<Page>
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                            ------------------------

                                   FORM 10-Q

(MARK ONE)

<Table>
<C>        <S>
   /X/     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
           SECURITIES EXCHANGE ACT OF 1934
</Table>

                       FOR THE PERIOD ENDED JUNE 30, 2001

                                       OR

<Table>
<C>        <S>
   / /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
           SECURITIES EXCHANGE ACT OF 1934
</Table>

        FOR THE TRANSITION PERIOD FROM ______________ TO ______________

                        COMMISSION FILE NUMBER 001-13715

                            ------------------------

                              BIG CITY RADIO, INC.

             (Exact name of registrant as specified in its charter)

<Table>
<S>                                            <C>
                  DELAWARE                                      13-3790661
        (State or other jurisdiction                         (I.R.S. Employer
      of incorporation or organization)                   Identification Number)
</Table>

                  11 SKYLINE DRIVE, HAWTHORNE, NEW YORK 10532
             (Address and zip code of principal executive offices)
                                 (914) 592-1071
              (Registrant's telephone number, including area code)

                            ------------------------

    Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES /X/  NO / /

    The number of shares of the registrant's Class A common stock and Class B
common stock outstanding as of July 19, 2001 was 6,226,817 and 8,250,458,
respectively.

--------------------------------------------------------------------------------
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<Page>
                              BIG CITY RADIO, INC.

                         PART 1--FINANCIAL INFORMATION

<Table>
<Caption>
                                                                          PAGE
                                                                          ----
<S>         <C>                                                           <C>
Item 1.     Financial Statements

            Consolidated Balance Sheets.................................    3

            Consolidated Statement of Operations........................    4

            Consolidated Statement of Stockholders' Equity
            (Deficiency)................................................    5

            Consolidated Statement of Cash Flows........................    6

            Notes to Consolidated Financial Statements..................   7-12

Item 2.     Management's Discussion and Analysis of Financial Condition
            and Results of Operations...................................  13-20
</Table>

                           PART II--OTHER INFORMATION

<Table>
<S>         <C>                                                           <C>
Item 1.     Legal Proceedings...........................................    21

Item 2.     Changes in Securities and Use of Proceeds...................    21

Item 3.     Defaults Upon Senior Securities.............................    21

Item 4.     Submission of Matters to a Vote of Security Holders.........    21

Item 5.     Other Information...........................................    21

Item 6.     Exhibits and Reports on Form 8-K............................    21

Signatures..............................................................    22
</Table>

                                       2
<Page>
PART 1--FINANCIAL INFORMATION

ITEM. 1 FINANCIAL STATEMENTS

                              BIG CITY RADIO, INC.
                          CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>
                                                                JUNE 30,     DECEMBER 31,
                                                                  2001           2000
                                                              ------------   ------------
<S>                                                           <C>            <C>
                                         ASSETS
Current assets:
  Cash and cash equivalents.................................  $    549,000   $    862,000
  Cash held in investment, restricted.......................       801,000        802,000
  Marketable securities, available for sale.................            --      1,895,000
  Accounts receivable, net of allowance of $288,000 and
    $338,000 in 2001 and 2000, respectively.................     4,490,000      4,716,000
  Interest receivable.......................................         4,000         38,000
  Prepaid expenses and other current assets.................       705,000        981,000
                                                              ------------   ------------
    Total current assets....................................     6,549,000      9,294,000
Property and equipment, net.................................     6,502,000      7,148,000
Intangibles, net............................................   108,832,000    110,476,000
Deferred financing fees.....................................     2,420,000      2,747,000
Other assets................................................       207,000        181,000
                                                              ------------   ------------
    Total assets............................................  $124,510,000   $129,846,000
                                                              ============   ============

                    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
  Accounts payable..........................................  $  2,437,000   $  1,337,000
  Accrued expenses..........................................     1,609,000      2,138,000
  Interest payable..........................................     5,801,000             --
  Promissory note to related party..........................       985,000             --
  Other current liabilities.................................        42,000         36,000
                                                              ------------   ------------
    Total current liabilities...............................    10,874,000      3,511,000
                                                              ============   ============
Senior Discount Notes.......................................   174,000,000    170,296,000
Other long term liabilities.................................       750,000        621,000
Deferred income tax liabilities.............................     2,316,000      2,347,000
Stockholders' Equity:
  Preferred stock, $.01 par value. Authorized 20,000,000
    shares; zero shares issued and outstanding in 2001 and
    2000....................................................            --             --
  Common stock, Class A, $.01 par value. Authorized
    80,000,000 shares; issued and outstanding 6,226,817
    shares and 6,218,817 shares in 2001 and 2000,
    respectively............................................        62,000         62,000
  Common stock, Class B, $.01 par value. Authorized
    20,000,000 shares; issued and outstanding 8,250,458
    shares in 2001 and 2000.................................        83,000         83,000
  Additional paid-in capital................................    29,492,000     29,492,000
  Other comprehensive loss..................................            --         (9,000)
  Accumulated deficit.......................................   (93,067,000)   (76,557,000)
                                                              ------------   ------------
  Net stockholders' equity (deficiency).....................   (63,430,000)   (46,929,000)
                                                              ------------   ------------
    Total liabilities and stockholders' equity
      (deficiency)..........................................  $124,510,000   $129,846,000
                                                              ============   ============
</Table>

          See accompanying notes to consolidated financial statements

                                       3
<Page>
                              BIG CITY RADIO, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS

<Table>
<Caption>
                                              THREE MONTHS ENDED            SIX MONTHS ENDED
                                                   JUNE 30,                     JUNE 30,
                                           -------------------------   ---------------------------
                                              2000          2001           2000           2001
                                           -----------   -----------   ------------   ------------
<S>                                        <C>           <C>           <C>            <C>
Gross revenues...........................  $ 6,506,000   $ 7,718,000   $ 11,167,000   $ 12,977,000
  Less: commissions and fees.............      675,000       903,000      1,112,000      1,515,000
                                           -----------   -----------   ------------   ------------
    Net revenues.........................    5,831,000     6,815,000     10,055,000     11,462,000

Operating expenses:
  Station operating expenses, excluding
    depreciation and amortization........    5,957,000     6,966,000     11,621,000     13,076,000
  Internet and publishing expenses,
    excluding depreciation and
    amortization.........................      393,000       390,000        873,000        621,000
  Corporate, general and administrative
    expenses.............................      889,000     1,107,000      1,734,000      1,974,000
  Cost of abandonment of station
    acquisition agreement................           --            --             --        550,000
  Depreciation and amortization..........    1,263,000     1,214,000      2,520,000      2,426,000
                                           -----------   -----------   ------------   ------------
    Total operating expenses.............    8,502,000     9,677,000     16,748,000     18,647,000
                                           -----------   -----------   ------------   ------------
      Operating loss.....................   (2,671,000)   (2,862,000)    (6,693,000)    (7,185,000)

Other income (expenses):
  Interest income........................       12,000        84,000         34,000        182,000
  Interest expense.......................   (5,055,000)   (4,547,000)    (9,836,000)    (8,916,000)
  Other, net.............................      (16,000)      (37,000)       (47,000)       (98,000)
                                           -----------   -----------   ------------   ------------
    Total other expenses.................   (5,059,000)   (4,500,000)    (9,849,000)    (8,832,000)
Loss before income taxes.................   (7,730,000)   (7,362,000)   (16,542,000)   (16,017,000)
Income tax benefit, net..................       15,000        31,000         32,000         31,000
                                           -----------   -----------   ------------   ------------
  Net Loss...............................  $(7,715,000)  $(7,331,000)  $(16,510,000)  $(15,986,000)
                                           ===========   ===========   ============   ============

Basic and diluted loss per share:
  Net loss...............................  $     (0.53)  $     (0.51)  $      (1.14)  $      (1.10)
                                           ===========   ===========   ============   ============
Weighted average shares outstanding......   14,477,275    14,475,016     14,477,275     14,472,145
                                           ===========   ===========   ============   ============
</Table>

          See accompanying notes to consolidated financial statements

                                       4
<Page>
                              BIG CITY RADIO, INC.

