Spanish Broadcasting System, Inc, founded in 1983 and incorporated in the State of Delaware in 1994, is the largest Hispanic-controlled radio broadcasting company in the United States. We currently own and/or operate 20 FM stations. Our stations are located in seven of the largest Hispanic markets in the United States, including Los Angeles, New York, Puerto Rico, Miami, Chicago, and San Francisco.

Our strategy is to maximize the revenue and profitability of our radio station portfolio and to expand in our existing markets and into additional markets that have a significant Hispanic population. We believe that the continued growth of the U.S. Hispanic population and the rapid increase in advertising targeting Hispanics provide us with significant opportunities for growth. We also believe that we have a competitive advantage in the radio industry due to our focus on formats targeting U.S. Hispanic audiences and our skill in programming and marketing to these audiences.

Our Internet strategy is designed to complement our existing business and to enable us to capitalize on our U.S. Hispanic market expertise. LaMusica.com is a provider of original information and interactive content related to Latin music, entertainment, news and culture. LaMusica.com provides our advertisers with an additional means of reaching the U.S. Hispanic consumer markets.

SBS is led by Mr. Raúl Alarcón, Jr., who became our Chairman of the Board of Directors when we completed our initial public offering on November 2, 1999 and has been Chief Executive Office since June 1994, and President and a director since October 1985. The Alarcón family has been involved in Spanish-language radio broadcasting since the 1950's, when Mr. Pablo Raúl Alarcón, Sr., our Chairman Emeritus and a member of our Board of Directors, established his first radio station in Camagüey, Cuba. Members of our senior management team, on average, have over 20 years of experience in Spanish-language media and radio broadcasting.