Document:

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                                                                     EXHIBIT 4.2

NEITHER THE WARRANT NOR THE SHARES OF COMMON STOCK TO BE ISSUED UPON THE
EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, NOR THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND WERE AND WILL BE
OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH LAWS. THE SECURITIES MAY NOT BE SOLD, PLEDGED,
ASSIGNED, OR HYPOTHECATED, EXCEPT IN A TRANSACTION REGISTERED UNDER SUCH ACTS OR
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACTS.

Number of Shares of                         Date of Issuance: DECEMBER 23, 2004
Series C Preferred Stock: 190,000

                                     WARRANT

                      TO PURCHASE SERIES C PREFERRED STOCK

                                       OF

                        SPANISH BROADCASTING SYSTEM, INC.

                          VOID AFTER DECEMBER 23, 2008

      THIS IS TO CERTIFY THAT, for value received, Infinity Media Corporation, a
Delaware corporation (the "Holder") is entitled, subject to the terms and
conditions set forth herein, to purchase from Spanish Broadcasting System, Inc.
(the "Company") an aggregate of up to 190,000 shares (the "Warrant Shares") of
fully paid, nonassessable shares of the Company's Series C Preferred Stock, par
value $0.01 per share (the "Series C Preferred Stock"). The number, character
and Exercise Price (defined below) of such shares of Series C Preferred Stock
are subject to adjustment as provided herein. The term "Warrant" as used herein
shall include this Warrant and any warrants delivered in substitution,
replacement or exchange therefor as provided herein. The term "Common Stock" as
used herein shall mean Class A common stock, par value $0.0001 per share, Class
B common stock, par value $0.0001 per share, and all other stock of any class or
classes (however designated) of the Company, the holders of which have the
right, without limitation as to amount, either to all or to a share of the
balance of current dividends and liquidating dividends after the payment of
dividends and distributions on any shares entitled to preference.

      1. TERM OF WARRANT. Subject to the terms and conditions set forth herein,
this Warrant shall be exercisable, in whole or in part in two equal increments
of 95,000 Warrant Shares each, during the term commencing on the date hereof and
ending at 5:00 p.m., prevailing

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local time in New York, New York, on December 23, 2008, (the "Expiration Date").
If not exercised prior to the Expiration Date, this Warrant and all rights
granted under this Warrant shall expire and lapse.

      2. EXERCISE PRICE. The price at which this Warrant may be exercised shall
be $300.00 per share of Series C Preferred Stock, as adjusted from time to time
pursuant to Section 9 hereof (the "Exercise Price").

      3. EXERCISE OF WARRANT.

            i. The purchase right represented by this Warrant shall be
exercisable by the Holder, either in whole or in one of two parts of 95,000
Warrant Shares each at any time prior to the Expiration Date upon (i) the
surrender and presentment of this Warrant accompanied by a duly completed and
executed notice of exercise in the form of Exhibit A attached hereto (the
"Exercise Notice") at the principal office of the Company (listed as the
Company's address in Section 15 herein) or such other office or agency as the
Company may designate by notice pursuant to Section 15 herein, and (ii) payment
of the aggregate Exercise Price equal to the number of shares of Series C
Preferred Stock being purchased upon exercise of this Warrant multiplied by the
Exercise Price (the "Aggregate Exercise Price") in cash, by certified or
official bank check payable to the order of the Company, or by wire transfer to
an account in a bank designated for such purpose by the Company.

            ii. This Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender for exercise and
payment as provided above, and the person entitled to receive the shares of
Series C Preferred Stock issuable upon such exercise shall be treated for all
purposes as the holder of record of such shares as of the close of business on
such date. As promptly as practicable on or after such date, the Company shall
issue and deliver to the person entitled to receive the same, a certificate for
the number of shares of Series C Preferred Stock issuable upon such exercise. If
such certificate shall be registered in a name other than the name of the
Holder, then funds sufficient to pay all stock transfer taxes which shall be
payable upon the issuance of such certificate shall be paid by the Holder at the
time of exercise of this Warrant and the Company shall not be required to issue
or deliver any certificate until such tax or other charge has been paid by the
Holder.

      4. NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. In the event that an adjustment in the number of shares of Series C
Preferred Stock issuable upon the exercise of this Warrant made pursuant to this
Section 4 hereof results in a number of shares issuable upon the exercise which
includes a fraction, at the Holder's election, this Warrant may be exercised for
the next larger whole number of shares or the Company shall make a cash payment
equal to that fraction multiplied by the current market value of that share.

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      5. REPLACEMENT OF WARRANT. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction, on delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Company or, in
the case of mutilation, on surrender and cancellation of this Warrant, the
Company shall execute and deliver, in lieu of this Warrant, a new warrant of
like tenor and equal amount.

      6. NO RIGHTS AS STOCKHOLDER. This Warrant shall not entitle the Holder to
any rights as a stockholder of the Company.

      7. WARRANT REGISTER. The Company shall maintain a register (the "Warrant
Register") containing the name and address of the Holder. The Company may treat
the Holder as shown on the Warrant Register as the absolute owner of this
Warrant for all purposes and shall not be affected by any notice to the
contrary.

      8. RESERVATION OF STOCK. The Company covenants and agrees that during the
term that this Warrant is exercisable:

            (a) All shares of Series C Preferred Stock that are issued upon the
exercise of this Warrant shall, upon issuance, be validly issued, not subject to
any preemptive rights, and be free from all taxes, liens, security interests,
charges, and other encumbrances with respect to the issuance thereof, other than
(i) taxes in respect of any transfer occurring contemporaneously with such
issue, (ii) an encumbrance under applicable Federal securities laws or state
"Blue Sky" laws, and (iii) an encumbrance created by the terms of this Warrant.

            (b) The Company shall at all times have authorized and reserved, and
shall keep available and free from preemptive rights, a sufficient number of
shares of Series C Preferred Stock to provide for the exercise of the rights
represented by this Warrant and Class A Common Stock to provide for conversion
of the Series C Preferred Stock.

            (c) The Company shall not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, spin-off,
consolidation, merger, dissolution, issue or sale of securities or any other
action or inaction, seek to avoid the observance or performance of any of the
terms of this Warrant, and shall at all times in good faith assist in performing
and giving effect to the terms hereof and in the taking of all such actions as
may be necessary or appropriate in order to protect the rights of the Holder
against dilution or other impairment.

      9. ADJUSTMENTS. The Exercise Price and the number and type of shares
purchasable hereunder are subject to adjustment from time to time as follows:

            (a) Adjustment for Change in Capital Stock. If the Company:

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                  (i)   pays a dividend or makes a distribution on its Common
                        Stock, in either case in shares of its Common Stock;

                  (ii)  subdivides its outstanding shares of Common Stock into a
                        greater number of shares;

                  (iii) combines its outstanding shares of Common Stock into a
                        smaller number of shares;

                  (iv)  makes a distribution on its Common Stock in shares of
                        its capital stock other than Common Stock; or

                  (v)   issues by reclassification of its Common Stock any
                        shares of its capital stock.

then the number of shares of Series C Preferred Stock issuable upon the exercise
of this Warrant immediately prior to such action shall be proportionately
adjusted so that the Holder of this Warrant thereafter exercised shall receive
the aggregate number and kind of shares of capital stock of the Company which he
would have owned immediately following such action if the Warrant had been
exercised immediately prior to such action.

            The adjustment shall become effective immediately after the record
date in the case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or reclassification.

            Such adjustment shall be made successively whenever any event listed
above shall occur.

            (b) Adjustment for Rights Issue.

            If the Company distributes any rights, options or warrants to all
holders of its Common Stock entitling them to purchase shares of Common Stock at
a price per share less than the current market price per share on the record
date for determining holders entitled to the distribution of rights, options or
warrants, the number of shares of Series C Preferred Stock issuable upon the
exercise of this Warrant shall be adjusted in accordance with the formula:

                             O + A
                N' =  N x -------------
                          O + (A x P/M)

      where:

      N' =  the adjusted number of shares of Series C Preferred Stock issuable
            upon the exercise of this Warrant.

      N  =  the current number of shares of Series C Preferred Stock issuable
            upon the exercise of this Warrant.

