<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 MARCH 31, 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 April 24, 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..................   7-10

Item 2.     Management's Discussion and Analysis of Financial Condition
            and Results of Operations...................................  11-16
</TABLE>

                           PART II--OTHER INFORMATION

<TABLE>
<S>         <C>                                                           <C>
Item 1.     Legal Proceedings...........................................    17

Item 2.     Changes in Securities and Use of Proceeds...................    17

Item 3.     Defaults Upon Senior Securities.............................    17

Item 4.     Submission of Matters to a Vote of Security Holders.........    17

Item 5.     Other Information...........................................    17

Item 6.     Exhibits and Reports on Form 8-K............................    17
Signatures..............................................................    18
</TABLE>

                                       2
<PAGE>
PART 1--FINANCIAL INFORMATION

ITEM. 1 FINANCIAL STATEMENTS

                              BIG CITY RADIO, INC.
                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                               MARCH 31,     DECEMBER 31,
                                                                  2001           2000
                                                              ------------   ------------
<S>                                                           <C>            <C>
                                         ASSETS
Current assets:
  Cash and cash equivalents.................................  $     78,000   $    862,000
  Cash held in investment, restricted.......................       812,000        802,000
  Marketable securities, available for sale.................       400,000      1,895,000
  Accounts receivable, net of allowance of $373,000 and
    $338,000 in 2001 and 2000, respectively.................     3,541,000      4,716,000
  Interest receivable.......................................        11,000         38,000
  Prepaid expenses and other current assets.................     1,336,000        981,000
                                                              ------------   ------------
    Total current assets....................................     6,178,000      9,294,000

Property and equipment, net.................................     6,846,000      7,148,000
Intangibles, net............................................   109,655,000    110,476,000
Deferred financing fees.....................................     2,583,000      2,747,000
Other assets................................................       204,000        181,000
                                                              ------------   ------------
    Total assets............................................  $125,466,000   $129,846,000
                                                              ============   ============

                    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

Current liabilities:
  Accounts payable..........................................  $  1,748,000   $  1,337,000
  Accrued expenses..........................................     1,450,000      2,138,000
  Interest payable..........................................       912,000             --
  Other current liabilities.................................        38,000         36,000
                                                              ------------   ------------
    Total current liabilities...............................     4,148,000      3,511,000
                                                              ============   ============

Senior discount notes.......................................   174,000,000    170,296,000
Other long term liabilities.................................       702,000        621,000
Deferred income tax liabilities.............................     2,331,000      2,347,000
Stockholders' equity (deficiency)
  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.......................................   (85,352,000)   (76,557,000)
                                                              ------------   ------------
  Net stockholders' equity (deficiency).....................   (55,715,000)   (46,929,000)
                                                              ------------   ------------
    Total liabilities and stockholders' equity
      (deficiency)..........................................  $125,466,000   $129,846,000
                                                              ============   ============
</TABLE>

          See accompanying notes to consolidated financial statements

                                       3
<PAGE>
                              BIG CITY RADIO, INC.

                      CONSOLIDATED STTEMENTS OF OPERATIONS

                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000

<TABLE>
<CAPTION>
                                                                 2001          2000
                                                              -----------   -----------
<S>                                                           <C>           <C>
Gross revenues..............................................  $ 4,662,000   $ 5,259,000
  Less: commissions and fees................................      437,000       613,000
                                                              -----------   -----------
    Net revenues............................................    4,225,000     4,646,000
                                                              -----------   -----------
Operating expenses:
  Station operating expenses, excluding depreciation and
    amortization............................................    5,665,000     6,111,000
  Internet and publishing expenses, excluding depreciation
    and amortization........................................      480,000       231,000
  Corporate, general and administrative expenses............      845,000       866,000
  Cost of abandonment of station acquisition agreement......           --       550,000
  Depreciation and amortization.............................    1,257,000     1,212,000
                                                              -----------   -----------
    Total operating expenses................................    8,247,000     8,970,000
                                                              -----------   -----------
      Operating loss........................................   (4,022,000)   (4,324,000)

Other income (expenses):
  Interest income...........................................       22,000        98,000
  Interest expense..........................................   (4,781,000)   (4,369,000)
  Other, net................................................      (30,000)      (61,000)
                                                              -----------   -----------
    Total other expenses....................................   (4,789,000)   (4,332,000)

Loss before income taxes....................................   (8,811,000)   (8,656,000)
Income tax benefit, net.....................................       16,000            --
                                                              -----------   -----------
  Net Loss..................................................  $(8,795,000)  $(8,656,000)
                                                              ===========   ===========
Basic and diluted loss per share:
  Net loss..................................................  $     (0.61)  $     (0.60)
                                                              ===========   ===========
Weighted average shares outstanding.........................   14,477,275    14,469,275
                                                              ===========   ===========
</TABLE>

          See accompanying notes to consolidated financial statements

                                       4
<PAGE>
                              BIG CITY RADIO, INC.

