SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 17, 2017, Alan B. Miller and Gary B. Stone notified Spanish Broadcasting System, Inc. (the “Company”) of their resignation as members of the Board of Directors (the “Board”) of the Company.The Company and the Board wish to thank Messrs. Miller and Stone for their service since they joined the Board in 2014.
Messrs. Miller and Stone were elected to the Board by the holders of the Company’s 10¾% Series B Cumulative Exchangeable Redeemable Preferred Stock (the “Series B Preferred Stock”) due to the existence of a “Voting Rights Triggering Event” under the Certificate of Designations.The Voting Rights Triggering Event has previously been disclosed by the Company, including in its Annual Report for the Year Ended December 31, 2016. The holders of the Series B Preferred Stock have the right to elect two new directors to the Board to fill the seats vacated by Messrs. Miller and Stone for their unexpired terms at a special meeting of the holders of the Series B Preferred Stock.The two vacancies on the Board will remain unfilled until such time as the holders of the Series B Preferred Stock appoint two new directors.
The letter of resignation and email cover letter of Mr. Miller and the letter of resignation of Mr. Stone are filed as exhibits 99.1 and 99.2, respectively, of this Current Report on Form 8-K.
Item 9.01 – Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
Description |
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99.1 |
Letter and email cover letter dated August 17, 2017 of Alan B. Miller. |
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99.2 |
Letter dated August 17, 2017 of Gary B. Stone. |
SPANISH BROADCASTING SYSTEM INC ExhibitEX-99.1 2 sbsaa-ex991_6.htm EX-99.1 sbsaa-ex991_6.htm Exhibit 99.1 ALAN B. MILLER 601 Lexington Avenue New York,…To view the full exhibit click here
About SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA)
Spanish Broadcasting System, Inc. (SBS) is a Spanish-language media and entertainment company with radio and/or television stations in the United States Hispanic markets, including Puerto Rico. The Company operates in two segments: radio and television. The Company owns and operates radio stations in approximately six Hispanic markets in the United States: Los Angeles, New York, Puerto Rico, Chicago, Miami and San Francisco. Its television stations and related affiliates operate under the MegaTV brand. It produces and distributes original Spanish-language content, including radio programs, television shows, music and live entertainment through its multi-media platforms. It also maintains multiple bilingual Websites, including www.lamusica.com, Mega.tv and various station Websites that provide content related to Latin music, entertainment, news and culture, as well as the LaMusica mobile application. LaMusica also streams its stations’ content.