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      O  =  the number of shares of Common Stock outstanding on the record date.

      A  =  the number of additional shares of Common Stock offered.

      P  =  the purchase price per share of the additional shares of Common
            Stock offered.

      M  =  the current market price per share of Common Stock on the record
            date.

            The adjustment shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the
record date for the determination of stockholders entitled to receive the
rights, options or warrants. If at the end of the period during which such
rights, options or warrants are exercisable, not all rights, options or warrants
shall have been exercised, the number of shares of Series C Preferred Stock
issuable upon the exercise of this Warrant shall be immediately readjusted to
what it would have been if "N" in the above formula had been the number of
shares actually issued at the end of the period.

            (c) Adjustment for Other Distributions. If the Company distributes
to all holders of its Common Stock any of its assets (excluding cash
distributions for which there will be no adjustment under this Section 9(c)) or
debt or other securities or any rights, options or warrants to purchase the
assets or debt or other securities of the Company, the number of shares of
Common Stock issuable upon exercise of each Warrant shall be adjusted in
accordance with the formula:

                             M
                  N'= N  x -----
                           M - F

      where:

      N' = the adjusted number of shares of Common Stock issuable upon exercise
      of each Warrant.

      N = the current number of shares of Common Stock issuable upon exercise of
      each Warrant.

      M = the current market price per share of Common Stock on the record date
      mentioned below.

      F = the fair market value on the record date of the assets, securities,
      rights, options or warrants distributable to one share of Common Stock
      after taking into account, in the case of any rights, options or warrants,
      the consideration required to be paid upon exercise thereof. The Board
      shall reasonably determine the fair market value in good faith and such
      determination shall be conclusive.

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            The adjustment shall be made successively whenever any such
distribution is made and shall become effective immediately after the record
date for the determination of stockholders entitled to receive the distribution.

            This Section 9(c) does not apply to rights, options or warrants
referred to in Section 9(b). If any adjustment is made pursuant to this Section
9(c) as a result of the issuance of rights, options or warrants and at the end
of the period during which any such rights, options or warrants are exercisable,
not all such rights, options or warrants shall have been exercised, the Warrant
shall be immediately readjusted as if "F" in the above formula was the fair
market value described in the definition of "F" on the record date of the assets
or securities actually distributed upon exercise of such rights, options or
warrants divided by the number of shares of Common Stock outstanding on the
record date. Notwithstanding anything to the contrary contained in this Section
9(c), if "M-F" in the above formula is less than $1.00, the Company may elect
to, and if "M-F" is a negative number, the Company shall, in lieu of the
adjustment otherwise required by this Section 9(c), distribute to the Holder of
the Warrant, upon exercise thereof, the assets, securities, rights, options or
warrants (or the proceeds thereof) which would have been distributed to the
Holder had such Warrant been exercised immediately prior to the record date for
such distribution.

            (d) Adjustment for Common Stock Issue. If the Company issues shares
of Common Stock for a consideration per share less than the current market price
per share on the date the Company fixes the offering price of such additional
shares, the number of shares of Series C Preferred Stock issuable upon the
exercise of this Warrant shall be adjusted in accordance with the formula:

                              A
                  N'= N x  -------
                           O + P/M

            where:

      N'=   the adjusted number of shares of Series C Preferred Stock issuable
            upon the exercise of this Warrant.

      N =   the current number of shares of Series C Preferred Stock issuable
            upon the exercise of this Warrant.

      O =   the number of fully diluted shares outstanding immediately prior to
            the issuance of such additional shares.

      P =   the aggregate consideration received for the issuance of such
            additional shares.

      M =   the current market price per share on the date of issuance of such
            additional shares.

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      A =   the number of fully diluted shares of Common Stock outstanding
            immediately after the issuance of such additional shares.

            The adjustment shall be made successively whenever any such issuance
is made, and shall become effective immediately after such issuance.

      This Section 9(d) does not apply to:

            (i)   any of the transactions described in Sections 9(b) and 9(c);

            (ii)  the exercise of this Warrant, or the conversion or exchange of
                  other securities convertible or exchangeable for Common Stock,
                  or the issuance of Common Stock upon the exercise of rights,
                  options or warrants issued to the holders of Common Stock;

            (iii) Common Stock (and options exercisable therefor) issued to the
                  Company's employees, officers, directors, consultants or
                  advisors (whether or not still in such capacity on the date of
                  exercise) under bona fide employee benefit plans or stock
                  option plans adopted by the board of directors (the "Board")
                  of the Company and approved by the holders of Common Stock
                  when required by law, if such Common Stock would otherwise be
                  covered by this Section 9(d);

            (iv)  Common Stock issued in a bona fide public offering; and

            (v)   Common Stock issued to the seller of a business or substantial
                  assets to the Company or any of its direct or indirect
                  subsidiaries.

            (e) Adjustment for Convertible Securities Issue. If the Company
issues any securities convertible into or exchangeable for Common Stock (other
than securities issued in transactions described in Sections 9(b) and 9(c)) for
a consideration per share of Common Stock initially deliverable upon conversion
or exchange of such securities less than the current market price per share on
the date of issuance of such securities, the number of shares of Series C
Preferred Stock issuable upon the exercise of this Warrant shall be adjusted in
accordance with this formula:

                           O + D
                  N'= N x -------
                          O + P/M

            where:

      N'=   the adjusted number of shares of Series C Preferred Stock issuable
            upon the exercise of this Warrant.

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      N =   the current number of shares of Series C Preferred Stock issuable
            upon the exercise of this Warrant.

      O =   the number of fully diluted shares of Common Stock outstanding
            immediately prior to the issuance of such securities.

      P =   the aggregate consideration received for the issuance of such
            securities.

      M =   the current market price per share on the date of issuance of such
            securities.

      D =   the maximum number of shares of Common Stock deliverable upon
            conversion or in exchange for such securities at the initial
            conversion or exchange rate.

            The adjustment shall be made successively whenever any such issuance
is made, and shall become effective immediately after such issuance.

            If all of the Common Stock deliverable upon conversion or exchange
of such securities have not been issued when such securities are no longer
outstanding, then the number of shares of Series C Preferred Stock issuable upon
the exercise of this Warrant shall promptly be readjusted to what it would have
been had the adjustment upon the issuance of such securities been made on the
basis of the actual number of shares of Common Stock issued upon conversion or
exchange of such securities.

            This Section 9(e) does not apply to:

            (i)   any of the transactions described in Sections 9(b),

            (ii)  convertible securities issued in a bona fide public offering,

            (iii) the exercise of this Warrant, or the conversion or exchange of
                  other securities convertible or exchangeable for Common Stock,
                  or the issuance of Common Stock upon the exercise of rights,
                  options or warrants issued to the holders of Common Stock,

            (iv)  Common Stock (and options exercisable therefor) issued to the
                  Company's employees, officers, directors, consultants or
                  advisors (whether or not still in such capacity on the date of
                  exercise) under bona fide employee benefit plans or stock
                  option plans adopted by the Board and approved by the holders
                  of Common Stock when required by law, if such Common Stock
                  would otherwise be covered by this Section 9(e),

            (v)   Common Stock issued in a bona fide public offering, and

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            (vi)  Common Stock issued to the seller of a business or substantial
                  assets to the Company or any of its direct or indirect
                  subsidiaries.

            (f) Current Market Price. In Sections 9(b), (c), (d) and (e), the
current market price per share of Common Stock on any date is the lower of: (i)
the closing price on the trading date prior to the event; or (ii) the average of
the closing prices of the Common Stock for 20 consecutive trading days
commencing 30 trading days before the date in question.