          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)

<TABLE>
<CAPTION>
                                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..................          --         --            --           --        (8,795,000)    (8,815,000)
                            ----------   --------   -----------      -------      ------------   ------------
Balance at March 31,
  2001....................  14,477,275   $145,000   $29,492,000      $    --      $(85,352,000)  $(55,735,000)
                            ==========   ========   ===========      =======      ============   ============
</TABLE>

          See accompanying notes to consolidated financial statements

                                       5
<PAGE>
                              BIG CITY RADIO, INC.

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000

<TABLE>
<CAPTION>
                                                                 2001          2000
                                                              -----------   -----------
<S>                                                           <C>           <C>
Cash flows from operating activities:
  Net loss..................................................  $(8,795,000)  $(8,656,000)
  Adjustments to reconcile net loss to net cash used in
    operating activities:
    Depreciation and amortization...........................    1,257,000     1,212,000
    Non cash interest.......................................    3,868,000     4,349,000
    Non cash change in other comprehensive loss.............        9,000            --
    Deferred income taxes...................................      (16,000)           --
    Gain on sale of fixed assets............................       (1,000)           --
    Change in operating assets and liabilities
      (Increase) decrease in assets:
        Accounts receivable.................................    1,175,000     1,991,000
        Interest receivable.................................       27,000       317,000
        Prepaid expenses and other current assets...........     (355,000)      (12,000)
        Other assets........................................      (23,000)       (1,000)
    Increase (decrease) in liabilities:
      Accounts payable......................................      411,000      (145,000)
      Accrued expenses......................................     (688,000)     (858,000)
      Interest payable......................................      912,000            --
      Other liabilities.....................................       83,000        (2,000)
                                                              -----------   -----------
        Net cash used in operating activities...............   (2,136,000)   (1,805,000)
                                                              -----------   -----------
Cash flows from investing activities:
  Purchase of property and equipment........................     (153,000)     (245,000)
  Sales of marketable securities............................    1,495,000       501,000
  Decrease (Increase) in cash held in restricted
    investment..............................................      (10,000)      581,000
  Cash received for disposal of fixed assets................       20,000            --
                                                              -----------   -----------
        Net cash used in investing activities...............    1,352,000       837,000
                                                              -----------   -----------
Cash flows from financing activities:
  Repayment of promissory notes.............................           --      (294,000)
                                                              -----------   -----------
        Net cash used in financing activities...............           --      (294,000)
                                                              -----------   -----------
        Change in cash and cash equivalents.................     (784,000)   (1,262,000)
Cash and cash equivalents at beginning of period............      862,000     2,431,000
                                                              -----------   -----------
Cash and cash equivalents at end of period..................  $    78,000   $ 1,169,000
                                                              ===========   ===========
</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 delivers a full range of Internet programming
to the Hispanic community including news, entertainment, finance, culture and
e-commerce opportunities. 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 March 31, 2001 and the results of its operations and its cash
flows for the three months ended March 31, 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 months ended March 31, 2001 and
2000, the Company had losses from continuing operations. The Company had
antidilutive options amounting to 1,921,000 and 2,020,900 at March 31, 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

    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 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
results of operations

4. SENIOR DISCOUNT NOTES

    OFFERING OF SENIOR DISCOUNT NOTES

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

                                       8
<PAGE>
                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. SENIOR DISCOUNT NOTES (CONTINUED)
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 March 31, 2001 and December 31, 2000 and for the three months
ended March 31, 2001 and 2000 on an "as-if pooling" basis, given the common
control relationship of the Company and the Subsidiary Guarantors.

<TABLE>
<CAPTION>
                                                         MARCH 31, 2001   DECEMBER 31, 2000
                                                         --------------   -----------------
<S>                                                      <C>              <C>
Current assets.........................................             --                --
Noncurrent assets......................................   $108,391,000      $109,126,000
Current liabilities....................................             --                --
Noncurrent liabilities.................................             --                --
</TABLE>

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED,
                                                                    MARCH 31,
                                                              ---------------------
                                                                2001        2000
                                                              ---------   ---------
<S>                                                           <C>         <C>
Net Sales...................................................         --          --
Costs and expenses                                                   --          --
Depreciation and amortization...............................  $ 736,000   $ 750,000
Net loss....................................................  $(736,000)  $(750,000)
</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 as well as developing its Internet portal
site.

                                       9
<PAGE>
                              BIG CITY RADIO, INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. LIQUIDITY AND GOING CONCERN (CONTINUED)
    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 and cash equivalents are not sufficient to support the Company's
operations through December 31, 2001 and its growth strategy. In addition,
because of the Company's substantial indebtedness, a significant portion of the
Company's broadcast cash flow will be required for debt. These matters raise
substantial doubt about the Company's ability to continue as a going concern.

6. SUBSEQUENT EVENTS

    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 it was
necessary in early May 2001 for the Company to borrow $425,000 from an affiliate
of the Company in order to meet the Company's short-term working capital needs.

