Document:

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                                                                    EXHIBIT 10.2

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                              STOCKHOLDER AGREEMENT

      STOCKHOLDER AGREEMENT, dated as of October 5, 2004, among SPANISH
BROADCASTING SYSTEM, INC., a Delaware corporation (together with its successors,
the "Company"), INFINITY MEDIA CORPORATION, a Delaware corporation (together
with its successors, "Infinity") and RAUL ALARCON, JR. ("Alarcon").

                                   WITNESSETH:

      WHEREAS, the Company, SBS Bay Area, LLC, a limited liability company ("SBS
Bay Area"), Infinity Broadcasting Corporation of San Francisco, a Delaware
corporation ("Target") and Infinity have entered into a Merger Agreement of even
date herewith (the "Merger Agreement"), pursuant to which Target will merge with
and into SBS Bay Area with the result that SBS Bay Area will be the surviving
company (the "Merger");

      WHEREAS, upon consummation of the transactions contemplated by the Merger
Agreement and of certain related transactions consummated concurrently
therewith, Infinity will own certain shares of Series C Convertible preferred
stock, par value $0.002 per share, of the Company (the "Series C Preferred
Stock"), which are convertible into shares of the Class A common stock, par
value $0.0001 per share, of the Company (the "Class A Common Stock") as set
forth in the certificate of designation for the Series C Preferred Stock filed
with the Secretary of State of the State of Delaware;

      WHEREAS, upon consummation of the transactions contemplated by the Merger
Agreement and of certain related transactions consummated concurrently
therewith, Infinity will own a warrant (the "Warrant") to purchase shares of
Series C Preferred Stock at an exercise price of $300.00 per share as set forth
in the form of Warrant attached as Exhibit A to the Merger Agreement; and

      WHEREAS, as an integral part of the transactions contemplated by the
Merger Agreement, the parties hereto deem it in their best interests and in the
best interests of the Company to provide for certain matters with respect to the
governance of the Company and desire to enter into this Agreement in order to
effectuate that purpose.

      NOW, THEREFORE, in consideration of the mutual agreements and
understandings set forth herein, the parties hereto hereby agree as follows:

                                    ARTICLE I
                               CERTAIN DEFINITIONS

      SECTION 1.1 DEFINITIONS. As used in this Agreement, the following terms
shall have the meanings set forth below:

      "Affiliate" shall mean, with respect to any specified Person, any other
Person which directly or indirectly through one or more intermediaries controls,
or is controlled by, or is under common control with, such specified Person. For
the purposes of this definition, "control"

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(including, with correlative meanings, the terms "controlling," "controlled by,"
and "under common control with"), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided that for
purposes of transactions with Affiliates, for so long as Pablo Raul Alarcon, Sr.
or Raul Alarcon, Jr. are directors, officers or stockholders of the Company,
they, their respective spouses, lineal descendants and any Person controlled by
any of them shall be Affiliates of the Company and its Subsidiaries.

      "Affiliate Transaction" has the meaning set forth in Section 3.3.

      "Agreement" shall mean this Agreement, as from time to time amended,
modified or supplemented.

      "Alarcon" shall have the meaning set forth in the preamble hereto.

      "Alarcon Offer Price" shall have the meaning set forth in Section 4.2(a).

      "Alarcon Participation Notice" shall have the meaning set forth in Section
4.2(a).

      "Alarcon Sale" shall have the meaning set forth in Section 4.2(a).

      "Alarcon Transfer" shall have the meaning set forth in Section 4.2(a).

      "Ancillary Documents" shall mean this Agreement, the Certificate of
Designation, the Warrant and the Registration Rights Agreement.

      "Beneficially Own" shall have the meaning set forth in Rule 13d-3 and Rule
13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular "person," as such term is used in Section 13(d)(3)
of the Exchange Act, such "person" shall be deemed to have beneficial ownership
of all securities that such "person" has the right to acquire, whether such
right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition.

      "Board" or "Board of Directors" shall mean the Board of Directors of the
Company as from time to time constituted.

      "Business Days" shall mean any day other than a Saturday, a Sunday or a
day on which banking institutions in the City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed.
If any action shall be required by the terms hereof to be made on a day that is
not a Business Day, such action shall be made on the immediately succeeding
Business Day.

      "Certificate of Designation" shall mean the Certificate of Designation of
the Series C Preferred Stock of the Company, to be filed with the Secretary of
State of the State of Delaware pursuant to the Merger Agreement.

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      "Change of Control" shall mean the sale, transfer, conveyance or other
disposition, including dispositions by merger or consolidation (a "Transfer"),
in one or a series of related transactions pursuant to which Alarcon (or, in the
event of Alarcon's death, any lineal descendant thereof) would cease to
beneficially own and vote securities of the Company representing more than fifty
percent (50%) of the total voting power represented by the Company's then
outstanding voting securities or would otherwise result in Alarcon no longer
having control of the Company.

      "Change of Control Shares" shall have the meaning set forth in Section
4.1(a).

      "Class A Common Stock" shall have the meaning set forth in the recitals
hereto.

      "Class B Common Stock" shall mean the shares of Class B Common Stock, par
value $0.001 per share, of the Company.

      "Common Stock" shall mean the Class A Common Stock and Class B Common
Stock and any other class of common stock of the Company hereafter created and
any securities of the Company into which such Common Stock may be reclassified,
exchanged or converted.

      "Communications Act" shall mean the Communications Act of 1934, as
amended.

      "Company" shall have the meaning set forth in the preamble hereto.

      "Equity Securities" shall mean shares of Common Stock and all other
securities of the Company which may be convertible into, exchangeable for,
exercisable for or issued in exchange for or in respect of, shares of Common
Stock.

      "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder.

      "Excluded Group" has the meaning set forth in Section 2.3(f).

      "Excluded Issuances" shall mean (i) issuances of options, warrants,
subscription rights or other rights to acquire Equity Securities granted to the
Company's employees, officers, directors, consultants or advisors under bona
fide employee benefit plans or stock option plans adopted by the Board of
Directors; (ii) issuances of up to 250,000 shares of Class A Common Stock upon
the exercise of options previously granted to Arnold Sheiffer; (iii) issuances
of up to 2,700,000 shares of Class A Common Stock upon the exercise of warrants
previously granted to the International Church of the FourSquare Gospel; (iv)
shares of Class A Common Stock issued upon conversion of the Series C Preferred
Stock or the exercise of the Warrant; (v) Equity Securities or other capital
stock issued as consideration for any acquisition of an entity, a business, line
of business or significant asset; (vii) Common Stock or other Equity Securities
issued pursuant to any public offering approved by a majority of the Board of
Directors; or (vii) shares of Common Stock, preferred stock or other Equity
Securities issued as a stock dividend or upon a subdivision of Equity
Securities.

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      "FCC" shall mean the Federal Communications Commission and any successor
governmental entity performing functions similar to those performed by the
Federal Communications Commission on the date hereof.

      "Governmental Entity" shall have the meaning set forth in the Merger
Agreement.

      "HRSA" shall mean the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended.

      "Infinity" shall have the meaning set forth in the preamble hereto.

      "Infinity Nominee" shall mean any individual nominated by Infinity to the
Board of Directors pursuant to subsection 2.1(a).

      "Infinity Participant" shall have the meaning set forth in Section 4.2(a).

      "Infinity Rights" shall mean the specified rights of Infinity set forth
herein.

      "Issuance Date" shall mean the date on which the Merger occurs.

      "Lien" shall mean any mortgage, pledge, hypothecation, assignment,
encumbrance, lien (statutory or other) or security agreement of any kind or
nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement or any financing lease having substantially the same
effect as any of the foregoing).

      "Material Adverse Effect" shall mean a material adverse effect on (i) with
respect to the Company, the business, assets, operations or financial or other
condition of the Company and the Company Subsidiaries taken as a whole or (ii)
with respect to any party to this Agreement or any Ancillary Document, the
ability of such party to perform its obligations under this Agreement or any
Ancillary Document to which it is a party.

      "Merger" shall have the meaning set forth in the recitals hereto.

      "Merger Agreement" shall have the meaning set forth in the recitals
hereto, as such agreement may from time to time be amended, modified or
supplemented.

      "Minimum Investment" shall have the meaning set forth in Section 6.9.

      "Negotiation Period" shall have the meaning set forth in Section 2.2.

      "Observer" shall have the meaning set forth in Section 2.1(b).

      "Options" shall mean stock options to purchase Common Stock.

      "Parent" shall mean Viacom, Inc., a Delaware corporation.

      "Permitted Businesses" shall mean the broadcast radio and television
business, including cable television and any activity reasonably incidental
thereto.

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      "Person" shall mean any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or any agency or political subdivision
thereof (including any subdivision or ongoing business of any such entity or
substantially all of the assets of such entity, subdivision or business).

      "Preemptive Offer" has the meaning set forth in Section 2.3(a).

      "Preemptive Offer Acceptance Notice" has the meaning set forth in Section
2.3(c).

      "Preemptive Offer Period" has the meaning set forth in Section 2.3(b).

      "Refused Equity Securities" has the meaning set forth in Section 2.3(d).

      "Registration Rights Agreement" shall have the meaning set forth in the
Merger Agreement.

      "Registration Rights Negotiation Period" shall have the meaning set forth
in Section 4.4(a).

      "SBS Bay Area" shall have the meaning set forth in the recitals hereto.

      "SEC" shall mean the United States Securities and Exchange Commission.

      "Series C Preferred Stock" shall have the meaning set forth in the
recitals hereto.

      "Subject Securities" shall mean the Series C Preferred Stock, the Warrant
and the Underlying Shares.

      "Subsidiary" shall mean, with respect to any Person, any corporation,
association or other business entity of which more than 50% of the Total Voting
Power of shares of capital stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person (or a combination
thereof).

      "Target" shall have the meaning set forth in the recitals hereto.

      "Total Voting Power" shall mean, with respect to any corporation, the
total number of votes which may be cast in the election of directors of such
corporation if all securities entitled to vote in the election of such directors
(excluding shares of preferred stock that are entitled to elect directors only
upon the occurrence of customary events of default) are present and voted.