            (g) Consideration Received. For purposes of any computation
respecting consideration received pursuant to Sections 9(b), (c), (d) and (e),
the following shall apply:

            (i)   in the case of the issuance of shares of Common Stock for
                  cash, the consideration shall be the gross proceeds to the
                  Company from such issuance, which shall not include any
                  deductions for any commissions, discounts, other expenses
                  incurred by the Company in connection therewith or amounts
                  paid or payable for accrued interest or accrued dividends;

            (ii)  in the case of the issuance of shares of Common Stock for a
                  consideration in whole or in part other than cash or, subject
                  to clause (iii) below, securities, the consideration other
                  than cash shall be deemed to be the fair market value thereof
                  as determined in good faith by the Board (irrespective of the
                  accounting treatment thereof), whose determination shall be
                  conclusive;

            (iii) in the case of the issuance of shares of Common Stock for a
                  consideration in whole or in part consisting of securities,
                  the value of any securities shall be deemed to be: (x) if
                  traded on a securities exchange or through the Nasdaq National
                  Market, the average of the closing prices of the securities on
                  such quotation system over the 30-day period ending three days
                  preceding the day in question, (y) if actively traded
                  over-the-counter, the average of the closing bid or sale
                  prices (whichever is applicable) over the 30-day period ending
                  three days preceding the day in question and (z) if there is
                  no active public market, the fair market value thereof,
                  determined as provided in clause (B) above; and

            (iv)  in the case of the issuance of securities convertible into,
                  exercisable for or exchangeable for shares of Common Stock,
                  the aggregate consideration received therefor shall be deemed
                  to be the consideration received by the Company for the
                  issuance of such securities plus the additional minimum
                  consideration, if any, to be received by the Company upon the
                  conversion, exercise or exchange thereof for the maximum
                  number of shares used to calculate the adjustment (the
                  consideration in each case to be determined

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                  in the same manner as provided in clauses (i) through (iii) of
                  this Section 9(g)).

            (h)   When De Minimis Adjustment May Be Deferred.

            No adjustment in the number of shares of Series C Preferred Stock
issuable upon the exercise of this Warrant need be made unless the adjustment
would require an increase or decrease of at least 2% in such number. Any
adjustments that are not made shall be carried forward and taken into account in
any subsequent adjustment.

            All calculations under this Section 9 shall be made to the nearest
cent or to the nearest 1/100th of a share, as the case may be.

            (i) When No Adjustment Required. No adjustment need be made for a
transaction referred to in Sections 9(b), (c), (d) or (e) if the Holder is given
the opportunity to participate, without requiring this Warrant to be exercised,
in the transaction on a basis and with notice that the Board reasonably
determines to be fair and appropriate in light of the basis and notice on which
holders of Common Stock participate in the transaction.

            To the extent this Warrant becomes convertible into cash, no
adjustment need be made thereafter as to the amount of cash into which this
Warrant is exercisable. Interest will not accrue on the cash.

            (j) Merger, Sale of Assets, Reorganization, Reclassification. If
during the period that this Warrant remains outstanding and unexpired, there
shall be (i) a merger or consolidation of the Company with or into another
corporation in which the Company is not the surviving entity and by which the
shares of the Company's capital stock outstanding immediately prior to the
merger are converted by virtue of the merger into other property, whether in the
form of securities, cash, or otherwise, (ii) a sale or transfer of all or
substantially all of the Company's properties and assets to any other person, or
(iii) a capital reorganization or reclassification of the Class A Common Stock
(other than a combination or subdivision of shares otherwise provided for
herein), then, lawful provision shall be made so that, upon the basis and the
terms and in the manner provided in this Warrant, the Holder, upon the exercise
hereof at any time after the consummation of such event, shall be entitled to
purchase, in lieu of the shares of Class A Common Stock for which this Warrant
could have been exercised immediately prior to such consummation, the stock or
other securities, cash or property which the Holder would have been entitled to
receive upon such consummation if the Holder had exercised this Warrant for such
shares of Class A Common Stock immediately prior thereto, subject to adjustment
as nearly equivalent as possible to the adjustments provided for in this Section
9. If the per share consideration payable to the Holder in connection with any
such event is in a form other than cash or marketable securities, then the value
of such consideration shall be determined in good faith by the Company's Board
of Directors. In all events, appropriate adjustment (as determined in good faith
by the Company's Board of Directors) shall be made in the application of the
provisions of this Warrant such that the Holder's rights and interest in this
Warrant shall be

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applicable after such event, to the greatest extent possible, in relation to any
shares or other property deliverable after that event upon exercise of this
Warrant.

      If this Section 9(j) applies, Sections 9(a), (b), (c), (d) and (e) do not
apply.

            (k) When Issuance or Payment May Be Deferred. In any case in which
this Section 9 shall require that an adjustment in the number of shares of
Series C Preferred Stock issuable upon the exercise of this Warrant be made
effective as of a record date for a specified Event, the Company may elect to
defer the occurrence of the adjustment until the occurrence of such underlying
event that requires the adjustment.

            (l) Adjustment in Exercise Price.

            Upon each Event that provides for an adjustment of the number of
shares of Series C Preferred Stock issuable upon the exercise of this Warrant
pursuant to this Section 9, this Warrant if outstanding prior to the making of
the adjustment shall thereafter have an adjusted Exercise Price (calculated to
the nearest ten millionth) obtained from the following formula:

                            N
                  E'=  E x ---
                            N'

            where:

            E' =  the adjusted Exercise Price.

            E  =  the Exercise Price prior to adjustment.

            N' =  the adjusted number of Series C Preferred Stock issuable
                  upon the exercise of this Warrant by payment of the adjusted
                  Exercise Price.

            N  =  the number of Series C Preferred Stock previously issuable
                  upon the exercise of this Warrant by payment of the Exercise
                  Price prior to adjustment.

            Following any adjustment to the Exercise Price pursuant to this
Section 9, the amount payable, when adjusted and together with any consideration
allocated to the issuance of this Warrant, shall never be less than the Series C
Preferred Stock par value at the time of such adjustment. Such adjustment shall
be made successively whenever any Event listed above shall occur. The Company
hereby agrees with the Holder that it shall not increase the par value of the
Common Stock above its current par value of $0.0001 per share.

      10. CERTIFICATES OF ADJUSTMENTS; NOTICES.

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            (a) Whenever the Exercise Price or number or type of shares
purchasable hereunder shall be adjusted or readjusted pursuant to Section 9
herein, the Company shall issue a certificate signed by its Chief Financial
Officer setting forth, in reasonable detail, the Event requiring the adjustment
or readjustment, the amount of the adjustment or readjustment, the method by
which such adjustment or readjustment was calculated, the Exercise Price and
number of shares purchasable hereunder after giving effect to such adjustment or
readjustment and the amount, if any, of other property to be received upon the
exercise of this Warrant after giving effect to such adjustment or readjustment.
The Company shall deliver a copy of such certificate to the Holder in accordance
with Section 15 herein.

            (b) In the event:

                        (1)   that the Company shall take any action that would
                              require an adjustment in the number of shares of
                              Series C Preferred Stock issuable upon the
                              exercise of this Warrant or Exercise Price
                              pursuant to Sections 9(a), (b), (c), (d) or (e)
                              and if the Company does not arrange for the
                              Warrant Holder to participate pursuant to Section
                              9(i);

                        (2)   of any voluntary dissolution, liquidation or
                              winding-up of the Company,

then, and in each such case, the Company shall mail or cause to be mailed to the
Holder a notice specifying, as the case may be, (A) the date on which a record
is to be taken for the purpose of such dividend, and stating the amount and
character of such dividend, or (b) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up is to take place, and the date, if any is to be fixed, as of which
the holders of record of Series C Preferred Stock (or such other stock or
securities at the time receivable upon the exercise of this Warrant), shall be
entitled to exchange their shares of Series C Preferred Stock (or such other
stock or securities at the time receivable upon exercise of this Warrant), for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up. Such notice shall be mailed at least 15 days prior to the date
therein specified for the occurrence of any of the foregoing events.

            (c) All notices pursuant to this Section 10 shall be given in the
manner set forth in Section 15 herein.

      11. RESTRICTIVE LEGEND ON STOCK CERTIFICATE. A certificate for shares
issued upon exercise of this Warrant, unless at the time of exercise such shares
are registered under the Securities Act, shall bear a legend in substantially
the following form:

            THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
            UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
            SECURITIES OR BLUE SKY LAWS

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            OF ANY STATE AND ARE SUBJECT TO THE CONDITIONS SPECIFIED IN A
            CERTAIN WARRANT DATED SEPTEMBER 30, 2003, BY AND BETWEEN SPANISH
            BROADCASTING SYSTEM, INC. AND INTERNATIONAL CHURCH OF THE FOURSQUARE
            GOSPEL, COPIES OF WHICH WARRANT ARE AVAILABLE FOR INSPECTION AT THE
            PRINCIPAL OFFICE OF SPANISH BROADCASTING SYSTEM, INC. THE SHARES
            REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, OR OTHERWISE
            TRANSFERRED, IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
            THEREFROM UNDER SUCH ACT AND UNDER ANY SUCH APPLICABLE STATE LAWS,
            OR IN VIOLATION OF THE PROVISIONS OF THE WARRANT. THE HOLDER OF THIS
            CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND
            BY THE PROVISIONS OF SUCH WARRANT.

