NOTE 17. SUBSEQUENT EVENTS

On January 5, 2012, we entered into an APA to sell radio station WBZS-AM in Pawtucket, Rhode Island for $0.8 million.

On January 13, 2012, we completed the acquisition of KTNO-AM, Dallas, Texas for $2.2 million. We began programming the station pursuant to a Time Brokerage Agreement with the current owner on November 1, 2011.

On February 15, 2012, we entered into an APA to acquire radio station WKDL-AM in Warrenton, Virginia for $30,000.

On March 7, 2012, our Board of Directors authorized and declared a quarterly dividend in the amount of $0.035 per share on Class A and Class B common stock. The initial quarterly cash dividend of $0.035 per share will be paid on March 30, 2012 to all common stockholders of record as of March 23, 2012. We anticipate paying the quarterly dividends in March, June, September and December of each year. Based on the number of shares currently outstanding we expect to pay a total annual dividend of $3.4 million.

Subsequent events reflect all applicable transactions through the date of the filing.