 Action. All actions necessary to be taken by or on the part of
Buyer in connection with the execution and delivery of this Agreement and the
consummation of transactions contemplated hereby to be consummated and presently
necessary to make the same effective have been duly and validly taken. This
Agreement has been duly and validly authorized (if Buyer is not a natural
person), executed and delivered by Buyer and constitutes a valid and binding
agreement, enforceable against Buyer in accordance with and subject to its
terms.

          5.3 No Defaults. On the Closing Date (after giving effect to all
approvals and consents which have been obtained), neither the execution and
delivery by Buyer of this Agreement, nor the consummation by Buyer of the
transactions contemplated by this Agreement to be consummated on or prior to the
Closing Date, will constitute, or, with the giving of notice or the passage of
time or both, would constitute, a material violation of or would conflict in any
material respect with or result in any material breach of or any material
default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Buyer is subject, or of Buyer's certificate of
incorporation or by-laws or similar organizational documents, if any, or of any
material contract, agreement, or instrument to which Buyer is a party or by
which Buyer is bound.

                                       9

<PAGE>

          5.4 Brokers. There is no broker or finder or other Person who would
have any valid claim against Bastet for a commission or brokerage fee in
connection with this Agreement or the transactions contemplated hereby as a
result of any agreement or understanding of or action taken by Buyer or any
Affiliate of Buyer.

                                   ARTICLE VI

                      COVENANTS OF BASTET AND STOCKHOLDER

          6.1 Covenants of Bastet and Stockholder Generally. Bastet covenants
and agrees that, from the date of this Agreement until the Closing, except as
(i) Buyer may otherwise consent (which consent, other than in the case of
Section 6.1(f) Buyer will not unreasonably withhold or delay upon Bastet's
request) or (ii) Bastet may otherwise be requested by Buyer to act or refrain
from acting:

          (a) FCC Authorizations and Other Matters. Bastet and Stockholder will
     promptly execute any necessary applications for renewal of FCC
     Authorizations necessary for the operation of the Station as presently
     conducted and will use reasonable efforts to cooperate with Buyer in any
     other respect in which Buyer may reasonably request in order to enhance,
     protect, preserve or maintain the Station Assets and/or the business and
     operation of the Station.

          (b) Restrictions. Bastet will not (to the extent the following
     restrictions are permitted by the FCC and all other applicable Legal
     Requirements):

          (1)  other than in the ordinary course of business, sell, lease (as
               lessor), transfer, or agree to sell, lease (as lessor), or
               transfer any material Station Assets (other than in the ordinary
               course of its business) without replacement thereof with
               functionally equivalent or superior assets;

          (2)  enter into any amendment or other modification of any agreement,
               instrument or other document governing or relating to Existing
               Station Indebtedness;

          (3)  apply to the FCC for any construction permit that would
               materially restrict the Station's present operations or make any
               material adverse change in the buildings or leasehold
               improvements owned by Bastet;

          (4)  (i) authorize, declare or pay any dividend or return any equity
               capital to its stockholders, (ii) redeem, retire, purchase or
               otherwise acquire, directly or indirectly, for consideration any
               of its shares of any class of its capital stock or other Equity
               Securities outstanding, or (iii) make any other form of cash
               distributions; or

                                       10

<PAGE>

          (5) enter into any arrangement or contract with Stockholder, any
              affiliate of Stockholder or any of Stockholder's parents, spouse,
              descendants (whether natural, step or adopted) or other family
              member of Stockholder.

          (c) Reports; Access to Facilities, Files, and Records. Buyers' Access
     Generally. From time to time, at the request of Buyer, Bastet shall give or
     cause to be given to the officers, employees, accountants, counsel, and
     representatives of Buyer

               (1) access, upon reasonable prior notice, during normal business
          hours, to all facilities, property, accounts, books, deeds, title
          papers, insurance policies, licenses, agreements, contracts,
          commitments, records, equipment, machinery, fixtures, furniture,
          vehicles, accounts payable and receivable, and inventories of Bastet
          related to the Station, and

               (2) all such other information in Bastet's possession concerning
          the affairs of the Station as Buyer may reasonably request, provided
          that the foregoing does not disrupt or interfere with the business and
          operations of Bastet or the Station.

          (d) Notice of Proceedings. Bastet and Stockholder will promptly
     notify Buyer in writing upon becoming aware of any order or decree or any
     complaint praying for an order or decree restraining or enjoining the
     consummation of the Sale, or upon receiving any notice from any
     governmental department, court, agency, or commission of its intention to
     institute an investigation into or institute a suit or proceeding to
     restrain or enjoin the consummation of the Sale, or to nullify or render
     ineffective this Agreement (or the Sale, if consummated).

          (e) Notice of Certain Developments. Bastet shall give prompt written
     notice to Buyer, promptly after Bastet becomes aware of the same, (1) if
     the Station Assets shall have suffered damage on account of fire,
     explosion, or other cause of any nature which is sufficient to prevent
     operation of the Station in any material respect for more than ten (10)
     consecutive days, or (2) if the regular broadcast transmission of the
     Station in the normal and usual manner in which it heretofore has been
     operating is interrupted in a material manner for a period of more than ten
     (10) consecutive days.

          (f) Issuance or other Transfer of Stock or Equivalents. Bastet will
     not issue any shares of its capital stock or any Bastet Stock Equivalent to
     any Person unless (i) such Person thereupon becomes a party to this
     Agreement with respect to all Bastet Stock Equivalents which such Person
     holds by executing and delivering to Buyer a counterpart of this Agreement
     by which such Person agrees to be treated as an additional "Stockholder"
     hereunder and (ii) each representation or warranty set forth in Article IV
     is true and correct in all respects with respect to such Person. The
     execution of any such counterpart of this Agreement by any such Person will
     be deemed to constitute a representation and warranty of such Person to the
     effect that all representations and warranties set forth in Article IV are
     true and correct with respect to such Person in all respects. Stockholder
     will not sell, convey or otherwise transfer or dispose of any Bastet Stock
     Equivalent other than (A) to a Person who executes and delivers to Buyer
     such a counterpart of this Agreement and with respect to whom all
     representations and warranties set forth in Article IV are

                                       11

<PAGE>

     true and correct in all respects or (B) upon his death or incapacity, in
     which event this Agreement will be binding upon Stockholder's estate,
     personal or legal representatives, heirs and other successors; provided
     that this sentence shall not apply to any transfer or disposal pursuant to
     the Smith Pledge Agreement dated as of the date of January 5, 1998 made by
     David Smith in favor of Bank of America National Trust and Savings
     Association (the "Pledge Agreement").

          (g) No Premature Assumption of Control. Nothing contained in this
     Section 6.1 shall give Buyer any right to control the programming,
     operations, or any other matter relating to the Station prior to the
     Closing Date, and Bastet shall have complete control of the programming,
     operations, and all other matters relating to the Station up to the time of
     the Closing.

          6.2 Covenants of Bastet and Stockholder during the Exercise Period.
Each of Bastet and Stockholder covenants and agrees that, after its receipt of
each and every Exercise Notice and until either the Closing occurs or such
Exercise Notice is withdrawn pursuant to Section 1.3:

          (a) Application for Commission Consent. As promptly as practicable,
     Bastet will complete the seller's or transferee's portion of all necessary
     applications to the FCC requesting the Required FCC Consents (if any), and
     upon receipt of Buyer's portion of such applications, will promptly file
     such applications with the FCC jointly with Buyer. Each of Bastet and
     Stockholder will diligently take or cooperate in the taking of all
     reasonable steps that are necessary, proper, or desirable to expedite the
     preparation of such applications (including withdrawal and/or re-filing, or
     any amendment or supplement thereto, which Buyer may request) and their
     prosecution to a final grant. Each of Bastet and Stockholder will promptly
     provide Buyer with a copy of any pleading, order, or other document served
     on Bastet or Stockholder relating to such applications.