      12. NO TRANSFER. This Warrant may not be transferred in whole or in part
except to an affiliate of Holder.

      13. AMENDMENTS. This Warrant may not be modified or amended without the
written consent of the Company and the Holder.

      14. GOVERNING LAW. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware.

      15. NOTICES. All notices and other communications required or permitted
hereunder shall be in writing and shall be deemed to have been given if (i)
personally delivered by hand or by messenger, (ii) mailed by registered or
certified mail, postage prepaid and return receipt requested or (iii) sent by a
nationally recognized overnight courier service for next morning delivery. Any
such notice shall be deemed to have been received on the date of personal
delivery; on the fourth day after deposit in the U.S. mail if mailed by
registered or certified mail; and on the day after delivery to a nationally
recognized overnight courier service. Notices shall be addressed as follows (or
to such other address as a party requests by written notice):

      If to Holder, to: Infinity Media Corporation
                        1515 Broadway
                        New York, New York  10036
                        Attention: General Counsel

      with a copy (which shall not constitute notice) to:

                        Leventhal Senter & Lerman, P.L.L.C.
                        2000 K Street, N.W.

                                       13

<PAGE>

                  Suite 600
                  Washington, D.C.  20006
                  Attention:  Steven A. Lerman, Esq.

      If to the Company, to:

                  Spanish Broadcasting System, Inc.
                  2601 South Bayshore Drive, PH II
                  Coconut Grove, Florida 33133
                  Attention: Joseph A. Garcia

      with a copy (which shall not constitute notice) to:

                  Kaye Scholer LLP
                  425 Park Avenue
                  New York, New York 10022-3598
                  Attention: William E. Wallace, Jr., Esq.

      16. SEVERABILITY. If any provision of this Warrant is held to be
prohibited by or invalid under applicable law, then such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Warrant.

      17. HEADINGS. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       14

<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed as of December 23, 2004 by its duly authorized officer and its
corporate seal to be impressed hereon and attested by its Secretary.

                                  SPANISH BROADCASTING SYSTEM, INC.

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

Attest:

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

<PAGE>
                                                                       EXHIBIT A

                              NOTICE OF EXERCISE

         The undersigned registered owner of the attached Warrant irrevocably
exercises the attached Warrant in full for the purchase of _________ shares of
Series C Preferred Stock of SPANISH BROADCASTING SYSTEM, INC. and herewith
makes payment therefor, all at the price and on the terms and conditions
specified in the attaches Warrant, and requests that a certificate for the
shares of Series C Preferred Stock hereby purchased (and any securities or
other property issuable upon such exercise) be issued in the name of the
undersigned and delivered to the undersigned at the address below.

         In exercising the attached Warrant, the undersigned hereby confirms
and acknowledges that the shares of Series C Preferred Stock to be issued are
being acquired solely for the account of the undersigned and not as a nominee
for any other party, and for investment, and that the undersigned shall not
offer, sell or otherwise dispose of any such shares of Series C Preferred Stock
except under circumstances that will not result in a violation of the
Securities Act of 1933, as amended, or any state securities laws.

Dated:
       ---------------------------

                                       Signature:
                                                 -------------------------------
                                                 Registered Owner

                                                 -------------------------------
                                                 Print Name

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

                                                 -------------------------------
                                                 Address<PAGE>
                                                                     EXHIBIT 4.3

                          REGISTRATION RIGHTS AGREEMENT

            REGISTRATION RIGHTS AGREEMENT, dated as of December 23, 2004 (this
"Agreement"), by and between Spanish Broadcasting System, Inc., a Delaware
corporation (the "Company") and Infinity Media Corporation, a Delaware
corporation (the "Shareholder").

            WHEREAS, simultaneous with the execution of this Agreement, the
Company, SBS Bay Area, LLC, a Delaware limited liability company ("Merger Sub"),
Infinity Broadcasting Corporation of San Francisco, a Delaware corporation
("Target") and the Shareholder are consummating the transactions contemplated by
the Merger Agreement, dated as of October 5, 2004, pursuant to which Target is
merging with and into Merger Sub with the result that Merger Sub will be the
surviving entity (the "Merger");

            WHEREAS, pursuant to the terms of the Merger, the Shareholder is
acquiring an aggregate of 380,000 shares of the Series C Convertible preferred
stock 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, pursuant to the terms of the Merger, the Shareholder is
acquiring a non-transferable warrant (the "Warrant") to purchase 190,000 shares
of Series C Preferred Stock at an exercise price of $300.00 per share; and

            WHEREAS, in connection with the Merger and pursuant to the Merger
Agreement, the Company has agreed to provide the Shareholder with certain
registration rights as set forth herein.

            NOW, THEREFORE, the parties hereto agree as follows:

                                   ARTICLE I

                               Certain Definitions

            The following terms, as used in this Agreement, have the following
respective meanings:

            "Affiliate" means, with respect to any Person, any other Person
that, directly or indirectly, through one or more intermediaries, Controls, or
is Controlled by, or is under common Control with, such Person.

            "Agreement" has the meaning set forth in preamble of this Agreement.

            "Alarcon" has the meaning set forth in Section 3.6 of this
Agreement.

            "Class A Common Stock" has the meaning set forth in recitals of this
Agreement.

<PAGE>

            "Commission" means the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act.

            "Company" has the meaning set forth in preamble of this Agreement.

            "Control" (including with correlative meaning, 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 policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

            "Conversion Shares" means shares of Class A Common Stock issued or
issuable upon conversion of the Series C Preferred Stock or any other
Convertible Securities held by the Shareholder.

            "Convertible Securities" shall mean (i) any rights, options or
warrants to acquire Class A Common Stock or any capital stock of the Company or
any subsidiary of the Company, including the Series C Preferred Stock, and (ii)
any notes, debentures, shares of preferred stock or other securities, options,
warrants or rights, which are convertible or exercisable into, or exchangeable
for, Class A Common Stock or any capital stock of the Company or any subsidiary
of the Company, including the Warrant.

            "Demand Registration" has the meaning set forth in Section 3.1 of
this Agreement.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute and the rules and regulations thereunder.

            "Merger" has the meaning set forth in recitals of this Agreement.

            "Merger Sub" has the meaning set forth in recitals of this
Agreement.

            "Nasdaq" has the meaning set forth in Section 3.12 of this
Agreement.

            "Person" means any natural person, corporation, limited partnership,
general partnership, a limited liability company, joint stock company, joint
venture, association, company, trust, bank, trust company, land trust, business
trust or other organization, whether or not a legal entity, and any government
agency or political subdivision thereof.

            "Piggyback Registration" has the meaning set forth in Section 3.6 of
this Agreement.

            "Public Sale" means any sale of the Company's common stock to the
public pursuant to an effective registration statement under the Securities Act
or pursuant to the provisions of Rule 144 of the Securities Act.

            "Registrable Securities" means the Conversion Shares issued or
issuable to the Shareholder from time to time in connection with the conversion
of the Series C Preferred Stock,

                                        2

<PAGE>

including the Conversion Shares issued or issuable in connection with the
conversion of the Series C Preferred Stock issued or issuable upon exercise of
the Warrant; provided, however, that as to any particular Registrable
Securities, such securities will cease to be Registrable Securities when they
have been distributed to the public pursuant to a Public Sale.

            "Registration Expenses" has the meaning set forth in Section 3.10 of
this Agreement.

            "Securities Act" means the Securities Act of 1933, as amended, or
any successor statute and the rules and regulations thereunder.

            "Selling Expenses" means all underwriting discounts and commissions,
and the fees and expenses in excess of those for one counsel for the Shareholder
applicable to the sale of Registrable Securities.