          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)

<Table>
<Caption>
                             CLASS A AND CLASS B
                                COMMON STOCK        ADDITIONAL        OTHER
                            ---------------------     PAID-IN     COMPREHENSIVE   ACCUMULATED
                              SHARES      AMOUNT      CAPITAL         LOSS          DEFICIT         TOTAL
                            ----------   --------   -----------   -------------   ------------   ------------
<S>                         <C>          <C>        <C>           <C>             <C>            <C>
Balance at December 31,
  2000....................  14,477,275   $145,000   $29,492,000      $(9,000)     $(76,557,000)  $(46,929,000)
Unrealized gain on
  marketable securities...          --         --            --        9,000                --          9,000
Net loss..................          --         --            --           --       (16,510,000)   (16,510,000)
                            ----------   --------   -----------      -------      ------------   ------------
Balance at June 30,
  2001....................  14,477,275   $145,000   $29,492,000      $    --      $(93,067,000)  $(63,430,000)
                            ==========   ========   ===========      =======      ============   ============
</Table>

          See accompanying notes to consolidated financial statements

                                       5
<Page>
                              BIG CITY RADIO, INC.

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                    SIX MONTHS ENDED JUNE 30, 2001 AND 2000

<Table>
<Caption>
                                                                  2001           2000
                                                              ------------   ------------
<S>                                                           <C>            <C>
Cash flows from operating activities:
  Net loss..................................................  $(16,510,000)  $(15,986,000)
  Adjustments to reconcile net loss to net cash used in
    operating activities:
    Depreciation and amortization...........................     2,520,000      2,426,000
    Non cash interest.......................................     4,031,000      8,887,000
    Non cash change in other comprehensive loss.............         9,000             --
    Deferred income taxes...................................       (31,000)       (31,000)
    Loss on sale of fixed assets............................         2,000             --
    Employment stock incentives.............................            --         34,000
    Change in operating assets and liabilities, net of
      acquisitions: (Increase) decrease in assets:
        Accounts receivable.................................       226,000        326,000
        Interest receivable.................................        34,000        505,000
        Prepaid expenses and other current assets...........       276,000       (194,000)
        Other assets........................................       (26,000)       (50,000)
    Increase (decrease) in liabilities:
      Accounts payable......................................     1,100,000       (116,000)
      Accrued expenses......................................      (529,000)      (174,000)
      Interest payable......................................     5,801,000             --
      Other liabilities.....................................       135,000        (35,000)
                                                              ------------   ------------
        Net cash used in operating activities...............    (2,962,000)    (4,408,000)
                                                              ------------   ------------
Cash flows from investing activities:
  Purchase of property and equipment........................      (254,000)      (413,000)
  Sales of marketable securities............................     1,895,000      3,105,000
  Decrease in cash held in restricted investment............         1,000        613,000
  Decrease in cash held in escrow...........................            --        275,000
  Cash received for radio stations sold.....................            --        352,000
  Cash received for disposal of fixed assets................        22,000             --
                                                              ------------   ------------
        Net cash provided by investing activities...........     1,664,000      3,932,000
                                                              ------------   ------------
Cash flows from financing activities:
  Cash received from issuance of promissory note to related
    party...................................................       985,000             --
  Repayment of promissory notes.............................            --       (587,000)
                                                              ------------   ------------
        Net cash provided by (used in) financing
          activities........................................       985,000       (587,000)
                                                              ------------   ------------
        Change in cash and cash equivalents.................      (313,000)    (1,063,000)
Cash and cash equivalents at beginning of period............       862,000      2,431,000
                                                              ------------   ------------
Cash and cash equivalents at end of period..................  $    549,000   $  1,368,000
                                                              ============   ============
</Table>

          See accompanying notes to consolidated financial statements

                                       6
<Page>
                              BIG CITY RADIO, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

    The Company owns and operates radio stations in four of the largest radio
markets in the United States. The Company's radio broadcast properties are
located in or adjacent to major metropolitan markets and utilize innovative
engineering techniques and low-cost, ratings-driven operating strategies to
develop these properties into successful metropolitan radio stations.

    The Company owns Hispanic Internet Holdings, Inc. which owns TodoAhora.com,
a bilingual Internet portal, which delivered a full range of Internet
programming to the Hispanic community including news, entertainment, finance,
culture and e-commerce opportunities. During the quarter ended June 30, 2001,
the Company merged the operations of TodoAhora.com into the LatinMusicTrends.com
internet businesses, which it acquired as part of the purchase of United
Publishers of Florida, Inc. ("UPFI") (see below). The merger into
LatinMusicTrends.com is part of a plan to re-focus TodoAhora.com on Hispanic
entertainment. The Company acquired substantially all of the assets of United
Publishers of Florida, Inc. which owned and operated "Disco", a Hispanic music
trade magazine, a graphic design business and the LatinMusicTrends.com website.
The Company also owns Independent Radio Rep, LLC, an in-house Hispanic National
radio advertising agency.

    The accompanying consolidated financial statements include the accounts of
Big City Radio, Inc. and all its subsidiaries. All significant intercompany
accounts and transactions have been eliminated.

    The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

    The accompanying interim consolidated financial statements have been
prepared without audit pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations, although the Company believes that the disclosures made are
adequate to make the information presented not misleading. These financial
statements should be read in conjunction with the consolidated financial
statements and related footnotes included in the Company's Form 10-K for the
year ended December 31, 2000 (the "2000 Form 10-K"). In the opinion of
management all adjustments, consisting only of normal recurring adjustments,
necessary to present fairly in all material respects the financial position of
the Company as of June 30, 2001 and the results of its operations and its cash
flows for the three and six months ended June 30, 2001 and 2000 have been
included. The results of operations for the interim period are not necessarily
indicative of the results which may be realized for the full year.

2. EARNINGS PER SHARE

    Basic earnings per share excludes all dilutive securities. It is based upon
the weighted average number of common shares outstanding during the period.
Diluted earnings per share reflects the potential dilution that would occur if
securities to issue common stock were exercised or converted into common stock.
In calculating diluted earnings per share, no potential shares of common stock
are included in the computation when a loss from continuing operations available
to common stockholders exists. For the three and six months ended June 30, 2001
and 2000, the Company had losses from continuing operations. The Company had
antidilutive options amounting to 1,921,000 and 1,862,500 at June 30, 2001 and
2000, respectively, which were not included in the computation of diluted EPS.

