June 24, 2011

Randal Osherow, Bankruptcy Trustee, pursuant to an order of the United States Bankruptcy Court Western District of Texas, has sold a four radio station cluster serving Fredericksburg, Texas to Norbert Fritz. Neither party has other broadcast interests. The purchase price is $700,000. *

The radio stations include:

             KNAF-AM   Fredericksburg

             KNAF-FM   Fredericksburg

             KFAN-FM   Johnson City

             KEEP-FM   Bandera

Bill Whitley of our Dallas office represented the Trustee in this transaction.

* Pending FCC Approval