          (b) Consents. Bastet and Stockholder will use reasonable efforts
     (without being required to make any payment not specifically required by
     the terms of any licenses, leases, and other contracts) to assist Buyer to
     (1) obtain or cause to be obtained prior to the Closing Date all Consents
     or, in the absence of any Consent, one or more replacement agreements which
     would be effective on or prior to the Closing and would grant Buyer (after
     the Closing) substantially the same benefits with respect to the Station as
     Bastet or Stockholder, as the case may be, enjoys with respect to the
     Station immediately prior to the Closing under the replaced Contract(s),
     and (2) cause each Consent or replacement agreement to become effective as
     of the Closing Date (whether it is granted or entered into prior to or
     after the Closing).

          (c) Consummation of Sale. Subject to the provisions of Article VIII
     and Section 10.1, Bastet and Stockholder shall use reasonable efforts to
     fulfill and perform all

                                       12

<PAGE>

     conditions and obligations on its part to be fulfilled and performed under
     this Agreement and to cause the conditions set forth in Article VIII to be
     fulfilled and cause the Sale and the Assumption to be consummated.

          (d) Hart-Scott-Rodino. As promptly as practicable, Bastet and
     Stockholder shall prepare and file all documents with the Federal Trade
     Commission and the United States Department of Justice which may be
     required to comply with the Hart-Scott-Rodino Act in connection with the
     Sale and the Assumption, and shall promptly furnish all materials
     thereafter requested by any of the regulatory agencies having jurisdiction
     over such filings, in connection with the Sale and the Assumption. Bastet
     and Stockholder will take all reasonable actions, and will file and use
     reasonable efforts to have declared effective or approved all documents and
     notifications with any governmental or regulatory bodies, as may be
     necessary or may reasonably be requested under federal antitrust laws for
     the consummation of the Sale and the Assumption).

                                   ARTICLE VII

                               COVENANTS OF BUYER

          7.1 Covenants of Buyer Generally. Buyer covenants and agrees that
Buyer will promptly notify Bastet in writing upon becoming aware of any order or
decree or any complaint praying for an order or decree restraining or enjoining
the consummation of the Sale or the Assumption, or upon receiving any notice
from any governmental department, court, agency, or commission of its intention
to institute an investigation into or institute a suit or proceeding to restrain
or enjoin the consummation of the Sale or the Assumption, or to nullify or
render ineffective this Agreement or the Sale or the Assumption if consummated.

          7.2 Covenants of Buyer during Exercise Period. Buyer covenants and
agrees that, after it gives any Exercise Notice and unless and until such
Exercise Notice is withdrawn pursuant to Section 1.3, Buyer will use reasonable
efforts (both prior to and after the Closing Date) jointly with Bastet to obtain
or cause to be obtained prior to the Closing Date all Consents and to execute
such assumption instruments as may be required or requested in connection with
obtaining any Consent (or, in the alternative, enter into one or more
replacement agreements which would be effective on or prior to the Closing and
would grant Buyer substantially the same benefits with respect to the Station as
Bastet enjoys with respect to the Station under the replaced Contract(s)
immediately prior to the Closing).

                                       13

<PAGE>

                                  ARTICLE VIII

             CONDITIONS TO BASTET'S OBLIGATIONS ON THE CLOSING DATE

          The obligation of Bastet to consummate the Sale on the Closing Date
is, at Bastet's option, subject to the fulfillment of the following conditions
at or prior to the time of the Closing:

          8.1 Representations, Warranties, Covenants.

               (a) Each of the representations and warranties of Buyer contained
     in this Agreement shall be true and accurate in all material respects
     (except to the extent changes are permitted or contemplated pursuant to
     this Agreement) both on the date of this Agreement and as if made on and as
     of the Closing Date; and

               (b) Buyer shall have performed and complied in all material
     respects with each and every covenant and agreement required by this
     Agreement to be performed or complied with by it prior to or at the Closing
     (including the delivery of the Cash Purchase Price).

          8.2 Proceedings.

               (a) No action or proceeding shall have been instituted and be
     pending before any court or governmental body to restrain or prohibit, or
     to obtain a material amount of damages in respect of, the consummation of
     the Sale or the Assumption that, in the reasonable opinion of Bastet, may
     reasonably be expected to result in a preliminary or permanent injunction
     against such consummation or, if the Sale or the Assumption were
     consummated, an order to nullify or render ineffective this Agreement or
     the Sale or the Assumption or for the recovery against Bastet of a material
     amount of damages; and

               (b) none of the parties to this Agreement shall have received
     written notice from any governmental body of (i) such governmental body's
     intention to institute any action or proceeding to restrain or enjoin or
     nullify this Agreement or the Sale or the Assumption, or to commence any
     investigation (other than a routine letter of inquiry, including, without
     limitation, a routine Civil Investigative Demand) into the consummation of
     the Sale or the Assumption, or (ii) the actual commencement of such an
     investigation, in each case which remains pending or open.

          8.3 FCC Authorization. The FCC Approval Date shall have occurred with
respect to all Required FCC Consents and all Required FCC Consents shall be in
full force and effect.

          8.4 Hart-Scott-Rodino. Any applicable waiting period under the
Hart-Scott-Rodino Act shall have expired or been terminated.

                                       14

<PAGE>

          8.5 Purchase Price. The Existing Station Indebtedness will have been
determined as provided in Section 2.1.

          8.6 Other Instruments. Buyer shall have delivered, or shall stand
ready to deliver, to Bastet such instruments, documents, and certificates as are
contemplated by Section 2.3(b).

                                   ARTICLE IX

                                    REMEDIES

          9.1 Bulk Sales Indemnity. Buyer and Bastet have jointly determined
that there will be no attempt to comply with the notice provisions of any bulk
sales law which may apply to the purchase and sale of the Station Assets
pursuant to this Agreement. Buyer will indemnify and hold Bastet harmless from
and against any and all damages, claims, losses, expenses, costs, obligations,
and liabilities, including, without limiting the generality of the foregoing,
liabilities for reasonable attorneys' fees and expenses, suffered directly or
indirectly by Bastet by reason of or arising out of non-compliance with any such
bulk sales law.

          9.2 Acknowledgment by Buyer. Buyer has conducted, to its
satisfaction, an independent investigation and verification of the financial
condition, results of operations, assets, liabilities, properties and projected
operations of the Station and the Station Assets. In determining to proceed with
the transactions contemplated by this Agreement, Buyer has relied, and will
rely, on the representations, warranties and covenants of Bastet and Stockholder
set forth in this Agreement and the results of such independent investigation
and verification. BUYER ACKNOWLEDGES THAT BASTET AND STOCKHOLDER MAKE NO
REPRESENTATION OR WARRANTY IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED
HEREBY OTHER THAN AS EXPRESSLY SET FORTH IN THIS AGREEMENT. BUYER FURTHER
UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT ALL OTHER REPRESENTATIONS AND
WARRANTIES OF ANY KIND OR NATURE (INCLUDING, WITHOUT LIMITATION, ANY
REPRESENTATION OR WARRANTY RELATING TO THE PROJECTED, FUTURE OR HISTORICAL
FINANCIAL CONDITION, RESULTS OR OPERATIONS, ASSETS OR LIABILITIES RELATING TO
THE STATION), EXPRESS OR IMPLIED, ARE SPECIFICALLY DISCLAIMED BY BASTET AND
STOCKHOLDER.

                                   ARTICLE X

                           TERMINATION/MISCELLANEOUS

          10.1 Termination of Agreement Prior to the Closing Date. This
Agreement may be terminated at any time on or prior to the Closing as follows:

                                       15

<PAGE>

               (a) By Bastet or Stockholder. By Bastet, by written notice (a
     "Termination Notice") to Buyer at any time after the seventh anniversary of
     the date of this Agreement, if (I) the Closing has not occurred on or prior
     to the date upon which such Person's Termination Notice is given, and (II)
     any conditions to closing set forth in Article VIII has not been either
     satisfied or waived by Bastet and the absence of satisfaction of any such
     condition to closing is not caused solely by a breach by Bastet and/or
     Stockholder of its or his obligations under this Agreement.

               (b) By Buyer. By Buyer, by written notice to Bastet and
     Stockholder, at any time.

