SBS Files Motion For Reconsideration In Lawsuit Against Clear Channel Communications & HBC.

Spanish Broadcasting System, Inc. (“SBS”) SBSA filed a motion for reconsideration in the Southern District of Florida of the Court’s January 31, 2003 Order dismissing its antitrust lawsuit against Clear Channel Communications, Inc. CCU and Hispanic Broadcasting Corporation HSP. As part of the motion, SBS asked the Court for permission to file a proposed second amended complaint that was attached to the motion. The proposed second amended complaint was filed under seal, consistent with the provisions of the confidentiality protective order entered in the case, because it is based on documents received from the Defendants in connection with discovery and the deposition testimony of Randall Mays, Lowry Mays and Jeffrey Hinson. Randall Mays and Lowry Mays are Chief Financial Officer (CFO) and Chairman and Chief Executive Officer (CEO) of Clear Channel, respectively, and Jeffrey Hinson is CFO of Hispanic Broadcasting.