HBC To Enter Puertorican Market.

Hispanic Broadcasting Corporation announced that it has entered into a definitive agreement to acquire the stock of El Mundo Broadcasting Corporation (“El Mundo”) from Fundacion Angel Ramos, Inc. (“Foundation”) for $32 million in cash. El Mundo owns and operates four radio stations: WKAQ(FM) 104.7 MHz, WKAQ(AM) 580 kHz, WUKQ(FM) 99.1 MHz, and WUKQ(AM) 1420 kHz. The stations are programmed as one FM station format, known as KQ-105, and as one AM station format, known as Radio Reloj. The closing of the transaction, which is subject to regulatory approval, is expected to occur within the second quarter of 2003.

Commenting on the acquisition, Argentina S. Hills, Chairman of the Board of Fundacion Angel Ramos, Inc., said, “We wholeheartedly welcome HBC to Puerto Rico. With a proven track record as the largest and most renowned Spanish-language radio broadcaster in the United States, I am confident that they will continue to maintain the high standards that El Mundo Broadcasting has demonstrated for decades.” McHenry Tichenor, Jr., President and Chief Executive Officer of HBC, commented, “Hispanic Broadcasting Corporation is proud to become the new owner of these fine radio stations. We are very aware of the importance of these stations in the hearts of Puerto Ricans and we pledge to continue the excellence in programming and community service that have made Radio Reloj and KQ-105 such revered institutions. We are pleased to welcome Huberto Biaggi and his talented staff to the HBC Family.”