      "Transfer" shall have the meaning set forth in the definition of Change of
Control.

      "Underlying Shares" shall mean the shares of Common Stock into which the
shares of Series C Preferred Stock are convertible, including shares of Series C
Preferred Stock issuable upon exercise of the Warrant, as such shares may be
subject to adjustment from time to time and any securities into which such
shares may be reclassified, exchanged or converted.

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      "Voting Stock" shall mean shares of the capital stock and any other
securities of the Company having the ordinary power to vote in the election of
directors of the Company.

      "Warrant" shall have the meaning set forth in the recitals hereto.

                                   ARTICLE II
                             CERTAIN INFINITY RIGHTS

      SECTION 2.1 BOARD OF DIRECTORS.

      (a) If, at any time following the Issuance Date, in Infinity's reasonable
determination, the Communications Act and the rules and regulations promulgated
by the FCC permit Infinity to have board nomination or similar rights, then the
Company agrees to discuss the election or appointment of Infinity's nominee to
the Board of Directors.

      (b) If, at any time following the Issuance Date, in Infinity's reasonable
determination, the Communications Act and the rules and regulations promulgated
by the FCC permit Infinity to have board observer or similar rights, and if at
such time no Infinity Nominee serves as a member of the Board of Directors, by
notice to such effect to the Company, Infinity may appoint one representative
("Observer") to receive notice of and have the right to attend all meetings of
the Board of Directors and any of its committees and receive copies of all
materials distributed to members of the Board of Directors at the same time such
materials are distributed to members of the Board of Directors. Such Observer
shall have no right to vote on any matters presented to the Board of Directors.

      SECTION 2.2 RIGHT OF FIRST NEGOTIATION/LAST LOOK RIGHT ON CERTAIN COMPANY
STATIONS.

      (a) The Company agrees that in the event the Company or any Subsidiary of
the Company intends to Transfer to a third party any radio stations that the
Company controls in the New York City or Miami markets after the date hereof,
the Company shall notify Infinity of such intention and thereafter permit
Infinity to negotiate with the Company in good faith for a period of at least
ten (10) Business Days following the notice described above (the "Negotiation
Period"). During the Negotiation Period, the Company shall not Transfer or
negotiate with any Person for the Transfer of such station(s). Upon the
expiration of the Negotiation Period, but subject to Section 2.2(b) below, the
Company shall be free to Transfer and negotiate to Transfer such stations for a
period of one year from the first date following the expiration of the
Negotiation Period to any Person at a price and upon terms and conditions
mutually agreeable to the Company and such Person. Such one-year period shall be
extended until the consummation of the sale transaction if the documentation
governing such sale transaction is entered into during the one-year period but
the consummation of such sale transaction occurs after the termination of the
one-year period.

      (b) During the period beginning on the date hereof ending one year after
the date hereof, the Company agrees to give Infinity the absolute and
unequivocal last look by which to match and/or exceed the business terms of any
offer to acquire any radio station in the Miami market by any third party prior
to the Company or any subsidiary of the Company entering into any definitive
Transfer agreement with respect to such station. If the Company receives an
offer

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that it is willing to accept, it will provide Infinity with a copy of such
offer. Infinity shall have five (5) Business Days to agree in writing to acquire
the station on terms and conditions equal or superior to those offered to the
Company. If Infinity does not agree within the five (5) Business Day period, the
Company will be free to accept such offer.

      SECTION 2.3 PREEMPTIVE RIGHT ON ISSUANCES OF COMPANY EQUITY SECURITIES.

      (a) Preemptive Right. From and after the Issuance Date, Infinity shall
have the right to purchase its pro rata share (as set forth below) of Equity
Securities (the "Preemptive Offer") which the Company may, from time to time,
propose to sell and issue (subject to such requirements and restrictions imposed
by the Securities Act of 1933, as amended, and state securities laws and to the
actual issuance of the Equity Securities) after the Issue Date, other than
Excluded Issuances. For purposes of this Section 2.3(a), Infinity's pro rata
share shall be the amount of such Equity Securities obtained by applying the
following ratio against the total number of such Equity Securities to be offered
by the Company: (i) the number of shares of the Common Stock (including all
shares of Common Stock issued or issuable upon conversion of the Series C
Preferred Stock or the exercise of outstanding Equity Securities held by
Infinity and its Affiliates, including the Series C Preferred Stock issued
pursuant to the Warrant) of which Infinity and its Affiliates is deemed to be a
holder immediately prior to the issuance of such Equity Securities, to (ii) the
total number of shares of Common Stock issued and outstanding (including all
shares of Common Stock issued or issuable upon conversion of the Series C
Preferred Stock or the exercise of outstanding Equity Securities held by
Infinity and its Affiliates, including the Series C Preferred Stock issued
pursuant to the Warrant) immediately prior to the issuance of the Equity
Securities, determined on a fully diluted basis after giving effect to the
exercise in full of then outstanding options and warrants and the conversion of
all securities convertible into shares of Common Stock.

      (b) Notice of Preemptive Offer. In the event the Company proposes to
undertake an issuance of Equity Securities after the Issuance Date, it shall
give Infinity written notice of its intention, describing the type of Equity
Securities and the price and the terms upon which the Company proposes to issue
the same. The Preemptive Offer shall by its terms remain open and irrevocable
for a period of five Business Days from the date it is received from the Company
(the "Preemptive Offer Period").

      (c) Preemptive Offer Acceptance. Infinity shall have the option,
exercisable at any time during the Preemptive Offer Period by delivering written
notice to the Company (a "Preemptive Offer Acceptance Notice"), to purchase its
pro rata share of Equity Securities. The Company shall notify Infinity within
five days following the expiration of the Preemptive Offer Period of the number
or amount of Infinity's pro rata share of Equity Securities it has subscribed to
purchase.

      (d) Offer of Refused Equity Securities. If the Preemptive Offer Acceptance
Notice is not given by Infinity for all of its pro rata share of Equity
Securities, the Company shall have 180 days from the expiration of the
Preemptive Offer Period to sell all or any part of Infinity's pro rata share of
Equity Securities as to which the Preemptive Offer Acceptances Notice has not
been given by Infinity (the "Refused Equity Securities") to any other Persons
upon the terms and

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conditions including price, which are no more favorable, in the aggregate, to
such other Persons or less favorable to the Company than those set forth in the
Preemptive Offer.

      (e) Closing. Upon the closing of the sale to such other Persons of all the
Equity Securities, Infinity shall purchase from the Company, and the Company
shall sell to Infinity, the pro rata share of Equity Securities with respect to
which the Preemptive Offer Acceptance Notice was delivered by Infinity, at the
same terms specified in the Preemptive Offer.

      (f) Emergency Funding. If the Company determines in good faith that the
delay occasioned by complying with the procedures contemplated by this Section
2.3 would be prejudicial to the Company or its financial condition or business
and operations, then the Company may before delivering the Preemptive Offer or
after delivering the Preemptive Offer (but before observing the time periods and
other procedures set forth in this Section 2.3), issue or sell all of the Equity
Securities. If the Company elects to issue Equity Securities under this Section
2.3 before it delivers a Preemptive Offer, then the Company shall deliver the
Preemptive Offer to Infinity to which it has not so issued or sold Equity
Securities (the "Excluded Group") no later than five Business Days after the
date on which such Equity Securities are issued or sold to Infinity. If the
Excluded Group delivers a Preemptive Offer Acceptance Notice within 10 Business
Days and the Company has issued or sold the Equity Securities to a Person but
not to Infinity, then the Company shall issue or sell such number of pro rata
shares of Equity Securities as the participating members of the Excluded Group
would have been entitled had the Preemptive Offer been made and accepted by such
member of the Excluded Group in accordance with Sections 2.3(a) through (d) as
promptly as practicable, but in no event later than five Business Days following
the date of delivery of the Preemptive Offer Acceptance Notice, at the same
price, and on the same terms and conditions as the issuance and sale occurred.

      (f) Preemptive Rights Not Cumulative. The preemptive rights of Infinity
under this Section 2.3 and the rights of the Holder under Section 8 of the
Certificate of Designation are not cumulative. Infinity and its Affiliates shall
only have the right to exercise the Preemptive Offer under either this Agreement
or the Certificate of Designation but not under both.

                                   ARTICLE III
            CERTAIN OTHER AGREEMENTS BETWEEN INFINITY AND THE COMPANY

      SECTION 3.1 FINANCIAL STATEMENTS AND OTHER REPORTS.

      (a) Reports and Filings. From and after the date hereof, whether or not
required by the rules and regulations of the SEC, the Company shall make
available to Infinity, upon request, (i) all quarterly and annual financial
information that would be required to be contained in a filing with the SEC on
Forms 10-Q and 10-K if the Company were required to file such Forms, including a
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" that describes the financial condition and results of operations of
the Company and its consolidated Subsidiaries (showing in reasonable detail,
either on the face of the financial statements or in the footnotes thereto and
in Management's Discussion and Analysis of Financial Condition and Results of
Operations, the financial condition and results of operations of the Company and
its Subsidiaries separate from the financial information and results of
operations of the Subsidiaries of the Company) and, with respect to the annual
information only, a report

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thereon by the Company certified independent accountants and (ii) all current
reports that would be required to be filed with the SEC on Form 8-K if the
Company was required to file such reports, in each case within the time periods
set forth in the SEC's rules and regulations. For purpose of this provision,
posting such reports on EDGAR or on the Company's website shall constitute
making such reports available to Infinity. The Company also agrees to provide
Infinity with such additional information as Infinity may from time to time
reasonably request.

