Radio Unica …… SOLD!

Radio Unica Communications Corp. announced that it has entered into a definitive asset purchase agreement to sell its station group to Multicultural Radio Broadcasting, Inc., a privately held company. The Company also announced that it is in discussions with third parties to sell its radio network, as well as its promotions company, Mass Promotions, Inc. Radio Unica will continue to broadcast its Spanish language programming and otherwise operate its business in the normal course through the closing of the transaction.

Under the Multicultural agreement the Company will receive approximately $150 million in cash for its radio stations. Completion of the transaction is subject to bankruptcy court approval, regulatory approvals and other conditions. It is expected that the transaction will be completed by the second quarter of 2004. The transaction will be effected as part of a prepackaged bankruptcy in which holders of the Company’s 11 3/4% Senior Discount Notes would receive approximately $700 in cash per $1,000 principal amount, all other creditors would receive 100% of their claims, and stockholders would receive the remainder currently estimated to be between $0.47 and $1.03 per share. Holders of approximately 93% of the Company’s outstanding Senior Discount Notes have agreed to support the transaction and vote in favor of the prepackaged bankruptcy. The proceeds of sales of the Company’s radio network and promotions subsidiary would contribute to the total recovery described above, although Mass Promotions, Inc. is not expected to file for bank