SBS Awarded Official Certification as Minority-Owned Enterprise

Broadcaster Recognized as Unique Media Owner

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Sep 12, 2018, 15:16 ET

NEW YORK, Sept. 12, 2018 /PRNewswire/ -- One month shy of the 35^th Anniversary of the commencement of operations, Spanish Broadcasting System, Inc. (SBS) (OTCQB: SBSAA) has been officially certified as a Minority Business Enterprise (MBE), in compliance with the criteria established by the National Minority Supplier Development Council (NMSDC). The certification was announced by Mr. Terrence Clark, President and CEO of the New York and New Jersey MSDC.

Among the NMSDC's caveats for certification is a strict adherence to the requirement that candidate suppliers be bona-fide, minority-owned enterprises. Raúl Alarcón, SBS's Chairman, CEO and sole controlling shareholder, is of Cuban descent. Mr. Alarcón's father, Pablo Raúl Alarcón, founded SBS with the purchase of WVNJ-AM in New York City in October of 1983.

Since then, SBS has expanded into a multimedia entertainment enterprise with owned and operated heritage radio stations in the largest U.S. markets (including the most-listened-to Hispanic station in the nation, WSKQ-FM in New York City), the Mega TV network, a stable of digital properties including the LaMusica and Hitzmaker mobile apps, as well as the largest independent Hispanic concert and events promoter, SBS Entertainment.

Albert Rodriguez, Chief Operating Officer of SBS, commented, "We are sincerely grateful to the NMSDC for this great honor and for recognizing our efforts during these last three-and-a-half decades."

"Today, we renew our historical commitment to the national Hispanic community and rededicate ourselves to the important task of serving the millions of Hispanic citizens that make up the fabric of America," he added.

The MBE certification places SBS on an exclusive list of verified minority-owned firms offering their respective services to corporate, governmental, educational and charitable entities throughout the country.

About NY and NJ MSDC

The New York & New Jersey Minority Supplier Development Council, Inc. (The Council), established in 1973, is a vital link between major corporations and minority business enterprises (MBEs). Each year, member corporations have reported billions of dollars spent with Council-certified Minority Business Enterprises. Serving the New York and New Jersey region, The Council is one of the 23 regional affiliates of the National Minority Supplier Development Council, Inc. (NMSDC).

The New York & New Jersey Minority Supplier Development Council, Inc. (The Council™), a not-for-profit 501(c)(3) organization, identifies minority suppliers; certifies bona-fide minority business enterprises; and facilitates procurement opportunities between major purchasing entities and Council-certified minority suppliers. That supplier group includes Asian, Black, Hispanic and Native-American businesses located throughout the state of New York and Northern and Central New Jersey including Trenton. The Council's membership consists of Fortune 500 corporations, government agencies, educational institutions and non-profit organizations. The Council encourages its membership of Fortune 500 companies, government agencies, educational institutions and non-profit organizations, to include MBEs as their regular suppliers of products, goods and services. Through its MBE certification program, The Council links a myriad of businesses for local, national and global impact. The Council is committed to advancing supplier diversity initiatives to a world-class level.

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Urbano format genres. SBS also operates AIRE Radio Networks, a national radio platform of over 250 affiliated stations reaching 93% of the U.S. Hispanic audience. SBS also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico, produces a nationwide roster of live concerts and events, and owns a stable of digital properties, including La Musica, a mobile app providing Latino-focused audio and video streaming content and HitzMaker, a new-talent destination for aspiring artists. For more information, visit us online at www.spanishbroadcasting.com.

SOURCE Spanish Broadcasting System, Inc.