Document:

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                                                                    Exhibit 10.2

                            TIME BROKERAGE AGREEMENT

     This Time Brokerage Agreement (this "Agreement") is made as of this 4th day
of June, 2002, effective for all purposes on the Effective Date (as defined
below), between ENTRAVISION COMMUNICATIONS CORPORATION, a Delaware corporation
("Programmer"), and KTCY LICENSING, INC., a Delaware corporation ("Licensee").

                                    Recitals

WHEREAS, Licensee holds a license issued by the Federal Communications
Commission (the "FCC") for operation of Station KTCY(FM), Pilot Point, Texas
(the "Station");

WHEREAS, Licensee, Programmer and Spanish Broadcasting System, Inc. ("Spanish
Broadcasting") have contemporaneously entered into an Asset Purchase Agreement
(the "Purchase Agreement"), which provides for the acquisition by Programmer of
certain assets and liabilities of Licensee and Spanish Broadcasting on the terms
and subject to the conditions set forth therein; and

WHEREAS, between the date hereof and the closing under the Purchase Agreement,
Programmer desires to broker certain air time on the Station, all in accordance
with the Communications Act of 1934, as amended, and the rules, regulations, and
policies of the FCC (the "FCC Requirements").

     NOW, THEREFORE, in consideration of the foregoing premises and of the
mutual covenants, representations, warranties and agreements contained in this
Agreement and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement agree as
follows:

     1.   Effective Date and Term.

          1.1  Effective Date. This Agreement shall become effective for all
purposes on the date hereof (the "Effective Date").

          1.2  Term. The term of this Agreement (the "Term") shall begin on the
Effective Date and shall continue until the consummation of the transaction
under the Purchase Agreement, unless earlier terminated under the provisions of
this Agreement.

     2.   Brokering of Air Time. Programmer hereby agrees to broker certain air
time on the Station during the Term (such brokered air time period is referred
to herein as the "Broadcasting Period"). During the Broadcasting Period,
Licensee shall broadcast on the Station programming supplied by Programmer (the
"Programming"). Programmer will ensure that the Programming meets technical and
quality standards equal to those of programming broadcast by commercial radio
stations generally in the United States. If Licensee, in the reasonable exercise

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of its discretion, finds that the Programming does not meet such standards, then
it shall advise Programmer in writing of the specific deficiencies. If such
deficiencies have not been corrected within ten (10) days after receipt of
notice, then Licensee shall have no obligation to continue broadcast such
Programming until such time as the deficiencies are corrected.

     3. Licensee's Broadcasting Obligations. In consideration for the payments
made and to be made by Programmer hereunder, Licensee shall make available to
Programmer, beginning on the Effective Date, all of the Station's air time
(except for such time necessary for Licensee to meet its obligations under the
rules and regulations of the FCC) during the Broadcasting Period and shall cause
to be broadcast on the Station the Programming pursuant to Section 2 hereof.
Throughout the Term, unless otherwise mutually agreed by the parties, Licensee
shall maintain the operating power of the Station at its authorized maximum
licensed level and shall operate and maintain in good working condition the
Station's transmission facilities and broadcasting equipment. Licensee shall use
its best efforts to provide at least forty-eight (48) hours' prior notice to
Programmer in advance of any maintenance work affecting the operation of the
Station, and such work shall be scheduled by Licensee to be performed at such
hours and on such terms as to minimize interruption of broadcast of the
Programming on the Station. If the Station suffers any loss or damage to its
facilities which results in interruption of the ability to broadcast the
Programming at the maximum authorized power for the Station, Licensee shall
notify Programmer as soon as reasonably possible, and immediately undertake such
repairs as are necessary to restore full-time operation of the Station at its
maximum authorized power level. Throughout the Term, Licensee shall also, with
respect to the Station:

     (a) employ a General Manager who will report to Licensee and direct the
performance of Licensee's obligations hereunder and who shall have no
employment, consulting or other material relationship with Programmer;

     (b) employ at least one other person on a full-time basis to assist the
General Manager in performing Licensee's obligations hereunder, who shall have
no employment, consulting, or other material relationship with Programmer;

     (c) retain ultimate control over the personnel, finances, programming and
operation of the Station;

     (d) maintain a main studio consistent with the FCC Requirements at which
the General Manager and other employee(s) (collectively, the "Station
Employees") of Licensee will be available during normal business hours;

     (e) comply with the FCC Requirements with respect to the ascertainment of
community problems, needs and interests;

     (f) broadcast, without selling advertising associated therewith,
programming responsive thereto;

     (g) timely prepare and place in the Station's public inspection files
appropriate

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documentation thereof; and

     (h)  comply with all other FCC Requirements which may be applicable to the
operation of the Station, including a station operating under a time brokerage
arrangement.

     4.   Operation, Ownership and Control of the Station.

          4.1  Control Vested to Licensee. Notwithstanding anything to the
contrary in this Agreement, as long as Licensee remains the FCC licensee of the
Station, Licensee will have full authority, power and control over the operation
of the Station and over all persons employed by it. Licensee will bear the
responsibility for the Station's compliance with, and shall cause the Station
to comply with, all applicable laws, including the FCC Requirements. Nothing
contained herein shall prevent or hinder Licensee from: (a) rejecting or
refusing Programming that Licensee believes in good faith to be unsuitable or
contrary to the public interest; (b) substituting programs which Licensee
believes in good faith to be of greater local or national importance or which
are designed to address the problems, needs and interests of the local
community; (c) preempting any Programming in the event of a local, territorial
or national emergency; (d) refusing to broadcast any Programming that does not
meet the FCC Requirements; or (e) deleting any commercial announcements that do
not comply with the FCC Requirements or the requirements of the Federal Trade
Commission, or any state, local or federal law.

          4.2  Notice of Complaints. Programmer will immediately serve Licensee
with notice and a copy of any letters of complaint that Programmer receives
concerning the Programming, for Licensee's review and inclusion in its public
inspection files. Licensee will immediately serve Programmer with notice and a
copy of any letters of complaint that it receives concerning the Programming.

