Spanish Brdcstng (SBSA)

Spanish Broadcasting System, Inc. is a Delaware corporation formed in 1994. It's a Spanish-language media and entertainment company with radio or television stations in the U.S. Hispanic markets, including Puerto Rico. Its radio and television stations serve markets representing approximately 41% and over 15% of the U.S. Hispanic population, respectively. It produces and distributes Spanish-language content, including radio programs, television shows, music and live entertainment through its 21 radio stations and its television group, MegaTV, which produces over 50 hours of original programming per week. MegaTV broadcasts via its owned and operated stations in South Florida and Houston and through distribution agreements with eight other stations, including nationally on a subscriber basis. It also owns 21 bilingual websites, including www.lamusica.com, Mega.tv and various station websites. In addition, it produces live concerts and events in the United States and Puerto Rico. Concerts generate revenue from ticket sales, sponsorship and promotions, raise awareness of its brands in the surrounding communities and provide its advertising partners additional opportunities to reach their target audience. It operates three Spanish-language radio stations in the United States based on the average number of listeners per quarter-hour, including its New York station (WSKQ-FM), which delivered the highest listenership among all Spanish-language radio stations in the United States, according to the 2011 Hispanic Fact Pack. Its radio stations are located in Los Angeles, New York, Puerto Rico, Miami, Chicago and San Francisco. The Company's radio stations compete with both Spanish-language and English-language radio stations in their market, as well as other media, such as newspapers, broadcast television, cable television, the Internet, magazines, outdoor advertising, satellite radio, transit advertising and direct mail marketing. Its television operations compete for viewers and revenue with both Spanish-language and English-language television stations in its local markets, as well as nationally broadcast television operations, cable television, the Internet and other video media. The Company is subject to various federal, state and local environmental laws and regulation.