Big City Splits Radio Station Sale In Chicago Between HBC & SBS.

Hispanic Broadcasting Corporation announced that it had entered into an agreement to acquire the assets of WXXY(FM), a radio station operating at 103.1 MHz and licensed to Highland Park, Illinois, from Big City Radio, Inc., for approximately $33.0 million. Following the closing of the acquisition, WXXY(FM) will be simulcast with one of the Company’s stations, WLXX(AM). The Company will finance the purchase of WXXY(FM) from a combination of cash on hand and borrowings under its credit facility. Closing of the acquisition, which is subject to regulatory approval, is anticipated to occur during the first quarter of 2003.

Spanish Broadcasting System, Inc. announced that it has entered into a definitive asset purchase agreement with Big City Radio, Inc. YFM to purchase stations WDEK-FM, WKIE-FM and WKIF-FM in the greater Chicago area for $22 million in cash. The acquisition, which is subject to regulatory approvals, is expected to close in the second quarter of 2003.

Raul Alarcon, President and CEO of SBS stated, “We are excited about this expansion opportunity in Chicago FM radio. The three stations will be simulcast with a new Spanish format. They will add to our existing WLEY-FM leadership position and provide us with clustering efficiencies in this important core market.”