Neither Buyer, Bastet nor Stockholder shall have any liability to any of the
other of them for costs, expenses, damages (consequential or otherwise), loss of
anticipated profits, or otherwise as a result of a termination pursuant to this
Section 10.1. This Article X will survive the termination of this Agreement
pursuant to this Section 10.1.

          10.2 Remedies. In the event of a breach of any of Bastet's or
Stockholder's obligations under this Agreement, Buyer, in addition to being
entitled to exercise all rights provided herein or granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The parties hereto agree that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach of any such
obligations of Bastet or Stockholder.

          10.3 Expenses. Except as otherwise expressly provided in this
Agreement, each of Bastet, Stockholder and Buyer shall bear all of its expenses
incurred in connection with the transactions contemplated by this Agreement,
including, without limitation, accounting and legal fees incurred in connection
herewith; provided that Buyer will reimburse Bastet for all reasonable
out-of-pocket expenses incurred by Bastet in connection with the Closing.

          10.4 Assignments; Exercise in Part. This Agreement shall not be
assigned by Bastet or Stockholder without the prior written consent of Buyer;
provided that after the Closing, Bastet may assign its rights pursuant to this
Agreement to any other Person in connection with the dissolution, liquidation or
winding up or administration of the affairs of Bastet; and further provided
that, whether or not any requisite consent of Buyer has been obtained, this
Agreement will be binding upon all successors of Bastet and Stockholder, whether
by operation of law or otherwise (except that this proviso shall not apply to
any transfer or disposal pursuant to the Pledge Agreement). Any attempt by
Bastet or Stockholder to assign this Agreement without first obtaining the
consent of Buyer shall be void. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
permitted assigns. This Agreement may be assigned in whole or in part by Buyer
without the prior written consent of Bastet or Stockholder to any Person
(provided that no such assignment shall relieve the assigning Person of any of
its obligations or liabilities hereunder).

                                       16

<PAGE>

          10.5 Further Assurances. From time to time prior to, at, and after
the Closing Date, each party hereto will execute all such instruments and take
all such actions as another party hereto, being advised by counsel, shall
reasonably request in connection with carrying out and effectuating the intent
and purpose hereof, and all transactions and things contemplated by this
Agreement, including, without limitation, the execution and delivery of any and
all confirmatory and other instruments, in addition to those to be delivered on
the Closing Date, as the case may be, and any and all actions which may
reasonably be necessary to complete the transactions contemplated hereby.

          10.6 Notices. All notices, demands, and other communications which
may or are required to be given hereunder or with respect hereto shall be in
writing, shall be delivered personally or sent by nationally recognized
overnight delivery service, charges prepaid, or by registered or certified mail,
return-receipt requested, and shall be deemed to have been given or made when
personally delivered, the next business day after delivery to such overnight
delivery service, three (3) days after deposited in the mail, first class
postage prepaid, as the case may be, addressed as follows:

          (a)  If to Bastet:

               Bastet Broadcasting, Inc.
               806 South Cassingham Road
               Bexley, OH 43209
               Attention:  Mr. David Smith, President

               with a copy (which will not constitute
               notice to Bastet) to:
               --------------------

               Arter & Hadden
               1801 K Street N.W.
               Suite 400K
               Washington, DC  20006
               Attention:  Howard Liberman, Esq.

or to such other address and/or with such other copies as Bastet may from time
to time designate by notice to Buyer and Stockholder given in accordance with
this Section 10.6;

                                       17

<PAGE>

          (b)  If to Stockholder:

               806 South Cassingham Road
               Bexley, OH 43209

               with a copy (which will not constitute
               notice to Stockholder) to:
               -------------------------

               Piliero Goldstein Jenkins & Hall, L.P.
               292 Madison Avenue
               New York, NY 10017
               Attention: Ed Goldstein, Esq.

or to such other address and/or with such other copies as Stockholder may from
time to time designate by notice to Buyer and Bastet given in accordance with
this Section 10.6;

          (c)  If to Buyer:

               200 Abington Executive Park
               Suite 201
               Clarks Summit, PA  18422
               Attention: Perry A. Sook, Chief Executive Officer

               with copies (which will not constitute
               notice to Buyer) to:
               -------------------

               ABRY Partners
               18 Newbury Street
               Boston, MA 02116
               Attention: Jay Grossman

               and
               ---

               Kirkland & Ellis
               153 East 53rd Street
               New York, NY  10022
               Attention: John L. Kuehn, Esq.

or to such other address and/or with such other copies as Buyer may from time to
time designate by notice to Bastet and Stockholder given in accordance with this
Section 10.6.

          10.7 Captions. The captions of Articles and Sections of this
Agreement are for convenience only, and shall not control or affect the meaning
or construction of any of the provisions of this Agreement.

                                       18

<PAGE>

          10.8 Law Governing. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED,
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA
WITHOUT REFERENCES TO ITS PRINCIPLES OF CONFLICT OF LAWS, EXCEPT TO THE EXTENT
THAT THE FEDERAL LAW OF THE UNITED STATES GOVERNS THE TRANSACTIONS CONTEMPLATED
HEREBY.

          10.9 Consent to Jurisdiction, Etc. SUBJECT TO SECTION 10.16, IN THE
EVENT OF ANY ACTION OF PROCEEDING WITH RESPECT TO ANY MATTER PERTAINING TO THIS
AGREEMENT, THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY CONSENT TO THE
NON-EXCLUSIVE JURISDICTION AND VENUE OF THE COURTS OF THE COMMONWEALTH OF
PENNSYLVANIA AND OF ANY FEDERAL COURT LOCATED IN THE COMMONWEALTH OF
PENNSYLVANIA IN CONNECTION WITH ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THE TRANSACTION DOCUMENTS. THE PARTIES HERETO HEREBY WAIVE PERSONAL
SERVICE OF ANY PROCESS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING AND
AGREE THAT THE SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL
ADDRESSED TO OR BY PERSONAL DELIVERY IN ACCORDANCE WITH SECTION 10.6. IN THE
ALTERNATIVE, IN ITS DISCRETION, ANY OF THE PARTIES HERETO MAY EFFECT SERVICE
UPON ANY OTHER PARTY IN ANY OTHER FORM OR MANNER PERMITTED BY LAW.

          10.10 Waiver of Provisions. The terms, covenants, representations,
warranties, and conditions of this Agreement may be waived only by a written
instrument executed by the Person waiving compliance. The failure of Buyer,
Bastet or Stockholder at any time or times to require performance of any
provision of this Agreement shall in no manner affect the right at a later date
to enforce the same. No waiver by Buyer, Bastet or Stockholder of any condition
or the breach of any provision, term, covenant, representation, or warranty
contained in this Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be or construed as a further or continuing waiver
of any such condition or of the breach of any other provision, term, covenant,
representation, or warranty of this Agreement.

          10.11 Counterparts. This Agreement may be executed in two (2) or more
counterparts, and all counterparts so executed shall constitute one (1)
agreement binding on all of the parties hereto, notwithstanding that all the
parties hereto are not signatory to the same counterpart.

          10.12 Entire Agreement/Amendments. This Agreement (including the
Schedules hereto) constitutes the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes any and all prior and
contemporaneous agreements, understandings, negotiations, and discussions,
whether oral or written, between them relating to the subject matter hereof. No
amendment or waiver of any provision of this Agreement shall be binding unless
executed in writing by the party to be bound thereby. The parties intend that
this Agreement be in full compliance with all published rules, policies and
orders of the FCC. If the FCC orders that the

                                       19

<PAGE>

parties change any term of this Agreement, then the parties will attempt to do
so, consistent with said FCC order and the overall intent of this Agreement.

          10.13 Access to Books and Records.

               (a) Buyer shall preserve for not less than five (5) years after
     the Closing Date all books and records included in the Station Assets.
     After such five-year period, Buyer will not destroy any books or records
     relating to the conduct of business of the Station prior to the Closing
     unless Buyer first offers to transfer such books and records to Bastet at
     no cost to Bastet, and if Buyer is requested to do so, Buyer will transfer
     such books or records to Bastet.