      (b) Events of Default etc. From and after the date hereof, the Company
shall furnish to Infinity, as soon as possible and in any event within five
Business Days of obtaining knowledge thereof, an officer's certificate
specifying the nature and period of existence of such condition or event, or
specifying the notice given or action taken by such holder or Person and the
nature of such claimed violation, default, event or condition, and what action
the Company has taken, is taking and proposes to take with respect to notice:

            (i)   of any condition or event that constitutes an event of default
                  under the instruments governing the Company's outstanding debt
                  with a principal amount in excess of $50,000,000;

            (ii)  that any Person has given any notice to the Company or any of
                  its Subsidiaries or taken any other action with respect to a
                  claimed default or event or condition that would be required
                  to be disclosed in a current report filed by the Company with
                  the SEC on Form 8-K (Items 1, 2, 4 and 5 of such Form as in
                  effect on the date hereof); or

            (iii) of any condition or event which constitutes a Material Adverse
                  Effect.

      SECTION 3.2 CERTAIN OTHER MATTERS. Without the prior written consent of
Infinity, the Company shall not:

      (a) amend Section 5.4 of the Company's certificate of incorporation; or

      (b) enter into or conduct any business, either directly or through any
Subsidiary, except for Permitted Businesses.

      SECTION 3.3 TRANSACTIONS WITH AFFILIATES. From and after the Issuance
Date, without the prior approval of Infinity, the Company shall not, and shall
not permit any of its Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase
any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate (each of the foregoing, an "Affiliate Transaction"),
unless (i) such Affiliate Transaction is on terms that are no less favorable to
the Company or such Subsidiary than those that would have been obtained in a
comparable transaction by the Company or such Subsidiary with an unrelated
Person (ii) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $2.5
million, such Affiliate Transaction or series of Affiliated Transactions has
been approved by a majority of the members of the Board of Directors that are
disinterested as to such Affiliate Transaction or series of Affiliated
Transactions and (iii) with respect to any Affiliate Transaction or series of
related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, an opinion

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as to the fairness to the Company of such Affiliate Transaction or series of
Affiliated Transactions from a financial point of view issued by an accounting,
appraisal or investment banking firm of national standing; provided that (1) any
transaction approved by the Board of Directors, with an officer or director of
the Company or of any of its Subsidiaries in his or her capacity as an officer
or director entered into in the ordinary course of business; (2) transactions
between or among the Company and/or its Subsidiaries; (3) payment of reasonable
directors fees to the Board of Directors and of its Subsidiaries; (4) fees and
compensation paid to, and indemnity provided on behalf of, officers, directors
or employees of the Company or any of its Subsidiaries, as determined in good
faith by the Board of Directors of the Company or of any such Subsidiary, to the
extent the same are reasonable and customary; and (5) agreements in effect on
the date of this Agreement and any modification thereto or any transaction
contemplated thereby (including pursuant to any modification thereto) in any
replacement agreement therefor so long as such modification or replacement is
not more disadvantageous to the Company in any material respect than the
original agreement as in effect on the date of this Agreement, in each case,
shall not be deemed to be Affiliate Transactions.

      3.4 NO POISON PILLS. Without the prior approval of Infinity, the Company
shall not create or adopt any shareholders rights plan or "poison pill", amend
any of its organizational documents, or take any similar action that would
prohibit or materially impede or materially delay the ability of Infinity and
their Affiliates to acquire additional Equity Securities, or to dispose of or
sell any Equity Securities, in any manner permitted by the Certificate of
Designation, the Warrant and this Agreement; provided that, for avoidance of
doubt, the foregoing shall not restrict the Company from (a) entering into loan
agreements that contain customary covenants, including provisions permitting
acceleration of the related indebtedness upon a change of control and (b)
issuing debt securities or preferred stock that contain customary covenants,
including change of control provisions.

                                   ARTICLE IV
                 AGREEMENTS REGARDING TRANSFERS OF COMMON STOCK
                          BETWEEN ALARCON AND INFINITY

      SECTION 4.1 INFINITY RIGHT OF FIRST NEGOTIATION.

      (a) If Alarcon desires to Transfer a number of shares of Common Stock
beneficially owned by Alarcon that in the aggregate would result in a Change of
Control (the "Change of Control Shares"), whether following a Person's offer to
acquire such Change of Control Shares or at his own volition, then Alarcon shall
notify Infinity of his desire to Transfer such shares and thereafter permit
Infinity to negotiate with him in good faith for a period of at least 45 days
following the notice described above (the "Negotiation Period"). During the
Negotiation Period, Alarcon shall not Transfer or negotiate with any Person for
the Transfer of the Change of Control Shares.

      (b) Upon the expiration of the Negotiation Period, Alarcon shall be free
to sell, negotiate to sell and otherwise Transfer his shares for a period of one
year from the first date following the expiration of the Negotiation Period to
any Person at a price and upon terms and conditions mutually agreeable to
Alarcon and such Person. Such one-year period shall be extended until the
consummation of the sale transaction if the documentation governing such

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sale transaction is entered into during the one-year period but the consummation
of such sale transaction occurs after the termination of the one-year period.

      (c) The foregoing provisions shall not (i) obligate Alarcon to sell the
Change of Control Shares or any other securities to Infinity, regardless of the
terms and conditions offered by Infinity, (ii) apply to any pledge of shares in
a bona fide lending transaction or similar transaction (such as a pre-paid
forward agreement), (iii) prohibit Alarcon from responding to a public tender
offer, (iv) prohibit Alarcon from participating in discussions among the Board
of Directors concerning proposals that may result in a Change in Control; or (v)
apply to any sale or negotiations for sale of securities held by Alarcon if such
transaction would not constitute a Change of Control upon its consummation, or
(vi) any Transfer to any revocable or irrevocable inter vivos trust or trusts
for the principal benefit of any of Alarcon's lineal descendants, so long as
Alarcon retains the right to vote the shares held by such trust or trusts.

      SECTION 4.2 INFINITY TAG-ALONG RIGHTS. (a) Subject to Section 4.1, if
Alarcon proposes to Transfer the Change of Control Shares (the "Alarcon
Transfer") to any Person other than Infinity and its Affiliates, whether
pursuant to a stock sale or any other transaction (any such transaction, an
"Alarcon Sale"), Alarcon shall deliver to Infinity and the Company a written
notice 30 days prior to the effectiveness of such Transfer ("Alarcon
Participation Notice"). Such Alarcon Participation Notice shall set forth the
general terms and conditions of such proposed Alarcon Sale, including (each to
the extent known by Alarcon) the name of the prospective transferee, the number
of Change of Control Shares proposed to be Transferred, the purchase price per
share to be paid and the payment terms and type of Transfer to be effectuated.
Infinity and its Affiliates may elect to participate in such Alarcon Sale by
giving written notice of its election to Alarcon and to the Company within 15
days of Infinity's receipt of the applicable Alarcon Participation Notice (each
Person electing to participate, an "Infinity Participant"). Infinity shall be
entitled to sell in the proposed Alarcon Sale (upon the same terms and
conditions as Alarcon), up to a number of Subject Securities owned by Infinity
equal to the product of (I) the aggregate number of shares of Common Stock then
owned by Infinity and its Affiliates (which shall be calculated on an
as-converted and as-exercised basis and shall include all Underlying Shares then
owned by Infinity) multiplied by (II) the quotient of (A) the Alarcon Transfer
divided by (B) the total number of shares and Equity Securities then owned by
Alarcon (calculated on an as-converted and as-exercised basis). The purchase
price per share to be paid for any Subject Securities that Infinity elects to
sell shall be calculated as follows: (x) in the case of shares of Common Stock,
the price per share of Common Stock paid to Alarcon (the "Alarcon Offer Price"),
(y) in the case the shares of Common Stock issuable upon exercise of the Warrant
and conversion of the Series C Preferred Stock, the price per share of Common
Stock paid to Alarcon minus the applicable exercise price for an underlying
share of Common Stock (on an as-converted basis), and (z) in the case a share of
Series C Preferred Stock, the price per share of Common Stock paid to Alarcon
multiplied by the number of shares of Common Stock issuable upon the conversion
of a share of Series C Preferred Stock. Each Infinity Participant shall be
obligated to pay its pro rata portion of the transaction costs associated with
any Transfer. If the aggregate number of securities proposed to be sold by
Alarcon and Infinity Participants is greater than the number of securities that
the proposed transferee agrees to purchase, then the number of securities
proposed to be sold by Alarcon and each of Infinity Participants shall be
decreased pro rata.

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                                                                  EXECUTION COPY

      (b) Closing of Tag-Along Sale. At the closing of any proposed Alarcon
Transfer in respect of which an Alarcon Participation Notice has been delivered,
Alarcon together with all Infinity Participants that have timely and properly
elected to sell Subject Securities pursuant to Section 4.2(a), shall execute and
deliver to the proposed transferee certificates and/or other instruments
representing the Subject Securities to be sold, free and clear of all Liens,
together with stock or other appropriate powers duly endorsed therefor, and
shall receive in exchange therefor the consideration to be paid or delivered by
the proposed transferee in respect of such Subject Securities as described in
the Alarcon Participation Notice. The Infinity Participants shall not be
required to make any representations, warranties, covenants or agreements with
the proposed transferee, other than with respect to good title, valid existence,
non-contravention, no legal proceedings, and other representations, warranties,
covenants and agreements related to the sale, free and clear of all liens, by
the Infinity Participants. The Infinity Participants shall not be required to
assume any contractual obligations of other sellers or the Company under the
Agreement negotiated between Alarcon and/or the Company and the purchaser of the
Change of Control Shares.

      (c) Exclusion for Compliance with Other Provisions. The provisions of this
Section 4.2 shall not apply to any Transfer that (i) obligates Alarcon to sell
the Change of Control Shares or any other securities to Infinity or its
Affiliates, (ii) applies to any pledge of shares in a bona fide lending
transaction or similar transaction (such as a pre-paid forward agreement), (iii)
prohibits Alarcon from responding to a public tender offer, (iv) applies to any
sale or negotiations for sale of securities held by Alarcon if such transaction
would not constitute a Change of Control upon its consummation, or (v) any
Transfer to any revocable or irrevocable inter vivos trust or trusts for the
principal benefit of any of Alarcon's lineal descendants, so long as Alarcon
retains the right to vote the shares held by such trust or trusts.

