GUARANTY AGREEMENT

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Exhibit 99.4

GUARANTY AGREEMENT

THIS GUARANTY AGREEMENT (this "Guaranty") is made and delivered as of

this 31/st/ day of December, 2002, by SPANISH BROADCASTING SYSTEM, INC., a

Delaware corporation ("Guarantor") in favor of BIG CITY RADIO, INC., a Delaware

corporation ("BCR") and BIG CITY RADIO-CHI, L.L.C., a Delaware limited liability

company ("BCR-CHI"; BCR together with BCR-CHI, "Seller").

WHEREAS, Seller has entered into an Asset Purchase Agreement, dated as of

even date herewith (the "Asset Purchase Agreement") with Spanish Broadcasting

System of Illinois, Inc., a Delaware corporation ("Purchaser");

WHEREAS, BCR-CHI has entered into a Time Brokerage Agreement, dated as of

even date herewith (the "Time Brokerage Agreement") with Purchaser, which shall

become effective as of January 6, 2003; and

WHEREAS, Guarantor is the parent corporation of Purchaser and desires

that Seller execute the Asset Purchase Agreement and that BCR-CHI execute the

Time Brokerage Agreement.

NOW, THEREFORE, for value received, Guarantor hereby agrees as follows:

1. Guarantor irrevocably and unconditionally guarantees to Seller the

prompt performance and payment when due of all of Purchaser's obligations under

the Asset Purchase Agreement and the Time Brokerage Agreement (the

"Obligations"), including but not limited to the payment of the purchase price

and fee thereunder.

2. The obligations of Guarantor under this Guaranty shall be

absolute, unconditional and irrevocable, and shall remain in full force and

effect until the Obligations shall have been satisfied in full, it being the

express purpose and intent of Guarantor that its obligations hereunder shall not

be discharged except by payment, performance, discharge or other satisfaction in

full of all of Guarantor's obligations hereunder. Such obligations shall not be

in any manner whatsoever affected, modified or impaired by the happening from

time to time of any assignment of Purchaser's Obligations to a third party or

any event or action that would, in the absence of this clause, result in the

release or discharge of Guarantor, by operation of law or otherwise, from the

performance of observance of any obligation, covenant or agreement contained in

this Guaranty, or the default

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or failure of Guarantor to perform fully any obligations set forth in this

Guaranty.

3. Guarantor waives diligence, presentment, protest, notice, demand,

dishonor and notice of dishonor and any other defenses available to it hereunder

as a surety and agrees to be bound to the Obligations as fully as if it were a

co-obligor. The parties to the Asset Purchase Agreement and the Time Brokerage

Agreement may enter into any amendment, w