The Board of Directors of StarMedia Network announced that Susan Segal has been appointed to serve as acting Chairman of the Board.

Big City Radio, Inc. YFM announced that it has received a $15 million bridge loan from UBS Warburg LLC.

Claxson Interactive Group Inc. announced that El Sitio, Inc. and Ibero-American Media Partners II Ltd. have completed their merger to form Claxson, an integrated provider of branded entertainment content to Spanish and Portuguese speakers around the world.

Big City Radio, Inc. announced that it is in discussions to obtain a bridge loan to facilitate the interest payment on its 11 1/4% Senior Discount Notes due 2005.

Spanish Broadcasting System, Inc. announced the confirmation of two newly elected outside independent directors to its Board, Mr. Carl Parmer of Los Vegas, Nevada and Mr. Castor Fernandez of Miami, Florida.

On May 18, 2001, El Sitio reported that it had received notification from Nasdaq that its common shares had failed to maintain a minimum bid price of $1.00 for 30 consecutive trading days and other listing requirements as required by Nasdaq rules, and that El Sitio would have until August 14, 200

El Sitio, Inc. (Nasdaq: LCTO) announced that its Board of Directors has approved a 1-for-10 reverse share split for its common shares. The split will be effective on August 22, 2001. Shareholder approval of the split is not required.

The law firms of Milberg Weiss Bershad Hynes & Lerach LLP, Schiffrin & Barroway, LLP and Cauley Geller Bowman & Coates, LLP join law firm of Stull, Stull & Brody in a class action lawsuit on behalf of purchasers of the securities of El Sitio, Inc.

AOL Time Warner Inc. announced the formation of the AOL Time Warner Opportunity Investment Fund, a new initiative that will invest approximately $100 million over a three-year period in companies owned or managed by minorities and women.

A class action lawsuit was filed on June 8, 2001, in the United States District Court for the Southern District of New York, on behalf of purchasers of El Sitio, Inc. ("El Sitio") LCTO common stock between December 9, 1999 and June 7, 2001, inclusive (the "Class Period").

StarMedia Network, Inc. announced the completion of a $36 million equity placement.

Spanish Broadcasting System privately sold $100 million in an add-on to its 9.625 percent due November 1, 2009 senior subordinated notes, originally issued in October 1999.

Lehman Brothers was the sole lead-manager for the sale, according to Reuters.

CBS CEO Mel Karmazin told shareholders Wednesday that he is very interested in acquiring a Spanish-language broadcast company to complement the Blact Entertainment Television Network acquisition.

Hispanic Television Network announced that it has received a Nasdaq Staff Determination Letter regarding its status with the Nasdaq.

According to Radio Inl Magazine, Broadcasters Big City Radio Inc. which owns and operates several Hispanic formatted radio stations and other stations in key markets is having serious financial troubles.