          4.3  Programmer Access to the Station's Studio and Transmitter.
During the Term, Licensee shall make available to Programmer, for no additional
consideration, the areas in the Station's studio and transmitter sites as may
be reasonably necessary or appropriate for Programmer to exercise its rights
and perform its obligations under this Agreement.

          4.4  Employees. Programmer shall employ and be responsible for the
compensation, benefits, taxes, insurance, and related costs for all personnel
it uses in the production of the Programming supplied to the Station hereunder,
and all other costs incurred by Programmer for the production of such
Programming. The Station Employees described in Section 3 above shall remain in
Licensee's sole employ and control throughout the Term. Licensee shall pay all
compensation, benefits (including, without limitation, all accrued vacation,
sick leave and other employee benefits), taxes, insurance, and related costs
owed to its Station Employees during the Term of this Agreement.

          4.5  Mutual Cooperation. Programmer and Licensee agree to cooperate
reasonably with each other as necessary to fulfill their rights and obligations
hereunder.

     5.   Program Rights and Music Licenses. All music supplied by Programmer as

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part of the Programming shall be: (i) licensed by Programmer under agreements
between Programmer and ASCAP, SESAC or BMI; (ii) in the public domain; or (iii)
cleared at the source by Programmer. The right to use the Programming and to
authorize its use in any manner shall be and remain vested in Programmer.
Licensee shall maintain all necessary performing rights licenses to musical
compositions included in any programming that is produced by Licensee.

     6. Programming to Serve the Public Interest. Licensee acknowledges that it
is familiar with the type of programming Programmer intends to provide and has
determined that the broadcast of the Programming on the Station will not be
detrimental to the public interest and is otherwise suitable.

     7. Programming Standards. Programmer shall ensure that the Programming
conforms to all FCC Requirements applicable to broadcast radio stations.

     8. Expenses, Revenues, and Compensation.

        8.1 Station Operating Expenses. Subject to the reimbursement obligation
of Programmer set forth in Section 8.3 below, on and after the Effective Date,
Licensee shall pay when due all fees and expenses relating to ownership and
operation of the Station.

        8.2 Programming Revenues. Programmer shall be entitled to retain all,
and shall not be required to share with Licensee any, of the revenue derived
from Programmer's brokering of the Station's air time during the Broadcasting
Period.

        8.3 Compensation. As Licensee's full and complete compensation for the
brokerage of air time on the Station during the Broadcasting Period, Programmer
shall pay to Licensee a monthly base (the "Base Fee"), as follows: (i) on the
Effective Date, $100,000.00, (ii) on the first monthly anniversary of the
Effective Date, $90,000.00, and (iii) on the second monthly anniversary of the
Effective Date and for all succeeding months, $80,000.00. Commencing with the
second monthly anniversary, Programmer may elect to change the payment due date
to the first calendar day of a month; in doing so, Programmer shall make an
initial monthly payment consisting of the Base Fee for both the partial month
and the next succeeding full calendar month. In addition, Programmer shall pay
to Licensee an amount necessary to reimburse Licensee for the reasonable
operating expenses of the Station (the "Reimbursable Expenses," together with
the Base Fee, the "LMA Fee") for each month during the Term, provided, however,
that such Reimbursement Expenses shall not include Licensee's payment of the
following: studio, transmitter site or antenna space rent; utility expenses for
operation of the Station's studio; repair or replacement of Station property
damaged or destroyed (unless the cause of such damage or destruction was the
gross negligence or willful misconduct of Programmer or Programmer's employees,
agents or contractors); property, income or corporate taxes; administrative,
accounting or legal expenses relating to Licensee's business; FCC regulatory
fees; casualty and liability insurance coverage premiums for the Station;
salaries and benefits for the Station Employees employed by Licensee pursuant
to Section 3 above or any other employees of Licensee; and any other Station
expenses for which the rules, regulations or policies of the FCC require
Licensee to be responsible. Programmer's payment of the

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Reimbursable Expenses shall be due once per month fifteen (15) days following
receipt by Programmer of documentation evidencing Licensee's payment of those
expenses. In the event that the final month of the Term, shall be less than a
full calendar month, the LMA Fee for such month shall be prorated by the ratio
of the number of days of the month falling within the Term divided by the total
number of calendar days in that month of the Term. All of the Station's expenses
arising or relating to the period before the Effective Date shall be the
responsibility of Licensee, and Programmer shall not be obligated to reimburse
Licensee for any expenses allocable to such period.

     9.   Political Time. Licensee shall, with respect to the Station, oversee
and take ultimate responsibility with respect to compliance with the political
broadcasting provisions of the FCC Requirements. Programmer shall cooperate with
Licensee in complying with such provisions, and shall supply promptly to
Licensee such information reasonably requested by Licensee for such purposes.
Licensee, in consultation with Programmer, will develop a statement which
discloses its political broadcasting rates and policies to political candidates,
and Programmer will follow those respective policies in the sale of political
programming and advertising for the Station. Programmer shall provide any
rebates due to political advertisers and release advertising availabilities to
Licensee during the Broadcasting Period sufficient to permit Licensee to comply
with political broadcasting provisions of the FCC Requirements. Revenues
received by Licensee as a result of any such release of advertising time shall
be for the account of Programmer.

     10.  Call Letters and Frequency. During the Term, Licensee (i) shall retain
all rights (except as provided in the following sentence) to the Station's call
letters and trade names, (ii) shall not change the call letters, and (iii) shall
not seek FCC consent to modification of facilities which would specify a
frequency change or have a material adverse effect upon the presently authorized
coverage contour of the Station. Programmer shall include in the Programming for
the Station an announcement in a form reasonably satisfactory to the Licensee in
accordance with the FCC Requirements to identify the Station, as well as any
other announcements required by the FCC Requirements.

     11.  Events of Default and Termination.

          11.1 Programmer's Events of Default. The occurrence and continuation
of any of the following will be deemed an Event of Default by Programmer under
this Agreement:

               (a)  Programmer fails to make any payments to Licensee required
hereunder;

               (b)  Programmer fails to observe or perform any other material
covenant, condition or agreement contained in this Agreement;

               (c)  Programmer breaches or violates any material representation
or warranty made by it under this Agreement; or

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          (d) Programmer breaches any of its material representations,
warranties, covenants or other obligations under the Purchase Agreement, and
said breach is not waived or cured in accordance with the terms of the Purchase
Agreement.

