SPANISH BROADCASTING SYSTEM : REPORTS RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR 2022 AND SCHEDULES CONFERENCE CALL

SPANISH BROADCASTING SYSTEM, INC. REPORTS RESULTS

FOR THE FOURTH QUARTER 2022

• Consolidated and Radio Revenues Surpass Both 2021 and 2019 Pre-Pandemic Levels for the Fourth Quarter and Full Year. -

MIAMI, FLORIDA, April 25, 2023- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (OTC Pink: SBSAA) today reported financial results for the quarter and year ended December 31, 2022.

Financial Highlights

(in thousands)	Quarter Ended December 31,	%			Year Ended December 31,	%
						2022			2021		Change			2022			2021		Change
Net revenue:
Radio	$	45,363	$	42,150	8%	$	156,489	$	132,894	18%
Television			3,487			3,843	(9%)			11,543			12,875	(10%)
Consolidated		$	48,850	$	45,993	6%	$	168,032	$	145,769	15%
Adjusted OIBDA*:
Radio	$	15,635	$	23,721	(34%)	$	52,676	$	59,503	(11%)
Television		(212)			714	(130%)			(3,164)			(2,513)	(26%)
Corporate			(4,088)			(5,798)	29%			(15,986)			(14,703)	(9%)
Consolidated			$	11,335		$	18,637	(39%)		$	33,526		$	42,287	(21%)
Adjusted OIBDA Margins*:
Radio		34%			56%					34%			45%
Television		(6%)			19%					(27%)			(20%)
Consolidated		23%			41%					20%			29%

• Please refer to the Non-GAAP Financial Measures section for a definition of Adjusted OIBDA and a reconciliation from the most directly comparable GAAP financial measure.

Discussion and Results

"Our fourth quarter performance reflects continued consolidated revenue growth, spearheaded by our radio results", commented Raúl Alarcón, Chairman and Chief Executive Officer of SBS. "In addition, 2022 marked another year of aggregate audience growth as well as a continued emphasis on the execution of our multimedia strategy through successful investments in our new Orlando and Tampa markets, our programming content, and our expanded digital offerings.

Our audio assets remain among the top-ranked in the key markets they serve (among all competitors in any language) and our digital engagement metrics are up significantly compared to last year. In terms of streaming, SBS radio lays claim to three of the Top Twenty Most-Streamed-Stations in the Nation, led by our flagship WSKQ-FM in New York City, the #1 over-the-air and streamed station in America. Our newly acquired Orlando/Tampa FM duopoly is outperforming expectations as we prepare to commence radio operations in Houston, the nation's third largest Hispanic DMA.

Today, SBS has an established stronghold across the nation's top Hispanic markets at a time when the Latino consumer is rapidly growing in influence and purchasing power. As Corporate America has always "followed the money", likewise we remain bullish on monetizing our ability to serve what many are calling the "New American Mainstream" with over $2 trillion in annual purchasing power.

This year we celebrate our 40th Anniversary of doing just that… and our momentum continues."

Spanish Broadcasting System, Inc.

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Three Months Ended Results

For the three months ended December 31, 2022, our radio segment operating expenses were impacted by investments in our (i) newly acquired Orlando and Tampa start-up stations purchased on April 29, 2022, (ii) digital infrastructure and personnel and (iii) unique Spanish-language programming talent and content. During the comparative prior period ended December 31, 2021, our radio, television, and corporate expenses were impacted by $4.7 million of Employee Retention Credits (the "ERC") that were directly used to offset the related eligible compensation & benefits expenses (Radio: $3.8 million, Television: $0.7 million, Corporate: $0.2 million).

Our consolidated net revenue totaled $48.9 million compared to $46.0 million for the same prior year period, resulting in an increase of approximately $2.9 million or 6%.

• Our radio segment's net revenue increased $3.2 million or 8%. The increase in radio segment net revenue was primarily due to increases in special events revenue, national and digital sales.
• Our television segment's net revenue decreased approximately 9%, primarily due to decreases in local sales.

Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $11.3 million compared to $18.6 million in the same prior year period, representing a decrease of $7.3 million or 39%.

• Our radio segment Adjusted OIBDA decreased $8.1 million or 34% primarily due to the increase in operating expenses of $11.3 million partially offset by the increase in net revenue. Radio station operating expenses increased mainly due to compensation & benefits, special events expenses, and advertising & promotions.
• Our television segment Adjusted OIBDA decreased $0.9 million, due to the decrease in net revenue and the increase in operating expenses of $0.6 million. Television station operating expenses increased primarily due to compensation & benefits.
• Corporate expenses decreased $1.7 million or 29% primarily due to lower compensation & benefits.

Operating income totaled $10.8 million compared to $17.7 million for the same prior year period representing a decrease of 39%. The decrease in operating income was primarily due to the increase in operating expenses, partially offset by the increase in net revenue.