               (b) After the Closing, Bastet will not destroy any books or
     records relating to the conduct of business of the Station prior to the
     Closing Date unless Bastet first offers to transfer such books and records
     to Buyer, and if Bastet is requested to do so, Bastet will transfer such
     books or records to Buyer.

               (c) At the request of any other party to this Agreement, Buyer,
     Bastet and Stockholder will permit each other (including such other party's
     officers, employees, accountants, and counsel) any access, upon reasonable
     prior written notice during normal business hours, to all of its property,
     accounts, books, contracts, records, accounts payable and receivable,
     records of employees, FCC logs and other information concerning the affairs
     or operation of the Station as such other party to this Agreement may
     reasonably request for any reasonable purpose, and to make extracts or
     copies from the foregoing at the requesting party's expense.

          10.14 Public Announcements. Prior to the Closing, no party to this
Agreement shall, except by mutual agreement with all other parties to this
Agreement (including agreement as to content, text and method or distribution or
release), make any press release or other public announcement or disclosure
concerning the transactions contemplated by this Agreement, except as may be
required by any Legal Requirement (including, without limitation, filings and
reports required to be made with or pursuant to the rules of the Securities and
Exchange Commission); provided that, prior to making any such announcement or
disclosure required by any Legal Requirement, to the extent practicable, the
disclosing Person gives each other party to this Agreement prior written notice
of the context, text and content of, the method of distribution or release of,
and all other material facts concerning, such disclosure. After the Closing,
neither Bastet nor Stockholder will, except with Buyer's prior written consent
(including agreement as to content, text and method or distribution or release),
make any press release or other public announcement or disclosure concerning the
transactions contemplated by this Agreement, except as may be required by any
Legal Requirement (including, without limitation, filings and reports required
to be made with or pursuant to the rules of the Securities and Exchange
Commission); provided that, prior to making any such announcement or disclosure
required by any Legal Requirement, to the extent practicable, Bastet or
Stockholder (as the case may be) gives Buyer prior written notice of the
context, text and content of, the method of distribution or release of, and all
other material facts concerning, such disclosure.

                                       20

<PAGE>

          10.15 Definitional Provisions.

               (a) Terms Defined in Appendix. Each capitalized term which is
     used and not otherwise defined in this Agreement or any Schedule to this
     Agreement has the meaning which is specified for such term in the Appendix
     which is attached to this Agreement.

               (b) Gender and Number. Words used in this Agreement, regardless
     of the gender and number specifically used, will be deemed and construed to
     include any other gender, masculine, feminine or neuter, and any other
     number, singular or plural, as the context requires.

          10.16 Arbitration.

               (a) Generally. Buyer, Bastet and Stockholder agree that the
     arbitration procedures described in this Section 10.16 will be the sole and
     exclusive method of resolving and remedying any claim for indemnification
     or other remedy arising under this Agreement (collectively, "Disputes");
     provided that nothing in this Section 10.16 will prohibit a party from
     instituting litigation to enforce any Final Arbitration Award. Buyer,
     Bastet and Stockholder agree that, except as otherwise provided in the
     Commercial Arbitration Rules of the American Arbitration Association as in
     effect from time to time (the "AAA Rules"), the arbitration procedures
     described in this Section 10.16 and any Final Arbitration Award will be
     governed by, and will be enforceable pursuant to, the Uniform Arbitration
     Act as in effect in the Commonwealth of Massachusetts from time to time. No
     Person will be entitled to claim or recover punitive damages in any such
     proceeding.

               (b) Notice of Arbitration. If Buyer, Bastet or Stockholder
     asserts that there exists a Dispute, then such Person (the "Disputing
     Person") will give the other party involved in such Dispute a written
     notice setting forth the nature of the asserted Dispute. If the Persons
     giving and receiving such notice (the "Disputing Parties") do not resolve
     any such asserted Dispute prior to the tenth Business Day after such notice
     is given, then either Disputing Party may commence arbitration pursuant to
     this Section 10.16 by giving the other Disputing Party a written notice to
     that effect (an "Arbitration Notice"), setting forth any matters which are
     required to be set forth therein in accordance with the AAA Rules.

               (c) Selection of Arbitrator. The Disputing Parties will attempt
     to select a single arbitrator by mutual agreement. If no such arbitrator is
     selected prior to the twentieth Business Day after the related Arbitration
     Notice is given, then an arbitrator which is experienced in matters of the
     type which are the subject matter of the Dispute will be selected in
     accordance with the AAA Rules.

               (d) Conduct of Arbitration. The arbitration will be conducted
     under the AAA Rules, as modified by any written agreement between the
     Disputing Parties. The arbitrator will conduct the arbitration in a manner
     so that the final result, determination,

                                       21

<PAGE>

     finding, judgment or award determined by the arbitrator (the "Final
     Arbitration Award") is made or rendered as soon as practicable, and the
     parties will use reasonable efforts to cause a Final Arbitration Award to
     occur not later than the sixtieth day after the arbitrator is selected. Any
     Final Arbitration Award will be final and binding upon the Disputing
     Parties, and there will be no appeal from or reexamination of any Final
     Arbitration Award, except in the case of fraud, perjury or evident
     partiality or misconduct by the arbitrator prejudicing the rights of a
     Disputing Party or to correct manifest clerical errors.

               (e) Enforcement. Buyer, Bastet and Stockholder agree that a
     Final Arbitration Award may be enforced in any state or federal court
     having jurisdiction over the subject matter of the related Dispute.

               (1) Expenses. A prevailing party in any arbitration proceeding
     in connection with this Agreement shall be entitled to recover from the
     non-prevailing party its reasonable attorneys' fees and disbursements in
     addition to any damages or other remedies awarded to such prevailing party,
     and the non-prevailing party also will be required to pay all other costs
     and expenses associated with the arbitration; provided that if an
     arbitrator is unable to determine that a party is a prevailing party in any
     such arbitration proceeding, then such costs and expenses will be equitably
     allocated by such arbitrator upon the basis of the outcome of such
     arbitration proceeding, and if such arbitrator is unable to allocate such
     costs and expenses and expenses in such a manner, then the costs and
     expenses of such arbitration will be paid in equal amounts by the Disputing
     parties, and each Disputing Party will pay the out-of-pocket expenses
     incurred by it. As part of any Final Arbitration Award, the arbitrator may
     designate the prevailing party for purposes of this Section 10.16. Except
     as provided in the preceding sentences, each party to this Agreement will
     bear its own costs and expenses (including legal fees and disbursements) in
     connection with any such proceeding or submission.

                                    * * * * *

22

<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed by their duly authorized officers, all as of the day and year first
above written.

WITNESS:                                 BASTET BROADCASTING, INC.

[illegible signature]                    By: [illegible signature]
-------------------------                    -------------------------
Name:                                        Name:
                                             Title:

WITNESS:
                                         /s/ David Smith
                                         -----------------------------
                                         David Smith
[illegible signature]
-------------------------
Name:

WITNESS:                                 NEXSTAR BROADCASTING GROUP, L.L.C.

[illegible signature]                    By: [illegible signature]
-------------------------                    -------------------------
Name:                                        Name:
                                             Title:

                                       23

<PAGE>

                                    APPENDIX

          The following capitalized terms have the following meaning when used
in this Agreement and the Schedules attached to this Agreement:

          A "Business Day" means any day other than a Saturday, Sunday or other
day upon which banks in Boston, Massachusetts are not open for business.

          "Closing Date" means the date upon which the Closing occurs.

          "Communications Act" means the Communications Act of 1934, as in
effect from time to time.

          With respect to any Contract, a "Consent" means any consent or
approval of any Person other than any party to this Agreement which, in
accordance with the terms of such Contract, is required to be obtained in order
to permit the consummation of the Sale or the Assumption.

          "Contract" means any agreement, lease, arrangement, commitment, or
understanding to which Bastet with respect to the Station is a party.

