HBC Up Five In Albuquerque.

Hispanic Broadcasting Corporation announced that it has entered into an agreement with entities owned by Simmons Media Group, to acquire five FM radio stations serving Albuquerque, New Mexico, the 19th largest Hispanic market in the United States, for approximately $22.5 million.

McHenry T. Tichenor Jr., President and CEO of Hispanic Broadcasting said, “We are pleased to enter Albuquerque through the purchase of five FM stations and welcome to our Company a capable team of broadcasters operating these stations today. We look forward to working with them to build on their past success.” David Simmons, President of Simmons Media Group said, “Hispanic Broadcasting Corp. is an outstanding company that is known for its dedication to the Hispanic markets they currently operate in and I am sure they will provide excellent service to the community of Albuquerque.”

The Company anticipates that the acquisition will close during the fourth quarter of 2002 and will be financed with cash on hand and bank borrowings. Peter Handy of Star Media Group served as broker for the transaction.