     11.2 Licensee's Events of Default. The occurrence and continuation of any
of the following will be deemed an Event of Default by Licensee under this
Agreement:

          (a) Licensee fails to observe or perform any material covenant,
condition or agreement contained in this Agreement;

          (b) Licensee breaches or violates any material representation or
warranty made by it under this Agreement; or

          (c) Licensee breaches any of its material representations, warranties,
covenants or other obligations under the Purchase Agreement, and said breach is
not waived or cured in accordance with the terms of the Purchase Agreement.

     11.3 Cure Period. The defaulting party shall have thirty (30) days from the
date on which Programmer has provided Licensee or Licensee has provided
Programmer, as the case may be, with written notice specifying the Event(s) of
Default to cure any such Event(s) of Default; provided, however, that if said
Event of Default is based upon the defaulting party's breach of its material
representations, warranties, covenants or other obligations under the Purchase
Agreement, then only the applicable cure provisions under the Purchase Agreement
shall apply. If the Event of Default cannot be cured by the defaulting party
within such time period but commercially reasonable efforts are being made to
effect a cure or otherwise secure or protect the interests of the non-defaulting
party to the reasonable satisfaction of the non-defaulting party, then the
defaulting party shall have an additional period not to exceed thirty (30) days
to effect a cure; provided, however, that such additional thirty-day period
shall not be available in the case of a default under Section 11.1(a) above.

     11.4 Termination for Uncured Event of Default. If any Event of Default by
Programmer has not been cured within the periods set forth in Section 11.3
above, then Licensee may terminate this Agreement, effective immediately upon
written notice to Programmer, and pursue all remedies available at law or in
equity for breach of this Agreement. If an Event of Default by Licensee has not
been cured within the periods set forth in Section 11.3 above, then Programmer
may terminate this Agreement, effective immediately upon written notice to
Licensee, and pursue all remedies available at law or in equity for breach of
this Agreement.

     11.5 Termination Upon Certain Events. Notwithstanding any other provision
hereof, this Agreement may be terminated by Licensee or Programmer immediately
upon giving written notice to the other party hereto at any time following
termination of the Purchase Agreement in accordance with the terms thereof. This
Agreement shall terminate automatically and immediately upon the completion of
Closing (as defined in the Purchase Agreement).

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          11.6  Termination by Licensee to Satisfy the FCC Requirements. If
Licensee is required by the FCC to terminate this Agreement by an FCC order
which has become a Final Order as that term is defined in the Purchase
Agreement, Licensee shall, or, if the FCC orders that this Agreement be
terminated before its order becomes a Final Order and this Agreement cannot be
revised to comply with applicable FCC Requirements as contemplated by Section 20
hereof, Licensee may, upon at least sixty (60) days written notice to Programmer
(or such shorter period as may be required by the FCC) terminate this Agreement.

     12.  Certain Representations, Warranties and Covenants.

          12.1  Representations of Licensee. Licensee represents and warrants as
follows: (a) Licensee is a corporation duly organized, validly existing and in
good standing under the laws of Delaware, and is qualified to do business in the
State of Texas; (b) Licensee has the requisite corporate power and authority to
enter into and perform this Agreement; (c) the execution, delivery and
performance of this Agreement have been duly authorized by all necessary
corporate action of Licensee; and (d) the execution, delivery and performance of
this Agreement by Licensee do not conflict with any other agreement to which
Licensee is a party.

          12.2  Representations of Programmer. Programmer represents and
warrants as follows: (a) Programmer is a corporation duly organized, validly
existing and in good standing under the laws of Delaware, and is qualified to do
business in the State of Texas; (b) Programmer has the requisite corporate power
and authority to enter into and perform this Agreement; (c) the execution,
delivery and performance of this Agreement have been duly authorized by all
necessary corporate action of Programmer; and (d) the execution, delivery and
performance of this Agreement by Programmer do not conflict with any other
agreement to which Programmer is a party.

          12.3  Other Agreements. Licensee represents and warrants that it will
not enter into any other agreement with any third party that would conflict with
or result in a breach of this Agreement.

          12.4  Compliance with FCC Requirements. Each of the parties
represents, warrants and covenants that its execution and performance of this
Agreement is, and will remain, in compliance with the FCC Requirements,
including without limitation, 47 C.F.R. 73.3555 and Note 2(k)(3) thereto. As
required, Programmer will make the appropriate notifications to the FCC and
provide relevant materials to Licensee for inclusion in the Station's public
inspection file.

     13.  Modification and Waivers; Remedies Cumulative. No modification or
waiver of any provision of this Agreement will be effective unless in writing
and signed by all parties. No failure or delay on the part of Programmer or
Licensee in exercising any right or power under this Agreement will operate as a
waiver of such right or power, nor will any single or partial exercise of any
such rights or power or the exercise of any other right or power operate as a
waiver. Except as otherwise provided in this Agreement, the rights and remedies
provided in this Agreement are cumulative and not exclusive of any rights or
remedies which a party may

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otherwise have.

     14. Assignment. This Agreement shall be binding upon and inure to the
benefit of the parties hereto, their successors and permitted assigns.
Notwithstanding the foregoing, no party may assign its rights or obligations
under this Agreement without the prior written consent of the other party;
provided, however, the Programmer may assign and delegate its rights and
obligations under this Agreement to a party that controls, or is controlled by,
or is under common control with, Programmer, and who is qualified under any
applicable FCC Requirement, upon notice to, but without the prior written
consent of Licensee. Moreover, Programmer shall have the right to assign, at its
sole cost and expense, its rights and interests hereunder to its lenders as
collateral security for Programmer's obligations to such lenders.

     15. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of California without regard to any conflicts-of-law
rules that might apply the laws of another jurisdiction or jurisdictions.

     16. Notices. Notices required to be provided by this Agreement shall be
given in the manner provided and to the persons specified in the Purchase
Agreement.

     17. Entire Agreement. This Agreement embodies the entire understanding
among the parties with respect to the subject matter hereof, and supersedes any
prior or contemporaneous written or oral agreement between the parties
regarding such subject matter.

