Business
SPANISH BROADCASTING SYSTEM RECEIVES APPROVAL TO INCREASE LIMIT ON FOREIGN EQUITY OWNERSHIP
SPANISH BROADCASTING SYSTEM RECEIVES APPROVAL TO INCREASE LIMIT ON FOREIGN EQUITY OWNERSHIP.
About this update from Spanish Broadcasting System, Inc.
[{"type":"text","content":"\n\n\n\nSPANISH BROADCASTING SYSTEM RECEIVES APPROVAL TO INCREASE LIMIT ON FOREIGN EQUITY OWNERSHIP\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n\n\n\n\n\n\nSPANISH BROADCASTING SYSTEM RECEIVES APPROVAL TO INCREASE LIMIT ON FOREIGN EQUITY OWNERSHIP\nPR Newswire\nMIAMI, Feb. 15, 2023\n\n\n\nMIAMI, Feb. 15, 2023 /PRNewswire/ -- Spanish Broadcasting System, Inc. (the \"Company\" or \"SBS\") (OTC Pink: SBSAA) today announced receipt of Federal Communications Commission (\"FCC\") approval to increase its limit on foreign ownership up to 49.99%.\n\n \n \n \n \n \n \n\n \nOn February 3, 2023, the FCC released a Declaratory Ruling (\"Ruling\") granting the Petition for such relief filed by the Company. The Ruling permits the Company to exceed the 25% benchmark for foreign equity investment established under Section 310(b)(4) of the Communications Act of 1934, as amended.  Specifically, the Ruling allows foreign investors to own up to 49.99% of the Company's equity in the aggregate.  As a result of the Ruling, the Company has issued an additional 1,167,568 shares of its Class A Common Stock to former holders of its Series B Preferred Stock. This share distribution to non-U.S. individuals and entities completes the terms of a settlement agreed to just over two years ago, which terminated the shareholder litigation filed in the Delaware Chancery Court in Cedarview Opportunities Master Fund, L.P., et al. v. Spanish Broadcasting System, Inc.  Pursuant to the settlement agreement, that case was dismissed on February 18, 2021.\nAbout Spanish Broadcasting System, Inc.\nSpanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets o...