                                       7
<Page>
                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

3. RECENT ACCOUNTING DISCLOSURES

    ACCOUNTING FOR DERIVATIVES

    In June 1998, Statement of Financial Accounting Standards ("SFAS") No. 133,
"Accounting for Derivative Instruments and Hedging Activities, was issued.
SFAS 133 established accounting and reporting standards for derivative
instruments and for hedging activities. SFAS 133 requires that an entity
recognize all derivatives as either assets or liabilities and measure those
instruments at fair value. The accounting for the gain or loss due to changes in
fair value of the derivative instrument depends on whether the derivative
instrument qualifies as a hedge. In June 2000, SFAS 138 was issued which
addresses a limited number of issues causing implementation difficulties for
numerous entities that have applied SFAS 133. SFAS 133 and SFAS 138 are
effective for all fiscal quarters of fiscal years beginning after June 15, 2000.
SFAS 133 can not be applied retroactively to financial statements of prior
periods. The Company adopted SFAS No. 133 and 138 as of January 1, 2001. The
adoption of SFAS No. 133 and 138 did not have a material impact on the financial
position or results of operations of the Company.

    REVENUE RECOGNITION

    In December 1999, the staff of the SEC issued Staff Accounting Bulletin
("SAB") No. 101, "Revenue Recognition in Financial Statements," which provides
guidance in applying generally accepted accounting principles to selected
revenue recognition issues. In March 2000 and June 2000, the staff of the SEC
amended SAB No. 101 to delay the required implementation date of SAB No. 101 to
the fourth quarter of fiscal years beginning after December 15, 1999. The
Company has adopted SAB No. 101 as amended. The adoption of SAB No. 101, as
amended, has not and is not expected to have a material impact on the Company's
financial position or results of operations.

    BUSINESS COMBINATIONS AND GOODWILL AND OTHER INTANGIBLE ASSETS

    In July 2001, the FASB issued Statement No. 141, BUSINESS COMBINATIONS, and
Statement No. 142, GOODWILL AND OTHER INTANGIBLE ASSETS. Statement 141 requires
that the purchase method of accounting be used for all business combinations
initiated after June 30, 2001 as well as all purchase method business
combinations completed after June 30, 2001. Statement 141 also specifies
criteria intangible assets acquired in a purchase method business combination
must meet to be recognized and reported apart from goodwill, noting that any
purchase price allocable to an assembled workforce may not be accounted for
separately. Statement 142 will require that goodwill and intangible assets with
indefinite useful lives no longer be amortized, but instead tested for
impairment at least annually in accordance with the provisions of Statement 142.
Statement 142 will also require that intangible assets with definite useful
lives be amortized over their respective estimated useful lives to their
estimated residual values, and reviewed for impairment in accordance with SFAS
No. 121, ACCOUNTING FOR THE IMPAIRMENT OF LONG-LIVED ASSETS AND FOR LONG-LIVED
ASSETS TO BE DISPOSED OF.

    The Company is required to adopt the provisions of Statement 141
immediately, except with regard to business combinations initiated prior to
July 1, 2001, and Statement 142 effective January 1, 2002.(*) Furthermore, any
goodwill and any intangible asset determined to have an indefinite useful life
that are acquired in a purchase business combination completed after June 30,
2001 will not be amortized, but will continue to be evaluated for impairment in
accordance with the appropriate pre-Statement 142 accounting literature.
Goodwill and intangible assets acquired in business combinations completed
before July 1, 2001 will continue to be amortized prior to the adoption of
Statement 142.

                                       8
<Page>
                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

3. RECENT ACCOUNTING DISCLOSURES (CONTINUED)
    Statement 141 will require upon adoption of Statement 142, that the Company
evaluate its existing intangible assets and goodwill that were acquired in a
prior purchase business combination, and to make any necessary reclassifications
in order to conform with the new criteria in Statement 141 for recognition apart
from goodwill. Upon adoption of Statement 142, the Company will be required to
reassess the useful lives and residual values of all intangible assets acquired
in purchase business combinations, and make any necessary amortization period
adjustments by the end of the first interim period after adoption. In addition,
to the extent an intangible asset is identified as having an indefinite useful
life, the Company will be required to test the intangible asset for impairment
in accordance with the provisions of Statement 142 within the first interim
period. Any impairment loss will be measured as of the date of adoption and
recognized as the cumulative effect of a change in accounting principle in the
first interim period.

    In connection with the transitional goodwill impairment evaluation,
Statement 142 will require the Company to perform an assessment of whether there
is an indication that goodwill [and equity-method goodwill] is impaired as of
the date of adoption. To accomplish this the Company must identify its reporting
units and determine the carrying value of each reporting unit by assigning the
assets and liabilities, including the existing goodwill and intangible assets,
to those reporting units as of the date of adoption. The Company will then have
up to six months from the date of adoption to determine the fair value of each
reporting unit and compare it to the reporting unit's carrying amount. To the
extent a reporting unit's carrying amount exceeds its fair value, an indication
exists that the reporting unit's goodwill may be impaired and the Company must
perform the second step of the transitional impairment test. In the second step,
the Company must compare the implied fair value of the reporting unit's
goodwill, determined by allocating the reporting unit's fair value to all of it
assets (recognized and unrecognized) and liabilities in a manner similar to a
purchase price allocation in accordance with Statement 141, to its carrying
amount, both of which would be measured as of the date of adoption. This second
step is required to be completed as soon as possible, but no later than the end
of the year of adoption. Any transitional impairment loss will be recognized as
the cumulative effect of a change in accounting principle in the Company's
statement of earnings.

    And finally, any unamortized negative goodwill [and negative equity-method
goodwill] existing at the date Statement 142 is adopted must be written off as
the cumulative effect of a change in accounting principle.

    As of the date of adoption, the Company expects to have unamortized goodwill
in the amount of $1,177,000, unamortized identifiable intangible assets in the
amount of $107,655,000, all of which will be subject to the transition
provisions of Statements 141 and 142. Amortization expense related to goodwill
and intangible assets was $3,293,000 and $1,644,000 for the year ended
December 31, 2000 and the six months ended June 30, 2001, respectively. Because
of the extensive effort needed to comply with adopting Statements 141 and 142,
it is not practicable to reasonably estimate the impact of adopting these
Statements on the Company's financial statements at the date of this report,
including whether any transitional impairment losses will be required to be
recognized as the cumulative effect of a change in accounting principle.

4. SENIOR DISCOUNT NOTES

    OFFERING OF SENIOR DISCOUNT NOTES

    The Company completed a private placement of $174.0 million aggregate
principal amount, at maturity, of 11 1/4% Senior Discount Notes due 2005 (the
"Notes") on March 17, 1998 (the "Notes

                                       9
<Page>
                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. SENIOR DISCOUNT NOTES (CONTINUED)
Offering"), generating approximately $125.4 million of gross proceeds for the
Company of which the Company used approximately $32.8 million to repay
outstanding indebtedness under its previous credit facility. The Company has
used the proceeds of the Notes Offering to finance the acquisition costs of
radio station properties and the remaining proceeds were used for general
working capital purposes. On March 15, 2001, the Notes commenced accruing
interest at 11 1/4% per annum, which interest is payable in cash, semi-annually,
commencing September 15, 2001. The semi-annual payment is $9.8 million. (See
"Management's Discussion and Analysis of Financial Condition and Results of
Operations--Liquidity and Capital Resources").

