February 13, 2001

Spanish Broadcasting System, Inc. announced that it had agreed in principle on the terms and conditions of a Time Brokerage Agreement (TBA) with the International Church of the Foursquare Gospel (ICFG) for the operation of radio station KFSG-FM in Los Angeles, California.

When executed, the TBA will allow Spanish Broadcasting to immediately begin operating KFSG-FM in a Spanish-language format. It is envisioned that the new KFSG format will debut in the next few weeks. Spanish Broadcasting plans to combine KFSG-FM with its existing portfolio of FM stations serving the Hispanic population of Southern California.

Spanish Broadcasting and the ICFG entered into an agreement for the sale of KFSG-FM late last year. Consummation of the sale is expected to take place in late 2001.

"I am very pleased at the opportunity of strengthening our competitive position with the addition of this full-signal, 50,000 watt Class B facility in the #1 Hispanic market in the country," said Raul Alarcon, Jr., President/CEO of Spanish Broadcasting. "I am also very grateful to the ICFG and its leadership for affording us this opportunity to begin operating KFSG-FM as we proceed to close on the acquisition," Mr. Alarcon added.

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