            "Series C Preferred Stock" has the meaning set forth in recitals of
this Agreement.

            "Shareholder" has the meaning set forth in preamble of this
Agreement and shall include any Transferee pursuant to Section 3.18.

            "Shareholder Request" has the meaning set forth in Section 3.1 of
this Agreement.

            "Target" has the meaning set forth in recitals of this Agreement.

            "Transferee" has the meaning set forth in Section 3.18 of this
Agreement.

            "Warrant" has the meaning set forth in recitals of this Agreement.

                                   ARTICLE II

                                     Legend

            2.1   Restrictive Legend. (a) Each certificate representing the
Registrable Securities shall bear a legend substantially in the following form:

                  "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
                  MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR
                  HYPOTHECATED UNLESS AND UNTIL SUCH SHARES ARE REGISTERED UNDER
                  SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE
                  CORPORATION IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION
                  IS NOT REQUIRED."

                                        3

<PAGE>

                  (b)   In addition to the legend set forth in paragraph (a) of
this Section 2.1, each certificate representing the Registrable Securities shall
bear a legend substantially in the following form:

                  "THE INTERESTS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
                  THE TERMS OF A REGISTRATION RIGHTS AGREEMENT, DATED AS
                  OF DECEMBER __, 2004, BETWEEN THE COMPANY AND THE REGISTERED
                  OWNER OF THIS CERTIFICATE (OR THE REGISTERED OWNER'S
                  PREDECESSOR IN INTEREST), AS MAY BE AMENDED, AND SUCH
                  AGREEMENT IS AVAILABLE FOR INSPECTION WITHOUT CHARGE AT THE
                  OFFICES OF THE COMPANY."

A certificate shall not bear such legends if in the opinion of counsel
satisfactory to the Company (it being agreed that each of Shearman & Sterling
LLP and Kaye Scholer LLP shall be satisfactory) the securities represented
thereby have been registered under the Securities Act or may be publicly sold
without registration under the Securities Act and any applicable state
securities laws.

            2.2   Removal of Legend. Each certificate representing the
Registrable Securities sold or otherwise transferred shall bear the legends set
forth in Section 2.1, except that such certificate shall not bear such legend,
and the Company will take the steps necessary to remove such legend if (i) the
sale is made in accordance with the provisions of Rule 144 (or any other rule
permitting sale without registration under the Securities Act) or (ii) in the
opinion of counsel satisfactory to the Company (it being agreed that either of
Shearman & Sterling LLP or Kaye Scholer LLP shall be satisfactory) the
transferee and any subsequent transferee would be entitled to sell or transfer
such securities without registration under the Securities Act.

                                   ARTICLE III

                               Registration Rights

            3.1   Demand Registration. Subject to Section 3.2, if the
Shareholder notifies the Company in writing, which notice may not be delivered
prior to one year after the date hereof (the "Shareholder Request"), that it
wishes to offer or cause to be offered in a registered public offering the
number of Registrable Securities set forth in the Shareholder Request (a "Demand
Registration"), the Company agrees promptly within 60 days after receipt of the
Shareholder Request to prepare and file a registration statement on Form S-1,
S-2 or S-3, or any successor form under the Securities Act with the Commission
to register under the Securities Act all Registrable Securities requested to be
registered by the Shareholder, and to use its reasonable best efforts to have
such registration statement declared effective as promptly as practicable and
such efforts shall include the Company using all best efforts and taking every
action within its control to have such registration statement declared effective
within 150 days after receipt of the properly given Shareholder Request), as
would permit or facilitate the sale and distribution of the Registrable
Securities. So long as any Registrable Securities remain held by the Shareholder
and
                                        4

<PAGE>
the Shareholder is entitled to require a Demand Registration hereunder, the
Company shall use its reasonable best efforts to use Form S-3 or a successor
form thereof to effect the registration required hereunder. The Company shall
not be required to effect more than three (3) Demand Registrations pursuant to
this Section 3.1.

            3.2   Acceleration of Demand Registration. If at any time prior to
the first anniversary of the date of this Agreement the Company enters into a
definitive agreement with a third party to sell any radio stations that the
Company controls in the New York City or Miami markets, then the Shareholder
shall have the right to make a Demand Registration without regard to the
one-year period set forth in this first sentence of Section 3.1.

            3.3   Priority on Demand Registrations. If a Demand Registration is
an underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities exceeds the
number of Registrable Securities and other securities, if any, which can be sold
therein without adversely affecting the marketability of the offering, the
Company will include in such registration prior to the inclusion of any
securities which are not Registrable Securities the maximum number of
Registrable Securities requested to be included which in the opinion of such
underwriters can be sold without adversely affecting the marketability of the
offering. No holder of any Company security for which the Company has granted
registration rights (other than the Shareholder) shall have the right to
participate in any registration made by the Company pursuant to a Demand
Registration.

            3.4   Completion of Demand Registrations. Notwithstanding any other
provision of this Agreement to the contrary, a Demand Registration pursuant to
Section 3.1 shall not be deemed to have been effected (and, therefore, not
requested for purposes of the number of Demand Registrations), (i) unless it has
become effective, (ii) if after it has become effective such registration is
interfered with by any stop order, injunction or other order or requirement of
the Commission or other governmental agency or court for any reason other than a
misrepresentation or an omission by the Shareholder and, as a result thereof,
the Registrable Securities requested to be registered cannot be completely
distributed in accordance with the plan of distribution set forth in the related
registration statement or (iii) if the conditions to closing specified in any
purchase agreement or underwriting agreement entered into in connection with
such registration are not satisfied or waived other than by reason of some act
or omission by the Shareholder.

            3.5   Limitation on Registration Requirement. (a) The Company will
not be obligated to effect any Demand Registration within six (6) months after
the effective date of (i) a prior Demand Registration or (ii) a registration in
which the Shareholder was able to fully exercise their piggyback rights pursuant
to Section 3.6 without any reduction in the number of Registrable Securities
requested to be registered.

                  (b)   The Company shall have the right to postpone for up to
75 days the filing or the effectiveness of a registration statement for a Demand
Registration required pursuant to Section 3.1 hereof if the Board of Directors
of the Company determines in good faith (and the Company so certifies to the
Shareholder) that the filing of such registration statement would require the
disclosure of non-public material information the disclosure of which would have
a material adverse effect on the Company or would otherwise adversely affect (i)
any
                                        5

<PAGE>
proposal or plan by the Company or any of its Subsidiaries to engage in any
financing transaction, public offering of securities, acquisition of assets
(other than in the ordinary course of business) or any merger, consolidation,
tender offer or similar transaction, or (ii) any material corporate development;
provided, however, that the Company may not exercise its right to so delay a
registration pursuant to Section 3.1 hereof more than once in any twelve (12)
month period.

                  (c)   The Company shall not be obligated or required to effect
any registration pursuant to Section 3.1 hereof during the period commencing on
the date falling 90 days prior to the Company's estimated date of filing of, and
ending on the date 90 days following the effective date of, any underwritten
registration of Company common stock initiated by the Company, for the account
of the Company, if the Shareholder Request shall have been received by the
Company after the Company shall have advised the Shareholder of Registrable
Securities that the Company is contemplating commencing an underwritten
registration initiated by the Company on a particular date; provided, however,
that the Company will use reasonable efforts to cause any such registration to
be filed and to become effective as expeditiously as shall be reasonably
possible and that in no event shall the period during which the Company is not
required to effect registration under this Section 3.5(c) be longer than an
aggregate of 180 days within any twelve (12) month period.

            3.6   Piggyback Registrations. Whenever the Company proposes to
register any securities beneficially owned by Raul Alarcon, Jr. ("Alarcon")
under the Securities Act (including secondary registrations on behalf of
Alarcon's securities other than pursuant to a Demand Registration) and the
registration form to be used may be used for the registration of Registrable
Securities (a "Piggyback Registration"), the Company will give prompt written
notice to the Shareholder of its intention to effect such a registration and
will include in such registration all Registrable Securities with respect to
which the Company has received written requests (including the intended method
of distribution of Registrable Securities by the Shareholder) for inclusion
therein within fifteen (15) days after the receipt of the Company's notice.
Notwithstanding anything to the contrary herein, the piggyback registration
rights provided under this Section 3.6 shall not be available in connection with
registrations by the Company for its own account (i) on Form S-8 or any
successor form thereto, (ii) filed solely in connection with a dividend
reinvestment plan or employee benefit plan covering officers or directors of the
Company or its Affiliates, or (iii) on Form S-4 or any successor form thereto,
in connection with a merger, acquisition, exchange offer or similar corporate
transaction.