     18. Relationship of Parties. Programmer and Licensee are not, and shall not
be deemed to be, agents, partners, or representatives of each other.

     19. Force Majeure. The failure of a party hereto to comply with its
obligations under this Agreement due to acts of God, strikes or threats thereof,
or due to other causes beyond such party's control will not constitute an Event
of Default under Section 11 of this Agreement and neither party will be liable
to the other therefore. Programmer and Licensee each agree to exercise its
commercially reasonable efforts to remedy any such conditions affecting its own
performance as soon as practicable.

     20. Subject to Laws; Invalidity. The obligations of the parties under this
Agreement are subject to the FCC Requirements and all other applicable laws. The
parties acknowledge that this Agreement is intended to comply with FCC
Requirements. However, in the event that the FCC determines that the continued
performance of this Agreement is in violation of the FCC Requirements, each
party will use its commercially reasonable efforts to comply with the FCC
Requirements, in good faith contest or seek to reverse any such action, or agree
on the terms of a revision to this Agreement, in each case, on a time schedule
sufficient to meet the FCC Requirements and so long as the fundamental nature of
the business arrangement between the parties evidenced by this Agreement is
maintained. If any provision of this Agreement is otherwise held to be illegal,
invalid, or unenforceable under present or future laws, then such provision
shall be fully severable, this Agreement shall be construed and enforced as if
such provision had never comprised a part thereof, and the remaining provisions
shall remain in full

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force and effect, in each case so long as the fundamental nature of the
business arrangement between Programmer and Licensee has been maintained.

     21. Reciprocal Indemnity.

         21.1 Indemnification by Programmer. Programmer shall indemnify, defend,
and hold harmless Licensee from and against any and all claims, losses, costs,
liabilities, damages, and expenses (including reasonable attorney's fees and
other expenses incidental thereto) of every kind, nature and description,
including but not limited to those relating to copyright infringement (except as
may result from a breach of the warranty in Section 5 hereof by Licensee),
libel, slander, defamation or invasion of privacy, arising out of: (a)
Programmer's broadcasts of the Programming; (b) any misrepresentation or breach
of any warranty of Programmer hereunder; or (c) any breach of any covenant,
agreement, or obligation of Programmer hereunder.

         21.2 Indemnification by Licensee. Licensee shall indemnify, defend, and
hold harmless Programmer from and against any and all claims, losses, costs,
liabilities, damages, and expenses (including reasonable attorney's fees and
other expenses incidental thereto) of every kind, nature and description,
including but not limited to those relating to copyright infringement, libel,
slander, defamation or invasion of privacy, arising out of: (a) Licensee's
broadcasts of programs on its own behalf, other than the Programming; (b) any
misrepresentation or breach of any warranty of  Licensee hereunder; or (c) any
breach of any covenant, agreement, or obligation of Licensee hereunder.

     22. Headings. The headings of the sections of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction hereof.

     23. Counterparts. This Agreement may be signed in any number of
counterparts with the same effect as if the signature on each such counterpart
were upon the same instrument.

     24. Survival. All representations, warranties, covenants and agreements
made by any party in this Agreement or pursuant hereto shall survive execution
and delivery of this Agreement.

     25. Expenses and Attorneys' Fees. The prevailing party in any litigation,
arbitration, mediation, bankruptcy, insolvency or other proceeding
("Proceeding") relating to the enforcement or interpretation of this Agreement
may recover from the unsuccessful party(ies) all costs, expenses and actual
attorneys' fees (including by way of example only and without limitation, expert
witness and other consultants' fees and costs) relating to or arising out of (a)
the Proceeding (whether or not the Proceeding proceeds to judgment); and (b) any
post-judgment or post-award proceeding including, without limitation, one to
enforce or collect any judgment or award resulting from the Proceeding. All such
judgments and awards shall contain a specific provision for the recovery of all
such subsequently incurred costs, expenses and actual attorneys' fees.

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

PROGRAMMER:
ENTRAVISION COMMUNICATIONS CORPORATION

By: /s/ WALTER F. ULLOA
    --------------------------------------
      Walter F. Ulloa
      Chairman and Chief Executive Officer

LICENSEE:
KTCY LICENSING, INC.

By:
    --------------------------------------
      Raul Alarcon, Jr.
      Chairman, Chief Executive Officer and President
<PAGE>

provision for the recovery of all such subsequently incurred costs, expenses
and actual attorneys' fees.

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

PROGRAMMER:
ENTRAVISION COMMUNICATIONS CORPORATION

By:
    -------------------------------------------------
      Walter F. Ulloa
      Chairman and Chief Executive Officer

LICENSEE:
KTCY LICENSING, INC.

By: /s/ RAUL ALARCON, JR.
    -------------------------------------------------
      Raul Alarcon, Jr.
      Chairman, Chief Executive Officer and President<PAGE>

                                                                    Exhibit 10.3

                           SPANISH BROADCASTING SYSTEM
                             1999 STOCK OPTION PLAN

1.       PURPOSES.

         The purposes of the Plan are to further the growth, development and
financial success of Spanish Broadcasting System, Inc. (the "Company") and its
Subsidiaries by providing incentives to those officers and employees who have
the capacity to contribute in substantial measure toward the growth and
profitability of the Company and to assist the Company in attracting and
retaining employees with the ability to make such contributions. To accomplish
such purposes, the Plan provides that the Company may grant such employees
either Nonqualified Stock and Incentive Stock Options, or both.

2.       DEFINITIONS.

         Wherever the masculine gender is used in the Plan, it shall include the
feminine and neuter and wherever a singular pronoun is used, it shall include
the plural, unless the context clearly indicates otherwise. Whenever the
following terms are used in the Plan, they shall have the meaning specified
below, unless the context clearly indicates to the contrary.

         "Board" shall mean the Board of Directors of the Company.

         "Cause" shall mean an Employee's willful failure to perform his duties
with the Company or a Subsidiary or the willful engaging in conduct which is
injurious to the Company or a Subsidiary, monetarily or otherwise, as determined
by the Committee in its sole discretion, provided that, if an Employee has
entered into an employment agreement with the Company or a Subsidiary, the
definition, if any, set forth in such agreement shall be substituted for the
above.

