Spanish Broadcasting System, Inc. (OTCQB:SBSAA) announced today that the Company intends to voluntarily deregister from the reporting requirements of the Securities Exchange Act of 1934, as amended.

For the Company, as it is and has been for all companies, the global pandemic has provided need, reason and basis for the Company to reduce expenses and operate with utmost efficiency. With that continuing goal and objective, the decision of the Company to deregister the Company's common stock, par value $0.0001 per share (the "Common Stock") was driven by elimination of the significant costs and administrative burdens of preparing and filing current and periodic reports with the Securities and Exchange Commission (the "SEC"), the demands placed on management and the Company to comply with the requirements of the Exchange Act, and the low number of holders of the Common Stock of the Company. The Company believes the expected savings of more than $1.5 million per year outweigh the advantages of continuing to be an SEC reporting company.

The Company intends to promptly file a Form 15 Certification and Notice of Termination of Registration under Section 12(g) of the Exchange Act with the SEC in connection with its intention to deregister its Common Stock and suspend its obligations to file reports with the SEC. The Company is eligible to file Form 15 because the Company's Common Stock is held by less than 300 holders of record.

Information about the Company may continue to be obtained by accessing the Company's website at www.spanishbroadcasting.com. Consistent with its past practice, undertakings and obligations, the Company will continue to provide reporting and financial information to holders of the Company's 12.5% Senior Secured Notes and to holders of the Company's Series B Preferred Stock.

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 300 affiliated stations reaching 95% of the U.S. Hispanic audience. SBS also owns MegaTV, a network 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.