          "Equity Securities" means (i) any of Bastet's capital stock,
partnership, members, joint venture or other ownership or equity interest,
participation or securities (whether voting or non-voting, whether preferred,
common or otherwise, and including any stock appreciation, contingent interest
or similar right) and (ii) any option, warrant, security or other right
(including debt securities) directly or indirectly convertible into or
exercisable or exchangeable for, or otherwise to acquire directly or indirectly,
any stock, interest, participation or security described in clause (i) above.

          "Existing Station Indebtedness" means the indebtedness (including
interest thereon) relating to the acquisition by Bastet of the Station and
incurred by Bastet pursuant to the Credit Agreement dated as of January 5, 1998
among Bastet, various banks, Bank of America National Trust and Savings
Association and BancAmerica Robertson Stephens, as the same has been or may be
amended or modified and as in effect from time to time.

          "FCC" means the Federal Communications Commission or any successor
thereto.

          "FCC Approval Date" means the first day upon which each Required FCC
Consent is effective.

          "Hart-Scott-Rodino Act" means the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as in effect from time to time.

         "Legal Requirements" means the Communications Act, the rules,
regulations and published policies of the FCC, and all other federal, state and
local laws, rules, regulations, ordinances, judgments, orders and decrees.

                                       24

<PAGE>

          "Lien" means any mortgage, pledge, hypothecation, encumbrance, lien
(statutory or otherwise), preference, priority or other security agreement of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement and any lease having substantially the same effect as any of
the foregoing and any assignment or deposit arrangement in the nature of a
security device).

          "Option Expiration Date" means the seventh anniversary of the date of
this Agreement.

          A "Person" means any individual, partnership, joint venture,
corporation, trust, unincorporated association or government or department
thereof.

          A "Required FCC Consent" means any action or order by the FCC granting
its consent to the consummation of a Sale pursuant to this Agreement without any
condition which in the reasonable judgment of Buyer or Bastet is adverse to
Buyer or Bastet, as the case may be, in any material respect.

          "Transaction Documents" means this Agreement and all other documents
executed and delivered in connection therewith, in each case as in effect from
time to time.

                                       25<PAGE>
                                                                   Exhibit 10.48

                            TIME BROKERAGE AGREEMENT

     This Time Brokerage Agreement is made and entered into this 1 day of April,
1996, by and between SJL Communications, L.P., a Delaware limited partnership,
with SJL Communications, Inc., a Delaware corporation, as its general partner
("Time Broker") and proposed licensee of WFXP-TV, Channel 66, Erie, Pennsylvania
(the "Station"), NV Acquisition Co., a Georgia corporation, or its assignees
(collectively "Licensee"), and

                                   WITNESSETH:

     WHEREAS, Licensee has entered into a Purchase and Sale Agreement between
Licensee and Erie Broadcasting, Inc., a Pennsylvania corporation (the
"Company"), dated February 27, 1996 (the "Purchase Agreement"), to acquire
substantially all of the assets of the Company; and

     WHEREAS, Time Broker is the proposed assignee of Station WICU, Erie,
Pennsylvania under a Stock Purchase Agreement dated February 2, 1996 (the "WICU
Agreement"); and

     WHEREAS, Time Broker desires to acquire from Licensee some of the Station's
airtime and Licensee is willing to sell certain airtime of the Station to Time
Broker, in accordance with applicable law, including the Communications Act of
1934, as amended, and the rules, regulations and policies of the FCC
(collectively, the "FCC Rules");

     NOW, THEREFORE, in consideration of the mutual covenants contained herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

     1. PROGRAMMING.

        1.1 Sold Time. Licensee agrees to sell and Time Broker agrees to buy,
beginning on the date on which Licensee commences operations of the Station
pursuant to the consummation of the Purchase Agreement (the "Commencement
Date"), One Hundred Sixty Two (162) hours per week of broadcast time on the
Station, subject to adjustment as provided herein (the "Sold Time"). Broadcast
time on the Station not included in the Sold Time (the "Retained Time") shall be
retained by Licensee. Specific hours of Retained Time shall be determined by the
mutual agreement of the parties.

        1.2 Term. Unless terminated earlier in accordance with the express
provisions hereof, the Agreement shall begin on the Commencement Date and
continue until the date five (5) years after the Commencement Date. Time Broker
shall have the option to renew this Agreement for one term of five (5) years.
This option may be exercised by written notice by Time Broker to Licensee at
any time before ninety (90) days prior to expiration of the initial term.

<PAGE>

          1.3 Use of Sold Time. Subject to the FCC Rules and the limitations
contained herein, the Sold Time shall be programmed by Time Broker, which
programming shall be in full service format and may include entertainment,
music, news and commercials selected by Time Broker (the "Programming"). The
Programming shall include (a) public service announcements (including, at
Licensee's request from time to time, a reasonable number of public service
announcements of local interest supplied by Licensee) (b) an announcement in
form sufficient to meet the station identification requirements of the FCC at
the beginning of each hour, and (c) any other announcement that may be required
by applicable law or regulation (including but not limited to Emergency
Broadcast System tests). Notwithstanding these requirements, it is understood by
both parties that (i) the duty to assure that the Station complies with all FCC
Rules remains with Licensee, and (ii) Time Broker shall provide such additional
public services programming as Licensee may require of it from time to time to
assist Licensee in the fulfillment of these duties. Time Broker shall not under
any circumstances be liable for any damages arising out of any determination
that the Station has failed to meet its programming obligations or that Licensee
has failed to operate the Station in the public interest.

          1.4 Use of Retained Time. Licensee shall use the Retained Time to
present such public service programming on the Station as Licensee determines is
appropriate ("Licensee's Programming"). Licensee's Programming shall be
responsive to the problems, needs and interests which Licensee has ascertained
of persons in the community of license and service area of the Station, shall
total no less than two (2) hours per calendar week, all of which shall be
locally focused, and shall not be designed to impair the value of the Sold Time.

          1.5 Preemption. Licensee may, from time to time, preempt portions of
the Programming to broadcast emergency information or national or local
noncommercial programs it deems would better serve the public interest, and may
refuse to broadcast any program or announcement of Time Broker should Licensee
deem such program or announcement to be contrary to the public interest. Time
Broker shall be notified, unless such advance notice is impossible or
impractical, at least one week in advance of any preemption of any of the
programming for the purpose of broadcasting programs Licensee deems necessary to
serve the public interest. In the event of any such preemption, Time Broker
shall receive cash payment in an amount equal to the Quarterly Fee (as defined
below) multiplied by a ratio the numerator of which is the number whole or
partial hours preempted and the denominator of which is the number of hours of
Sold Time for the month in which the preemption occurs. Licensee represents that
preemption shall only occur to the extent Licensee deems necessary to carry out
its obligations as an FCC licensee, and expressly agrees that its right of
preemption shall not be exercised in an arbitrary manner or for the commercial
advantage of Licensee. At the sole election of Time Broker, any preemption of
more than five (5) hours in any calendar day or of more than fourteen (14)

                                       2

<PAGE>

hours over any seven (7) consecutive calendar days or thirty-five (35) hours per
year may be treated as an Event of Default (as defined in Section 8).

          1.6  Compliance with Standards.  All Programming delivered by Time
Broker shall be in material accordance with applicable statutes and FCC
requirements. If, in the reasonable judgment of Licensee, Time Broker does not
materially adhere to the foregoing requirement, Licensee may suspend or cancel
any specific program not in compliance with this Section after advising Time
Broker in writing of the specific deficiencies.

          1.7  Program Rights.  All right, title and interest in and to all
programs provided by Time Broker hereunder, and the right to authorize the use
of such programs in any manner and in any media whatsoever, shall be and remain
vested at all times solely in Time Broker. On the Commencement Date, Licensee
shall assign to Time Broker all of the Station's contracts that are being
assigned to Licensee by the Company under the Purchase Agreement which are
either (a) scheduled on the Purchase Agreement; or (b) approved by Time Broker
and entered into between the date of the Purchase Agreement and the
Commencement Date. In addition, Licensee shall assign all existing contracts
for the sale of time on the Station which are entered into by the Company in the
ordinary course of business, consistent with past practice, and are listed on
the Purchase Agreement or cancellable by the Station with no more than thirty
(30) days notice. In the event that this Agreement is terminated, Time Broker
and Licensee will cooperate fully in effecting the reassignment of any such
contracts to Licensee.