         "Change in Control" shall mean:

         (a) any "person," as such term is defined in Section 13(d) and 14(d) of
the Exchange Act, other than the Company, any Subsidiary, Raul Alarcon, Jr. (or
his spouse, heirs, assigns, legatees or trust for Mr. Alarcon's or any of the
foregoing's benefit) or any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any Subsidiary, becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing fifty percent (50%) or
more of the combined voting power of the Company's then outstanding securities;

         (b) during any two consecutive years, individuals who at the beginning
of such period constitute the Board, and any new director, whose election by the
Board or nomination for election by the Company's shareholders was approved by a
vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute at least a majority of the Board;

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         (c) the stockholders of the Company approve a merger or consolidation
of the Company with any other company other than (i) a merger or consolidation
which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) more than eighty percent (80%) of the combined voting power of the
voting securities of the Company (or such surviving entity) outstanding
immediately after such merger or consolidation, or (ii) a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no "person" (as hereinabove defined) acquires more
than fifty percent (50%) of the combined voting power of the Company's then
outstanding securities; or

         (d) the stockholders of the Company adopt a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets.

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

         "Committee" shall mean (i) the Compensation Committee of the Board,
appointed as provided in Section 5.1, (ii) the Stock Option Committee, if the
Compensation Committee determines to delegate the administration of the Plan to
a subcommittee, or, (iii) if no Compensation Committee or Stock Option Committee
has been appointed, or if the Compensation Committee or Stock Option Committee
ceases to consist of two or more members, the Board.

         "Company" shall mean Spanish Broadcasting System, Inc., a Delaware
corporation, and any successor corporation.

         "Designated Beneficiary" shall mean any individual designated by an
Optionee, in a manner determined by the Committee, to receive amounts due the
Optionee in the event of the Optionee's death. In the absence of an effective
designation by the Optionee, Designated Beneficiary shall mean the Optionee's
estate.

         "Director" shall mean a member of the Board.

         "Employee" shall mean any employee (including any officer whether or
not a Director) or leased employee of the Company, or of any corporation which
is then a Subsidiary, who has been designated by the Committee to participate in
the Plan.

         "Early Retirement" shall mean an Employee's retirement from active
employment with the Company or a Subsidiary in accordance with the early
retirement provisions of a pension plan maintained by the Company or a
Subsidiary, provided that, if no such plan is in existence, it shall mean the
attainment of age fifty-five (55) and the completion of fifteen (15) years of
service.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

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         "Fair Market Value" per Share as of a particular date shall mean,
unless otherwise determined by the Committee:

         (a) the closing sales price per Share on a national securities exchange
on the most recent date on which there was a sale of Shares on such exchange; or

         (b) if clause (a) does not apply and the Shares are quoted on the
National Association of Securities Dealers Automated Quotation system
("NASDAQ"), either (i) the closing price per Share as reported on NASDAQ for the
date of grant, provided, a sale was reported on such day, (ii) if the date of
grant is a holiday, Saturday or Sunday, the closing price per share as reported
on NASDAQ on the preceding day to the date of grant on which a sale was
reported; or (iii) as otherwise determined by the Committee in good faith; or

         (c) if neither clause (a) or (b) applies and the Shares are then traded
on an over-the-counter market, the average of the closing bid and asked prices
for the Shares in such over-the-counter market for the preceding ten (10) days
on which such bid and asked prices were quoted; or

         (d) if the Shares are not then listed on a national securities exchange
or traded in an over-the-counter market, such value as the Committee, in its
sole discretion, may determine.

         "Incentive Stock Option" shall mean an Option intended to be and
designated as an "incentive stock option" within the meaning of Section 422 of
the Code.

         "Nonqualified Stock Option" shall mean an Option that is not an
Incentive Stock Option.

         "Normal Retirement" shall mean an Employee's retirement from active
employment with the Company or a Subsidiary in accordance with the normal
retirement provisions of a pension plan maintained by the Company or a
Subsidiary, provided that, if no such plan exists, it shall mean retirement on
or after attainment of age sixty-five (65).

         "Option" shall mean an option to purchase Shares granted pursuant to
Section 4.1.

         "Option Agreement" shall mean an Option Agreement, substantially in the
form attached hereto as Exhibit A-1 and A-2, to be entered into between the
Company and an Optionee, which shall set forth the material terms of the Options
granted to such Optionee.

         "Optionee" shall mean an Employee to whom an Option has been granted
pursuant to the Plan.

         "Permanent Disability" shall mean a physical or mental incapacity that
renders an Optionee incapable of engaging in any substantial gainful employment,
or that has lasted for a continuous period of no less than six consecutive
months, or six months in any twelve-month period, as determined by the Committee
in good faith in its sole discretion, provided that, if an Employee

                                       3
<PAGE>

has entered into an employment agreement with the Company or a Subsidiary, the
definition set forth in such agreement shall be substituted for the above
definition. All determinations as to the date and extent of disability of any
Optionee shall be made by the Committee upon the basis of such evidence as it
deems necessary or desirable.

         "Plan" shall mean the Spanish Broadcasting System 1999 Stock Option
Plan, as amended from time to time.

         "Retirement" shall mean an Optionee's (a) Early Retirement which the
Committee, in its sole discretion, has determined should be treated as a
Retirement for purposes of the Plan, or (b) Normal Retirement.

         "Securities Act" shall mean the Securities Act of 1933, as amended.

         "Share" shall mean a share of the Company's Class A Common Stock,
$.0001 par value per share.

         "Subsidiary" shall mean any corporation in an unbroken chain of
corporations beginning with the Company, if each such corporation (other than
the last corporation in the unbroken chain), or if each group of commonly
controlled corporations, then owns fifty percent (50%) or more of the total
combined voting power in one of the other corporations in such chain.

         "Ten-Percent Stockholder" shall mean an Employee, who, at the time an
Incentive Stock Option is to be granted to him, owns (within the meaning of
Section 422(b)(6) of the Code) stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or a
Subsidiary (or, if applicable, a parent corporation within the meaning of
Section 424(e) of the Code).