                                       10
<PAGE>
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 delivers a full range of world wide web programming to the Hispanic
community including news, entertainment, finance, culture, and e-commerce
opportunities. TodoAhora.com will serve the Hispanic community both in the U.S.
and overseas. On November 8, 2000 the Company consummated a transaction in which
the Company

                                       11
<PAGE>
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 a new web portal, 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 MARCH 31, 2001 COMPARED WITH THREE MONTHS ENDED
     MARCH 31, 2000

    NET REVENUES for the three months ended March 31, 2001 were $4,225,000
compared with $4,646,000 for the three months ended March 31, 2000, a decrease
of $421,000 or 9.1%. This decrease was due primarily to (i) decrease in net
revenues in the Chicago Stations compared to the same period in 2000 resulting
from their change in formats in January 2001, (ii) decrease in net revenues in
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. This decrease was partially offset by the increase in net revenues of
the LA Stations which began broadcasting its current Hispanic contemporary hit
radio format in December 1999, and $102,000 publishing revenues for the three
months ended March 31, 2001, which business was acquired in November 2000.

    STATION OPERATING EXPENSES EXCLUDING DEPRECIATION AND AMORTIZATION for the
three months ended March 31, 2001 were $5,665,000 compared with $6,111,000 for
the three months ended March 31, 2000, a decrease of $446,000 or 7.3%. This
decrease was due principally to the reduction in operating expenses for the
Chicago Stations.

                                       12
<PAGE>
    INTERNET AND PUBLISHING OPERATING EXPENSES EXCLUDING DEPRECIATION AND
AMORTIZATION for the three months ended March 31, 2001 were $480,000 compared
with $231,000 for the three months ended March 31, 2000, an increase of $249,000
or 107.8%. This increase was due to the start-up operations 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 three months ended
March 31, 2001 were $845,000 compared with $866,000 for the three months ended
March 31, 2000, a decrease of $21,000, or 2.4%.

    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 three months ended March 31, 2001.

    DEPRECIATION AND AMORTIZATION EXPENSES for the three months ended March 31,
2001 were $1,257,000 compared with $1,212,000 for the three months ended
March 31, 2000, an increase of $45,000, or 3.7%. This increase was due primarily
to increased capital expenditures on the Hispanic Internet Holdings, Inc. during
2000.

    INTEREST EXPENSE for the three months ended March 31, 2001 was $4,781,000
compared with $4,369,000 for the three months ended March 31, 2000, an increase
of $412,000, or 9.4%. This increase reflects additional interest resulting from
the accreted principal amount of the Notes for the quarter ended March 31, 2001
when compared to the quarter ended March 31, 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 March 31, 2001 and
2000, the average outstanding total debt for the Company was $173,361,000 and
$156,047,000 respectively. The average rate of interest on the outstanding debt
was 11.03% and 11.19%, respectively. Interest income for the three months ended
March 31, 2001 was $22,000 compared with $98,000 for the three months ended
March 31, 2000. This decrease was a result of lower average balance of
investments in marketable securities.

    NET LOSSES for the three months ended March 31, 2001 were $8,795,000
compared with $8,656,000 for the three months ended March 31, 2000. The increase
in net loss of $139,000 was primarily attributable to the decrease in net
revenues, higher net interest expenses, and the start-up operations of Internet
and publishing business in 2001, partially offset by lower station operating
expenses, and the absence of a $550,000 cancellation charge related to the
KLVA-FM acquisition in the quarter ended March 31, 2001, compared to the
corresponding quarter in 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 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. The Company has

                                       13
<PAGE>
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 three months ended March 31, 2001 and 2000, the Company used
cash in its operations. In the three months ended March 31, 2001, the deficit
was predominantly due to operating losses of the Los Angeles, New York, and
Chicago Stations, and the start-up operations of the internet and publishing
businesses.

    CASH FLOWS FROM INVESTING ACTIVITIES

    Capital expenditures (excluding acquisitions of radio stations) were
$153,000 and $245,000 for the three months ended March 31, 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 three months ended March 31, 2001 and 2000, the Company sold marketable
securities of $1,495,000 and $501,000, 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. 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 March 31, 2001, all of the Company's

                                       14
<PAGE>
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
is currently in compliance with all covenants and other restrictions under the
Notes and anticipates that it will continue to meet the requirements of the
Notes.

    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 obligations under the Revolving Credit Facility are
secured by a pledge of substantially all of the Company's and its Station
Subsidiaries' assets. The Company paid $20,000 in each of the three months ended
March 31, 2001 and 2000 in fees based on the aggregate unused portion of 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 (the "2000 Form 10-K") includes a "going concern" uncertainty
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

                                       15
<PAGE>
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 $478,000 of cash and
cash equivalents on hand and marketable securities at March 31, 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. 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 needs will be satisfied through a combination of
i) achieving positive operating results and cash flows through revenue growth
and control of operating expenses and ii) 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 the Company's inability to draw on
the Revolving Credit Facility it was necessary in early May 2001 for the Company
to borrow $425,000 from an affiliate of the Company in order to meet the
Company's short-term working capital needs.

    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.

                                       16
<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

    None.

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

                                       17
<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: May 15, 2001

                                       18