Year Ended Results

For the year ended December 31, 2022, our consolidated net revenue was impacted by the receipt of $2.6 million related to a 2020 business interruption insurance claim recognized as other revenue (Radio: $2.3 million and Television: $0.3 million). In addition, our radio segment operating expenses were impacted by investments in our (i) newly acquired Orlando and Tampa start-up stations purchased on April 29, 2022, (ii) digital infrastructure and personnel and (iii) unique Spanish-language programming talent and content. Also, during the comparative prior period ended December 31, 2021, our radio, television, and corporate expenses were impacted by $6.7 million from the Paycheck Protection Program (the "PPP") and the Employee Retention Credit (the "ERC") that were directly used to offset the related eligible compensation & benefits expenses (Radio: $5.4 million, Television: $1.0 million, Corporate: $0.3 million).

Our consolidated net revenue totaled $168.0 million compared to $145.8 million for the same prior year period, resulting in an increase of 15%.

• Our radio segment net revenue totaled $156.5 million, an increase of $23.6 million or 18% due to increases in special events, local, network, digital, and other revenue.
• Our television segment net revenue totaled $11.5 million, a decrease of $1.3 million or 10% due to lower national, local, barter and subscriber-related revenues, partially offset by an increase in other revenue.

Spanish Broadcasting System, Inc.

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Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $33.5 million compared to $42.3 million, representing a decrease of $8.8 million or 21%.

• Our radio segment Adjusted OIBDA decreased 11%, primarily due to the increase in operating expenses of approximately $30.4 million which was partially offset by the increase in net revenue. Radio station operating expenses increased mainly due to increases in compensation & benefits, special events expenses, advertising & promotions, travel & entertainment, commissions, and the lack of production tax credits in the current year.
• Our television segment Adjusted OIBDA decreased 26%, due to the decrease in net revenue of $1.3 million partially offset by a decrease in operating expenses of approximately $0.7 million. Television station operating expenses decreased primarily due to net production costs and barter expense, partially offset by an increase in compensation & benefits.
• Our corporate expenses increased 9%, primarily due to increases in travel & entertainment, and outside services, partially offset by a decrease in compensation & benefits.

Operating income totaled $30.3 million compared to $38.8 million for the same prior year period, representing a decrease of 22%. The decrease in operating income was primarily due to the increase in operating and corporate expenses, partially offset by the increase in net revenue and the lack of recapitalization costs.

Sale of Television Assets

On February 9, 2023, the Company entered into various asset and real property purchase agreements (together the "Purchase Agreements") to sell substantially all its television and certain real estate assets (together the "Purchased Assets") which comprise the Company's television operations known as MegaTV, serving the United States of America and Puerto Rico, to Voz Media, Inc. Pursuant to the Purchase Agreements, the Purchased Assets include: licenses, permits and authorizations issued by the FCC; programming content, equipment, leases and contracts used in or related to the operation of MegaTV; and certain real properties located in Miami, Florida and Puerto Rico as part of the transaction.

The Purchase Agreements aggregate to $64.0 million of total cash consideration, as follows.

1. Asset Purchase Agreement to sell WSBS(TV) and WSBS(CD) in Miami, Florida and the MegaTV television network for consideration in the amount of $19.0 million. In addition, Voz Media, Inc. will buy $7.0 million of prepaid advertising from the Company and its affiliates to promote Voz's newly acquired television business during the 4 years following the closing;
2. Asset Purchase Agreement to sell WTCV(TV), WVEO(TV) and WVOZ(TV) in Puerto Rico for consideration in the amount of $10.0 million;
3. Real Property Purchase and Sale Agreement to sell certain real property in Miami, Florida for consideration in the amount of $22.0 million; and
4. Real Property Purchase and Sale Agreement to sell certain real property in Puerto Rico for consideration in the amount of $6.0 million.

The Purchase Agreements are not contingent on financing and, at closing, Voz Media will pay the remaining balances, net of a $3.8 million non-refundable deposit, with immediately available funds. As it relates to the prepaid advertising that will be bought by Voz Media, such $7.0 million will be paid to the Company as follows: $5.0 million at closing and $2.0 million by the first anniversary of the closing.

The Purchase Agreements contain representations, warranties, covenants, closing conditions, termination rights, and other provisions customary in asset sale transactions in the broadcast television industry, including that the transaction is subject to the prior approval of the Federal Communications Commission (the "FCC").

The transaction is expected to receive regulatory approval by the FCC during late second quarter or early third quarter of 2023 and will close within five (5) business days of meeting the closing conditions set forth in the Purchase Agreements which include the FCC's Consent. The Company expects to recognize a gain on the disposal of assets upon closing.

Management has also determined that the operations related to the disposed assets will be reported as discontinued operations in the first quarter of 2023.

Spanish Broadcasting System, Inc.

