Spanish Broadcasting System, Inc. (Exact Name of Registrant As Specified in Its Charter)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-27823 Spanish Broadcasting System, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3827791 (State or other jurisdiction or (I.R.S. Employer incorporation of organization) Identification No.) 7007 NW 77th Avenue Miami, Florida 33166 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (305) 441-6901 Former name, former address and former fiscal year, if changed since last report: None Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Class A common stock, par value $0.0001 per share Title of Each Class Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Small reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of June 29, 2018, the last business day of the registrant’s most recently completed second fiscal quarter, the registrant had 4,216,991 shares of Class A common stock, par value $0.0001 per share (“Class A common stock”), and 2,340,353 shares of Class B common stock, par value $0.0001 per share (“Class B common stock”), outstanding. As of June 29, 2018, the aggregate market value of the Class A common stock held by nonaffiliates of the registrant was approximately $1.6 million and the aggregate market value of the Class B common stock held by nonaffiliates of the registrant was approximately $140. We calculated the aggregate market value based upon the closing price of our Class A common stock reported on the OTCQB Venture Market on June 29, 2018 (the exchange on which our Class A common stock then traded) of $0.40 per share, and we have assumed that our shares of Class B common stock would trade at the same price per share as our shares of Class A common stock. (For purposes of this paragraph, directors and executive officers have been deemed affiliates.) As of March 22, 2019, 4,241,991 shares of Class A common stock, 2,340,353 shares of Class B common stock and 380,000 shares of Series C convertible preferred stock, $0.01 par value per share (“Series C preferred stock”), which are convertible into 760,000 shares of Class A common stock, were outstanding. Documents Incorporated by Reference: Certain information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive proxy statement (the “Proxy Statement”) to be filed pursuant to Regulation 14A with respect to the registrant’s 2019 annual meeting of stockholders. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, the Proxy Statement is not deemed to be filed as part hereof. Table of Contents Page PART I Item 1. Business ............................................................................................................................................................................ 4 Item 1A. Risk Factors ...................................................................................................................................................................... 28 Item 1B. Unresolved Staff Comments............................................................................................................................................. 40 Item 2. Properties .......................................................................................................................................................................... 40 Item 3. Legal Proceedings............................................................................................................................................................. 41 Item 4. Mine Safety Disclosures................................................................................................................................................... 41 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...... 42 Item 6. Selected Financial Data .................................................................................................................................................... 43 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations........................................... 44 Item 7A. Quantitative and Qualitative Disclosures About Market Risk ......................................................................................... 57 Item 8. Financial Statements and Supplementary Data ................................................................................................................ 57 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure .......................................... 57 Item 9A. Controls and Procedures................................................................................................................................................... 57 Item 9B. Other Information ............................................................................................................................................................. 58 PART III Item 10. Directors, Executive Officers and Corporate Governance ............................................................................................... 59 Item 11. Executive Compensation .................................................................................................................................................. 59 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ........................ 59 Item 13. Certain Relationships and Related Transactions, and Director Independence................................................................. 59 Item 14. Principal Accountant Fees and Services........................................................................................................................... 59 PART IV Item 15. Exhibits and Financial Statement Schedules .................................................................................................................... 60 Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (this “Annual Report”) contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Spanish Broadcasting System, Inc. intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and includes this statement for purposes of such safe harbor provisions. “Forward-looking” statements, as such term is defined by the Securities Exchange Commission (the “Commission”) in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our operations, economic performance, financial condition, our recapitalization and restructuring efforts, growth and acquisition strategies, investments

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