HBC Closes On Big City Chicago.

Big City Radio, Inc. announced that it has completed the sale of its Highland Park, Illinois radio station (WVIV-FM) to HBC Illinois, Inc., an affiliate of Hispanic Broadcasting Corporation HSP.

As previously disclosed, in January 2003, the Company agreed to sell the radio station to HBC for a purchase price of $32.875 million. In May 2003, the Company sold certain non-license assets used in the operation of the radio station to HBC for $29.875 million. The transfer of the license assets to HBC was subject to the approval of the Federal Communications Commission (FCC), which approval was recently obtained. The FCC license has now been transferred to HBC for the approximate $3 million balance of the purchase price. All of the proceeds from the transfer of the license have been paid to the paying agent for the Company’s 11 1/4% Senior Discount Notes due 2005.