         "Termination of Employment" shall mean the Employee's termination of
employment for any reason whatsoever, excluding any termination where there is a
simultaneous reemployment by either the Company or a Subsidiary, provided that,
if a corporation that is a Subsidiary ceases to be a Subsidiary as a result of a
sale of stock, such sale shall be deemed to be a Termination of Employment of
the Optionees who were employed by such corporation immediately prior to such
sale.

3. ELIGIBILITY.

         Any Employee (whether or not a Director) who is an officer or who is
designated by the Committee shall be eligible to be granted Options under the
Plan.

                                       4
<PAGE>

4. TERMS OF OPTIONS.

     4.1 TERMS OF OPTIONS.

         (a) Price. The exercise price for the Shares subject to an Option, or
the manner in which such exercise price is to be determined, shall be determined
by the Committee, provided that, the exercise price per Share of any Incentive
Stock Option shall not be less than 100% of the Fair Market Value of a Share as
of the date the Option is granted by the Committee (110% in the case of an
Incentive Stock Option granted to a Ten-Percent Stockholder).

         (b) Term. Options shall be for such term as the Committee shall
determine, provided that no Option shall be exercisable after the expiration of
ten years from the date it is granted (five years in the case of an Incentive
Stock Option granted to a Ten-Percent Stockholder).

         (c) Vesting. Options shall be exercisable in such installments (which
need not be equal) and at such times as the Committee may designate, as set
forth in an Option Agreement. To the extent not exercised, installments shall
accumulate and may be exercised, in whole or in part, at any time after becoming
exercisable, but not later than the date the Option expires. The Committee may
accelerate the exercisability of an Option at any time. Notwithstanding the
foregoing, any Options that are not exercisable prior to a Change in Control
shall become exercisable on the date of such Change in Control and shall remain
exercisable for the remainder of their term.

         (d) Exercise of Option After Termination of Employment.

         Subject to the terms of any written employment agreement and reflected
in an option agreement, an Option granted under the Plan is exercisable by an
Optionee only while he is an Employee, provided that any Options that are
exercisable preceding an Optionee's Termination of Employment for any reason
other than Cause, shall remain exercisable for the following period:

                  (i) If the Optionee dies while an Employee, or if his
         Termination of Employment is due to Permanent Disability or Retirement,
         the Optionee (or his Beneficiary or personal representative, as
         applicable) may exercise the Option no later than twelve (12) months
         after such death or determination;

                  (ii) If the Optionee's Termination of Employment is for any
         reason other than those set forth in (i) above and is not for Cause,
         the Optionee may exercise the Option within three months after such
         termination; or

                  (iii) If the Optionee dies during a period described in (i) or
         (ii) above, his Beneficiary may exercise such Option no later than the
         expiration of such extended period;

                  (iv) Notwithstanding (i) through (iii) above or anything in an
         Option Agreement or the Plan to the contrary, at any time after the
         grant of an Option, the Committee, in its sole and absolute discretion
         and subject to whatever terms and conditions

                                       5
<PAGE>

         it selects, may provide that an Option may be exercised after the
         relevant extended period set forth above, but in no event later than
         the date that it would have expired under the Option Agreement.

     4.2 NONTRANSFERABILITY.

         No Option granted hereunder shall be transferable by the Optionee to
whom granted otherwise than by will or the laws of descent and distribution, and
an Option may be exercised during the lifetime of such Optionee only by the
Optionee or his guardian or legal representative; provided, however that an
Optionee may designate a Beneficiary to exercise his Option or other rights
under the Plan after his death and, in the discretion of the Committee, Options
may be transferable pursuant to a Qualified Domestic Relations Order ("QDRO"),
as determined by the Committee or its designee.

     4.3 METHOD OF EXERCISE.

         An Option shall be exercised by delivery of a written notice (in person
or by first class mail to the Secretary of the Company at the Company's
principal executive office) which specifies the number of Shares to be purchased
and is accompanied by full payment therefor and otherwise in accordance with the
Option Agreement pursuant to which the Option was granted. The purchase price
for any Shares purchased pursuant to the exercise of an Option shall be paid in
full upon such exercise in cash, by check or, at the discretion of the Committee
and upon such terms and conditions as the Committee shall approve, by
transferring previously owned Shares to the Company, having Shares withheld or
exercising pursuant to a "cashless exercise" procedure, or any combination
thereof. Any Shares transferred to the Company as payment of the purchase price
under an Option shall be valued at their Fair Market Value on the date of
exercise of such Option. If requested by the Committee, the Optionee shall
deliver the Option Agreement evidencing the Option to the Secretary of the
Company who shall endorse thereon a notation of such exercise and return such
Option Agreement to the Optionee. Not less than one hundred (100) Shares may be
purchased at any time upon the exercise of an Option unless the number of Shares
so purchased constitutes the total number of Shares then purchasable under the
Option or the Committee determines otherwise, in its sole discretion.

5. ADMINISTRATION.

     5.1 COMPOSITION OF COMPENSATION COMMITTEE.

         The Plan shall be administered by the Committee, which shall consist of
at least two individuals appointed by and serving at the pleasure of the Board,
provided that each Committee member must qualify as an "outside director" as
such term is used in Section 162(m) of the Code, unless the Board determines
otherwise, in its sole discretion. All Committee members shall be members of the
Board. Appointment of Committee members shall be effective upon acceptance of
appointment. Committee members may resign at any time by delivering thirty (30)
days advance written notice to the Board and may be removed by the Board at any
time for any reason. Vacancies

                                       6
<PAGE>

in the Committee shall be filled by the Board. If no Committee has been
appointed or if the Committee ceases to consist of two or more members, the Plan
shall be administered by the Board acting by a majority of the Board. In such
case, the Board shall have all the powers and duties as would have been
delegated to the Committee hereunder.