      SECTION 4.3 FCC ATTRIBUTION. Until the occurrence of a Change of Control
in accordance with Section 4.1, Alarcon shall hold or have the right to vote
shares of the capital stock and other securities of the Company having more than
50% of the Total Voting Power of all outstanding shares and other securities of
the Company, and the Subject Securities shall have less than 5% of the Total
Voting Power of all outstanding shares and other securities of the Company.

      SECTION 4.4 ALARCON RIGHT OF FIRST NEGOTIATION.

      (a) If Infinity makes a Shareholder Request (as defined in the
Registration Rights Agreement), then Infinity shall notify Alarcon of Infinity's
desire to sell Subject Securities and thereafter permit Alarcon to negotiate
with Infinity in good faith for the purchase of the number of Subject Securities
that Infinity desires to sell for a period of at least ten (10) days following
the notice described above (the "Registration Rights Negotiation Period"). In
the event the trading policies of the Company or applicable securities laws
prohibit Alarcon from negotiating for or purchasing securities during such
10-day period, then such period shall be extended until such time as Alarcon is
permitted to negotiate and purchase such securities (such extension not to
exceed 90 days); provided that the 90-day period shall not excuse the Company
from fulfilling its obligations in a timely manner under Section 3.1 of the
Registration Rights Agreement. During the Registration Negotiation Rights
Negotiation Period, Infinity shall not Transfer or negotiate with any Person for
the Transfer of Subject Securities.

<PAGE>

                                                                  EXECUTION COPY

      (b) Upon the expiration of the Registration Rights Negotiation Period,
Infinity shall be free to proceed with the Transfer of Subject Securities
pursuant to the Shareholder Request.

      (c) The foregoing provisions shall apply only to a Transfer of Subject
Securities pursuant to a Shareholder Request under the Registration Rights
Agreement and shall not obligate (i) Infinity to sell Subject Securities to
Alarcon, regardless of the terms and conditions offered by Alarcon or (ii) apply
to any other Transfer by Infinity of Subject Securities.

                                    ARTICLE V
                         REPRESENTATIONS AND WARRANTIES

      SECTION 5.1 REPRESENTATIONS OF THE COMPANY. The Company represents and
warrants to Infinity as follows:

      (a) CORPORATE EXISTENCE; COMPLIANCE WITH LAW. The Company (i) is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation; (ii) is duly qualified to conduct business
and is in good standing in each jurisdiction where its ownership or lease of
property or the conduct of its business requires such qualification, except
where the failure to be so qualified, individually or in the aggregate, would
not have a Material Adverse Effect; and (iii) has the requisite corporate power
and authority and the legal right to own, pledge, mortgage or otherwise encumber
and operate its properties, to lease the property it operates under lease and to
conduct its business as now, heretofore and proposed to be conducted.

      (b) CORPORATE POWER, AUTHORIZATION, ENFORCEABLE OBLIGATIONS. The
execution, delivery and performance by the Company of this Agreement and its
obligations hereunder: (i) are within the Company's corporate power; (ii) have
been duly authorized by all necessary or proper corporate and shareholder
action; (iii) do not contravene any provision of the Company's charter or
bylaws; (iv) do not violate any law or regulation, or any order or decree of any
court or Governmental Entity applicable to it; (v) do not conflict with or
result in the breach or termination of, constitute a default under or accelerate
or permit the acceleration of any performance required by any of the terms,
conditions or provisions of any note, bond, mortgage, indenture, lease,
contract, agreement, obligation, understanding, commitment or other legally
binding arrangement or of any license applicable to the Company or its
respective properties or assets, except any such items that, individually or in
the aggregate, would not have a SBS Material Adverse Effect (as defined in the
Merger Agreement); and (vi) do not require the consent or approval of any
Governmental Entity or any other Person, except the filing of all notices,
reports and other documents required by, and the expiration of all waiting
periods under, the HSRA and the rules and regulations promulgated by the FCC.
This Agreement is duly executed and delivered by the Company and this Agreement
constitutes a legal, valid and binding obligation of the Company enforceable
against it in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditor's rights generally and subject to the availability of equitable
remedies.

      SECTION 5.2 REPRESENTATIONS OF INFINITY. Infinity represents and warrants
to the Company as follows:

<PAGE>

                                                                  EXECUTION COPY

      (a) CORPORATE EXISTENCE; COMPLIANCE WITH LAW. Infinity (i) is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation; (ii) is duly qualified to conduct business
and is in good standing in each other jurisdiction where its ownership or lease
of property or the conduct of its business requires such qualification, except
where the failure to be so qualified, individually or in the aggregate would not
have a Material Adverse Effect; and (iii) has the requisite corporate power and
authority and the legal right to own, pledge, mortgage or otherwise encumber and
operate its properties, to lease the property it operates under lease and to
conduct its business as now, heretofore and proposed to be conducted.

      (b) CORPORATE POWER, AUTHORIZATION, ENFORCEABLE OBLIGATIONS. The
execution, delivery and performance by Infinity of this Agreement and its
obligations hereunder: (i) are within its corporate power; (ii) have been duly
authorized by all necessary or proper corporate and shareholder action; (iii) do
not contravene any provision of its charter or bylaws; (iv) do not violate any
law or regulation, or any order or decree of any court or Governmental Entity
applicable to it; (v) do not conflict with or result in the breach or
termination of, constitute a default under or accelerate or permit the
acceleration of any performance required by any of the terms, conditions or
provisions of any note, bond, mortgage, indenture, lease, contract, agreement,
obligation, understanding, commitment or other legally binding arrangement or of
any license applicable to Infinity or its respective properties or assets,
except any such items that, individually or in the aggregate, would not have an
Infinity Material Adverse Effect (as defined in the Merger Agreement); and (vi)
do not require the consent or approval of any Governmental Entity or any other
Person, except the filing of all notices, reports and other documents required
by, and the expiration of all waiting periods under, the HSRA and the rules and
regulations promulgated by the FCC. This Agreement is duly executed and
delivered by Infinity and this Agreement shall constitute a legal, valid and
binding obligation of Infinity enforceable against it in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditor's rights generally
and subject to the availability of equitable remedies.

      SECTION 5.3 REPRESENTATIONS OF ALARCON. Alarcon represents and warrants to
Infinity and the Company as follows:

      (a) POWER, AUTHORIZATION, ENFORCEABLE OBLIGATIONS. The execution, delivery
and performance by Alarcon of this Agreement, and his obligations hereunder: (i)
are within Alarcon's power; (ii) do not violate any law or regulation, or any
order or decree of any court or Governmental Entity applicable to Alarcon; (iii)
do not conflict with or result in the breach or termination of, constitute a
default under or accelerate or permit the acceleration of any performance
required by any of the terms, conditions or provisions of any note, bond,
mortgage, indenture, lease, contract, agreement, obligation, understanding,
commitment or other legally binding arrangement or of any license applicable to
Alarcon or his respective properties or assets, except any such items that,
individually or in the aggregate, would not have a Material Adverse Effect; and
(iv) do not require the consent or approval of any Governmental Entity or any
other Person, except the filing of all notices, reports and other documents
required by, and the expiration of all waiting periods under, the HSRA and the
rules and regulations promulgated by the FCC. This Agreement is duly executed
and delivered by Alarcon and this Agreement constitutes a legal, valid and
binding obligation of Alarcon enforceable against him in

<PAGE>

                                                                  EXECUTION COPY

accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditor's
rights generally and subject to the availability of equitable remedies.

      (b) CAPITALIZATION; OWNERSHIP. Schedule 5.3(b) sets forth all of the
shares of Common Stock, Options and other Equity Securities of the Company that
Alarcon Beneficially Owns as of the date hereof (the "Alarcon Shares").

                                   ARTICLE VI
                                 MISCELLANEOUS

      SECTION 6.1 NOTICES. All notices and other communications hereunder shall
be in writing and shall be deemed to have been duly given, if delivered
personally, by telecopier or sent by overnight courier as follows:

      If to Infinity:

             Infinity Media Corporation
             1515 Broadway, 46th Floor
             New York, NY 10036
             Attention: Jacques Tortoroli
             Facsimile: (212) 846-3999

      With copies, which shall not constitute notice, to:

             General Counsel
             Viacom, Inc.
             1515 Broadway
             New York, New York 10036
             Facsimile: (212) 846-1994

             Leventhal Senter & Lerman, P.L.L.C.
             2000 K Street, N.W.
             Suite 600
             Washington, DC  20006-1809
             Attention: Steven A. Lerman, Esq.
             Facsimile: (202) 293-7783

      If to the Company:

<PAGE>

                                                                  EXECUTION COPY

             Spanish Broadcasting System, Inc.
             2601 South Bayshore Drive, PH II
             Coconut Grove, Florida 33133
             Telephone: (305) 441-6901

      With copies, which shall not constitute notice, to:

             Jason L. Shrinsky, Esq.
             Kaye Scholer LLP
             901 15th Street, N.W.
             Suite 1100
             Washington, D.C. 20005
             Telephone: 202-682-3500

      If to Alarcon:

             Mr. Raul Alarcon, Jr.
             President/CEO
             Spanish Broadcasting System, Inc.
             2601 South Bayshore Drive, PH II
             Coconut Grove, Florida 33133
             Telephone: (305) 441-6901

or to such other address or addresses as shall be designated in writing. All
notices shall be effective when received.

      SECTION 6.2 ENTIRE AGREEMENT; AMENDMENT. This Agreement, the Merger
Agreement and the other Ancillary Documents and the documents described herein
and therein or attached or delivered pursuant hereto or thereto set forth the
entire agreement between the parties hereto with respect to the transactions
contemplated by this Agreement. Any provision of this Agreement may be amended
or modified in whole or in part at any time by an agreement in writing between
the parties hereto executed in the same manner as this Agreement. No failure on
the part of any party to exercise, and no delay in exercising, any right shall
operate as a waiver thereof nor shall any single or partial exercise by any
party of any right preclude any other or future exercise thereof or the exercise
of any other right.

