Spanish Broadcasting System Announces 1-for-10 Reverse Stock Split

Spanish Broadcasting System, Inc. SBSA announced today that its Board of Directors, as authorized by the Company's stockholders, will implement a one-for-ten reverse stock split of its common stock. The Company filed a charter amendment to implement the reverse stock split, which will become effective on July 11, 2011 at 11:59 p.m. and will have a marketplace effective date of July 12, 2011. The reverse stock split was authorized by SBS's stockholders at the annual meeting held on June 1, 2011. The Board's decision to implement the reverse stock split was made to help SBS maintain its Nasdaq Global Market listing. The bid price of the Company's common stock must close at $1.00 or higher for ten consecutive business days prior to July 31, 2011 in order for the Company to maintain its listing on the Nasdaq Global Market.