     2.  PAYMENTS.

          2.1  Upon the execution and delivery of this Agreement, Time Broker
shall pay to Licensee, in immediately available funds, $175,000. This payment is
nonrefundable.

          2.2  In addition, Time Broker shall pay Licensee, in immediately
available funds, by wire transfer or cashier's check, $265,000 upon the
Commencement Date of this Agreement.

          2.3  Quarterly Fee.  Time Broker shall pay to Licensee a quarterly LMA
fee of $300,000, payable on the first day of each calendar quarter, subject
to periodic revisions by agreement of the parties. (A prorated portion of
the LMA fee shall be payable for the stub quarters in which this Agreement
commences and terminates).

     3.  EXPENSES.

        3.1  Programming Costs.  Time Broker shall be responsible for its costs
associated with the production, development and promotion of the Programming,
and the sale

                                       3

<PAGE>

of air time on the Station during hours in which the Programming airs,
including, but not limited to, any expenses incurred in the origination and/or
delivery of such Programming from any remote locations, and for any publicity or
promotional expenses incurred by Licensee or Time Broker, including without
limitation, ASCAP, BMI and SESAC music license fees for all such programs
provided by Time Broker.

          3.2  Maintenance.  All equipment necessary for broadcasting by the
Station shall be maintained by Licensee in a condition consistent with good
engineering practices and in compliance in all material respects with the
applicable rules, regulations and technical standards of the FCC.

          3.3  Capital Expenditures.  All capital and other extraordinary
expenditures reasonably required to maintain the technical quality of the
Station's signals shall be made in a timely fashion by Licensee, whose costs
therefor shall be reimbursed promptly on submission to Time Broker.

          3.4  Operating Expenses.  Licensee will be solely responsible
for payment of all Station expenses necessary to fulfill Licensee's FCC
obligations and to transmit the Programming, and will be responsible for the
salaries, taxes, insurance and related costs for all of its Station personnel.
Without limiting the generality of the foregoing, Licensee will be responsible
for all costs associated with the Station's towers, transmitters, antennas,
offices, main studio and equipment, including but not limited to maintenance,
utilities (such as electrical power, telephone, lighting, heating and cooling)
any telephone or microwave link from the studio to the transmitter site,
provided, however, that capital and other extraordinary expenses will be
reimbursed in accordance with Section 3.3, less any amounts received by Licensee
under Article 9 of the Purchase Agreement, through insurance proceeds, or
otherwise.

     4.  OPERATION OF STATION.  Notwithstanding anything to the contrary in this
Agreement, Licensee shall retain full authority and power with respect to the
operation of the Station during the term of this Agreement, and may take any and
all steps necessary to faithfully and continuously do so throughout the term of
this Agreement. The parties agree and acknowledge that Licensee's continued
control of the Station is an essential element of the continuing validity and
legality of this Agreement. Licensee shall retain control over the policies,
programming and operations of the Station, including, without limitation, the
right to take any actions necessary to comply with the laws of the United
States, the State of Pennsylvania and the rules, regulations, and policies of
the FCC, including the rules regarding the prohibition of unauthorized transfers
of control.

     5.  OBLIGATIONS OF LICENSEE.

          5.1  Employees.  Licensee shall at all times:

                                       4

<PAGE>

               (a) employ no less than the minimum number of employees necessary
to meet its obligations as an FCC licensee; and

               (b) employ a General Manager who will report to Licensee and
direct the performance of Licensee's obligations hereunder and who shall have no
employment, consulting or other material relationship to Time Broker; and

               (c) employ at least one full-time employee to assist the General
Manager in performing Licensee's obligations hereunder, including maintaining
the Station's tower and transmitting equipment, and who shall have no
employment, consulting or other material relationship with Time Broker.

          5.2 Records. Licensee shall be responsible for maintenance of all FCC
required logs and records for the Station, including technical logs, political
and public inspection files as well as quarterly lists of community problems and
programs broadcast in response thereto, Licensee shall promptly provide Time
Broker with a copy of any official correspondence it receives from the FCC or
any other federal, state or local governmental authority, which relates in any
way to, or alleges violation by Licensee, of any law, rule, regulation,
ordinance or any other governmental requirement.

          5.3 Call Letters and Channel Position. During the Term, Licensee (i)
will retain all rights (except as provided in the next following sentence) to
the call letters and trade names such as "WFXP-TV" and "Channel 66"; (ii) will
not change its call letters or channel position; and (iii) will ensure that
proper station identification announcements are made in accordance with the FCC
Rules.

          5.4 Insurance. Licensee shall during the Term of this Agreement keep
in force and effect comprehensive insurance, including casualty, property
damage, business interruption, and liability insurance for the Station that
insures against any liability that may accrue on account of any loss or damage
to the Station's assets.

          5.5 Access to Studio. Licensee shall maintain a main studio consistent
with the FCC Rules at which the General Manager and other full-time employees
would be available during normal business hours. Time Broker may, but shall not
be required to produce and present the Programming from Licensee's main studio,
provided, however, that (i) Licensee shall make available to Time Broker for no
additional consideration those areas in such main studio as may be reasonably
necessary for Time Broker to exercise its rights and perform its obligations
under this Agreement, and (ii) if Time Broker originates the Programming from a
remote site, it shall bear all cost and responsibility for delivery of the
Programming to the Station's transmitters therefrom. In implementing the
provisions of this paragraph, Time Broker agrees upon request of Licensee to
lease to Licensee adequate space

                                       5

<PAGE>

within Time Broker's studio building to which Licensee may relocate the main
studio facilities of the Station. In addition, Licensee shall make availabLe to
Time Broker for no additional consideration the services of Licensee's
employees as may be reasonably necessary to facilitate the performance of Time
Broker's obligations under this Agreement.

     6. OBLIGATIONS OF TIME BROKER.

          6.1 "Pavola" and "Plugola". Time Broker agrees that it will take
appropriate steps to assure that its employees will not accept any consideration
in money, goods, services or otherwise, directly or indirectly, from any person
or company for the playing of music, the presentation of any programming or the
broadcast of any commercial announcement over the Station without reporting the
same to the management of the Licensee and without such broadcast being
announced as sponsored. Time Broker understands that violation of this provision
is "payola" and constitutes a federal crime. It is further understood and agreed
that no commercial message ("plugs") or undue reference shall be made in
programming presented over Station to any business venture, profit-making
activity or other interest (other than non-commercial announcements for bona
fide charities, church activities or other public service activities) without
the same having been approved by the management of the Licensee and said
broadcast being announced as sponsored.

          6.2 Political Broadcasts. Time Broker shall maintain and deliver to
Licensee all records and information required by the FCC to be placed in the
public inspection file of the Station pertaining to the broadcast of political
programming and advertisements, and to the broadcast of sponsored
programming addressing political issues or controversial subjects of public
importance. Time Broker also shall consult with Licensee and adhere to all
applicable statutes and the rules, regulations and written policies of the FCC
as announced from time to time, with respect to the carriage of political
advertisements and programming (including, without limitation, the rights of
candidates and, as appropriate, others to "equal opportunities" and the carriage
of contrasting points of view as mandated by any "fairness" rule with respect to
such "issue-oriented" advertising or programming as may be broadcast) and the
charges permitted therefor. Time Broker shall provide to Licensee such
documentation relating to such Programming as Licensee shall reasonably request.

          6.3 Handling of Communications. Time Broker shall receive and use
reasonable efforts to respond to all mail, cables, telegraph or telephone calls
in connection with the Programming provided by Time Broker. Time Broker shall
advise Licensee of any public or FCC complaint or inquiry known to Time Broker
concerning such Programming, and shall provide Licensee with copies of any
complaint letters to Time Broker from the public.