            3.7   Expenses of Piggyback Registrations. The Company will pay all
Registration Expenses of a Piggyback Registration, whether or not it becomes
effective.

            3.8   Priority on Piggyback Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of Alarcon, and
the managing underwriters advise the Company in writing that in their opinion
the number of securities requested to be included in such registration exceeds
the number which can be sold in such offering without adversely affecting the
marketability of the offering (including the price per share), the Company will
include in such registration (i) FIRST, the securities the Company proposes to
sell for its own account, if any; (ii) SECOND, the securities the Company
proposes to sell on behalf of Alarcon; (iii) THIRD, the Registrable Securities
requested by the Shareholder to be included in such
                                        6

<PAGE>
registration; and (iii) FOURTH, other securities requested to be included in
such registration. No registration of Registrable Securities effected under
Section 3.6 shall relieve the Company of its obligation to effect
registration(s) of Registrable Securities pursuant to Section 3.1.

            3.9   Registration Procedures. If and whenever the Company is
required by the provisions of this Article III to effect a registration of the
Registrable Securities under the Securities Act, the Company will as promptly as
practicable but in any event within the time periods provided in this Agreement:

                  (a)   prepare and file with the Commission a registration
statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such registration statement to become and remain effective
for the period of time required for the disposition of all such Registrable
Securities covered by the registration statement by the Shareholder;

                  (b)   prepare and file with the Commission all such amendments
and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement
effective and to comply with the provisions of the Securities Act with respect
to the disposition of all Registrable Securities registered under such
registration statement until the earlier of (i) such time as all of such
Registrable Securities have been disposed of in accordance with the intended
methods of disposition set forth in such registration statement and (ii) two
years after such registration statement becomes effective, provided that such
period shall be extended by the number of days for which the Shareholder is
unable to make sales of Registrable Securities as a result of an event of the
type described in Section 3.9(i);

                  (c)   furnish to the Shareholder and to each duly authorized
underwriter of the Shareholder such number of conformed copies of such
registration statement and of each such amendment and supplement thereto (in
each case including all exhibits), authorized copies of the prospectus,
including copies of any preliminary prospectus, and of each such amendment or
supplement thereto, in conformity with the requirements of the Securities Act,
and such other documents as the Shareholder or underwriter may reasonably
request in order to facilitate the sale or other disposition of the Registrable
Securities registered under such registration statement;

                  (d)   use its reasonable best efforts to register or qualify
such Registrable Securities covered by such registration statement under such
securities or blue sky laws of such jurisdictions as the Shareholder or any
underwriter shall request, and do any and all other acts and things which may be
necessary under such securities or blue sky laws to enable the Shareholder to
consummate the sale or other disposition in such jurisdictions of the
Registrable Securities to be sold by the Shareholder, except that the Company
shall not for any such purpose be required to qualify to do business in any
jurisdiction wherein it is not qualified or to file any general consent to
service of process in any such jurisdiction;

                  (e)   before filing the registration statement or prospectus
or any amendments or supplements thereto or any other documents related thereto,
furnish to counsel selected by the Shareholder of Registrable Securities
included in such registration statement

                                        7

<PAGE>

copies of all such documents proposed to be filed, all of which shall be subject
to the reasonable approval of such counsel;

                  (f)   furnish, at the request of the Shareholder, (i) to the
underwriters, on the date(s) reasonably requested by such underwriters, an
opinion of the independent counsel representing the Company for the purposes of
such registration addressed to such underwriters and to such seller, in such
form and content as the underwriters and such seller may reasonably request, or
(ii) if such Registrable Securities are not being sold through underwriters,
then to the sellers, on the date that the registration statement with respect to
such Registrable Securities becomes effective, an opinion, dated such date, of
the independent counsel representing the Company for the purposes of such
registration in such form and content as such seller may reasonably request; and
in the case of clauses (i) and (ii) above, a letter dated such date, from the
independent certified public accountants of the Company addressed to the
underwriters, if any, and if such Registrable Securities are not being sold
through underwriters, then to the sellers and, if such accountants refuse to
deliver such letter to such sellers, then to the Company, stating that they are
independent certified public accountants within the meaning of the Securities
Act and that, in the opinion of such accountants, the financial statements and
other financial data of the Company included in the registration statement or
the prospectus, or any amendment or supplement thereto, comply as to form in all
material respects with the applicable accounting requirements of the Securities
Act and covering such other matters as are customarily covered in accountant's
"comfort" letters;

                  (g)   enter into customary agreements (including an
underwriting agreement in customary form) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities;

                  (h)   provide and cause to be maintained a transfer agent and
registrar for all Registrable Securities covered by such registration statement
from and after a date not later than the effective date of such registration
statement;

                  (i)   promptly notify the Shareholder of Registrable
Securities included in such registration statement, (i) at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included
in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading or incomplete
in the light of the circumstances under which they were made, (ii) of the
issuance by the Commission or any state securities authority of any stop order
suspending the effectiveness of a registration statement or the initiation or
proceedings for that purpose and (iii) of any request by the Commission or any
other regulatory body or other body having jurisdiction for any amendment of or
supplement to any registration statement or other document relating to such
offering, and in each such case, promptly prepare, file with the Commission as
required, and furnish to the Shareholder a reasonable number of copies of a
supplement to or an amendment to such prospectus and registration statement as
may be necessary so that, as thereafter delivered to purchasers of such
Registrable Securities, such prospectus shall not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading or incomplete in
light of the circumstances under which they were made;

                                        8

<PAGE>

                  (j)   use its commercially reasonable efforts to list all
Registrable Securities covered by such registration statement on any securities
exchange on which the shares of Class A Common Stock are then listed; and

                  (k)   otherwise use its commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, but not
later than 18 months after the effective date of the registration statement, an
earnings statement covering the period of at least twelve (12) months beginning
with the first full calendar month after the effective date of such registration
statement, which earnings statement shall satisfy the provisions of Section
11(a) of the Securities Act.

            3.10  Expenses. (a) All expenses incurred in effecting the
registrations provided for in this Article III (excluding Selling Expenses),
including without limitation all registration and filing fees (including all
expenses incident to filing with the NASD Regulation, Inc. and any securities
exchange), printing expenses, fees and disbursements of counsel for the Company,
fees of the Company's independent auditors and accountants, expenses of any
audits incident to or required by any such registration and expenses of
complying with the securities or blue sky laws of any jurisdictions pursuant to
subsection 3.9(d) hereof, underwriters (excluding discounts and commissions,
which shall be borne by the seller(s) of securities) and other Persons retained
by the Company (all such expenses being herein called "Registration Expenses"),
will be borne as provided in this Agreement, except that the Company will, in
any event, pay its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit or quarterly review, the
expense of any liability insurance and the expenses and fees for listing the
securities to be registered on each securities exchange on which similar
securities issued by the Company are then listed or on the NASD automated
quotation system (on the National Market System if the Company so qualifies).
The Company shall have no obligation to pay any transfer taxes associated with
the disposition of Registrable Securities by a holder thereof.

                  (b)   In connection with the first Demand Registration, the
Company will pay all Registration Expenses, whether or not it becomes effective,
and will reimburse the Shareholder for the reasonable fees and disbursements of
one counsel to the Shareholder in connection with the Demand Registration;
provided, however, that the Company shall not be required to pay for any
expenses of any Demand Registration proceeding begun pursuant to Section 3.1 if
the Demand Registration request is subsequently withdrawn at the request of the
Shareholder, in which case the Shareholder shall bear all such expenses, and,
provided further, that if at the time of such withdrawal, the Shareholder has
learned of a material adverse change in the condition, business, or prospects of
the Company from that known to such Shareholder at the time of its request and
has withdrawn the request with reasonable promptness, then the Shareholder shall
not be required to pay any of such expenses and shall retain their rights
pursuant to Section 3.10.

