February 11, 2008

According to Radio Ink, Chicago-based Discovery Group, which owns 3.99 million shares in Spanish Broadcasting System, or about 9.8 percent of the company's stock, has filed a letter to the SBS board of directors with the Securities and Exchange Commission. The letter expresses Discovery's "grave concern" about a "severe and steady erosion" in shareholder value since SBS went public in 1999, and complains that SBS management -- particularly Chairman/President/CEO Raul Alarcon Jr. -- has been unresponsive to various options the group has presented.

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