      SECTION 6.3 SEVERABILITY. In the event that any one or more of the
provisions contained in this Agreement or in any other instrument referred to
herein, shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision of this Agreement or any other such instrument.

      SECTION 6.4 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to constitute an original, but all
of which together shall constitute one and the same document.

<PAGE>

                                                                  EXECUTION COPY

      SECTION 6.5 GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL. The
construction and performance of this Agreement shall be governed by the laws of
the State of New York without regard to its principles of conflict of law. All
actions and proceedings arising out of or relating to this Agreement shall be
heard and determined in a New York state or federal court sitting in the City of
New York, and the parties hereto irrevocably submit to the exclusive
jurisdiction of such courts in any such action or proceeding and irrevocably
waive the defense of an inconvenient forum to the maintenance of any such action
or proceeding. Each party agrees not to bring any action or proceeding arising
out of or relating to this Agreement in any other court. THE PARTIES HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING IN ANY WAY TO THIS AGREEMENT, INCLUDING WITH RESPECT TO
ANY COUNTERCLAIM MADE IN SUCH ACTION OR PROCEEDING, AND AGREE THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE DECIDED SOLELY BY A JUDGE. The parties hereto
hereby acknowledge that they have each been represented by counsel in the
negotiation, execution and delivery of this Agreement and that their lawyers
have fully explained the meaning of the Agreement, including in particular the
jury-trial waiver.

      SECTION 6.6 SUCCESSORS AND ASSIGNS; THIRD PARTY BENEFICIARIES. None of
Alarcon, the Company or Infinity may assign any of its rights or delegate any of
its duties under this Agreement without the prior written consent of the other
parties; provided Infinity may assign any or all of the Infinity Rights to any
Affiliate of Infinity to which the Subject Securities have been Transferred, but
such assignment shall not relieve Infinity from its duties, liabilities and
obligations hereunder. Any purported assignment in violation of this Agreement
shall be void. Nothing expressed or mentioned in this Agreement is intended or
shall be construed to give any Person other than the parties hereto and their
respective successors, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the parties hereto and their respective successors, and for
the benefit of no other Person.

      SECTION 6.7 REMEDIES. No right, power or remedy conferred upon any party
in this Agreement shall be exclusive, and each such right, power or remedy shall
be cumulative and in addition to every other right, power or remedy whether
conferred in this Agreement or now or hereafter available at law or in equity or
by statute or otherwise. No course of dealing between Infinity, the Company and
Alarcon and no delay in exercising any right, power or remedy conferred in this
Agreement or now or hereafter existing at law or in equity or by statute or
otherwise shall operate as a waiver or otherwise prejudice any such right, power
or remedy. The parties hereto agree that irreparable damage would occur in the
event any provision of this Agreement was not performed in accordance with the
terms hereof and that the parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in addition to any other remedy to
which they are entitled at law or in equity.

      SECTION 6.8 HEADINGS, CAPTIONS AND TABLE OF CONTENTS. The section
headings, captions and table of contents contained in this Agreement are for
reference purposes only, are not part of this Agreement and shall not affect the
meaning or interpretation of this Agreement.

<PAGE>

                                                                  EXECUTION COPY

      SECTION 6.9 TERMINATION. Articles II, III and IV of this Agreement shall
terminate if neither (i) Infinity (together with its Affiliates) owns at least
5,700,000 shares of Class A Common Stock or Series C Preferred Stock currently
convertible into 5,700,000 shares of Class A Common Stock (the "Minimum
Investment") nor (ii) a transferee of Infinity, to whom Infinity Rights were
transferred in accordance with the Stockholder Agreement, owns at least the
Minimum Investment. This Agreement shall terminate in its entirety upon Infinity
acquiring Voting Stock that provides it with the unfettered right to elect a
majority of the members of the Board of Directors. This Agreement (other than
Article VI hereof) shall terminate automatically without any further action upon
termination of the Merger Agreement without the occurrence of the closing
thereof.

                  [Remainder of page intentionally left blank]

<PAGE>

      IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto
or by their respective duly authorized representatives, all as of the date first
above written.

                                      SPANISH BROADCASTING SYSTEMS, INC.

                                      By: /s/ Raul Alarcon, Jr.
                                          -----------------------------------
                                          Name:  Raul Alarcon, Jr.
                                          Title: Chief Executive Officer and
                                                 President

                                      INFINITY MEDIA CORPORATION

                                      By: /s/ Robert G. Freedline
                                          -----------------------------------
                                          Name:  Robert G. Freedline
                                          Title: Vice President and Treasurer

                                      RAUL ALARCON, JR.

                                      /s/ Raul Alarcon, Jr.
                                      ---------------------------------------<PAGE>

                                                                    EXHIBIT 10.3

                                                                  EXECUTION COPY

                            LOCAL MARKETING AGREEMENT

      This Local Marketing Agreement (the "Agreement"), made as of the 5th day
of October, 2004, is between Infinity Broadcasting Corporation of San Francisco,
a Delaware corporation ("Licensee"), and SBS Bay Area, LLC, a Delaware limited
liability company ("Programmer").

                                    RECITALS

      Licensee is the licensee of radio station KBAA(FM), Facility ID No. 1092,
San Francisco, California (the "Station").

      Licensee and Programmer are parties to a Merger Agreement of even date
herewith (the "Merger Agreement"), pursuant to which Licensee shall be merged
with and into Programmer.

      Pending consummation of the merger, Programmer desires to purchase time on
the Station for its programming and advertising time, subject to the limitations
set forth herein and in accordance with the rules, regulations and policies of
the Federal Communications Commission (the "FCC").

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

1.    SALE OF TIME

      1.1. BROADCAST OF PROGRAMMING. During the Term (as defined below),
Licensee shall make available broadcast time on the Station for the broadcast of
Programmer's programs (the "Programming") for up to 168 hours a week except for:
(i) downtime occasioned by routine maintenance consistent with prior practice;
(ii) between 6:00 a.m. and 7:00 a.m. on Sunday mornings and at other times
mutually agreeable to Licensee and Programmer during which time Licensee may
broadcast programming designed to address the concerns, needs and issues of the
Station's listeners; (iii) times when Programmer's programs are not accepted or
are preempted by Licensee in accordance with this Agreement; and (iv) times when
the Station is not broadcasting because of Force Majeure Events (as defined
below).

      1.2. ADVERTISING AND PROGRAMMING REVENUES. During the Programming it
delivers to the Station, Programmer shall have full authority to sell for its
own account commercial time on the Station and to retain all revenues from the
sale of such advertising.

      1.3. FORCE MAJEURE. Any failure or impairment of facilities or any delay
or interruption in broadcasting the Programming, or failure at any time to
furnish the facilities, in whole or in part, for broadcasting, due to acts of
God, strikes or threats thereof, force majeure or

<PAGE>

any other causes beyond the control of Licensee (collectively "Force Majeure
Events"), shall not constitute a breach of this Agreement by Licensee.

      1.4. DELIVERY OF SIGNAL. Programmer shall initially deliver the
Programming via leased telephone circuits to Licensee at the Washington St.
Premises, and until Programmer requests otherwise, Licensee shall be responsible
for the signal continuity from the output of the ISDN decoder to the output of
the broadcast antenna. After January 31, 2005, Programmer shall deliver the
Programming to the location specified by Licensee under Section 1.5.2 below.
Licensee shall initially provide all engineering support necessary to transmit
the Programming after delivery by Programmer. No later than January 31, 2005,
Programmer shall take over the engineering support functions, provided that
throughout the Term Licensee shall maintain the transmission facilities as
provided in Section 2.5.

      1.5 STUDIO SPACE AND STUDIO EQUIPMENT. As of the date of this Agreement,
Licensee's offices and studios for the Station are co-located with other radio
stations owned by affiliates of Licensee on two leased floors at 500 Washington
Street, San Francisco, California (the "Washington St. Premises"). The lease at
this location expires January 31, 2005 (the "Lease Expiration Date"), and
Licensee and its affiliates are currently in the process of relocating to
another location.

            1.5.1. Until the Lease Expiration Date, Licensee shall make the
      portion of the Washington St. Premises indicated on Schedule 1.5 (the
      "Studio Space") and the studio equipment of Licensee relating to the
      Station identified on Schedules 3.11(a) and 3.11(b) of the Merger
      Agreement (the "Studio Equipment") available to Programmer, and Licensee
      hereby licenses Programmer to use, and Programmer shall use, such Studio
      Space and Studio Equipment for the production of Programming, sale of
      advertising on the Station and related activities. The parties acknowledge
      that affiliates of Licensee may continue to use the Washington St.
      Premises and some of the Studio Equipment for their respective broadcast
      operations until the Lease Expiration Date. Each of the parties agrees to
      cooperate fully with the other in the use of the Washington St. Premises
      and the Studio Equipment, and each of the parties further agrees that it
      will not unreasonably impede use of the Washington St. Premises or the
      Studio Equipment by others. Programmer shall not allow any other persons
      other than its employees to enter the Washington St. Premises without the
      express prior permission of Licensee. Programmer agrees to take reasonable
      care of the Studio Space and the Studio Equipment, subject to reasonable
      and normal wear and tear. Programmer shall repair any and all damage to
      the Studio Space and the Studio Equipment. Programmer may make no
      alterations, additions or changes to the Studio Space or the Studio
      Equipment. Programmer agrees to indemnify and hold harmless Licensee and
      its affiliates from any and all claims for damages for injuries to or
      death of persons and for damages to property arising out of Programmer's
      use and/or occupancy of the Washington St. Premises or the Studio
      Equipment.