                                       6

<PAGE>

          6.4 Compliance with Laws. Time Broker shall comply in all material
respects with all applicable federal, state and local laws, rules and
regulations at all times during the term of this Agreement.

     7. INDEMNIFICATION. Each party will indemnify and hold harmless the other
party, and the directors, officers, employees, agents and affiliates of such
other party, from and against any liability, including, without limitation, all
consequential damages and reasonable attorneys' fees, arising out of or incident
to (i) any material breach by such party of a representation, warranty or
covenant made herein, (ii) the programming produced or furnished by such party
hereunder, (iii) the conduct of such party, its employees, contractors or agents
in performing its or their obligations hereunder. Without limiting the
generality of the foregoing, each party will indemnify and hold harmless the
other party, and the directors, officers, employees, agents and affiliates of
such other party, from and against any and all liability for libel, slander,
infringement of trademarks, trade names, or program titles, violation of rights
of privacy, and infringement of copyrights and proprietary rights resulting from
the programming produced or furnished by it hereunder. The parties'
indemnification obligations hereunder shall survive any termination or
expiration of this Agreement.

     8. EVENTS OF DEFAULT. Upon the expiration of the applicable cure periods,
specified below, the following shall constitute Events of Default under this
Agreement:

          8.1 Non Payment. Time Broker's failure to timely pay the consideration
provided for in Section 2;

          8.2 Default in Covenants. Time Broker's or Licensee's material default
in the observance or performance of any covenant, condition or agreement
contained herein; or

          8.3 Breach of Representation. Time Broker's or Licensee's material
breach of representations or warranties made by it herein, or in any certificate
or document furnished pursuant to the provisions hereof, which shall (taken as a
whole) prove to have been false in any material respect as of the time made or
furnished.

          8.4 Cure Periods. An Event of Default shall not be deemed to have
occurred until thirty (30) days (or ten (10) days if a payment default) after
the non-defaulting party has provided the other party with written notice
specifying the actions necessary to cure within such period. This period may be
extended (in writing only and only by the non-defaulting party) for a reasonable
period of time if the defaulting party is acting diligently and in good faith to
cure and such delay is not materially adverse to the other party.

          8.5 Cure of FCC-Related Deficiencies. It is the intention of the
parties that this Agreement comply fully with the FCC Rules concerning
agreements of this nature. In the event that there is any complaint, inquiry,
investigation, or proceeding at the FCC

                                       7

<PAGE>

concerning this Agreement and the relationship between the parties, the parties
shall cooperate fully and share equally the costs in responding to such matter.
The parties also agree to modify this Agreement in any reasonable way required
to maintain compliance with the FCC Rules, preserving to the maximum extent
possible the essential business terms and conditions contained herein.

     9. TERMINATION

        9.1 Termination for Default. Either party may immediately terminate
this Agreement upon the occurrence of an uncured Event of Default by the other
party by giving the other party written notice of such termination.

        9.2 Termination for Change in FCC Rules or Policies. The parties
believe that the terms of this Agreement meet all of the requirements of current
FCC policy for brokerage agreements and agree that they shall negotiate in good
faith to meet any FCC concern with respect to it if they are incorrectly
interpreting current FCC policy or if that policy is modified. If the parties
cannot agree within a reasonable time to modification or modifications deemed
necessary by either party to meet FCC requirements, either party may terminate
this Agreement by giving the other party sixty (60) days written notice of
termination.

        9.3 Termination Relating to Purchase Agreement. This Agreement shall
immediately terminate upon the occurrence of the failure of the Closing (as
defined in the Purchase Agreement) of the Purchase Agreement or the WICU
Agreement.

        9.4 Termination by Licensee. It Licensee terminates this Agreement for
any reason, Licensee agrees that it will assume, perform in good faith and be
responsible for those essential Station obligations (including unfulfilled
advertising contracts cancelable within 30 days) of the type being assumed by
Time Broker at the time this Agreement becomes effective, as well as any
substantially new and different, but normal, operating obligations which
Licensee has approved in writing during the course of this Agreement.

        9.5 Events Upon Termination or Expiration.

            (a) Upon any termination or expiration of this Agreement, subject
to the provisions of Section 9.4 hereof, (i) Licensee shall be under no further
obligation to make available to Time Broker any further broadcast time or
broadcast transmission facilities, and (ii) Time Broker shall be responsible for
debts and obligations of Time Broker resulting from the use of airtime and
transmission facilities during the term of this Agreement; and (iii) Licensee
shall receive and be assigned (free and clear of all liens) all of the accounts
receivable of the Time Broker relating to the station as of the date of
termination.

                                       8

<PAGE>

               (b) No expiration or termination of this Agreement shall limit or
impair any party's rights to receive payments due and owing hereunder on or
before the date of such termination.

               (c) If the parties do not commence the Agreement due to a
material breach by Time Broker by its failure to provide operations pursuant to
this Agreement or failure to pay the fee set forth in Section 2.2 hereof, Time
Broker shall pay Licensee $150,000 as liquidated damages. This provision shall
not apply upon the occurrence of the failure of the Closing (as defined in the
Purchase Agreement) of the Purchase Agreement for any reason or the failure of
the Closing of the WICU Agreement due to (i) a default by Seller thereunder; or
(ii) the failure to meet any one or more of the conditions precedent to Closing
set forth in Article 7 of the WICU Agreement. Licensee and Time Broker hereby
acknowledge and agree that any measure of actual damages cannot compensate
Licensee for the loss of Time Broker's performance under this Agreement prior to
the Commencement Date and that the true measure of damages to Licensee for a
cancellation termination or material breach of this Agreement prior to the
Commencement Date by Time Broker is incapable of accurate estimation with
reasonable certainty. Licensee and Broker therefore agree that it is a fair and
reasonable forecast of just compensation for such harm caused to be measured by
liquidated damages in the amount of $150,000. This liquidated damages provision
shall not apply to a breach or unlawful termination by Time Broker after the
Commencement Date.

     10. ASSIGNMENT. Except as provided in Section 11.3, neither party may
assign its rights and obligations hereunder, in whole or in part, without the
prior written consent of the other, except to an entity under common control.

     11. OPTION TO PURCHASE.

         11.1 Terms and Exercise of Option. Licensee herewith grants Time
Broker an irrevocable option to acquire upon the prior approval of the Federal
Communications Commission, all the assets used and useful in the operation of
the Station, including the licenses, assets, after-acquired property and all the
other rights associated with the use of new technology that may be obtained or
used by the Station upon the terms and conditions set forth herein (the
"Option"). Said Option may be exercised at any time during the term of this
Agreement upon written notice by Time Broker to Licensee. During the term of
this Option, Licensee shall keep the assets which are the subject of this Option
free and clear of all liens, claims and encumbrances of any kind or nature,
other than this Option and the security interest pursuant to the Debt, as
defined below, or as consented to by the Time Broker.

         11.2 Exercise Price. The exercise price shall be $3,000,000, plus an
assumption of (a) Licensee's senior secured debt in the initial principal amount
of $3,500,000

                                       9

<PAGE>

or less, as amortized to the date of closing under the Option (the "Debt"), and
(b) expenses of Licensee related to operation of the Station which have not
previously been paid from the quarterly fee payable pursuant to Section 2.3.
Upon receipt of notice of exercise, Time Broker and Licensee shall, within
fifteen (15) days thereof, (i) enter into an Asset Purchase Agreement for the
sale of the Station to Time Broker, which shall contain such terms and
conditions as are customary and usual between parties in like circumstances, and
(ii) prepare and file with the Federal Communications Commission an application
for the assignment of licenses of Station WFXP-TV to the Time Broker. All filing
fees, reasonable costs, and expenses of the parties associated with said
application shall be borne by the Time Broker.