    SUBSIDIARY GUARANTORS

    Pursuant to the terms of the indenture relating to the Notes (the
"Indenture"), the direct subsidiaries of Big City Radio, Inc.--consisting of
Odyssey Traveling Billboards, Inc., Big City Radio-NYC, L.L.C., Big City
Radio-LA, L.L.C., Big City Radio-CHI, L.L.C., and Big City Radio-Phoenix, L.L.C.
(collectively, the "Subsidiary Guarantors")--have, jointly and severally, fully
and unconditionally guaranteed the obligations of Big City Radio, Inc. with
respect to the Notes.

    All of the then existing Subsidiary Guarantors except Odyssey Traveling
Billboards, Inc. (the "Station Subsidiaries"), were created in December 1997 as
special purpose Delaware limited liability companies formed at the request of
the lenders under the Credit Facility for the sole purpose of holding the
Company's Federal Communications Commission ("FCC") radio licenses. Big City
Radio-Phoenix, L.L.C. was created in December 1998 upon signing the intent to
purchase the broadcast radio properties in Phoenix. The operating agreements for
the Station Subsidiaries limit the activities of these companies to owning the
FCC radio licenses. Odyssey Traveling Billboards, Inc. owns and operates certain
vehicles used to advertise for the Company's radio stations. Because the Station
Subsidiaries have entered into assignment and use agreements with the Company
whereby the Company manages and directs the day-to-day operations of the radio
stations, pays all expenses and capital costs incurred in operating the radio
stations, and retains all advertising and other receipts collected in operating
the radio stations, the Station Subsidiaries have no income or expenses other
than the amortization of the FCC licenses. Odyssey Travelling Billboards, Inc.
is similarly a special purpose corporation with no income and only expenses.

    The covenants in the Notes, the Indenture and the Revolving Credit Facility
(as such term is defined below) do not restrict the ability of the Station
Subsidiaries to make cash distributions to the Company.

    Accordingly, set forth below is certain summarized financial information
(within the meaning of Section 1-02(bb) of Regulation S-X) for the Subsidiary
Guarantors, as of June 30, 2001 and December 31,

                                       10
<Page>
                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. SENIOR DISCOUNT NOTES (CONTINUED)
2000 and for the three and six months ended June 30, 2001 and 2000 on an "as-if
pooling" basis, given the common control relationship of the Company and the
Subsidiary Guarantors.

<Table>
<Caption>
                                                         JUNE 20, 2001   DECEMBER 31, 2000
                                                         -------------   -----------------
<S>                                                      <C>             <C>
Current assets.........................................            --                --
Noncurrent assets......................................  $107,655,000      $109,126,000
Current liabilities....................................            --                --
Noncurrent liabilities.................................            --                --
</Table>

<Table>
<Caption>
                                         THREE MONTHS ENDED,        SIX MONTHS ENDED,
                                              JUNE 30,                  JUNE 30,
                                        ---------------------   -------------------------
                                          2001        2000         2001          2000
                                        ---------   ---------   -----------   -----------
<S>                                     <C>         <C>         <C>           <C>
Net Sales.............................         --          --            --            --
Costs and expenses....................         --          --            --            --
Depreciation and amortization.........  $ 735,000   $ 748,000   $ 1,471,000   $ 1,498,000
Net loss..............................  $(735,000)  $(748,000)  $(1,471,000)  $(1,498,000)
</Table>

The summarized financial information for the Subsidiary Guarantors has been
prepared from the books and records maintained by the Subsidiary Guarantors and
the Company. The summarized financial information may not necessarily be
indicative of the results of operations or financial position had the Subsidiary
Guarantors operated as independent entities.

5. LIQUIDITY AND GOING CONCERN

    The Company has incurred substantial net losses since inception primarily
due to broadcast cash flow deficits characteristic of the start up of its radio
stations. In addition, since the majority of its broadcast properties are in the
early stages of developing, either as a result of them being recent purchases,
or as a result of them being recently reformatted, the Company expects to
generate significant net losses for the foreseeable future, as it continues to
expand its presence in major markets.

    On March 15, 2001, the Notes commenced accruing interest at 11 1/4% per
annum, which interest is payable in cash, semi-annually, commencing
September 15, 2001. The semi-annual interest payment is $9.8 million.

    Cash on hand is not sufficient to support the Company's operations through
December 31, 2001 and its growth strategy; nor is it sufficient to fund the
$9.8 million interest payment due on the Notes on September 15, 2001. In
addition, because of the Company's substantial indebtedness, a significant
portion of the Company's broadcast cash flow will be required for debt service.
These matters raise substantial doubt about the Company's ability to continue as
a going concern. No adjustments have been made in the accompanying unaudited
consolidated financial statements as a result of this uncertainty. The Company
is in the process of seeking a new debt facility to finance its operating and
debt service requirements and capital expenditure programs through December 31,
2001. There can be no assurance that any such financing will be available or
available on acceptable terms.

    Management believes that its long-term liquidity can be satisfied through a
combination of i) a successful financing transaction to address the operating
and debt service requirements and capital expenditure programs through
December 31, 2001, ii) achieving positive operating results and cash flows
through revenue growth and control of operating expenses and iii) the
implementation and execution of its

                                       11
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                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. LIQUIDITY AND GOING CONCERN (CONTINUED)
growth strategy to acquire and build a major broadcast group. In order to meet
its long-term financing needs, the Company is currently considering all means
available to it, including the raising of additional equity and the
restructuring of the Notes.

6. PROMISSORY NOTE

    During April 2001, the Company made a request of its bank lender that the
Company be permitted to draw down on the Company's Revolving Credit Facility.
The lender informed the Company that it would not permit the Company to draw on
the Revolving Credit Facility due to the Company's lack of compliance with a
covenant that required that the Company's consolidated financial statements for
the year ended December 31, 2000 be reported on by the Company's independent
accountants without a "going concern or like qualification or exception." As a
result of its inability to draw on the Revolving Credit Facility, the Company
issued a promissory note (the "Promissory Note") on May 8, 2001 to borrow up to
$5,000,000 from an affiliate of the Company (the "Lender") in order to meet the
Company's short-term working capital needs. The amount outstanding under the
Promissory Note will bear interest equal to the lower of (i) JP Morgan Chase's
prime rate plus 2.00% or (ii) the highest rate permitted by New York Law, and it
is due upon demand by the Lender. As of June 30, 2001, the amounts outstanding
on the Promissory Note is $985,000. Accrued interest expense on the Promissory
Note for the three months ended June 30, 2001 was $9,000.

                                       12
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

    Certain statements set forth below under this caption constitute
"Forward-Looking Statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). See "Special Note
Regarding Forward-Looking Statements."

    GENERAL

    The Company owns and operates radio stations in four of the largest radio
markets in the United States. The Company's radio broadcast properties are
located in or adjacent to major metropolitan markets and utilize innovative
engineering techniques and low-cost, ratings-driven operating strategies to
develop these properties into successful metropolitan radio stations.

    In the Los Angeles area, the Company owns and operates three FM radio
stations, KLYY-FM, KSYY-FM, and KVYY-FM, all trimulcasting on 107.1 FM to form
"Viva 107.1" (the "LA Stations"). These stations were acquired in 1996.

    In the New York area, the Company owns and operates four FM radio stations,
WYNY-FM, WWXY-FM, WWZY-FM, and WWYY-FM, all programmed on 107.1 FM to form "New
Country Y-107" (the "New York Stations"). New Country Y-107 began broadcasting
on December 4, 1996. WWXY-FM and WWZY-FM were operated under Local Marketing
Agreements ("LMAs") throughout the periods from December 1996 to April 1, 1997
and June 5, 1997, their effective acquisition dates, respectively, and WWYY-FM
was operated under LMA throughout the period from April 27, 1998 to August 13,
1998, its effective acquisition date. WYNY-FM was acquired on January 1, 1995.