            1.5.2. Programmer will notify Licensee in writing by November 1,
      2004 whether it intends to enter into a lease for all or a portion of the
      second floor of the Washington

                                       2
<PAGE>

      St. Premises commencing on the Lease Expiration Date (the "New Lease").
      Licensee agrees to assist Programmer in obtaining the New Lease at no
      out-of-pocket expense to Licensee. If Programmer obtains the New Lease,
      Programmer agrees to provide at no cost to Licensee space in such premises
      for the Station's main studio and offices for Licensee's required
      employees as specified in Sections 2.6 and 2.8 hereof. If Programmer
      decides to move its operations to another location, Licensee agrees that
      Programmer may move the Studio Equipment to such location, and Programmer
      agrees to vacate the Washington St. Premises on or before the Lease
      Expiration Date. Programmer further agrees, at Licensee's option, either
      to provide at no cost to Licensee space in such new location for the
      Station's main studio and offices for Licensee's required employees or to
      deliver the Programming, at Programmer's cost, to Licensee's main studio,
      wherever located, or the Station's transmitter site, as directed by
      Licensee, for broadcast by Licensee on the Station. If Programmer needs to
      obtain an FCC authorization for a new studio-transmitter link to
      facilitate Programmer's delivery of the Programming to the Station's
      transmitter site from any place other than the Washington St. Premises,
      Licensee shall, at Programmer's request and expense, file an application
      for such FCC authorization and acquire and install the necessary
      equipment.

            1.5.3. INTERIM PERIOD. If this Agreement is terminated prior to the
      Lease Expiration Date due to consummation of the merger pursuant to the
      Merger Agreement, Programmer shall have the option to remain at the
      Washington St. Premises until the Lease Expiration Date. Programmer must
      inform Licensee of its intention to remain at the Washington St. Premises
      in writing at the closing under the Merger Agreement. If Programmer
      decides to remain at the Washington St. Premises until the Lease
      Expiration Date, Programmer shall allow Licensee's affiliates which remain
      at the Washington St. Premises to use any of the shared Studio Equipment
      until the Lease Expiration Date and shall continue to pay fifty percent of
      all the costs incurred by Licensee or its affiliates related to the
      Washington St. Premises, including but not limited to, fifty percent of
      any lease payments, taxes, insurance, utility costs and repair costs.

      1.6. PAYMENTS. In consideration of the rights granted under this
Agreement, Programmer shall pay to Licensee the fee and reimburse certain of
Licensee's costs as provided in Schedule 1.6 hereto.

      1.7. TERM. The term of this Agreement (the "Term") shall commence at 12:01
a.m., local San Francisco, California time, on the fifth (5th) day after the
expiration or early termination of any waiting period applicable to the Merger
Agreement under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended (the "Commencement Date"), and, unless terminated earlier pursuant to
Section 5, shall terminate automatically on the earlier of (a) 12:01 a.m. on the
date of the consummation of the merger pursuant to the Merger Agreement, and (b)
11:59 p.m. on the 30th day after the date of termination of the Merger Agreement
for any reason.

      1.8. CALL SIGN. On or prior to the Commencement Date, Licensee shall
request the FCC to change the Station's call sign to a call sign to be selected
by Programmer that is not confusingly similar to "KBAY" or "KBAA."

                                       3
<PAGE>

2.    OBLIGATIONS AND RIGHTS OF LICENSEE

      Programmer acknowledges and agrees and Licensee is and shall remain
responsible for operating the Station in the public interest and controlling the
day-to-day operations of the Station in conformance with its FCC licenses,
permits and authorizations. Without limiting the generality of the foregoing,
Licensee and Programming agree as follows:

      2.1. LICENSEE'S ABSOLUTE RIGHT TO REJECT PROGRAMMING. Licensee shall have
the absolute right to reject any Programming, including advertising
announcements or other material, which Licensee in its sole discretion deems
contrary to the public interest, the Communications Act of 1934, as amended (the
"Communications Act"), or the FCC's rules, regulations and policies (the
"Rules," and together with the Communications Act, the "Communications Laws").
Licensee reserves the right to refuse to broadcast any Programming containing
matter that Licensee in its sole discretion believes is, or may be determined by
the FCC or any court or other regulatory body with authority over Licensee or
the Station to be, violative of any right of any third party or indecent,
obscene or profane. Licensee may take any other actions necessary to ensure the
Station's operation complies with the laws of the United States, the laws of the
State of California, the Communications Laws (including the prohibition on
unauthorized transfers of control), and the rules, regulations and policies of
other federal government authorities, including the Federal Trade Commission and
the Department of Justice. Licensee may suspend, cancel or refuse to broadcast
any portion of the Programming pursuant to this Section 2.1 without reduction or
offset in the payments due Licensee under this Agreement.

      2.2. LICENSEE'S RIGHT TO PREEMPT PROGRAMMING FOR SPECIAL EVENTS AND PUBLIC
INTEREST PROGRAMMING. Licensee shall have the absolute right to preempt
Programming in order to broadcast a program deemed by Licensee, in its sole
discretion, to be of greater national, regional, or local public interest or
significance, and to use part or all of the hours of operation of the Station
for the broadcast of events of special importance. In all such cases, Licensee
will use its best efforts to give Programmer reasonable advance notice of its
intention to preempt any regularly scheduled programming. Licensee may preempt
the Programming under this Section 2.2 without reduction or offset in the
payments due Licensee under this Agreement.

      2.3. LICENSEE'S PUBLIC SERVICE PROGRAMMING. Licensee may broadcast public
service programming at the times set forth in Section 1.1 hereof and at such
other times as the parties may agree.

      2.4 POLITICAL ADVERTISING, PUBLIC FILE, ETC. The parties acknowledge that
Licensee is ultimately responsible for complying with the Communications Laws
with respect to (a) the carriage of political advertisements and programming
(including, without limitation, the rights of candidates and, as appropriate,
others to equal opportunities, lowest unit charge and reasonable access); (b)
the broadcast and nature of public service programming; (c) the maintenance of
political and public inspection files and the Station's logs; (d) the
ascertainment of issues of community concern; and (e) the preparation of all
quarterly issues/programs lists.

                                       4
<PAGE>

      2.5. MAINTENANCE AND REPAIR OF TRANSMISSION FACILITIES. Licensee shall use
commercially reasonable efforts to maintain the Station's transmission equipment
and facilities, including the antennas, transmitters and transmission lines, in
good operating condition, and Licensee shall continue to contract with local
utility companies for the delivery of electrical power to the Station's
transmitting facilities at all times in order to ensure operation of the
Station. Licensee shall undertake such repairs as are necessary to maintain
full-time operation of the Station with its maximum authorized facilities as
expeditiously as reasonably possible following the occurrence of any loss or
damage preventing such operation.

      2.6. MAIN STUDIO. Licensee shall maintain and staff the main studio for
the Station as required under the Communications Laws

      2.7. CHIEF OPERATOR. Licensee shall retain a qualified Chief Operator, as
that term is defined in the Communications Laws, for the Station. The Chief
Operator shall have the duties and responsibilities of a "Chief Operator" under
the Communications Laws.

      2.8. LICENSEE'S REQUIRED EMPLOYEES. Licensee will employ (a) a full-time
management-level employee for the Station (the "General Manager"), who shall
report and be solely accountable to Licensee and shall be responsible for
overseeing the operations of the Station, and (b) a full-time staff-level
employee who shall report to and assist the General Manager in the performance
of his or her duties. Whenever at the Studio Space or otherwise on the Station's
premises, all of Programmer's personnel shall be subject to the supervision and
the direction of the General Manager and/or the Station's Chief Operator.

      2.9. LICENSEE'S RESPONSIBILITY TO PAY CERTAIN EXPENSES. Subject to
Schedule 1.6 hereto, Licensee shall be responsible for timely paying: (a) all
lease payments for the transmitter sites and all taxes and other costs incident
thereto; (b) all utility costs (telephone, electricity, etc.) relating to the
transmitter sites; (c) all lease payments and utility costs for the Washington
St. Premises until the Lease Expiration Date; (d) the salaries, taxes, benefits,
insurance and related costs for Licensee's personnel; and (e) all FCC regulatory
or filing fees.

3.    OBLIGATIONS AND RIGHTS OF PROGRAMMER

      Programmer shall not take any action, or omit to take any action,
inconsistent with Licensee's obligations under the Communications Laws to retain
ultimate responsibility for the programming and technical operations of the
Station. Without limiting the generality of the foregoing, Programmer agrees as
follows:

      3.1. COMPLIANCE WITH LAWS AND STATION'S POLICIES. Programmer has advised
Licensee of the nature of its Programming. Programmer will make no material
changes in the Programming after the Commencement Date without the prior written
consent of Licensee, which shall not be unreasonably withheld. All Programming
shall conform in all material respects to all applicable provisions of the
Communications Laws, all other laws or regulations applicable to the broadcast
of programming by the Station, and the programming regulations prescribed in
Schedule 3.1 hereto. At no time during the Term shall Programmer or its

                                       5
<PAGE>

employees or agents represent, hold out, describe or portray Programmer as the
licensee of the Station.

      3.2. COOPERATION WITH LICENSEE. Programmer, on behalf of Licensee, shall
furnish within the Programming all Station identification announcements required
by the Communications Laws, and shall, upon request by Licensee, provide (a)
information about Programming that is responsive to the public needs and
interests of the area served by the Station so as to assist Licensee in the
preparation of any required programming reports and (b) other information to
enable Licensee to prepare other records, reports and logs required by the FCC
or other local, state or federal governmental agencies. Programmer shall
maintain and deliver to Licensee all records and information required by the FCC
to be placed in the public inspection files of the Station pertaining to the
broadcast of political programming and advertisements, in accordance with the
provisions of Sections 73.1943 and 73.3526 of the Rules and The Bipartisan
Campaign Reform Act of 2002, and agrees that broadcasts of sponsored programming
addressing political issues or controversial subjects of public importance will
comply with the provisions of Section 73.1212 of the Rules. Programmer shall
consult with Licensee and adhere strictly to all applicable provisions of the
Communications Laws, with respect to the carriage of political advertisements
and political programming (including, without limitation, the rights of
candidates and, as appropriate, other parties, to "equal opportunities") and the
charges permitted for such programming or announcements. Programmer shall
cooperate with Licensee to ensure compliance with the Rules regarding Emergency
Alert System tests and alerts.

