Big City Radio Provides Update Regarding Interest Payment On Its Senior Notes.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 17, 2001

Big City Radio, Inc. (Amex:YFM) today announced that it is in discussions to obtain a bridge loan to facilitate the interest payment on its 11 1/4% Senior Discount Notes due 2005.

The Company did not make the current interest payment, which was due on September 15th, 2001. According to the Indenture governing the Notes, the Company has a 30 day grace period following the interest due date to make the interest payment.

As previously announced, the Company agreed to sell its four Phoenix radio stations for $34.0 million in cash. Since the transaction is not expected to close until the fourth quarter of 2001, the Company is seeking a bridge loan.

The Company cannot provide any assurances that it will be able to consummate the bridge loan it is pursuing.

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, Chicago, and Phoenix, four 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.