    In the Chicago area, the Company owns five radio stations, WXXY-FM and
WYXX-FM, both simulcasting on 103.1 FM as "Viva 103.1" and WKIE-FM, WKIF-FM, and
WDEK-FM, trimulcasting as Energy92 (Viva 103.1 and Energy92 are collectively
referred to herein as, the "Chicago Stations"). Viva 103.1 stations were
acquired on August 8, 1997. The Company operated WXXY-FM as a stand-alone,
brokered-programming FM station and leased WYXX-FM to the previous owner under a
LMA agreement until the Company commenced operation of this simulcast in early
February 1998. The 103.1 simulcast began broadcasting its current Hispanic
contemporary hit radio format of "Viva 103.1" in January 2001. WKIE-FM and
WKIF-FM were acquired on August 4 and 7, 1998, respectively. On February 25,
1999 the Company acquired WDEK-FM and added it to the Energy92 stations to
form a trimulcast. These stations commenced operations as Energy92, a
contemporary dance hit radio format in January 2001.

    In the Phoenix area, the Company owns four radio stations, KEDJ-FM on 106.3
FM, KDDJ-FM on 100.3 FM, and KBZR-FM on 106.5, all trimulcasting the modern rock
format known as "The Edge" with the Howard Stern morning show. KEDJ-FM and
KDDJ-FM were acquired on July 30, 1999. On September 22, 1999 the Company
acquired KBZR-FM and added it to "The Edge" stations to form a trimulcast. On
September 28, 1999, the Company acquired KSSL-FM. In February 2000, the Company
began operating KSSL-FM as a stand-alone radio station broadcasting its Hispanic
contemporary hit radio format of "Que Buena". In April 2001, the company renamed
the station, "Viva 105.3" ("The Edge" stations and "Viva 105.3" are collectively
referred to herein as, the "Phoenix Stations").

    Through the merger and registration rights agreement (the "Agreement") in
which the Company acquired, on November 1, 1999, in an all stock transaction,
all the issued and outstanding stock of Hispanic Internet Holdings, Inc., a
privately held bilingual Online Service Provider for the U.S. Hispanic and Latin
American markets, the Company owns TodoAhora.com, a bilingual Internet portal,
which delivered a full range of world wide web programming to the Hispanic
community including news, entertainment, finance, culture, and e-commerce
opportunities. During the quarter ended June 30, 2001, the Company merged the

                                       13
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operations of TodoAhora.com into the LatinMusicTrends.com internet businesses,
which it acquired as part of the purchase of United Publishers of Florida, Inc.
("UPFI") (see below). The merger into LatinMusicTrends.com is part of a plan to
re-focus TodoAhora.com on Hispanic entertainment. On November 8, 2000, the
Company consummated a transaction in which the Company acquired substantially
all of the assets and properties of United Publishers of Florida, Inc., which
owned and operated (i) "Disco", a Hispanic music trade magazine, (ii) a graphic
design business and (iii) the LatinMusicTrends.com website ((i), (ii), and
(iii) are collectively referred to herein as "the acquired businesses").

    In November 2000, the Company formed Independent Radio Reps, LLC, a
wholly-owned subsidiary. This in-house agency was formed to compete for Hispanic
National radio advertising business.

    RESULTS OF OPERATIONS

    BACKGROUND

    The Company's financial results are dependent on a number of factors,
including the general strength of the local and national economies, local market
competition, the relative efficiency and effectiveness of internet media and
radio broadcasting compared to other advertising media, government regulation
and policies and the Company's ability to provide popular programming and
high-quality internet content and service.

    The Company's primary source of revenue is the sale of advertising. Each
station's total revenue is determined by the number of advertisements aired by
the station and the advertising rates that the station is able to charge.
Internet revenues will be derived from the sale of various forms of
advertisement, including sponsorships, endorsements and product placements, and
from electronic commerce activities related to its programming on pages
delivered to users of the Company's Internet channel. Publishing revenues will
be derived principally from the sale of advertising announcements. Furthermore,
the magazine company derives revenues from contract graphic design projects.

    Given the fact that the Company's strategy involves developing brand new
metropolitan area radio stations and various internet web sites, the initial
revenue base is zero and subject to factors other than ratings and radio
broadcasting seasonality. After the start-up period, as is typical in the radio
broadcasting industry, the Company's first calendar quarter generally will
produce the lowest revenues for the year, and the fourth quarter generally will
produce the highest revenues for the year. The Company's operating results in
any period may be affected by the incurrence of advertising and promotion
expenses that do not produce commensurate revenues in the period in which the
expenses are incurred.

    In each of its markets, the Company seeks to maximize the economic outlook
of its broadcast properties by selecting the most competitively viable formats,
engaging experienced and talented management, and by optimizing the signal
coverages of its transmitting facilities.

    THREE MONTHS ENDED JUNE 30, 2001 COMPARED WITH THREE MONTHS ENDED JUNE 30,
     2000

    NET REVENUES for the three months ended June 30, 2001 were $5,831,000
compared with $6,815,000 for the three months ended June 30, 2000, a decrease of
$984,000 or 14.4%. This decrease was due primarily to (i) decreased net revenues
at the Chicago Stations compared to the same period in 2000 resulting from their
change in formats in January 2001, (ii) decreased net revenues at the New York
stations compared to the same period in 2000, resulting from an adverse
competitive environment and the overall decline in revenues in the New York City
Market, and (iii) decreased net revenues at "The Edge" in Phoenix compared to
the same period in 2000, resulting from a reduced concert schedule in 2001. This
decrease was partially offset by increased net revenues of the LA Stations which
began broadcasting their current Hispanic contemporary hit radio format in
December 1999, and $131,000 publishing revenues for the three months ended
June 30, 2001, which business was acquired in November 2000.

                                       14
<Page>
    STATION OPERATING EXPENSES EXCLUDING DEPRECIATION AND AMORTIZATION for the
three months ended June 30, 2001 were $5,957,000 compared with $6,966,000 for
the three months ended June 30, 2000, a decrease of $1,009,000 or 14.5%. This
decrease was due principally to the reduction in operating expenses for the
Chicago Stations, and reduced concert expenses for "The Edge" in Phoenix as a
result of its reduced concert schedule.

    INTERNET AND PUBLISHING OPERATING EXPENSES EXCLUDING DEPRECIATION AND
AMORTIZATION for the three months ended June 30, 2001 were $393,000 compared
with $390,000 for the three months ended June 30, 2000, an increase of $3,000 or
0.8%.

    CORPORATE, GENERAL AND ADMINISTRATIVE EXPENSES for the three months ended
June 30, 2001 were $889,000 compared with $1,107,000 for the three months ended
June 30, 2000, a decrease of $218,000, or 19.7%. The decrease was primarily
attributable to the lower personnel costs in 2001.

    DEPRECIATION AND AMORTIZATION EXPENSES for the three months ended June 30,
2001 were $1,263,000 compared with $1,214,000 for the three months ended
June 30, 2000, an increase of $49,000, or 4.0%. This increase was due primarily
to capital expenditures in Hispanic Internet Holdings, Inc. and Phoenix "Viva
105.3" stations during the second half of 2000.