      3.3. PAYOLA AND PLUGOLA. Programmer shall provide to Licensee in advance
any information known to Programmer regarding any money or other consideration
which has been paid or accepted, or has been promised to be paid or to be
accepted, for the inclusion of any matter as a part of any programming or
commercial material to be supplied to Licensee by Programmer for broadcast on
the Station, unless the party making or accepting such payment is identified in
the program as having paid for or furnished such consideration in accordance
with the Communications Laws. Commercial matter with obvious sponsorship
identification will not require disclosure beyond the sponsorship identification
contained in the commercial copy. Programmer shall at all times endeavor to
proceed in good faith to comply with the requirements of Sections 317 and 507 of
the Communications Act and the related Rules.

      3.4. HANDLING OF COMMUNICATIONS. Programmer shall provide Licensee with
the original or a copy of any correspondence from a member of the public
relating to the Programming to enable Licensee to comply with the requirements
of the Communications Laws, including those regarding the maintenance of the
public inspection file. Licensee shall not be required to receive or handle
mail, facsimiles, emails or telephone calls in connection with the Programming
unless Licensee has agreed to do so in writing. Licensee shall promptly forward
to Programmer all correspondence, payments, communications or other information
and/or documents which it receives and which relate to the Programming,
including without limitation, invoices, billing inquiries, checks, money orders,
wire transfers, or other payments for services or advertising.

                                       6

<PAGE>

      3.5. COMPLIANCE WITH COPYRIGHT ACT. Programmer shall not broadcast any
material on the Station in violation of the Copyright Act or the rights of any
person. All music supplied by Programmer shall be (a) licensed by a music
licensing agent such as ASCAP, BMI, or SESAC; (b) in the public domain; or (c)
cleared at the source by Programmer. Licensee shall not be obligated to pay any
music licensing fees or other similar expenses required in connection with the
material broadcast by Programmer on the Station.

      3.6. PROGRAMMER'S EMPLOYEES. Programmer shall be responsible for the
artistic personnel and material for the production of the Programming to be
provided under this Agreement. Programmer shall employ and be responsible for
the salaries, taxes, insurance and related costs for all of its own personnel
and facilities used in fulfillment of its rights and obligations under this
Agreement.

      3.7 PROGRAMMER RESPONSIBILITY TO PAY CERTAIN EXPENSES. Programmer shall
pay for all costs associated with production and listener responses, including
telephone costs, fees to ASCAP, BMI and SESAC, any other copyright fees, and all
other costs or expenses attributable to the Programming that is delivered by
Programmer for broadcast on the Station. Programmer shall also pay all ordinary
maintenance and repair costs for the studio and studio equipment used by
Programmer in the production of the Programming. Programmer shall maintain at
its expense and with reputable insurance companies reasonably acceptable to
Licensee, commercially reasonable coverage for broadcaster's liability
insurance, worker's compensation insurance and commercial general liability
insurance. Licensee shall be named as an additional insured on such policies,
and such policies shall not be terminable without notice to Licensee and an
opportunity to cure any default thereunder. Programmer shall deliver to Licensee
on or before the Commencement Date, and thereafter upon request, current
certificates establishing that such insurance is in effect.

4.    INDEMNIFICATION

      4.1. INDEMNIFICATION. From and after the Commencement Date, Programmer
shall indemnify, defend, protect and hold harmless Licensee and Licensee's
affiliates, officers, directors, shareholders, employees and agents from and
against all claims, damages, liabilities, costs and expenses, including
reasonable attorneys' fees and expenses (collectively "Damages") arising from
Programmer's provision of Programming hereunder or use of the Station, the
Studio Space or the Studio Equipment, or any breach of any warranty, covenant or
other agreement hereunder. Without limitation of the generality of the preceding
sentence, Programmer will indemnify and hold Licensee and Licensee's affiliates,
officers, directors, shareholders, employees and agents harmless from and
against Damages arising from any claim for libel, slander, infringement of
copyright or other intellectual property right, or violation of any right of
privacy or proprietary right, and for any other claims of any nature, including
fines or forfeitures imposed by the FCC, as a result of the broadcast on the
Station of the Programming.

      4.2. PROCEDURE FOR INDEMNIFICATION. The procedure for indemnification
shall be as follows:

                                       7
<PAGE>

            (a) Licensee shall give notice to Programmer of any claim reasonably
      specifying (i) the factual basis for the claim, and (ii) the amount of the
      claim if then known. If the claim relates to an action, suit or proceeding
      filed by a third party against Licensee, notice shall be given by Licensee
      within fifteen (15) days after written notice of the action, suit or
      proceeding was given to Licensee. In all other circumstances, notice shall
      be given by Licensee within thirty (30) days after Licensee becomes aware
      of the facts giving rise to the claim. Notwithstanding the foregoing,
      Licensee's failure to give Programmer timely notice shall not preclude
      Licensee from seeking indemnification from Programmer if Licensee's
      failure has not materially prejudiced Programmer's ability to defend the
      claim or litigation.

            (b) With respect to claims between the parties, following receipt of
      notice from Licensee of a claim, Programmer shall have thirty (30) days to
      make any investigation of the claim that Programmer deems necessary or
      desirable. For the purposes of this investigation, Licensee agrees to make
      available to Programmer and/or its authorized representatives the
      information relied upon by Licensee to substantiate the claim. If Licensee
      and Programmer cannot agree as to the validity and amount of the claim
      within the 30-day period (or any mutually agreed upon extension thereof),
      Licensee may seek appropriate legal remedy.

            (c) With respect to any claim by a third party as to which Licensee
      is entitled to indemnification hereunder, Programmer shall have the right
      at its own expense to participate in or assume control of the defense of
      the claim with counsel reasonably acceptable to Licensee, and Licensee
      shall cooperate fully with Programmer, subject to reimbursement for
      reasonable expenses incurred by Licensee as the result of a request by
      Programmer. If Programmer elects to assume control of the defense of any
      third-party claim, Licensee shall have the right to participate in the
      defense of the claim at its own expense. If Programmer does not elect to
      assume control or otherwise participate in the defense of any third party
      claim, Licensee may, but shall have no obligation to, defend or settle
      such claim or litigation in such a manner as it deems appropriate, and in
      any event Programmer shall be bound by the results obtained by Licensee
      with respect to the claim (by default or otherwise) and shall promptly
      reimburse Licensee for the amount of all expenses (including the amount of
      any judgment rendered), legal or otherwise, incurred in connection with
      such claim or litigation.

5.    EARLY TERMINATION

      5.1. TERMINATION UPON DEFAULT. Upon the occurrence of an Event of Default
(as defined below) and the expiration of the applicable cure period as described
in this Section 5, the non-defaulting party may terminate this Agreement. All
amounts accrued or payable to Licensee up to the date of termination which have
not been paid shall immediately become due and payable, and Licensee shall be
under no further obligation to make available to Programmer any broadcast time
or broadcast transmission facilities on the Station. An "Event of Default" means
(a) Programmer's failure to pay when due the payments payable under Section 1.6;
and (b) the non-terminating party's failure to comply with any provision that is
material to the non-

                                       8
<PAGE>

terminating party's performance of the terms and conditions of this
Agreement. An Event of Default shall not be deemed to have occurred until five
(5) days after the non-defaulting party has provided the defaulting party with
written notice specifying the event or events that, if not cured, would
constitute an Event of Default and specifying the actions necessary to cure the
default(s) within such period; provided that Programmer will be entitled to only
two cure periods during any 12-month period with respect to failure to pay when
due the payments payable under Section 1.6. A cure period shall extend for a
reasonable period of time if the defaulting party is acting in good faith to
cure and such delay is not materially adverse to the non-defaulting party.

      5.2. TERMINATION FOR CHANGE IN FCC RULES OR POLICIES. Either party may
terminate this Agreement upon written notice to the other if there has been a
material change in the Communications Laws that would cause this Agreement to be
in violation thereof, or in the event that the FCC determines that this
Agreement does not comply with the Communications Laws, and such change in the
Communications Laws or FCC determination is in effect and not the subject of an
appeal or further administrative review; provided, however, that in such either
event the parties shall first have negotiated in good faith and attempted to
agree to an amendment to this Agreement that will provide the parties with a
valid and enforceable agreement that conforms to the Communications Laws.

      5.3. CERTAIN MATTERS UPON TERMINATION.

            5.3.1. RETURN OF EQUIPMENT. If this Agreement is terminated for any
reason other than the closing under the Merger Agreement, Programmer shall
return to Licensee any equipment or property of the Station used by Programmer,
its employees or agents, in substantially the same condition as such equipment
existed on the date hereof, ordinary wear and tear excepted.

            5.3.2. SURVIVAL. No expiration or termination of this Agreement
shall terminate the obligation of Programmer to indemnify Licensee for claims of
third parties under Section 4 of this Agreement or the rights and obligations of
the parties under Sections 1.5.3, or limit or impair any party's right to
receive payments due and owing hereunder on or before the date of such
termination.

6.    REPRESENTATIONS AND WARRANTIES

      6.1. REPRESENTATIONS AND WARRANTIES OF LICENSEE. Licensee hereby
represents and warrants that:

            6.1.1. ORGANIZATION, QUALIFICATION AND STANDING. Licensee is a
      corporation duly organized, validly existing and in good standing under
      the law of the State of Delaware. Licensee is duly qualified to do
      business as a foreign entity and in good standing under the laws of the
      state of California. Licensee has the requisite corporate power and
      authority to carry on its business as now conducted.

                                       9
<PAGE>

            6.1.2. AUTHORIZATION AND BINDING OBLIGATION. Licensee has all
      necessary power and authority to enter into and perform under this
      Agreement and the transactions contemplated hereby, and Licensee's
      execution, delivery and performance of this Agreement has been duly and
      validly authorized by all necessary action on its part. This Agreement has
      been duly executed and delivered by Licensee and constitutes its valid and
      binding obligation, enforceable in accordance with its terms, except as
      limited by laws affecting creditors' rights or equitable principles
      generally.

