WELLS FARGO FOOTHILL, INC. Specialty Finance 2450 Colorado Ave., Suite 3000 West Santa Monica, CA 90404

Exhibit 10.2

WELLS FARGO FOOTHILL, INC.

Specialty Finance

2450 Colorado Ave., Suite 3000 West

Santa Monica, CA 90404

Dated as of August 15, 2007

VIA FACSIMILE AND FIRST-CLASS MAIL

Equity Media Holdings Corporation, as Borrower Representative

1 Shackleford Drive, Suite 400

Little Rock, Arkansas 72111

Attention: Larry E. Morton, President

Fax No.: (501)  ###-###-####

Ladies and Gentlemen:

Reference is hereby made to the Purchase Agreement and to that certain Second Amended and Restated Credit Agreement, dated as of June 29, 2004 (as amended, supplemented and joined, the “Credit Agreement”), among EQUITY MEDIA HOLDINGS CORPORATION, as successor by merger to Equity Broadcasting Corporation (“EMHC”), Buyer, certain of EMHC’s other affiliates (together with EMHC, “Borrowers”), SILVER POINT FINANCE, LLC, as administrative agent (“Silver Point”), WELLS FARGO FOOTHILL, INC., as collateral agent (in such capacity, “Collateral Agent”), and the lenders that are from time to time parties thereto (each a “Lender” and collectively the “Lenders”) for which Collateral Agent is acting as collateral agent.

Borrowers have informed Lenders that Buyer has entered into the Purchase Agreement and that, pursuant to Section 10.11 of the Purchase Agreement, the effectiveness of the Purchase Agreement is conditioned upon the approval of the Required Lenders (as such term is defined in the Credit Agreement).

In the exercise of their discretion as prudent lenders, upon delivery to Collateral Agent of a fully-executed counterpart of this letter, Required Lenders hereby consent to the execution and delivery of the Purchase Agreement by Buyer; provided, however, that by executing a counterpart of this letter, Borrowers acknowledge and agree that Required Lenders have not consented to the consummation of the Closing (as such term is defined in the Purchase Agreement) and any such consent is expressly subject to the timely satisfaction of the following requirements:

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The consent agreed to herein is strictly limited to the execution and delivery of the Purchase Agreement by Buyer, (ii) shall not extend nor be deemed to extend to the consummation of the Closing, and (iii) shall not constitute any course of dealing or other basis for altering any obligation of any Borrower or any right, privilege or remedy of Agents or Lenders under the Credit Agreement or any of the other Loan Documents (as such term is defined in the Credit Agreement).

Borrowers, jointly and severally, agree to pay on demand all costs and expenses of, or incurred by, Collateral Agent, Silver Point, and Lenders in connection with the preparation, execution and delivery of this letter, including, without limitation, the fees and expenses of counsel to Collateral Agent, Silver Point, and Lenders.

This letter may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.

Please acknowledge agreement to the terms of the consent granted herein by executing and returning a copy of this letter to Collateral Agent.

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2000 Regions Center

400 West Capitol

Little Rock, Arkansas 72201

Attention: James Saxton, Esq.

Fax No.: (501)  ###-###-####

Andrew J. Chlebus, Esq.

Edwards Angell Palmer & Dodge, LLP

2800 Financial Plaza

Providence, Rhode Island 02903

Telecopy No.: (401)  ###-###-####

Gary G. Null, Esq.

Hughes & Luce, LLP

1717 Main Street, Suite 2800

Dallas, Texas 75201

Telecopy No.: (214)  ###-###-####

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