Big City Radio Announces the Closing of the Sale of Its Phoenix Radio Stations.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 1, 2001

Big City Radio, Inc. (Amex: YFM) today announced that it has closed on its previously announced sale of its four Phoenix radio stations to Hispanic Broadcasting (NYSE:HSP) for $34.0 million in cash.

As previously announced, the Company recently received a $15 million bridge loan. A portion of the proceeds from the sale of the Phoenix radio stations will be used to repay the bridge loan in its entirety.

Big City Radio, Inc. owns radio broadcast properties in or adjacent to major metropolitan markets and utilizes innovative engineering techniques and low-cost, ratings-driven operating strategies to develop these properties into successful metropolitan radio stations. Big City Radio currently owns and operates radio stations in New York, Los Angeles, and Chicago, three of the largest radio markets in the United States, an in-house radio rep firm, and a Hispanic publishing business and internet portal website in Miami.

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 the Company's Securities and Exchange Commission filings.