          11.3 Assignment. Time Broker may assign its Option to purchase without
the consent of the Licensee.

     12. MISCELLANEOUS

          12.1 Notices. All communications or notices required or permitted by
this Agreement shall be in writing and shall be deemed to have been given at the
earlier of the date when actually delivered to an officer of the other party, or
when sent by telecopy or facsimile machine to the number shown below, or when
properly deposited for delivery by commercial overnight delivery service,
prepaid, or by deposit in the United States mail, certified or registered mail,
postage prepaid, return receipt requested, and addressed as follows, unless and
until either of such parties notifies the other in accordance with this Section
of a change of address or change of telecopy number:

          If to Licensee:

                  NV Acquisition Co.
                  5784 Lake Forrest Drive, Suite 275
                  Atlanta, Georgia 30328
                  Attention: Jason Elkin
                  Telecopy No.: (404) 257-9517

          With a copy to:

                  Gray & Gilliland, P.C.
                  Suite 1050, North Terraces
                  400 Perimeter Center Terrace
                  Atlanta, Georgia 30346
                  Attention:  Neil H. Dickson, Esq.
                  Telecopy No.: (770) 392-4808

                                       10

<PAGE>
          If to Time Broker:

                  SJL Communications, Inc.
                  633 Picacho Lane
                  Montecito, California 93108
                  Attention: George D. Lilly
                  Telecopy No.: (805) 969-2399

          With a copy to:

                  Hodgson, Russ, Andrews, Woods & Goodyear, LLP
                  1800 One M&T Plaza
                  Buffalo, New York 14203-2391
                  Attention: Pamela D. Heilman, Esq.
                  Telecopy No.: (716) 849-0349

          And

                  Latham & Watkins
                  1001 Pennsylvania Avenue, N.W., Suite 1300
                  Washington, D.C. 20004,
                  Attention: Eric L. Bernthal, Esq.
                  Telecopy No.: (202) 637-22Oi

          And

                  Robert D. McCurdy
                  3202 Third Avenue North
                  Billings, Montana 59103
                  Telecopy No.: (406) 252-9144

          12.2 Entire Agreement. This Agreement embodies the entire
understanding between the parties and there are no other agreements,
representations, warranties, or understanding, oral or written, between them
with respect to the subject matter hereof.

          12.3 Modification and Waiver. This Agreement may not be amended,
changed, modified or altered except in writing executed by all parties with the
same formality as this Agreement is executed. No modification or waiver of any
provision of this Agreement shall in any event be effective unless the same
shall be in writing signed by the party against whom the waiver is sought to be
enforced, and then such waiver and consent shall be effective only in the
specific instance and for the purpose for which given.

          12.4 Time of Essence. Time is of the essence of this Agreement.

                                       11

<PAGE>

          12.5 No Waiver; Remedies Cumulative. No failure or delay on the part
of Licensee or Time Broker in exercising any right or power hereunder shall
operate as a waiver of that party's right to demand exact compliance with the
terms hereof, nor any single or partial exercise of any such right or power,
shall preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of Licensee and Time Broker herein
provided are cumulative and are not exclusive of any rights or remedies which
they may otherwise have.

          12.6 Severability. If any provision of this Agreement is held to be
invalid, illegal or unenforceable, in whole or in part, this shall not affect
any other provision hereof, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision or provisions had not been contained
herein.

          12.7 Transition. On the Commencement Date, Licensee shall assign and
convey to Time Broker all the current accounts receivable and trade and barter
agreements of the Station.

          12.8 License of Intellectual Property. Licensee hereby grants Time
Broker a license for the exclusive use (or, the extent Licensee does not hold
exclusive rights, the non-exclusive use) of all intellectual property owned by
or licensed to Licensee and used in the operation of the Station (including, but
not limited to logos, jingles and promotional materials) (the "IP License").
Licensee agrees to execute such additional documentation as may be necessary to
effectuate the IP License. In the event of termination of this Agreement, the IP
License shall terminate; provided, however, that Time Broker shall own all
trademarks, service marks, trade names, characters, formats, logos and
positioning statements which it develops for the Programming during the term of
this Agreement, and Licensee may not make use of any such materials without the
consent of Time Broker.

          12.9 Specific Performance. Licensee agrees that benefits to be
attained by Time Broker are unique and cannot be readily obtained on the open
market and that Time Broker will be irreparably injured if this Agreement is not
specifically enforced. Therefore, notwithstanding the indemnification provisions
of this Agreement, Time Broker shall have the right to enforce specifically
Licensee's performance of under this Agreement, and Licensee agrees to waive the
defense in any such suit that Time Broker has an adequate remedy at law and to
interpose no opposition, legal or otherwise, as to the propriety of specific
performance as remedy, including, without limitation, arguments of licensee
primacy or primary jurisdiction in the Federal Communications Commission. The
remedies described in this Section shall be in addition to, and not in lieu of,
any other remedies that Time Broker may elect to pursue.

          12.10 Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Pennsylvania.

                                       12

<PAGE>

          12.11  Successors and Assigns.  This Agreement shall be binding upon,
inure to the benefit of, and be enforceable by and against all the parties and
their respective successors and assigns, including, without limitation, any
transferees or assignees of any kind of the FCC license for the Station.

          12.12  Force Majeure.  No failure or impairment (i.e., failure to
broadcast at the Station's full authorized height and power) of the facilities
of the Station or any delay or interruption in the broadcast of the Programming,
or failure at any time to furnish facilities, in whole or in part, for
broadcasting, due to acts of God, strikes or threats thereof or force majeure or
due to other causes beyond the reasonable control of the parties shall
constitute an Event of Default under this Agreement unless the occurrence
thereof shall last for 36 consecutive hours. Licensee shall allow in any case of
failure or impairment of the Station's facilities an appropriate credit to Time
Broker for time or broadcasts not provided, based upon a pro rata adjustment to
the Quarterly Fee in accordance with the length of time during which the failure
or impairment exists.

          12.13  Headings.  The headings contained in this Agreement are
included for convenience only and no such heading shall in any way alter the
meaning of any provision.

          12.14  Relationship, of Parties.  The parties agree that nothing
herein shall constitute a joint venture between them. Neither Licensee nor
Time Broker will be deemed to be the agent, partner or representative of the
other party to this Agreement, and neither party is authorized to bind the other
to any contract, agreement or understanding.

          12.15  Cooperation.  Each party will cooperate with the other with
respect to establishing and attaining the strategic and operational goals of the
Station.

          12.16  Representations.  Both Licensee and Time Broker represent that
they are legally qualified, empowered, and able to enter in to this Agreement,
and that it has been reviewed and approved by their respective counsel,
including counsel specializing in FCC matters. Licensee represents and warrants
as follows: (a) Licensee is a corporation duly organized, validly existing and
in good standing under the laws of Georgia; (b) Licensee has the corporate power
and authority to enter into and perform this Agreement; (c) the execution,
delivery and performance of this Agreement have been duly authorized by all
necessary corporate action of Licensee; and (d) the execution, delivery and
performance of this Agreement by Licensee does not conflict with any other
agreement to which Licensee is a party. Time Broker represents and warrants as
follows: (a) Time Broker is a limited partnership duly organized, validly
existing and in good standing under the laws of the State of Delaware (b) Time
Broker has the power and authority to enter into and perform this Agreement; (c)
the execution, delivery and performance of this Agreement have been duly
authorized by all necessary partnership action of Time Broker; and (d) the
execution,

                                       13

<PAGE>

delivery and performance of this Agreement by Time Broker does not conflict with
any other agreement to which Time Broker is a party.

          12.17 Counterparts. This Agreement may be signed in one or more
counterparts, each of which shall be deemed a duplicate original, binding on the
parties hereto notwithstanding that the parties are not signatory to the same
original or the same counterpart.

          IN WITNESS WHEREOF, the parties have executed this Agreement, under
seal, as of the day and year first above written.

                                         NV ACQUISITION CO.

                                         By: [ILLEGIBLE SIGNATURE]
                                            -------------------------
                                          Its President
                                              ---------------------
                                                [Corporate Seal]

                                         SJL COMMUNICATIONS, L.P.

                                         By: SJL Communications, Inc.,
                                          its General Partner

                                         By: [ILLEGIBLE SIGNATURE]
                                            -------------------------
                                          Its President
                                              ---------------------
                                                [Corporate Seal]

                                       14

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