FORM 4

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities  Exchange Act of 1934, Section
17(a) of the Public Utility  Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940


1.    Name and Address of Reporting Person*
                  Holmes, Oliver J.
                  520 SW 6th Avenue, Suite 750
                  Portland, OR 97204

2.    Issuer Name and Ticker or Trading Symbol
                  NBG Radio Network, Inc.  "NSBD"

3.    I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
                  N/A

4.    Statement for Month/Year
                  12/00

5.    If Amendment, Date of Original (Month/Year)


6.    Relationship of Reporting Person(s) to Issuer (Check all applicable)
                  / /      Director
                  /X/      Officer (give title below)
                      Vice President - Affiliate Relations
                  /   /    10% Owner
                  /   /    Other (specify below) N/A
                                    -----------------------------

7.    Individual or Joint/Group Filing (Check Applicable Line)
                  /X/      Form filed by One Reporting Person
                  /   /    Form filed by More than One Report Person

                                       1


FORM 4(continued)

      Table 1 -- Non-Derivative Securities Acquired, Disposed of, or
      Beneficially Owned


1.    Title of Security (Instr. 3)
                  Common Stock

2.    Transaction Date(s) (Month/Day/Year)
                  12/22/00

3.    Transaction Code (Instr. 8)
                  Code:             X
                  V:

4.    Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
                  Amount            150,000 shares
                  (A) or (D)        (A)
                  Price             $1.00 per share

5.    Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
                  54,501

6.    Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
                  D

7.    Nature of Indirect Beneficial Ownership (Instr. 4)


                                       2


      Table II -- Derivative  Securities Acquired,  Disposed of, or Beneficially
      Owned (e.g., puts, calls, warrants, options, convertible securities)

1.    Title of Derivative Security (Instr. 3)
                  Options

2.    Conversion or Exercise Price of Derivative Security
                  $.54

3.    Transaction Date (Month/Day/Year)
                  12/22/00

4.    Transaction Code (Instr. 8)
                  Code:             X
                  V:

5.    Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3,
      4 and 5)
                  150,000 (D)

6.    Date Exercisable and Expiration Date (Month/Day/Year)
                  Date Exercisable: (i)     9/1/99

                  Expiration Date   (i)     9/2/01


7.    Title and Amount of Underlying Securities (Instr. 3 and 4)
                  Title:             Common Stock
                  Amount of Shares:  150,000

8.    Price of Derivative Security (Instr. 5)

9.    Number of Derivative Securities Beneficially Owned at End of Month (Instr.
      4)
                  60,000

10.   Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr.
      4)
                  D

11.   Nature of Indirect Beneficial Ownership (Instr. 4)


                   /s/ Oliver J. Holmes                          01/10/01
                   ---------------------------------------    --------------
                   ** Signature of Reporting Person                Date


**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.

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contained in this form are not required to respond unless the form displays a
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