FOR IMMEDIATE RELEASE

July 10, 2001

East Texas Broadcasting, Inc. has completed the acquisition of KPLT AM/FM, KBUS-FM and KOYN-FM serving Paris, Texas from Carephil Communications.

East Texas Broadcasting is headed by John Mitchell and J.R. Kitchens. Carephil Communications is headed by Phil Silva and Carole Williams. East Texas Broadcasting also owns KALK, KIMP and KSCN serving Mount Pleasant, Texas.

The total consideration for the Paris transaction is $2,575,000.

Bill Whitley served as the Exclusive broker for this transaction.