                  (c)   In connection with the second and third Demand
Registrations, the Shareholder will pay all Registration Expenses, whether or
not the registration statement becomes effective, and the Shareholder will
reimburse the Company for the reasonable fees and disbursements of the Company's
regular outside corporate counsel for performance of the

                                        9

<PAGE>

normal and customary functions of counsel in connection with the second and
third Demand Registrations.

                  (d)   All Selling Expenses in connection with each Demand
Registration shall be borne by the Shareholder.

            3.11  Time Limitations; Termination of Rights. Notwithstanding the
foregoing provisions of this Article III, the rights to registration shall
terminate as to any particular Registrable Securities when (i) such Registrable
Securities shall have been effectively registered under the Securities Act and
sold by the Shareholder thereof in accordance with such registration, (ii) such
Registrable Securities shall have been sold in compliance with Rule 144
promulgated under the Securities Act, or (iii) written opinions from counsel
reasonably acceptable to the Company and the holder of such Registrable
Securities, to the effect that such Registrable Securities may be sold without
registration under the Securities Act or applicable state law and without
restriction as to the volume and timing of such sales, shall have been received
from either counsel to the Company or counsel to the Shareholder; provided, that
so long as any Registrable Securities are held by the Shareholder, the
Shareholder shall be entitled to one (1) Demand Registration to be used to
effect an underwritten offering of such number of Registrable Securities as the
Shareholder may request; provided further that the Shareholder shall pay all
Registration Expenses in connection with such Demand Registration.

            3.12  Compliance with Rule 144. At the request of the Shareholder of
Registrable Securities proposing to sell Registrable Securities in compliance
with Rule 144 promulgated under the Securities Act, assuming that at such time
the provisions of such Rule are applicable to the Shareholder and, in the event
the Shareholder is or could be deemed to be an "affiliate" of the Company within
the meaning of the Securities Act, and the Company is then required to file
reports under Section 13 or 15(d) of the Exchange Act, (a) the Company shall
forthwith furnish to the Shareholder a written statement as to its compliance
with the filing requirements of the Commission as set forth in such Rule, as
such Rule may be amended from time to time, and (b) the Company shall use its
best efforts and take every action within its control to make such additional
filings of reports with the Commission as will enable the Shareholder to make
sales of Registrable Securities pursuant to such Rule. At all times during which
this Agreement is effective, the Company shall use its best efforts and take
every action within its control to file with the Commission and, if applicable,
The Nasdaq Stock Market, Inc. ("Nasdaq"), in a timely manner, all reports and
other documents required to be filed by the Company, (i) with the Commission
pursuant to the Exchange Act, and (ii) with Nasdaq pursuant to its rules and
regulations.

            3.13  Company's Indemnification. In the case of each offering of
Registrable Securities, the Company hereby agrees to indemnify and hold harmless
the Shareholder, each Person, if any, who controls the Shareholder within the
meaning of Section 15 of the Securities Act and each other Person (including
each underwriter and each Person who controls such underwriter) who participates
in the offering of Registrable Securities, against any losses, claims, damages
or liabilities, joint or several, to which the Shareholder, controlling person
or participating person may become subject under the Securities Act or
otherwise, against any and all losses, claims, damages or liabilities (or
proceedings in respect thereof) that arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in

                                       10

<PAGE>
any registration statement under which the Registrable Securities are registered
under the Securities Act, in any preliminary prospectus or final prospectus
contained therein, or in any amendment or supplement thereto, or document
incorporated by reference therein or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and will
reimburse the Shareholder, the controlling person and participating person for
any legal or other expenses reasonably incurred in connection with investigating
or defending any such loss, claim, damage, liability or proceeding; provided,
however, that the Company will not be liable in any case to the Shareholder, the
controlling Person or participating Person to the extent that any loss, claim,
damage or liability results from any untrue statement or alleged untrue
statement or omission or alleged omission made in such registration statement,
preliminary or final prospectus or amendment or supplement in reliance upon and
in conformity with written information furnished to the Company by an instrument
duly executed by the Shareholder or any other person who participates as an
underwriter in the offering or sale of such securities, in either case,
specifically stating that it is for use in the preparation thereof or
controlling or participating person, as the case may be, specifically stating
that it is for use in the preparation of such document. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Shareholder disposing of Registrable Securities or any such
underwriter or controlling person and shall survive the transfer of such
securities by the Shareholder and the expiration or termination of this
Agreement.

            3.14  Indemnification by the Shareholder. (a) In the case of each
offering of Registrable Securities, the Shareholder agrees to indemnify and hold
harmless (in the same manner as set forth in Section 3.13 above) the Company,
each Person referred to in clause (1), (2) or (3) of Section 11(a) of the
Securities Act (except if such Person is also a selling shareholder under such
registration) in respect of the registration statement, and each other Person,
if any, who controls the Company within the meaning of Section 15 the Securities
Act (except if such Person is also a selling shareholder under such
registration), with respect to any untrue statement or alleged untrue statement
of any material fact contained in the registration statement under which the
Registrable Securities are registered under the Securities Act, in any
preliminary prospectus or final prospectus contained therein or in any amendment
or supplement thereto, or that arises out of or is based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, which, in each case,
is made in or omitted from the registration statement, preliminary or final
prospectus or amendment or supplement in reliance upon and in conformity with
written information furnished to the Company by an instrument duly executed by
the Shareholder specifically for use in the preparation thereof; provided,
however, that the indemnification obligations of the Shareholder shall be
limited to the net proceeds received by the Shareholder from the sale of
Registrable Securities pursuant to such registration. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Company or any person indemnified by virtue of this Section 3.14
and shall survive the transfer of such securities by the Shareholder and the
expiration or termination of this Agreement. In the case of an offering made
pursuant to this Agreement with respect to which the Company has designated the
lead or managing underwriters (or the Company is offering securities directly,
without an underwriter), this indemnity does not apply to any loss, claim,
damage or liability arising out of or related to any untrue statement or alleged
untrue statement or omission or alleged omission in any preliminary prospectus
or offering memorandum if a copy
                                       11

<PAGE>
of a final prospectus or offering memorandum was not sent or given by or on
behalf of any underwriter (or the Company, as the case may be) to such Person
asserting such loss, claim, damage or liability at or prior to the written
confirmation of the sale of the Registrable Securities as required by the
Securities Act and such untrue statement or omission has been corrected in such
final prospectus or offering memorandum.

            3.15  Contribution. If the indemnification provided for in Section
3.13 or 3.14 from the indemnifying party is unavailable to an indemnified party
hereunder, or is insufficient to hold harmless an indemnified party, in respect
of any losses, claims, damages, liabilities or expenses referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified parties in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified parties shall be determined by reference to, among other things,
whether any action in question, including any untrue statement or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact, has been made by, or relates to information supplied by, such indemnifying
party or indemnified parties, and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue
statement or omission, provided that the maximum amount of the Shareholder's
contribution shall be limited to the net proceeds received by the Shareholder
from the sale of Registrable Securities pursuant to such registration. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities and expenses referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such party in
connection with any investigation or proceeding.

            The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 3.15 were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any
indemnifying party who was not guilty of such fraudulent misrepresentation.

