EXHIBIT 5.3 GRAYDON, HEAD & RITCHEY 1900 FIFTH THIRD CENTER CINCINNATI, OHIO 45202 February 3, 1998 Jacor Communications, Inc. 50 East RiverCenter Boulevard 12th Floor Covington, KY 41011 Re: Issuance of 4,560,000 Shares of Common Stock of Jacor Communications, Inc. and an additional 513,000 shares of Common Stock upon Exercise of the Underwriters' Over Allotment Option Pursuant to Registration Statements on Form S-3 (File Nos. 333-40127 and 333-45559) Filed with the Securities and Exchange Commission Gentlemen: We have acted as counsel to Jacor Communications, Inc., a Delaware corporation ("Company"), in connection with the issuance of 4,560,000 shares of common stock, par value $.01 per share (the "Common Stock") and an additional 513,000 shares of Common Stock upon Exercise of the Underwriters' Over Allotment Option pursuant to the public offerings of such shares, as set forth in the Registration Statements on Form S-3 (File Nos. 333-40127 and 333-45559), as amended (the "Registration Statements"), filed by the Company with the Securities and Exchange Commission. As counsel for the Company we have made such legal and factual examinations and inquiries as we deem advisable for the purpose of rendering this opinion. In addition, we have examined such documents and materials, including the Certificate of Incorporation, as amended, By-laws, as amended, and other corporate records of the Company, as we have deemed necessary for the purpose of this opinion. On the basis of the foregoing, we express the opinion that the 5,073,000 shares of Common Stock of the Company registered for issuance pursuant to the Registration Statements have been duly authorized for issuance and sale as contemplated by the Registration Statements, are free of preemptive rights and, when issued and delivered by the Company as contemplated by the Jacor Communications, Inc. Page 2 February 3, 1998 Registration Statements against payment of the consideration set forth therein, will be validly issued, fully paid and nonassessable. We hereby consent to the filing of this opinion as part of the above-referenced Registration Statements and amendments thereto and to the reference to our firm in the related Prospectus Supplement dated February 3, 1998 under the caption "Legal Matters." Very truly yours, GRAYDON, HEAD & RITCHEY By: /s/ Richard G. Schmalzl -------------------------------- Richard G. Schmalzl, Partner