            6.1.3. ABSENCE OF CONFLICTING AGREEMENTS OR REQUIRED CONSENTS.
      Neither the execution and delivery by Licensee of this Agreement, the
      consummation by Licensee of the actions contemplated hereby nor compliance
      by Licensee with or fulfillment by either of them of the terms, conditions
      and provisions hereof will conflict with, or result in a violation or
      breach of, or default (with or without notice or lapse of time, or both)
      under, or give rise to a right of termination, amendment, cancellation or
      acceleration of any obligation or loss of a material benefit under, or to
      increased, additional, accelerated or guaranteed rights or entitlements of
      any person under, or result in the creation of any Encumbrance (as defined
      in the Merger Agreement) upon any of the properties or assets of Licensee
      under, (i) the certificates of incorporation or by-laws of Licensee, (ii)
      any of the terms, conditions or provisions of any note, bond, mortgage,
      indenture, lease, contract, agreement, obligation, understanding,
      commitment or other legally binding arrangement or of any license
      applicable to Licensee or its respective properties or assets, or (iii)
      any judgment, order, decree, statute, law, ordinance, rule or regulation
      applicable to Licensee, or its respective properties or assets, other
      than, in the case of clause (ii) or (iii), any such items that,
      individually or in the aggregate, would not have a Material Adverse Effect
      (as defined in the Merger Agreement) on Programmer.

      6.2. REPRESENTATIONS AND WARRANTIES OF PROGRAMMER. Programmer hereby
represents and warrants that:

            6.2.1. ORGANIZATION, QUALIFICATION AND STANDING. Programmer is a
      limited liability company duly organized, validly existing and in good
      standing under the laws of the State of Delaware. Programmer is duly
      qualified to do business as a foreign entity and in good standing under
      the law of the State of California. Programmer has the requisite corporate
      power and authority to carry on its business as now conducted.

            6.2.2. AUTHORIZATION AND BINDING OBLIGATION. Programmer has all
      necessary power and authority to enter into and perform under this
      Agreement and the transactions contemplated hereby, and Programmer's
      execution, delivery and performance of this Agreement has been duly and
      validly authorized by all necessary action on its part. This Agreement has
      been duly executed and delivered by Programmer and constitutes its valid
      and binding obligation, enforceable in accordance with its terms, except
      as limited by laws affecting creditors' rights or equitable principles
      generally.

            6.2.3. ABSENCE OF CONFLICTING AGREEMENTS OR REQUIRED CONSENTS.
      Neither the execution and delivery by Programmer of this Agreement, the
      consummation by

                                       10
<PAGE>

      Programmer of the actions contemplated hereby nor compliance by Programmer
      with or fulfillment by either of them of the terms, conditions and
      provisions hereof will conflict with, or result in a violation or breach
      of, or default (with or without notice or lapse of time, or both) under,
      or give rise to a right of termination, amendment, cancellation or
      acceleration of any obligation or loss of a material benefit under, or to
      increased, additional, accelerated or guaranteed rights or entitlements of
      any person under, or result in the creation of any Encumbrance (as defined
      in the Merger Agreement) upon any of the properties or assets of
      Programmer under, (i) the limited liability company agreement of
      Programmer, (ii) any of the terms, conditions or provisions of any note,
      bond, mortgage, indenture, lease, contract, agreement, obligation,
      understanding, commitment or other legally binding arrangement or of any
      license applicable to Programmer or its respective properties or assets,
      or (iii) any judgment, order, decree, statute, law, ordinance, rule or
      regulation applicable to Programmer, or its respective properties or
      assets, other than, in the case of clause (ii) or (iii), any such items
      that, individually or in the aggregate, would not have a Material Adverse
      Effect (as defined in the Merger Agreement) on Licensee.

7.    REQUIRED FCC CERTIFICATIONS

      7.1. PROGRAMMER'S CERTIFICATION. Programmer hereby certifies that this
Agreement complies with the provisions of subsections (a) and (c) of Section
73.3555 of the FCC's rules and regulations.

      7.2. LICENSEE'S CERTIFICATION. Licensee hereby certifies that it shall
maintain ultimate control over the Station's facilities, including specifically
control over Station's finances, personnel, and programming.

8.    MISCELLANEOUS

      8.1. AMENDMENT, MODIFICATION OR WAIVER. No amendment, modification or
waiver of any provision of this Agreement shall be effective unless made in
writing and signed by the party adversely affected, and any such waiver and
consent shall be effective only in the specific instance and for the purpose for
which such consent was given.

      8.2. NO WAIVER; REMEDIES CUMULATIVE. No failure or delay on the part of
Licensee or Programmer in exercising any right or power under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the parties
to this Agreement are cumulative and are not exclusive of any right or remedies
which either may otherwise have.

      8.3. GOVERNING LAW; WAIVER OF JURY TRIAL. The construction and performance
of this Agreement shall be governed by the laws of the State of New York without
regard to its principles of conflict of law. All actions and proceedings arising
out of or relating to this Agreement shall be heard and determined in a New York
state or federal court sitting in the City

                                       11
<PAGE>

of New York, and the parties hereto irrevocably submit to the exclusive
jurisdiction of such courts in any such action or proceeding and irrevocably
waive the defense of an inconvenient forum to the maintenance of any such action
or proceeding. Each party agrees not to bring any action or proceeding arising
out of or relating to this Agreement in any other court. THE PARTIES HERETO
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING IN ANY WAY TO THIS AGREEMENT, INCLUDING WITH RESPECT TO
ANY COUNTERCLAIM MADE IN SUCH ACTION OR PROCEEDING, AND AGREE THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE DECIDED SOLELY BY A JUDGE. The parties hereto
hereby acknowledge that they have each been represented by counsel in the
negotiation, execution and delivery of this Agreement and that their lawyers
have fully explained the meaning of the Agreement, including in particular the
jury-trial waiver.

      8.4. ATTORNEYS' FEES. In the event of any dispute between the parties to
this Agreement, Licensee or Programmer, as the case may be, shall reimburse the
prevailing party for its reasonable attorneys' fees and other costs incurred in
enforcing its rights or exercising its remedies under this Agreement. Such right
of reimbursement shall be in addition to any other right or remedy that the
prevailing party may have under this Agreement.

      8.5. NO PARTNERSHIP OR JOINT VENTURE. This Agreement is not intended to be
and shall not be construed as a partnership or joint venture agreement between
the parties. Except as otherwise specifically provided in this Agreement, no
party to this Agreement shall be authorized to act as agent of or otherwise
represent any other party to this Agreement.

      8.6. ENTIRE AGREEMENT. This Agreement, and the exhibits and schedules
hereto, embody the entire agreement and understanding of the parties hereto and
supersede any and all prior agreements, arrangements and understandings relating
to the matters provided for herein.

      8.7. BENEFIT AND ASSIGNMENT. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns. Neither Party may assign its rights under this Agreement without
the prior written consent of the other party hereto; provided, however, that
Licensee's rights and obligations under this Agreement shall be assigned to and
assumed by, without any further action by either party, to Infinity Media
Corporation upon termination of this Agreement due to consummation of the merger
pursuant to the Merger Agreement.

      8.8. HEADINGS. The headings set forth in this Agreement are for
convenience only and will not control or affect the meaning or construction of
the provisions of this Agreement.

      8.9. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument. Faxed copies of the
Agreement and faxed signature pages shall be binding and effective as to all
parties and may be used in lieu of the original Agreement, and, in particular,
in lieu of original signatures, for any purpose whatsoever.

                                       12
<PAGE>

      8.10. NOTICES. Any notice, demand or request required or permitted to be
given under the provisions of this Agreement shall be in writing, addressed to
the following addresses, or to such other address as any party may request.

If to Licensee:

         Infinity Broadcasting Corporation of San Francisco
         1515 Broadway, 46th Floor
         New York, NY 10036
         Attention:  Jacques Tortoroli
         Facsimile: (212) 846-3999

With copies to:

         General Counsel
         Viacom Inc.
         1515 Broadway
         New York, New York 10036
         Facsimile: (212) 846-1994

         Leventhal Senter & Lerman PLLC
         2000 K Street, N.W.
         Suite 600
         Washington, D.C. 20006-1809
         Attention: Steven A. Lerman, Esq.
         Facsimile: 202-293-7783

If to Programmer:

         Mr. Raul Alarcon, Jr.
         President/CEO
         Spanish Broadcasting System, Inc.
         2601 South Bayshore Drive - Penthouse #2
         Coconut Grove, Florida 33133
         Telephone: (305) 441-6901

With a copy to:

         Jason L. Shrinsky, Esq.
         Kaye Scholer LLP
         901 15th Street, N.W.
         Suite 1100
         Washington, D.C. 20005
         Telephone: (202) 682-3500

                                       13
<PAGE>

Any such notice, demand or request shall be deemed to have been duly delivered
and received (a) on the date of personal delivery, or (b) on the date of
transmission, if sent by facsimile (but only if a hard copy is also sent by
overnight courier), or (c) on the date of receipt, if mailed by certified mail,
postage prepaid and return receipt requested, or (d) on the date of a signed
receipt, if sent by an overnight delivery service, but only if sent in the same
manner to all persons entitled to receive notice or a copy.

      8.11. SEVERABILITY. In the event that any of the provisions of this
Agreement shall be held unenforceable, then the remaining provisions shall be
construed as if such unenforceable provisions were not contained herein. Any
provision of this Agreement which is unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such unenforceability
without invalidating the remaining provisions hereof, and any such
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provisions in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto hereby waive any provision of law now or
hereafter in effect which renders any provision hereof unenforceable in any
respect.

                   [SIGNATURES ON PAGE IMMEDIATELY FOLLOWING]

                                       14
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Local Marketing
Agreement as of the date first above written.

                                      INFINITY BROADCASTING CORPORATION OF
                                      SAN FRANCISCO

                                      By: /s/ Robert G. Freedline
                                          -----------------------------------
                                          Name:  Robert G. Freedline
                                          Title: Vice President and Treasurer

                                      SBS BAY AREA, LLC

                                      By: /s/ Raul Alarcon, Jr.
                                          -----------------------------------
                                          Name:  Raul Alarcon, Jr.
                                          Title: Chief Executive Officer and
                                                 President

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