    INTEREST EXPENSE for the three months ended June 30, 2001 was $5,055,000
compared with $4,547,000 for the three months ended June 30, 2000, an increase
of $508,000, or 11.2%. This increase reflects additional interest resulting from
the higher accreted principal amount of the Notes for the quarter ended
June 30, 2001 when compared to the quarter ended June 30, 2000. Partially
offsetting the increase in interest expense was a decrease in interest payment
on Promissory Notes relating to the acquisition of WWYY-FM and WRNJ-AM in
August 1998, which were repaid on August 1, 2000. In the three months ended
June 30, 2001 and 2000, the average outstanding total debt for the Company was
$174,406,000 and $160,073,000 respectively. The average rate of interest on the
outstanding debt was 11.59% and 11.36%, respectively. Interest income for the
three months ended June 30, 2001 was $12,000 compared with $84,000 for the three
months ended June 30, 2000. This decrease was a result of lower average balance
of investments in marketable securities.

    NET LOSSES for the three months ended June 30, 2001 were $7,715,000 compared
with $7,331,000 for the three months ended June 30, 2000. The increase in net
loss of $384,000 was primarily attributable to the decrease in net revenues, and
higher net interest expenses, partially offset by lower station operating
expenses, and lower corporate, general and administrative expenses, compared to
the corresponding quarter in 2000.

    SIX MONTHS ENDED JUNE 30, 2001 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2000

    NET REVENUES for the six months ended June 30, 2001 were $10,055,000 as
compared with $11,462,000 for the six months ended June 30, 2000, a decrease of
$1,407,000 or 12.3%. This decrease was due primarily to (i) decreased net
revenues at the Chicago Stations compared to the same period in 2000 resulting
from their change in formats in January 2001, (ii) decreased net revenues at the
New York Stations compared to the same period in 2000, resulting from an adverse
competitive environment and the overall decline in revenues in the New York City
Market, and (iii) decreased net revenues at "The Edge" in Phoenix compared to
the same period in 2000, resulting from a reduced concert schedule in 2001. This
decrease was partially offset by increased net revenues of the LA Stations which
began broadcasting their current Hispanic contemporary hit radio format in
December 1999, and $232,000 publishing revenues for the six months ended
June 30, 2001, which business was acquired in November 2000.

    STATIONS OPERATING EXPENSES EXCLUDING DEPRECIATION AND AMORTIZATIONfor the
six months ended June 30, 2001 were $11,621,000 as compared with $13,076,000 for
the six months ended June 30, 2000, a decrease of $1,455,000 or 11.1%. This
decrease was due principally to the reduction in operating expenses for the
Chicago Stations, and reduced concert expenses for "The Edge" in Phoenix as a
result of its reduced

                                       15
<Page>
concert schedule, partially offset by operating expenses for Independent Radio
Reps, LLC which was formed in November 2000.

    INTERNET AND PUBLISHING OPERATING EXPENSES EXCLUDING DEPRECIATION AND
AMORTIZATION for the six months ended June 30, 2001 were $873,000 compared with
$621,000 for the six months ended June 30, 2000, an increase of $252,000 or
40.6%. This increase was due to the expansion of TodoAhora.com, which was
formally launched on May 5, 2000, and the magazine publishing business which was
acquired on November 8, 2000.

    CORPORATE, GENERAL AND ADMINISTRATIVE EXPENSES for the six months ended
June 30, 2001 were $1,734,000 compared with $1,974,000 for the six months ended
June 30, 2000, a decrease of $240,000, or 12.2%. The decrease was primarily
attributable to lower personnel costs in 2001.

    COST OF ABANDONMENT ON STATION ACQUISITION AGREEMENT was the result of the
cancellation of a signed agreement whereby the assets of radio station KLVA-FM,
Casa Grande, Arizona would have been exchanged for the assets of radio station
KDDJ-FM, Globe, Arizona. On signing of the acquisition agreement, the Company
deposited $275,000 into an escrow account in April 1999. In February 2000, the
Company paid the balance in the escrow account and an additional amount of
$275,000, totaling $550,000 to cancel the signed KLVA-FM acquisition. The
decision to abandon the transaction was made in response to a change in the
engineering enhancement plan for our Phoenix radio licenses. There were no such
expenses for the six months ended June 30, 2001.

    DEPRECIATION AND AMORTIZATION EXPENSES for the six months ended June 30,
2001 were $2,520,000 compared with $2,426,000 for the six months ended June 30,
2000, an increase of $94,000 or 3.9%. This increase was due primarily to capital
expenditures in Hispanic Internet Holdings, Inc. and Phoenix "Viva 105.3"
stations during the second half of 2000.

    INTEREST EXPENSE for the six months ended June 30, 2001 was $9,836,000
compared with $8,916,000 for the six months ended June 30, 2000, an increase of
$920,000, or 10.3%. This increase reflects additional interest resulting from
the accreted principal amount of the Notes for the six months ended June 30,
2001 when compared to the six months ended June 30, 2000. Partially offsetting
the increase in interest expense was a decrease in interest payment on
Promissory Notes relating to the acquisition of WWYY-FM and WRNJ-AM in
August 1998, which were repaid on August 1, 2000. In the six months ended
June 30, 2001 and 2000, the average outstanding total debt for the Company was
$173,730,000 and $158,060,000 respectively. The average rate of interest on the
outstanding debt was 10.27% and 11.27%, respectively. Interest income for the
six months ended June 30, 2001 was $34,000 compared with $182,000 for the six
months ended June 30, 2000. This decrease was a result of lower average balance
of investments in marketable securities.

    NET LOSSES for the six months ended June 30, 2001 were $16,510,000 compared
with $15,986,000 for the six months ended June 30, 2000. The increase in net
loss of $524,000 was primarily attributable to the decrease in net revenues, and
higher net interest expenses, and the start-up operations of Internet and
publishing business in 2001, partially offset by lower station operating
expenses, and lower corporate, general and administrative expenses, compared to
the corresponding six months ended June 30, 2000.

    LIQUIDITY AND CAPITAL RESOURCES

    The Company has reported net losses since inception primarily due to
broadcast cash flow deficits characteristic of the start up of the LA Stations,
the New York Stations, the Chicago Stations, and the Phoenix Stations and
depreciation and amortization charges relating to the Company's acquisition of
radio stations, as well as interest charges on its outstanding debt. In
addition, because certain of its broadcast properties and the internet
operations are in the early stages of development, the Company expects to
generate significant net losses as it continues to expand its presence in its
markets for the foreseeable future. As a result, working capital needs have been
met by borrowings, including loans from Stuart and

                                       16
<Page>
Anita Subotnick ("the Principal Stockholders") (which borrowings were
contributed to the capital of the Company immediately prior to the consummation
of the Company's initial public offering in December 1997), borrowings under the
previous credit facility and the issuance of the Notes. During April 2001, the
Company made a request of its bank lender that the Company be permitted to draw
down on the Company's Revolving Credit Facility.

    The lender informed the Company that it would not permit the Company to draw
on the Revolving Credit Facility due to the Company's lack of compliance with a
covenant that required that the Company's consolidated financial statements for
the year ended December 31, 2000 be reported on by the Company's independent
accountants without a "going concern or like qualification or exception." As a
result of its inability to draw on the Revolving Credit Facility, the Company
issued a promissory note (the "Promissory Note") on May 8, 2001 to borrow up to
$5,000,000 from an affiliate of the Company (the "Lender") in order to meet the
Company's short-term working capital needs. The amounts outstanding under the
Promissory Note will bear interest equal to the lower of (i) JP Morgan Chase's
prime rate plus 2.00% or (ii) the highest rate permitted by New York law, and it
is due upon demand by the Lender. As of June 30, 2001, the amounts outstanding
on the Promissory Note is $985,000. Interest expense on the Promissory Note for
the three months ended June 30, 2001 was $9,000.

