Mid-size station group owner Spanish Broadcasting System has announced that it will be deregistering its common stock. The stock has been trading “over the counter.”
The company explained in a release that it was necessary to “reduce expenses and operate with utmost efficiency” during the global pandemic.
Furthermore, the decision would eliminate “the significant costs and administrative burdens of preparing and filing current and periodic reports with the Securities and Exchange Commission.” The company noted the number of stockholders is relatively small, less than 300, allowing it to file a Form 15 Certification and Notice of Termination of Registration.
SBS is focused on the Spanish-speaking audience owning stations in markets such as New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico and it also provides programming and operates a small TV network, MegaTV.