Holders of a majority of outstanding shares of Spanish Broadcasting System, Inc. (NASDAQ:SBSA) (“SBS”) Series B Preferred Stock have selected two candidates for election to the company’s board of directors. Holders of such preferred stock have the right to elect two directors at SBS’s upcoming 2014 Annual Meeting of Stockholders to be held in Miami on June 6, 2014.
The company was informed of the selection in a letter sent on May 19, 2014 by Lehman Brothers Holdings Inc. (“Lehman”), which holds approximately 38.8% of the Series B Preferred Stock. Lehman is currently making distributions for the benefit of its creditors pursuant to its court-approved bankruptcy plan.
The preferred shareholder nominees are Alan Miller and Gary Stone, who bring a diverse set of expertise, professional experience and relevant industry knowledge to the role of independent director. Mr. Miller, a retired senior partner of the law firm Weil, Gotshal & Manges, LLP, has extensive experience serving on company boards and a track record of creating shareholder value. Mr. Stone has over forty years of radio broadcasting experience, including thirty years in Spanish media, and is a seasoned chief operating officer who has served in this capacity for ten years with Univision Radio.