Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On July 1, 2009, Martin R. Gausvik resigned from his position as the Company's Executive Vice President, Treasurer and Chief Financial Officer to pursue other opportunities.
(c) Effective July 1, 2009, Joseph "J.P." Hannan, age 37, currently Vice President and Controller of the Company, will serve as the Company's Interim Chief Financial Officer. Prior to joining the Company in April 2008, from July 2007 to April 2008, Mr. Hannan served as an independent consultant to several equity funds with investments in the media sector. Prior to that, from May 2006 to July 2007, he served as Vice President & Chief Financial Officer of Lincoln National Corporation's (NYSE: LNC) radio division. In this position, he oversaw the financial operations of the 15th largest (in total revenue) radio broadcast company with 16 radio stations across 5 top-25 markets. Prior to that, from March 1995 to November 2005, he served as Chief Operating Officer and Chief Financial Officer of Lambert Television, Inc., a privately held media company based in Beverly Hills, California in which he was also a principal. In this capacity, he oversaw the financing, acquisition and development of its seven station television group as well as its ultimate divestiture to industry consolidators. He also oversaw financial operations of Partner Stations Network, a television production and syndication partnership co-owned by Lambert with Sinclair Broadcast Group, Pappas Telecasting, LIN Television and Raycom Media. Mr. Hannan served on the board of directors, audit and compensation committees of Regent Communications (Nasdaq: RGCI) from September 2007 to April 2008, and since January 2008 has been a director of Asian Media Group, a privately held television broadcasting company based in Los Angeles. From January 2000 to November 2005, he was a director, Treasurer & Secretary of iBlast, Inc., a Lambert affiliated company owned in conjunction with 20 of the largest independent television broadcast companies including Tribune Company, Washington Post, Cox Broadcasting, and Gannett Communications. J.P. Hannan received his B.S. in Business Administration in 1992 from the University of Southern California.

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