            3.16  Notification of and Participation in Actions. Promptly after
receipt by an indemnified party under this Article III of oral or written notice
of a claim or the commencement of any proceeding against it, such indemnified
party shall, if a claim in respect thereof is to be made against an indemnifying
party under such Article, give written notice to the indemnifying party of the
commencement thereof, but the failure so to notify the indemnifying party shall
not relieve it of any liability that it may have to any indemnified party except
to the extent the indemnifying party demonstrates that the defense of such
action is prejudiced thereby. In case any such proceeding shall be brought
against an indemnified party and it shall give notice to the indemnifying party
of the commencement thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it shall wish (unless the
indemnifying party is also a party to such proceeding and the indemnified party
determines in good faith that joint representation would be inappropriate) to
assume the defense thereof with counsel reasonably satisfactory to such
indemnified party and, after notice from the indemnifying party to such

                                       12

<PAGE>
indemnified party of its election so to assume the defense thereof, the
indemnifying party shall not be liable to such indemnified party under such
Article for any fees of other counsel or any other expenses with respect to the
defense of such proceeding, in each case, subsequently incurred by such
indemnified party in connection with the defense thereof. If an indemnifying
party assumes the defense of such proceeding, (a) no compromise or settlement
thereof may be effected by the indemnifying party without the indemnified
party's reasonable consent unless (i) there is no finding or admission of any
violation of law or any violation of the rights of any Person and no effect on
any other claims that may be made against the indemnified party and (ii) the
sole relief provided is monetary damages that are paid in full by the
indemnifying party, and (b) the indemnifying party shall have no liability with
respect to any compromise or settlement thereof effected without its consent,
which shall not be unreasonably withheld. If notice is given to an indemnifying
party of the commencement of any proceeding and it does not, within fifteen (15)
business days after the indemnified party's notice is given, give notice to the
indemnified party of its election to assume the defense thereof, the
indemnifying party shall be bound by any determination made in such action or
any compromise or settlement thereof effected by the indemnified party.
Notwithstanding the foregoing, if an indemnified party determines in good faith
that there is a reasonable probability that a proceeding may adversely affect it
or its affiliates other than as a result of monetary damages, such indemnified
party may, by notice to the indemnifying party, assume the exclusive right to
defend, compromise or settle such proceeding, but the indemnifying party shall
not be bound by any determination of a proceeding so defended or any compromise
or settlement thereof effected without its consent (which shall not be
unreasonably withheld). All indemnification obligations of the parties hereto
shall survive any termination of this Agreement pursuant to Section 3.13 hereof.

            3.17  Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Article III that the
Shareholder requesting registration of Registrable Securities furnish to the
Company such information regarding them, the Registrable Securities held by them
and the intended method of disposition of such securities as the Company shall
reasonably request and as shall be required in connection with the action to be
taken by the Company. In the event that the registration under Article III
involves an underwritten offering, the Company agrees to provide such
information to the underwriters as they may reasonably request in connection
with their due diligence procedures.

            3.18  Transfer of Registration Right. The Shareholder may transfer
all or any portion of the registration rights granted under Article III to an
Affiliate in respect of Registrable Securities owned by the Shareholder at the
time of the transfer (each such Affiliate that receives such Registrable
Securities being referred to herein as a "Transferee"). Any transfer of
registration rights pursuant to this Section 3.18 shall be effective upon the
receipt by the Company of (i) written notice from the Shareholder stating the
name and address of such Transferee and identifying the number of Registrable
Securities with respect to which rights under this Agreement are being
transferred and the nature of the rights so transferred and (ii) a written
agreement from such Transferee to be bound by the terms of this Article III and
Sections 4.2, 4.4, 4.6 and 4.7 of this Agreement.

                                       13

<PAGE>

                                   ARTICLE IV

                                  Miscellaneous

            4.1   No Inconsistent Agreements. The Company will not, at any time
after the effective date of this Agreement, enter into, and is not now a party
to or otherwise bound by, any agreement or contract (whether written or oral)
with respect to any of its securities which is inconsistent in any respect with
the registration rights granted by the Company pursuant to this Agreement.

            4.2   Entire Agreement. This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and undertakings, both written and oral, between
the parties with respect to the subject matter hereof.

            4.3   Notices. Notices and other communications provided for herein
shall be in writing and shall be given in the manner and with the effect
provided in the Merger Agreement. Such notices and communications shall be
addressed if to the Shareholder of Registrable Securities, to its address as
shown on the transfer records of the Company, unless the Shareholder shall
notify the Company that notices and communications should be sent to a different
address (or facsimile number), in which case notices and communications shall be
sent to the address (or such facsimile number) specified by the Shareholder.

            4.4   Waivers; Amendments. No failure or delay of the Shareholder of
Registrable Securities in exercising any power or right hereunder 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 Shareholder are cumulative
and not exclusive of any rights or remedies which it would otherwise have. The
provisions of this Agreement may be amended, modified or waived only by an
agreement in writing and any such waiver shall be effective only in the specific
instance and for the purpose for which given. Notwithstanding the foregoing, no
amendment, modification or waiver of any provision of this Agreement shall be
effective against the Shareholder of Registrable Securities unless (a) agreed to
in writing by the Shareholder or (b) agreed to in writing by the Shareholder's
predecessor in interest and notation thereof is set forth on the certificate
evidencing the Shareholder's Registrable Securities as the case may be. No
notice or demand on the Company in any case shall entitle the Company to any
other or further notice or demand in similar or other circumstances.

            4.5   Specific Performance. The parties hereto acknowledge and agree
that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or
were otherwise breached. Accordingly, it is agreed that they shall be entitled
to an injunction or injunctions to prevent breaches of the provisions of this
Agreement and to enforce specifically the terms and provision hereof in any
court of competent jurisdiction in the United States or any state thereof, in
addition to any other remedy to which they may be entitled at law or equity.

                                       14

<PAGE>

            4.6   Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York. Each of the
parties hereto agrees that any dispute relating to or arising from this
Agreement or the transactions contemplated hereby may be resolved in the courts
of the State of New York sitting in the County of New York or the United States
District Court for the Southern District of New York and the appellate courts
having jurisdiction of appeals in such courts. In that context, and without
limiting the generality of the foregoing, each of the parties hereby irrevocably
and unconditionally:

                  (a)   submits for itself and its property in any legal suit,
action or proceeding relating to this Agreement or any transaction contemplated
hereby, or for recognition and enforcement of any judgment in respect thereof,
to the nonexclusive jurisdiction of the courts of the State of New York sitting
in the County of New York or the United States District Court for the Southern
District of New York and appellate courts having jurisdiction of appeals in such
courts, and each of the parties hereto irrevocably and unconditionally agrees
that all claims in respect of any such suit, action, or proceeding may be heard
and determined in such New York State court or, to the extent permitted by law,
in such federal court;

                  (b)   consents that any such suit, action or proceeding may be
brought in such courts and waives any objection that it may now or hereafter
have to the venue or jurisdiction of any such action or proceeding in such court
or that such action or proceeding was brought in an inconvenient forum and
agrees not to plead or claim the same;

                  (c)   agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such party
as provided in Section 4.3 hereof; and

                  (d)   agrees that nothing herein shall affect the right to
effect service of process in any other manner permitted by New York law.

            4.7   Successors and Assigns. This Agreement shall be binding upon,
and shall inure to the benefit of, the parties hereto and their respective
successors and assigns. Nothing contained in this Agreement, express or implied,
is intended to confer upon any other person or entity any benefits, rights or
remedies.

            4.8   Severability. In case any one or more of the provisions
contained in this Agreement shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein and therein shall not in any way be affected or impaired
thereby. The parties shall endeavor in good faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions.

            4.9   Section Headings. The section headings used herein are for
convenience of reference only, are not part of this Agreement and are not to
affect the construction of or be taken into consideration in interpreting this
Agreement.

            4.10  Expenses. Except as expressly otherwise provided herein, each
party shall bear its own expenses incurred in connection with the preparation,
execution and performance of

                                       15

<PAGE>

this Agreement and the transactions contemplated hereby, including all fees and
expenses of agents, representatives, counsel and accountants.

            4.11  Counterparts; Facsimile Signatures. This Agreement may be
executed in two or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts
have been signed by each of the parties and delivered (by facsimile or
otherwise) to the other parties, it being understood that all parties need not
sign the same counterpart. Any counterpart or other signature hereupon delivered
by facsimile shall be deemed for all purposes as constituting good and valid
execution and delivery of this Agreement by such party.

            4.12  Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

            4.13  Further Agreements. The parties agree that they will execute
any further instruments and perform any acts that may become necessary or
desirable to carry out this Agreement.

                  [Remainder of page intentionally left blank]

                                       16

<PAGE>

            IN WITNESS WHEREOF, each party hereto has caused this Agreement to
be duly executed, all as of the day and year above written.

                                     SPANISH BROADCASTING SYSTEM, INC.

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

                                     INFINITY MEDIA CORPORATION

                                     By: /s/ Jacques Tortoroli
                                         ---------------------------------------
                                        Name:  Jacques Tortoroli
                                        Title: Executive Vice President and
                                               Chief Financial Officer

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