Investor pressuring SBS to split
August 1, 2011
According to Radio Business Report, Attiva Capital is a significant shareholder of Spanish Broadcasting System, holding, along with its principal investors, about 9.3% of the publicly traded Class A shares of SBS. It is the latest shareholder to try to pressure the company to make major changes.
No matter how many Class A shares anyone owns, the overwhelming voting power at SBS is held by CEO Raul Alarcon with his Class B super-voting shares. He has resisted many past attempts by outside investors to change how he wants to run the company.
Attiva says in an SEC filing that it is in discussions with other SBS shareholders. It also may hold talks with the management and/or directors of SBS.
What Attiva wants is for SBS to spin-off its Mega TV and Mega Films operation and sell the majority stake to a bigger media company. According to Attiva a larger company would have “the financial resources, the content and distribution network required to make Mega TV & Films a successful franchise in the Hispanic market in US and Latin America.”
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