Big City Radio Announces Sale of WYXX-FM, Morris, Illinois Radio Station to Grundy County Broadcasters, Inc.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 5, 2003

Big City Radio, Inc. (Amex:YFM) today announced that it has entered into a definitive asset purchase agreement to sell its last remaining radio station, WYXX-FM, Morris, Illinois to Grundy County Broadcasters, Inc. for $426,000 of cash. The transaction is subject to closing conditions, including the initial grant of approval by the FCC.

The sale of Morris, Illinois station is being undertaken in accordance with Big City Radio's previously announced auction of all of its radio stations and its recent announcement of the adoption by its board of directors of a plan of complete liquidation and dissolution.

Statements in this news release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance or achievements of Big City Radio, Inc. to be materially different from those expressed or implied by such forward-looking statements. Such factors include shifts in population and other demographics, changes in audience tastes, the level of competition for advertising dollars, priorities of advertisers, fluctuations in operating costs, new laws and government regulations and policies, changes in broadcast technical requirements, changes in the willingness of financial institutions and other lenders to finance radio station acquisitions and operations, and other factors which are described in Big City Radio's Securities and Exchange Commission filings.