Univision Radio To Purchase WLIR-FM In NYC.

Univision Communications Inc. announced that it has reached an agreement to purchase the assets of WLIR(FM) from Jarad Broadcasting Company, Inc. and the Morey Organization, Inc., for approximately $60 million in cash. WLIR(FM) includes a class A radio station serving Long Island, New York and New York City.

McHenry T. Tichenor, Jr., President of Univision Radio, commented, “The acquisition of WLIR(FM) further demonstrates our commitment to serve the New York Hispanic community. We are very pleased to be able to offer listeners on Long Island and southeastern Connecticut access to our programming.”

Ronald J. Morey, CEO of The Morey Organization, Inc., added, “Univision is acquiring a tremendous radio station. We are pleased to announce that as part of the acquisition, Jarad Broadcasting will continue to serve Long Island by moving the modern rock WLIR to a new dial position.” The Morey organization owns three other FM radio stations in the market and also owns one of the country’s top-ten weekly newspapers, The Long Island Press.

The transaction, which is subject to regulatory approval and other closing conditions, is expected to close in the 2004 first quarter. The Company expects to finance the purchase of WLIR(FM) under its credit facility.