SBS inaugurates Film Division.

Spanish Broadcasting System, Inc. announced the incorporation of its wholly-owned film subsidiary, Megafilms.

Megafilms will produce Spanish-language filmed content including full-length features, miniseries, telenovelas, documentaries and other forms of filmed entertainment for domestic and international distribution, including theatrical release, broadcast syndication and DVD commercialization.

Our entry into filmed entertainment is a natural follow-up to our 2006 debut of MegaTV and our successful efforts in the production of original programming for our network

Emmy award-winning director and screenwriter Agustin has been named as Managing Director for the new SBS division which will be announcing its first original production during second quarter 2008.

“Our entry into filmed entertainment is a natural follow-up to our 2006 debut of MegaTV and our successful efforts in the production of original programming for our network”, stated Raúl Alarcón, President and CEO of SBS.

“Our foray into broadcast television alerted us to the staggering demand in the global marketplace for cutting-edge, high-quality filmed entertainment which, until now, has been dominated by a handful of foreign suppliers. And, of course, we intend our own Mega TV to be a primary beneficiary of the Megafilms production slate”, added Mr. Alarcón.

Megafilms will benefit from the resources, infrastructure and promotion provided by the various SBS multimedia platforms and their proprietary brands, including the SBS radio network, the Mega TV television network, the SBS stable of online properties as well as the SBS Media Center, a five-acre high-definition production facility currently under construction in Miami.