    The Company has entered into various employment contracts with twenty-four
individuals comprised of mainly officers and senior management that provide for
minimum salaries and incentives based upon specified levels of performance. The
minimum payments under these contracts are $1,919,000 in 2001, $1,246,000 in
2002, and $150,000 in 2003.

    The Company has never paid cash or stock dividends on shares of common
stock. Furthermore, it intends to retain any future earnings for use in its
business and does not anticipate paying dividends on shares of its common stock
in the foreseeable future.

    CASH FLOWS FROM OPERATING ACTIVITIES

    In both the six months ended June 30, 2001 and 2000, the Company used cash
in its operations. In the six months ended June 30, 2001, the deficit was
predominantly due to operating losses of the New York, and Chicago Stations, and
the start-up operations of the internet and publishing businesses and
Independent Radio Reps, LLC. In the six months ended June 30, 2000, the deficit
was predominantly due to the start-up operating losses of the LA Stations as
Viva 107.1 and Hispanic Internet Holdings, Inc.

    CASH FLOWS FROM INVESTING ACTIVITIES

    Capital expenditures (excluding acquisitions of radio stations) were
$254,000 and $413,000 for the six months ended June 30, 2001 and 2000,
respectively. These expenditures primarily reflect costs associated with
technical improvements at the Company's stations, in particular, the expansion
of the studio and broadcast facilities, and computer support equipment. In each
of the six months ended June 30, 2001 and 2000, the Company sold marketable
securities of $1,895,000 and $3,105,000, respectively, to generate cash for
general working capital purposes.

    CASH FLOWS FROM FINANCING ACTIVITIES

    The Company completed the Notes offering of $174.0 million aggregate
principal amount at maturity of Notes on March 17, 1998, generating
approximately $125.4 million of gross proceeds for the Company of which the
Company used approximately $32.8 million to repay outstanding indebtedness under
its previous credit facility. The Company has used the proceeds of the Notes
offering to finance the acquisition costs of radio station properties and for
general working capital purposes.

    The Notes were issued at an original issue discount and accreted in value
until March 15, 2001 at a rate of 11 1/4% per annum, compounded semi-annually,
to an aggregate principal amount of $174.0 million.

                                       17
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Cash interest did not accrue on the Notes prior to March 15, 2001. Since
March 15, 2001 interest on the Notes has been accruing at a rate of 11 1/4% per
annum and will be payable in cash semi-annually, commencing September 15, 2001.
The semi-annual interest payment is $9.8 million.

    The Notes will mature on March 14, 2005 but may be redeemed after March 15,
2001 at the option of the Company, in whole or in part, at a redemption price of
105.625%, 102.813% or 100.000% if redeemed during the 12-month period commencing
on March 15, 2002, 2003 and 2004, respectively.

    Holders of the Notes have the right to require the Company to repurchase
their Notes upon a "change of control" of the Company, at a price equal to the
principal amount of such Notes. A "change of control" for purposes of the Notes
is deemed to occur (i) when any person other than the Principal Stockholders,
the management and their affiliates (the "Permitted Holders"), becomes the owner
of more than 35% of the total voting power of the Company's stock and the
Permitted Holders own in the aggregate a lesser percentage of such voting power
and do not have the right or ability to elect a majority of the Company's Board
of Directors, (ii) when the Board of Directors does not consist of a majority of
continuing directors, (iii) upon the occurrence of a sale or transfer of all or
substantially all of the assets of the Company taken as a whole, or (iv) upon
the adoption by the stockholders of a plan for the liquidation or dissolution of
the Company.

    Payments under the Notes are guaranteed on a senior unsecured basis by the
Company's "Restricted Subsidiaries", as defined in the Indenture governing the
Notes; as of June 30, 2001, all of the Company's subsidiaries were Restricted
Subsidiaries. The Notes contain certain financial and operational covenants and
other restrictions with which the Company and its Restricted Subsidiaries must
comply, including restrictions on the incurrence of additional indebtedness,
investments, payment of dividends on and redemption of capital stock and the
redemption of certain subordinated obligations, sales of assets and the use of
proceeds therefrom, transactions with affiliates, creation and existence of
liens, the types of businesses in which the Company may operate, asset swaps,
restriction on distributions from Restricted Subsidiaries, sales of capital
stock of Restricted Subsidiaries and consolidations, mergers and transfers of
all or substantially all of the Company's assets. The Company has inadequate
cash and cash equivalents on hand to make the required $9.8 million interest
payment on the Notes, due September 15, 2001, and will only be able to make such
payment if the Company consummates a financing transaction. There can be no
assurances that the Company can consummate such a financing at all or on terms
acceptable to the Company.

    The Notes contain customary events of default including payment defaults and
default in the performance of other covenants, certain bankruptcy defaults,
judgment and cross defaults, and failure of a subsidiary guarantee to be in full
force and effect.

    On July 6, 1998, the Company completed an exchange offer for the Notes, in
which the holders of substantially all outstanding Notes exchanged their Notes
for newly-issued Notes registered under the Securities Act of 1933. The new
Notes have the same terms as the exchanged Notes, except that the new Notes are
registered. The amount exchanged was $172,500,000 aggregate principal amount at
maturity of the Notes.

    In connection with the consummation of the Notes Offering, the Company
entered into a revolving credit facility with The Chase Manhattan Bank ("Chase")
providing for up to $15.0 million of availability, based upon a multiple of the
Company's radio stations' positive rolling four quarter broadcast cash flow (the
"Revolving Credit Facility") and subject to compliance with certain financial
and operational covenants. The Revolving Credit Facility will mature on the
fifth anniversary of March 17, 1998 and amounts outstanding under the Revolving
Credit Facility will bear interest at an applicable margin plus, at the
Company's option, Chase's prime rate (in which case the applicable margin will
initially be 2.00% subject to reduction upon achieving performance criteria
based on the Company's leverage ratio) or the London Interbank Borrowing Rate
(in which case the applicable margin will initially be 3.00% subject to
reduction upon achieving performance criteria based on the Company's leverage
ratio). The Company's

                                       18
<Page>
obligations under the Revolving Credit Facility are secured by a pledge of
substantially all of the Company's and its Station Subsidiaries' assets. In each
of the six months ended June 30, 2001 and 2000, the Company paid $20,000 and
$36,000, respectively, in fees relating to the facility.

    The Revolving Credit Facility contains certain financial and operational
covenants and other restrictions with which the Company must comply, including,
among others, limitations on capital expenditures, the incurrence of additional
indebtedness, restrictions on sales of assets, restrictions on the use of
borrowings, limitations on paying cash dividends and redeeming or repurchasing
capital stock of the Company or the Notes, and requirements to maintain certain
minimum interest coverage ratios. The Company is currently in compliance with
all material covenants and restrictions under the Revolving Credit Facility,
with the exception that the Independent Auditors' Report for the year ended
December 31, 2000 includes a "going concern" opinion. During April 2001, the
Company made a request of Chase that the Company be permitted to draw down on
the Company's Revolving Credit Facility. Chase informed the Company that it
would not permit the Company to draw on the Revolving Credit Facility due to the
Company's lack of compliance with a covenant that required that the Company's
consolidated financial statements for the year ended December 31, 2000 be
reported on by the Company's independent accountants without a "going concern or
like qualification or exception."

