Big City Radio Announces the Closing of the Sale of WDEK-FM, WKIE-FM and WKIF-FM to Spanish Broadcasting System.Business Editors NEW YORK--(BUSINESS WIRE)--April 7, 2003 Big City Radio, Inc. (Amex:YFM YFM Yorkshire Fund Managers (UK) ) today announced that it has closed on its previously announced sale of radio stations WDEK-FM (licensed to De Kalb, Illinois), WKIE-FM (licensed to Arlington Heights, Illinois Arlington Heights is an affluent village in Cook County, Illinois and a northwestern suburb of Chicago. It is located about 25 miles northwest of downtown Chicago. A 2003 Census recount gave the village a population of 76,422, the largest for a village in the United States ) and WKIF-FM (licensed to Kankakee, Illinois) to Spanish Broadcasting System Spanish Broadcasting System, Inc. (NASDAQ: SBSA) is one of the largest owners and operators of radio stations in the United States. SBS is also invested in television and internet properties, deriving the majority of its income from advertising through its media. of Illinois, Inc., for approximately $22 million in cash. The purchaser is a subsidiary of Spanish Broadcasting System, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SBSA SBSA Small Business Set Aside SBSA Spanish Broadcasting System, Inc. (stock symbol) SBSA Scottish Building Standards Agency SBSA Standard Bank of South Africa SBSA South Bayside System Authority (California) ). Substantially all of the proceeds from the sale were paid to the paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for the Company's 11 1/4 % Senior Discount Notes due 2005. The sale of the stations was undertaken in accordance with Big City Radio's previously announced auction of its radio stations. 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. |
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