Liberman Broadcasting shelves IPO & sell 39% of company.

On March 30, 2007, affiliates of Oaktree Capital Management LLC and Tinicum Capital Partners II, L.P. purchased approximately 113 shares of
Class A common stock of our parent, Liberman Broadcasting, Inc. for an aggregate purchase price of $155 million. The investors will own
approximately 39% of the economic interest of our parent as a result of the purchase.

Our parent received $125 million of the gross proceeds and the existing stockholders of our parent sold a portion of their shares for $30 million
in gross proceeds. Our parent intends to use a portion of its net proceeds to repay its junior subordinated notes due 2014 and related warrants
primarily held by affiliates of Alta Communications L.P. and to contribute the remainder of the net proceeds to us, which we intend to use to repay
approximately $47.9 million of our outstanding indebtedness under our senior revolving credit facility. After giving effect to the repayment with
the net proceeds from this offering, we will have approximately $54.1 million outstanding under our senior revolving credit facility as of March
30, 2007.

Commenting on this transaction, Lenard Liberman, Executive Vice President and Chief Financial Officer of the Company said “I am extremely
excited to have such outstanding institutions as Oaktree and Tinicum as partners in our business. This is the third investment Oaktree has made in
LBI over the years and we have always valued that relationship. I am confident that this transaction will put LBI Media in a strong position to
capitalize on future growth in the Hispanic broadcasting sector.”