Spanish Broadcasting System Series B Preferred Stockholders Propose Nominees
for Election to Board of Directors
NEW YORK -- May 21, 2014
Holders of a majority of outstanding shares of Spanish Broadcasting System,
Inc. (NASDAQ:SBSA) (“SBS”) Series B Preferred Stock have selected two
candidates for election to the company’s board of directors. Holders of such
preferred stock have the right to elect two directors at SBS’s upcoming 2014
Annual Meeting of Stockholders to be held in Miami on June 6, 2014.
The company was informed of the selection in a letter sent on May 19, 2014 by
Lehman Brothers Holdings Inc. (“Lehman”), which holds approximately 38.8% of
the Series B Preferred Stock. Lehman is currently making distributions for the
benefit of its creditors pursuant to its court-approved bankruptcy plan.
The preferred shareholder nominees are Alan Miller and Gary Stone, who bring a
diverse set of expertise, professional experience and relevant industry
knowledge to the role of independent director. Mr. Miller, a retired senior
partner of the law firm Weil, Gotshal & Manges, LLP, has extensive experience
serving on company boards and a track record of creating shareholder value.
Mr. Stone has over forty years of radio broadcasting experience, including
thirty years in Spanish media, and is a seasoned chief operating officer who
has served in this capacity for ten years with Univision Radio.
Lehman Brothers Holdings Inc.
Kimberly Macleod, 646-285-9215
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