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                                                                    Exhibit 10.2


                      ADDENDUM TO ASSET PURCHASE AGREEMENT

         This Addendum to Asset Purchase Agreement, dated March 13, 2001
("Addendum"), amends that certain Asset Purchase Agreement dated November 9,
2000, by and between INTERNATIONAL CHURCH OF THE FOURSQUARE GOSPEL, a California
nonprofit religious corporation ("SELLER"), and SPANISH BROADCASTING SYSTEM,
INC., a Delaware corporation ("PURCHASER") ("Purchase Agreement").

                                   WITNESSETH:

         WHEREAS, Seller and Purchaser have this 13th day of March, 2001,
entered into two (2) Time Brokerage Agreements; one involving radio station KSFG
(FM) ("TBA") and a separate agreement involving radio stations KMJR (FM) and
KNJR (FM) ("93.5 TBA"); and

         WHEREAS, Seller and Purchaser have agreed to amend the Purchase
Agreement to reflect the agreements set forth in the TBAs as more particularly
described below.

         NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained the parties agree as follows:

         1. Article I (Defined Terms) is amended to include, at page 4, the
following definition of "TBA":

                  "That certain Time Brokerage Agreement, dated March 13, 2001,
                  by and between International Church of the Foursquare Gospel
                  as Licensee ("ICFG") and Spanish Broadcasting System, Inc. as
                  Broker ("SBS")."

         2. Article I (Defined Terms) is amended to include, at page 4, the
following definition of "93.5 TBA":

                  "That certain 93.5 Time Brokerage Agreement, dated March 13,
                  2001, by and between International Church of the Foursquare
                  Gospel as Broker ("ICFG") and Spanish Broadcasting System
                  SouthWest, Inc. as Licensee ("SBS-SW")."

         3. Sections 2.04(a) and (b) are hereby amended to include the following
additional provision:

                  "Should the FCC dismiss the assignment application granted
                  January 11, 2001 (File No. BALH-20001109AAS) ("Assignment
                  Application") assigning Station from Seller to Purchaser,
                  Seller and Purchaser agree to refile the subject Assignment
                  Application within five (5) business days and to follow the
                  steps and procedures set out at Section 2.04(1) to obtain the
                  requisite FCC approval. Further, if required by applicable
                  law, Seller and Purchaser shall make any further necessary
                  filings under the HSR Act pursuant to the terms set forth in
                  Section 2.04(2)."

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         4.       Section 2.05 is hereby amended to include the following
                  provision:

                  "Except as specified in paragraph (d) of Attachment 1 to the
                  TBA, any payments made pursuant to the TBA will be credited
                  against the Purchase Price. Any and all fees required by said
                  filings shall be paid by Purchaser."

         5.       Section 2.06 is hereby amended to include the following
                  provision:

                  "Further, upon the execution of the TBA, the Earnest Money
                  Deposit will be released to and paid over to Seller. All
                  interest earned on the Earnest Money Deposit shall be released
                  to and paid over to Purchaser."

         6.       The closing provision provided for in Section 3.01 is hereby
                  deleted in its entirety and is hereby replaced by the
                  following provision:

                  "Subject to the terms of this Agreement and the TBA, and
                  subject to the consent of the FCC, the purchase of the Assets
                  and the assumption of the Assumed Liabilities contemplated by
                  the Agreement shall take place at the offices of Kaye Scholer
                  LLP, 1999 Avenue of the Americas, Los Angeles, California, at
                  such time as Seller and Purchaser may mutually agree upon in
                  writing, on or before the expiration of the TBA on March 13,
                  2002, or December 31, 2002, if Purchaser elects to extend the
                  TBA for a second term as provided for in the TBA."

         7.       Section 6.06 is amended to include the following:

                  "Notwithstanding anything above to the contrary, should the
                  FCC dismiss the Assignment Application during the time in
                  which the TBA is in effect, the parties agree to resubmit the
                  Assignment Application and proceed as provided for
                  hereinabove."

         8.  Section 8.01 is amended to include a subsection (f) to read as
             follows:

                  "Seller shall have the right to terminate in the event of any
                  material uncured breach by Purchaser or SBS-SW of their
                  obligations under the TBA or the 93.5 TBA."

                            [signature page follows]


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         IN WITNESS WHEREOF, the parties hereto have each caused this Agreement
to be duly executed as of the date first above written by their respective
officers thereunto duly authorized.

                                 "SELLER"
                                 INTERNATIONAL CHURCH OF THE
                                 FOURSQUARE GOSPEL


                                 By: /s/ Brent Morgan
                                     -----------------------------------------
                                     Name: Brent R. Morgan
                                     Title: Treasurer

                                 By:
                                     -----------------------------------------
                                     Name:
                                     Title:

                                 "PURCHASER"
                                 SPANISH BROADCASTING SYSTEM, INC.


                                 By: /s/ Raul Alarcon, Jr.
                                     -----------------------------------------
                                     Raul Alarcon, Jr.,
                                     Chairman of the Board, Chief Executive
                                     Officer and President


                                 By: /s/ Joseph A. Garcia
                                     -----------------------------------------
                                     Name:Joseph A. Garcia
                                     Title:Chief Financial Officer, Executive
                                     Vice President and Secretary