     5.2 DUTIES AND POWERS OF COMMITTEE.

         (a) Subject to the provisions hereof, the Committee shall have (i) the
sole and complete authority to determine which Employees shall be granted
options, the number of Shares to be covered by each Option, the exercise price
therefor and the terms and conditions applicable to the exercise of the Option,
(ii) the authority to grant Incentive Stock Options, Nonqualified Stock Options
or both. In the case of Incentive Stock Options, the terms and conditions of
such grants shall be subject to and shall comply with Section 422 of the Code
and any rules or regulations promulgated thereunder, including the requirement
that the aggregate Fair Market Value (determined as of the date of grant) of the
Shares granted under the Plan and all other option plans of the Company and any
Subsidiary (and, if applicable, any parent corporation, within the meaning of
Section 424(e) of the Code) that become exercisable by an Optionee during any
calendar year shall not exceed $100,000. To the extent that the limitation set
forth in the preceding sentence is exceeded for any reason (including the
acceleration of the time for exercise of an Option), the Options with respect to
such excess amount shall be treated as Nonqualified Stock Options.

         (b) It shall be the duty of the Committee to conduct the general
administration of the Plan in accordance with its terms and provisions. The
Committee shall have the power to interpret the Plan and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent
therewith and to interpret, amend or revoke any such rules. All actions taken
and all interpretations and determinations made by the Committee shall be
binding upon all persons, including, but not limited to, the Company,
stockholders, all Subsidiaries, Employees, Directors, Optionees and Designated
Beneficiaries.

     5.3 COMMITTEE ACTIONS.

         The Committee shall act by a majority of its members in office in
attendance at a meeting at which a quorum is present or by a memorandum or other
written instrument signed by all of the members of the Committee.

     5.4 COMPENSATION; PROFESSIONAL ASSISTANCE.

         Members of the Committee shall receive such compensation for their
services as members as may be determined by the Board. All expenses and
liabilities incurred by members of the Committee in connection with the
administration of the Plan shall be borne by the Company. The Committee may,
with the approval of the Board, employ attorneys, consultants, accountants,
appraisers, or other persons. The Committee, the Company and its officers and
Directors shall be entitled to rely upon the advice, opinions or valuations of
any such persons.

                                       7
<PAGE>

     5.5 DELEGATION OF AUTHORITY.

         The Committee may, in its sole and absolute discretion, delegate to (i)
any proper officer of the Company, or more than one of them, or (ii) a
subcommittee, consisting solely of Committee members, any or all of the
administrative duties of the Committee under this Plan.

     5.6 NO LIABILITY.

         No member of the Board or the Committee, or Director, officer of the
Company or other Employee shall be liable, responsible or accountable in damages
or otherwise for any determination made or other action taken or any failure to
act by such person with respect to the Plan so long as such person is not
determined to be guilty by a final adjudication of willful misconduct with
respect to such determination, action or failure to act.

     5.7 INDEMNIFICATION.

         To the fullest extent permitted by law, each member of the Board and
the Committee and each Director, officer of the Company or Employee shall be
held harmless and be indemnified by the Company for any liability, loss
(including amounts paid in settlement), damages or expenses (including
reasonable attorneys' fees) suffered by virtue of any determinations, acts or
failures to act, or alleged acts or failures to act, in connection with the
administration of the Plan so long as such person is not determined by a final
adjudication to be guilty of willful misconduct with respect to such
determination, action or failure to act.

6. SHARES SUBJECT TO THE PLAN.

     6.1 SHARES SUBJECT TO THE PLAN.

         The maximum number of Shares that may be issued upon the exercise of
Options granted under the Plan is 3,000,000. The Company shall reserve such
number of Shares for the purposes of the Plan, out of its authorized but
unissued Shares or out of Shares held in the Company's treasury, or partly out
of each. In the event that an Option expires or is terminated unexercised as to
any Shares covered thereby, or is canceled or forfeited for any reason under the
Plan without the delivery of Shares, or any Restricted Shares are forfeited for
any reason, such Shares shall thereafter be again available for award pursuant
to the Plan. The maximum number of Shares that may be granted to an Optionee in
any year is 250,000.

     6.2 EFFECT OF CHANGES IN COMPANY'S SHARES.

         In the event that the Committee determines that any stock dividend,
extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, exchange of shares, warrants or
rights offering to purchase Shares at a price substantially below fair market
value, or other similar corporate event affects the Shares such that an
adjustment is required in order to preserve the benefits or potential benefits
intended to be made

                                       8
<PAGE>

available under the Plan, the Committee shall, in its sole discretion, and in
such manner as the Committee may deem equitable, adjust any or all of (a) the
number and kind of shares subject to outstanding Options, and (b) the exercise
price with respect to any outstanding Option and/or, if deemed appropriate, make
provision for a cash payment to an Optionee, provided, however, that the number
of Shares subject to any Option shall always be a whole number.

7. MISCELLANEOUS.

     7.1 EFFECTIVE DATE; TERM OF PLAN.

         The Plan has been approved by the Board and by the Company's
stockholders, and shall be effective as of the date of Board approval (the
"Effective Date"). The Plan shall continue in effect until ten years after the
date it was approved by the Company's stockholders.

     7.2 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN.

         The Plan may be wholly or partially amended or otherwise modified,
suspended or terminated at any time or from time to time by the Board. Neither
the amendment, suspension nor termination of the Plan shall, without the consent
of an Optionee, alter or impair any rights or obligations under any option
theretofore granted. No Options may be granted during any period of suspension
nor after termination of the Plan, and in no event may any Options be granted
under the Plan after September 30, 2009.

     7.3 AMENDMENT OF OPTION.

         The Committee may amend, modify or terminate any outstanding Option
with the Optionee's consent at any time prior to payment or exercise in any
manner not inconsistent with the terms of the Plan, including without
limitation, (a) to change the date or dates as of which an Option becomes
exercisable, or (b) to cancel and reissue an Option under such different terms
and conditions as it determines appropriate.

     7.4 NO RIGHTS AS STOCKHOLDER.

         No holder of an Option shall be deemed to be or to have the rights and
privileges of an owner of Shares unless and until certificates representing such
Shares have been issued to such holder.

     7.5 EFFECT OF PLAN UPON OTHER COMPENSATION AND INCENTIVE PLANS.

         The adoption of the Plan shall not affect any other compensation or
incentive plans in effect for the Company or any Subsidiary. Nothing in the Plan
shall be construed to limit the right of the Company or any Subsidiary to
establish any other forms of incentives or compensation for Employees.