    The Revolving Credit Facility contains customary events of default,
including material misrepresentations, payment defaults and default in the
performance of other covenants, certain bankruptcy and ERISA defaults, judgment
and cross defaults, and defaults upon the revocation of any of the Company's
broadcast licenses. The Revolving Credit Facility also provides that an event of
default will occur upon the occurrence of a "change of control" as defined in
the Revolving Credit Facility. For purposes of the Revolving Credit Facility, a
change of control will occur when (i) any person or group other than the
Principal Stockholders and their affiliates obtains the power to elect a
majority of the Board of Directors, (ii) the Company fails to own 100% of the
capital stock of its subsidiaries owning any of the FCC broadcast licenses, or
(iii) the Board of Directors does not consist of a majority of continuing
directors, as defined.

    As of the date of this report, the Company has no binding commitments for
any acquisitions. The Company had available approximately $549,000 of cash and
cash equivalents on hand at June 30, 2001. On March 15, 2001, the Notes
commenced accruing interest at 11 1/4% per annum, which interest is payable in
cash, semi-annually, commencing September 15, 2001. The semi-annual interest
payment is $9.8 million.

    Cash on hand is not sufficient to support the Company's operations through
December 31, 2001 and its growth strategy; nor is it sufficient to fund the
$9.8 million interest payment due on the Notes on September 15, 2001. In
addition, because of the Company's substantial indebtedness, a significant
portion of the Company's broadcast cash flow will be required for debt service.
These matters raise substantial doubt about the Company's ability to continue as
a going concern.

    The Company is in the process of seeking a new debt facility to finance its
operating and debt service requirements and capital expenditure programs through
December 31, 2001. There can be no assurance that any such financing will be
available or available on acceptable terms. Management believes that its
long-term liquidity can be satisfied through a combination of i) a successful
financing transaction to address the operating and debt service requirements and
capital expenditure programs through December 31, 2001, ii) achieving positive
operating results and cash flows through revenue growth and control of operating
expenses and iii) the implementation and execution of its growth strategy to
acquire and build a major broadcast group. In order to meet its long-term
financing needs, the Company is currently considering all means available to it,
including the raising of additional equity and the restructuring of the Notes.
As a result of its inability to draw on the Revolving Credit Facility, the
Company issued a promissory note (the "Promissory Note") on May 8, 2001 to
borrow up to $5,000,000 from an affiliate of the Company (the "Lender") in order
to meet the Company's short-term working capital needs. The amounts outstanding
under the Promissory Note will bear interest equal to the lower of (i) JP Morgan
Chase's prime rate plus 2.00% or (ii) the highest rate permitted by New York
law, and it is due upon

                                       19
<Page>
demand by the Lender. As of June 30, 2001, the amounts outstanding on the
Promissory Note is $985,000. Accrued interest expense on the Promissory Note for
the three months ended June 30, 2001 was $9,000.

    SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Certain statements in this report, including those utilizing phrases "will,"
"expects," "intends," "estimates," "contemplates," and similar phrases, are
"forward-looking" statements (as such term is defined in Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including
statements regarding, among other items, (i) the Company's growth strategy,
(ii) the Company's intention to acquire additional radio stations and to enter
additional markets, including its ability to do so at attractive valuations,
(iii) the Company's expectation of improving the coverage areas of its radio
stations, and (iv) the Company's ability to successfully implement its business
strategy. Certain, but not necessarily all, of such forward-looking statements
can be identified by the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," or "anticipates" or the negative thereof or
other variations thereon or comparable terminology, or by discussions of
strategy that involve risks and other factors which may cause the actual
results, performance and achievements of the Company and its subsidiaries to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
but are not limited to, the following: (i) changes in the Company's and its
competitors, (ii) changes in the regulatory framework, (iii) changes in audience
tastes, changes or advances in technology and (iv) changes in the economic
conditions of local markets. Other factors which may materially affect actual
results include, among others, the following: general economic and business
conditions, industry capacity, demographic changes, changes in political, social
and economic conditions and various other factors beyond the Company's control.
The Company does not undertake and specifically declines any obligation to
release publicly the results of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events.

                                       20
<Page>
PART II--OTHER INFORMATION

ITEM 1--LEGAL PROCEEDINGS

    The Company is involved in litigation from time to time in the ordinary
course of its business. In management's opinion, the outcome of all pending
legal proceedings, individually and in the aggregate, will not have a material
adverse effect on the Company.

ITEM 2--CHANGES IN SECURITIES AND USE OF PROCEEDS

    None.

ITEM 3--DEFAULTS UPON SENIOR SECURITIES

    None.

ITEM 4--SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    At the Company's 2001 Annual Meeting of Stockholders held on May 11, 2000,
the holders of Class A common stock of the Company were asked to consider and
vote as a separate class upon the election of two members to the Company's Board
of Directors to serve a one year term as Class A Directors, and the holders of
Class A common stock together with the holders of Class B common stock were
asked to consider and vote as a single class upon the ratification of the
selection of KPMG LLP as the Company's independent accountants for the year
ending December 31, 2001.

    At such a meeting, a majority of the Company's stockholders (i) elected
Michael H. Boyer and Leonard White as Class A Directors for a one year term
ending in the year 2001 and (ii) ratified the appointment of KPMG LLP as the
Company's independent accountants for the year ending December 31, 2001.

    The following is a summary of the voting results with respect to each of the
proposals:

<Table>
<Caption>
PROPOSAL                                                         FOR      WITHHOLD
--------                                                      ---------   --------
<S>                                                           <C>         <C>
1. The Election of Class A Directors........................
<Caption>
NAME
----
Michael H. Boyer.                                             5,484,775      9,814
<S>                                                           <C>         <C>
  Leonard White.............................................  5,484,775    54,125
</Table>

<Table>
<Caption>
                                                       FOR       AGAINST    ABSTAIN    BROKER NON-VOTES
                                                    ----------   --------   --------   ----------------
<S>                                                 <C>          <C>        <C>        <C>
2. Ratification of the Appointment of Independent
  Auditors........................................  87,085,533    3,900        500             --
</Table>

    No other matters were submitted to a vote of the Company's stockholders,
through the solicitation of proxies or otherwise, during the second quarter of
the year ending December 31, 2001.

ITEM 5--OTHER INFORMATION.

    None.

ITEM 6--EXHIBITS AND REPORTS ON FORM 8-K

    (a) Exhibits

    None.

    (b) Reports on Form 8-K

    No reports were filed during the quarter for which this report was filed.

------------------------

*   Filed herewith

                                       21
<Page>
                                   SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

<Table>
<S>                                                    <C>  <C>
                                                       BIG CITY RADIO, INC.

                                                       By:             /s/ PAUL R. THOMSON
                                                            -----------------------------------------
                                                                         Paul R. Thomson
                                                             VICE PRESIDENT, CHIEF FINANCIAL OFFICER
                                                                          AND TREASURER
</Table>

Dated: August 14, 2001

------------------------

*   Companies with fiscal year ends beginning after March 15, 2001, who have not
    yet issued financial statements for their first interim period may early
    adopt Statement 142.

                                       22