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Styles will also continue
paying SBS a monthly TBA fee of $200,000 during the extension period.

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com/cgi-bin/prnh/20040820/RESEARCH )
Internet penetration levels are low in Eastern Europe when compared with
those in Western Europe and penetration levels have a strong relationship with
GDP per capita. (Nasdaq: SBSA) announced today that it has entered
into an amendment to its Asset Purchase Agreement with Styles Media Group for
the sale of SBS radio stations KZAB-FM and KZBA -FM (currently operating as
KDAY-FM and KDAI-FM), whereby the closing date will be extended from July 31,
2005 to no later than January 31, 2006.

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Spanish Broadcasting System and Styles Media Group Enter Into Extension Agreement

As announced on August 17, 2004, SBS entered into an asset purchase
agreement with Styles Media Group to sell the assets of radio stations KZAB-FM
and KZBA-FM, serving the Southern California market, for a cash purchase price
of $120 million.

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Subjects covered include:
- Broadband Infrastructure, Analyses and Developments;
- The broadbanding of Eastern Europe (policies, models, concept);
- CBD, Inter-City, Regional and International Networks;
- Internet Market, VPNs and VoIP;
- Web Sites, Web hosting;
- Research, Marketing , Benchmarking;
- Vision for a National Policy, Government Policies, BAG;
- Network Operators , Wholesalers and Retailers, Utilities Projects;
- xDSL, HFC, MDS, Satellite, Cable Modems, Cable Telephony;
- Wireless Broadband.

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This annual report offers a wealth of information on the Broadband and
Internet markets in Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech
Republic , Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland,
Romania, Russia, Slovakia, Slovenia , Ukraine, Serbia and Montenegro (formerly
Yugoslavia). COCONUT GROVE, Fla.

About Spanish Broadcasting System
Spanish Broadcasting System, Inc. After giving effect to a pending
divestiture , the Company will own and operate 20 radio stations in the top
Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and
Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-
FM in New York City.com, a bilingual
Spanish-English online site providing content related to Latin music,
entertainment, news and culture.

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com
Fax: +353 1 4100 980

In consideration for SBS entering into the extension agreement, Styles is
releasing to SBS an additional $15 million which, taken together with the $14
million escrow released to SBS on March 31, 2005 and the $6 million escrow
released to SBS on February 18, 2005, represents an aggregate of $35 million
that will be retained by SBS and credited towards the purchase price at
closing .

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All statements contained in this press
release, other than statements of historical facts, are "forward-looking
statements" for purposes of these provisions.

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DUBLIN, Ireland, Research and Markets
(http://www.

For more information visit
http://www. Styles Media has also agreed to make an additional payment of $20
million to SBS no later than two business days following the FCC renewal of
the station licenses, which is expected in early November, 2005.

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com/reports/c16272 ) has announced the addition
of 2005 Eastern European Broadband and Internet Market to their offering.

(Logo: http://www.

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The major block preventing higher usage rates is the high cost
of computers compared with incomes. Under the
terms of the amendment, SBS may retain the entire $55 million if the closing
does not occur within the agreed extension period.

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This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offering would
be unlawful.

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Research and Markets: Lots of Surfing Yet to Do for the Latest Countries of the EU

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researchandmarkets .newscom.researchandmarkets.spanishbroadcasting.com.

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The Company also operates LaMusica.

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The average Internet penetration rate in
the ten countries which have recently joined the EU was around a third lower
than in the rest of the EU in mid-2004.

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is the largest Hispanic-controlled radio
broadcasting company in the United States.

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The Company's corporate site can be accessed
at http://www.

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, Spanish
Broadcasting System, Inc.

Cautionary Statement Regarding Forward-Looking Statements: This press
release contains statements that are "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended .

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com/reports/c16272

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets.