EMPLOYMENT AGREEMENT



     AGREEMENT, dated as of March 19, 2003, between INTEREP NATIONAL RADIO

SALES, INC., a New York corporation (the "Company"), and GEORGE E. PINE

("Pine").



                              W I T N E S S E T H:

                              - - - - - - - - - -



     WHEREAS, the Company wishes to avail itself of the advice and services of

Pine, and Pine wishes to be employed by the Company;



     NOW, THEREFORE, in consideration of the mutual agreements set forth below,

the parties agree as follows:



     1.  Employment



     (a) Term. Subject to the terms and conditions of this Agreement, the

Company employs Pine, and Pine agrees to serve, as President and Chief Operating

Officer of the Company for a term commencing on the date hereof and ending on

February 28, 2006 unless extended as provided in the following sentence (the

"Term"). On March 1, 2004 and each following March 1 during the Term, the Term

shall automatically be extended for one additional year, unless the Company or

Pine notifies the other on or before the immediately preceding February 1 that

the Term is not to be so extended. For example, (i) if no such notice is given

on or before February 1, 2004, the Term would automatically be extended by one

year and would end on February 28, 2007 (unless subsequently extended) or (ii)

if such notice is given by the Company or Pine on or before February 1, 2004,

the Term would end on February 28, 2006.



     (b) Duties. Pine shall be subject to the supervision and direction of Ralph

C. Guild, Chairman of the Board and Chief Executive Officer of the Company, or

any successor to either of such positions, to whom he shall report directly.

Pine shall perform his duties to the best of his ability and shall devote

substantially all of his business time, energies and skills to such duties,

subject to the understanding that he has various activities, including the

ownership and operation of radio stations, including, without limitation, three

in Greenville, Mississippi, and one in Sebastian/Melbourne, Florida, which may,

from time to time, require his attention, but which shall not interfere with the

performance of his duties to the Company; provided, however, that Pine shall not

own, invest in, or operate any other radio station without first obtaining the

approval of the Company's Board of Directors.



     2.  Base Salary and Incentive Bonus.



     (a) During the Term and subject to the provisions of Section 2(c), the

Company shall pay Pine a base salary, not less frequently than semi-monthly, of

not less than $480,000 per year ("base salary"). The Company agrees that the

Compensation Committee of its Board of Directors (the "Committee") shall review

Pine's base salary each year with a view to



<PAGE>



making appropriate upward adjustments to reflect Pine's contribution to the

profitability of the Company; provided, however, that the Company shall not be

obligated to make an adjustment in any particular year.



     (b) During the Term, the Company shall pay Pine such annual bonus

compensation tied to his performance and the overall profitability of the

Company as may be established from time to time by the Company's Chief Executive

Officer and Pine, subject to the approval of the Committee. The target bonus for

2003 shall be $120,000, so that Pine's combined target salary and bonus for 2003

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