Spanish Broadcasting System, Inc. Enters into Forbearance Agreement with Majority Bondholders Following Notes Maturity

MIAMI, March 13, 2026 — Spanish Broadcasting System, Inc. (the "Company") today provided an update regarding its 9.750% Senior Secured Notes due 2026 (the "Notes"), which matured on March 1, 2026.

The Company has been engaged in constructive discussions with holders representing a majority of the outstanding principal amount of the Notes regarding a potential transaction to address the maturity of the Notes and strengthen the Company's capital structure.

In connection with these discussions, the Company has entered into a forbearance agreement with such holders under which the participating holders have agreed to forbear from exercising certain rights and remedies arising from the maturity of the Notes for 30 days while the parties continue negotiations aimed at achieving a consensual solution.

These discussions are progressing constructively and the Company is working with the participating holders toward a consensual transaction. However, there can be no assurance that any such transaction will be agreed to or consummated.

The Company remains focused on serving its audiences, customers and vendors while supporting its employees and furthering the strong relationships it has fostered with its partners and stakeholders over the course of the last four decades.

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, Miami, Houston, Chicago, San Francisco, Orlando, Tampa, and Puerto Rico, 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 250 affiliated stations reaching 94% of the U.S. Hispanic audience. SBS also owns MegaTV, a network television operation with over-the-air, cable, and satellite distribution throughout the U.S., 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. We also provide digital marketing solutions through our pure-play digital marketing department, Digidea and access to the digital realm where brands can explore a diverse range of engaging content, unlock valuable insights, and connect with our podcast community. For more information, visit us online at www.spanishbroadcasting.com.

Contacts

Analysts and Investors

Analysts, Investors or Media

Frank M. Soricelli

Chris Plunkett

Chief Financial Officer

The Plunkett Group

(305) 441-6901

(212) 739-6729

[email protected]