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Acquisition of FM Radio Station

On April 3, 2023, Spanish Broadcasting System SouthWest, Inc. and SBS Houston Licensing, Inc., subsidiaries of the Company (collectively, "SBS SouthWest"), entered into an asset purchase agreement (the "Purchase Agreement") to acquire KROI(FM), an FM radio broadcast station (the "Radio Station") serving the Houston, Texas radio market, from Radio One Licenses, LLC and Radio One of Texas II, LLC (collectively, "Radio One"). Pursuant to the Purchase Agreement, Radio One, has agreed to convey certain assets, including licenses, permits and authorizations issued by the FCC, tangible personal property and certain leases used in or related to the operation of the Radio Station to SBS SouthWest.

The purchase price is equal to $7,500,000 plus or minus certain customary prorations and adjustments. On April 5, 2023, pursuant to the Purchase Agreement and the related escrow agreement, SBS SouthWest deposited $375,000 into an escrow account. At closing, the Company will pay the remaining balance, net of the escrowed funds, with immediately available funds and instruct the escrow agent to release the escrow deposit to Radio One.

The Purchase Agreement contains customary representations, warranties covenants and closing conditions, including FCC regulatory approval, and the transaction is expected to close during the third quarter of 2023.

Employee Retention Credit (ERC)

The Employee Retention Credit (ERC) was established by the CARES Act, P.L. 116-136, in March 2020. It was intended to help businesses retain their workforces and avoid layoffs during the coronavirus pandemic. It provided a per employee credit to eligible businesses based on a percentage of qualified wages and health insurance benefits paid to employees. It worked as a refundable payroll tax credit claimed quarterly and provided reductions to payroll taxes or cash refunds.

The Company determined that it could claim a refundable tax credit against its share of Social Security tax equal to 70% of the qualified wages it paid to its employees after December 31, 2020 through May 27, 2021, limited to $10,000 per employee per calendar quarter in 2021. The Company filed amendments to its payroll tax returns under various Forms 941-X for ERC eligible wages during the period of January 1, 2021 through May 27, 2021.

For the quarter and year ended December 31, 2021, engineering, programming, selling, general & administrative, and corporate expenses included the $4.7 million ERC assistance benefit as a direct offset and reduction to the related eligible compensation & benefits expenses and were allocated as follows: $3.8 million to the radio segment, $0.7 million to the television segment and $0.2 million to corporate expenses.

Paycheck Protection Program (PPP) Loan

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law and subsequently amended, on June 5, 2020, when the Paycheck Protection Flexibility Act of 2020 ("Flexibility Act") was signed into law. The CARES Act provided opportunities for additional liquidity, loan guarantees, and other government programs to support companies affected by the COVID-19 pandemic and their employees.

On May 27, 2021, the SBA informed the Company that it had granted it a Second Draw PPP Loan in the amount of $2.0 million. The funds were utilized to pay for and maintain employment and compensation levels during the second quarter of 2021 as required by the CARES Act for the loan to be forgiven. On December 22, 2021, the SBA informed the Company that its Paycheck Protection Program Loan of $2.0 million had been forgiven in its entirety.

For the year ended December 31, 2021, engineering, programming, selling, general & administrative, and corporate expenses included the $2.0 million Second Draw PPP proceeds received as a direct offset and reduction to the related eligible compensation & benefits expenses and were allocated as follows: $1.6 million to the radio segment, $0.3 million to the television segment and $0.1 million to corporate expenses.

Spanish Broadcasting System, Inc.

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Fourth Quarter 2022 Conference Call

The Company will host a conference call to discuss its fourth quarter 2022 financial results on Wednesday, May 3, 2023, at 11:00 a.m. Eastern Time. Questions from analysts, bondholders or institutional investors should be submitted in writing to [e-mail], by close of business Monday, May 1, 2023, so that we can review and consider your questions either as part of our prepared remarks or during the Q&A portion the call.

The call can be accessed via the live webcast link found on the Company's website at http://www.spanishbroadcasting.com/webcasts- presentationsor by dialing 412-317-5441 ten minutes prior to its scheduled start time.

A replay of the webcast will also be available for fourteen days, through Wednesday, May 17, 2023, and can be accessed either through our Company's website at http://www.spanishbroadcasting.com/webcasts-presentationsor by dialing 877-344-7529 (U.S) or 412-317- 0088 (Int'l), passcode: 8533653.

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets of Los Angeles, New York, Puerto Rico, Chicago, Miami, San Francisco, Orlando, and Tampa, airing the Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Urbano format genres. SBS also operates AIRE Radio Networks, a national radio platform of over 290 affiliated stations reaching 95% of the U.S. Hispanic audience. SBS also owns MegaTV, a network television operation with over-the- air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico, produces a nationwide roster of live concerts and events, and owns a stable of digital properties, including LaMusica, a mobile app providing Latino-focused audio and video streaming content, and HitzMaker, a new-talent destination for aspiring artists. For more information, visit us online at www.spanishbroadcasting.com.