                                       9
<PAGE>

     7.6 REGULATIONS AND OTHER APPROVALS.

         (a) The obligation of the Company to sell or deliver Shares with
respect to Options shall be subject to all applicable laws, rules and
regulations, including all applicable federal and state securities laws, and the
obtaining of all such approvals by governmental agencies as may be deemed
necessary or appropriate by the Committee.

         (b) The Board may make such changes as may be necessary or appropriate
to comply with the rules and regulations of any government authority or to
obtain the tax benefits under the applicable provisions of the Code and
regulations promulgated thereunder for Employees granted Incentive Stock
Options.

         (c) Each Option is subject to the requirement that, if at any time the
Committee determines, in its sole discretion, that the listing, registration or
qualification of Shares issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body is necessary or desirable as a
condition of, or in connection with, the grant of an Option or the issuance of
Shares, no Options shall be granted or Shares issued, in whole or in part,
unless listing, registration, qualification, consent or approval has been
effected or obtained free of any conditions as acceptable to the Committee.

         (d) In the event that the disposition of Shares acquired pursuant to
the Plan is not covered by a then current registration statement under the
Securities Act, and is not otherwise exempt from such registration, such Shares
shall be restricted against transfer to the extent required by the Securities
Act or regulations thereunder, and the Committee may require any individual
receiving Shares pursuant to the Plan, as a condition precedent to receipt of
such Shares, to represent to the Company in writing that the Shares acquired by
such individual are acquired for investment only and not with a view to
distribution. The certificate for any Shares acquired pursuant to the Plan shall
include any legend that the Committee deems appropriate to reflect any
restrictions on transfer.

     7.7 GOVERNING LAW.

         The Plan and the rights of all persons claiming hereunder shall be
construed and determined in accordance with the laws of the State of New York
without giving effect to the choice of law principles thereof.

     7.8 WITHHOLDING OF TAXES.

         As a condition to the exercise of an Option and the continued holding
of shares received upon exercise of an Option, to the extent required by law, no
later than the date as to which an amount first becomes includible in the gross
income of an Optionee for federal income tax purposes with respect to any award
granted under the Plan, the Optionee shall pay to the Company, or make
arrangements satisfactory to the Company regarding the payment of, any federal,
state, or local taxes of any kind required by law or the Company to be withheld
with respect to such amount. The obligations of the Company under the Plan shall
be conditional on such payment or

                                       10
<PAGE>

arrangements and the Company and its Subsidiaries shall, to the extent permitted
by law, have the right to deduct any such taxes from any payment of any kind
otherwise due to the Optionee. In its discretion, the Committee may permit an
Optionee to satisfy withholding obligations by delivering previously owned
Shares or by electing to have Shares withheld.

     7.9 NO RIGHT TO CONTINUED EMPLOYMENT.

         Nothing in the Plan or in any award agreement shall confer upon any
Employee any right to continue in the employ of the Company or any Subsidiary or
shall interfere with or restrict in any way the right of the Company and its
Subsidiaries, which are hereby expressly reserved, to remove, terminate or
discharge any Employee at any time for any reason whatsoever, with or without
Cause.

     7.10 TITLES; CONSTRUCTION.

         Titles are provided herein for convenience only and are not to serve as
a basis for interpretation or construction of the Plan. The masculine pronoun
shall include the feminine and neuter and the singular shall include the plural,
when the context so indicates.

                                       11
<PAGE>

                                  EXHIBIT A-1

                            FORM OF OPTION AGREEMENT

                        (INCENTIVE STOCK OPTION GRANTS)

[SBS LOGO]

Date:
     -------------------

(Optionee's Name)
------------------------
(Address)
------------------------
(Address)
------------------------

Dear (Optionee's Name) :
     -------------------

Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc.
1999 Stock Option Plan (the "Plan"), you have been granted an Incentive Stock
Option, subject to limitations set forth by the Internal Revenue Code of
1986, as amended from time to time, to purchase _______ shares (the "Option") of
Class A common stock as outlined below.

<TABLE>
<S>                            <C>
            Granted To:        ________________________

            Grant Date:        ________________________

       Options Granted:        ________________________

Option Price per Share:        ________________________  Total Cost to Exercise: $________

       Expiration Date:        _________ _________ _______, unless terminated earlier.

      Vesting Schedule:        ___% immediately, ___ % each year as follows:

                               _________________________________________________

                               _________________________________________________

       Transferability:        Not transferable except in accordance with the Plan.

                                       Spanish Broadcasting System, Inc.

                                       By:________________________________

</TABLE>

By my signature below, I hereby acknowledge receipt of this Option granted on
the date shown above, which has been issued to me under the terms and conditions
of the Plan. I further acknowledge receipt of a copy of the Plan and agree to
conform to all of the terms and conditions of the Option and the Plan.

Signature:_____________________________________         Date:___________________
                  (Name of Optionee)

<PAGE>

                                  EXHIBIT A-2

                            FORM OF OPTION AGREEMENT

                       (NONQUALIFIED STOCK OPTION GRANTS)

[SBS LOGO]

Date:
     -------------------

(Optionee's Name)
------------------------
(Address)
------------------------
(Address)
------------------------

Dear (Optionee's Name) :
     -------------------

Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc.
1999 Stock Option Plan (the "Plan"), you have been granted an Nonqualified
Stock Option, to purchase _______ shares (the "Option") of Class A common stock
as outlined below.

<TABLE>
<S>                            <C>
            Granted To:        ________________________

            Grant Date:        ________________________

       Options Granted:        ________________________

Option Price per Share:        ________________________  Total Cost to Exercise: $________

       Expiration Date:        _________ _________ _______, unless terminated earlier.

      Vesting Schedule:        ___% immediately, ___ % each year as follows:

                               _________________________________________________

                               _________________________________________________

       Transferability:        Not transferable except in accordance with the Plan.

                                       Spanish Broadcasting System, Inc.

                                       By:________________________________

</TABLE>

By my signature below, I hereby acknowledge receipt of this Option granted on
the date shown above, which has been issued to me under the terms and conditions
of the Plan. I further acknowledge receipt of a copy of the Plan and agree to
conform to all of the terms and conditions of the Option and the Plan.

Signature:_____________________________________         Date:___________________
                  (Name of Optionee)

                                       2

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