Spanish Broadcasting System, Inc. Promotes Richard D. Lara to Chief Operating Officer to Advance Strategic Execution and Operational Efficiency; Will Continue as General Counsel

MIAMI, April 15, 2026 /PRNewswire/ -- Spanish Broadcasting System (the "Company"), today announced the previously reported promotion of Richard D. Lara to Chief Operating Officer. Mr. Lara will also continue to serve as General Counsel.

This leadership appointment reflects the Company's continued focus on operational efficiency, disciplined execution, and strengthening its long-term strategic and financial position. The Company previously announced its entry into an agreement with the majority of its senior secured debt holders to implement a comprehensive balance sheet restructuring, which is intended to strengthen the Company's financial flexibility.

As Chief Operating Officer, Mr. Lara will oversee day-to-day operations and drive enterprise-wide coordination across the Company's radio, digital, and experiential platforms, with a focus on enhancing performance, optimizing costs, and supporting ongoing strategic initiatives.

"Richard has been a steady and trusted leader during an important period for the Company," said Raul A. Alarcon, Jr., Chairman and Chief Executive Officer of the Company. Mr. Lara said, "I am honored to take on this expanded role. We are focused on alignment across the organization and strengthening our platforms to position the Company for long-term success."

Since joining the Company in 2016, Mr. Lara has led the Company's legal, regulatory, and governance functions and has played a key role in advancing strategic initiatives.

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets of Los Angeles, New York, Miami, Houston, Chicago, San Francisco, Orlando, Tampa, 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 94% of the U.S. Hispanic audience. SBS also owns MegaTV, a network television operation with over-the-air, cable, and satellite distribution throughout the U.S., produces a nationwide roster of live concerts and events, and owns a stable of digital properties, including LaMusica, a mobile app providing Latino-focused audio and video streaming content, and HitzMaker, a new-talent destination for aspiring artists. We also provide digital marketing solutions through our pure-play digital marketing department, Digidea and access to the digital realm where brands can explore a diverse range of engaging content, unlock valuable insights, and connect with our podcast community. For more information, visit us online at www.spanishbroadcasting.com.

Forward-Looking Statements

This press release and attachments contain certain forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Spanish Broadcasting System, Inc. intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of such safe harbor provisions. These forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that actual results will not differ materially from these expectations.

"Forward-looking" statements represent our expectations or beliefs, including, but not limited to, statements concerning our operations, economic performance, financial condition, growth and acquisition strategies, investments, and future operational plans. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "forecast," "seek," "plan," "predict," "project," "could," "estimate," "might," "continue," "seeking" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control. Additional risks and uncertainties that we are not aware of or that we currently deem immaterial also may impair our business. There is no assurance that the actual results, events or developments referenced herein will occur or be realized. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes and have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Contacts:
Analysts and Investors		Analysts, Investors or Media
Frank M. Soricelli		Chris Plunkett
Chief Financial Officer		The Plunkett Group
[phone]		[phone]
[email protected]

SOURCE Spanish Broadcasting System, Inc.