On July 2, 2021, Spanish Broadcasting System (OTC: SBSAA) announced that employees at its Chicago radio station, WLEY – La Ley 107.9 FM, voted to decertify the SAG-AFTRA union, which had represented them for nearly three years. The National Labor Relations Board confirmed the vote results on June 28. SBS's General Counsel, Richard Lara, expressed respect for the employees’ decision, emphasizing the company's commitment to working directly with its workforce in Chicago to strengthen its presence in the market.
Spanish Broadcasting System (SBS) has appointed Albert Rodriguez as the new President, succeeding Raúl Alarcón, effective June 16, 2021. Rodriguez, who retains his role as Chief Operating Officer, will manage all operations and oversee the company's growth across its radio, TV, and digital platforms. SBS is the largest Hispanic-owned media company in the U.S., with leading brands like WSKQ-FM and MegaTV. Alarcón lauded Rodriguez's leadership and financial acumen, emphasizing his qualifications to further SBS's legacy in serving the Latino community.
Spanish Broadcasting System has priced an offering of $310 million in senior secured notes due 2026, bearing interest at 9.75% per annum. The notes, which will be guaranteed by certain subsidiaries, are expected to close on February 17, 2021. Proceeds will be used to repay existing debt, including 12.5% senior secured notes and to repurchase all outstanding 10.75% Series B cumulative exchangeable redeemable preferred stock. These notes are being offered only to qualified institutional buyers in the U.S. and abroad under specific regulations.