SEATTLE, Feb. 8, 2021 /PRNewswire-HISPANIC PR WIRE/ — A proposed class action Settlement may affect you if you were a woman seen for treatment by Dr. James Heaps (“Dr. Heaps”) at University of California Los Angeles (“UCLA“) medical facilities during varying periods of time between January 1, 1983 and June 28, 2018.  The lawsuit pending in the United States District Court for the Central District of California is A.B. et al. v. Regents of the University of California et al., Case No. 2:20-cv-09555-RGK-E (“lawsuit”).

What is the Lawsuit About?  The women who brought the lawsuit (“Plaintiffs”) allege that Dr. Heaps assaulted, abused, and engaged in harassing and offensive behavior towards female patients while he was an obstetrician and gynecologist at UCLA medical facilities and that Regents of the University of California (“Regents”) failed to respond appropriately.  Dr. Heaps and Regents (“Defendants”) deny Plaintiffs’ allegations.  The Court has not decided who is right.

Who Is Affected?  You are a “Class Member” if you are a woman who was seen for treatment by Dr. Heaps at (1) UCLA’s student health center (now Arthur Ashe Student Health and Wellness Center) from January 1, 1983 to June 30, 2010; (2) UCLA Medical Center (now Ronald Reagan UCLA Medical Center) from January 1, 1986 to June 28, 2018; or (3) Dr. Heaps’s medical offices at 100 UCLA Medical Plaza from February 1, 2014 to June 28, 2018.

What Can You Get from the Settlement?  The $73 million Settlement Fund will be used to pay Settlement Class Member claims and any Class Representative service awards approved by the Court.  In addition to monetary benefits, Regents will make institutional changes at UCLA.  The Settlement Fund will not be reduced to pay attorneys’ fees and costs or Administrative Expenses.

How Do You Get a Payment?  Settlement Class Members who are pre-identified and receive a Settlement Notice packet with a Claimant ID and women who submit a qualifying Statement of Class Membership will receive a Tier 1 Settlement payment of $2,500.  Settlement Class Members also have the option to submit a Tier 2 and Tier 3 Claim Form.  Depending on the information provided and whether claimants are willing to be interviewed, claimants could be awarded up to $250,000 (or more in exceptional circumstances).  The Statement of Class Membership and Tier 2 and Tier 3 Claim Form are available on the Settlement Website at www.UCLAHeapsSettlement.com or may be requested by phone toll-free at 1-888-921-0726.  All Claim Forms must be received online through the Settlement Website or postmarked by mail no later than June 7, 2021.

What Are Your Options?  Class Members who don’t want Settlement payment(s) and don’t want to be legally bound by the Settlement, must exclude themselves by May 6, 2021.  Class Members who do not request exclusion may object to the Settlement by May 6, 2021.  The detailed Settlement Notice provides detailed information regarding how to request exclusion or object.  The Court will hold a Fairness Hearing on July 12, 2021 at 9:00 a.m., Pacific, to consider whether the Settlement is fair, reasonable, and adequate.  Class Members may ask the Court to appear at the Fairness Hearing but don’t have to do so.

How Can You Get More Information?  This Notice is a summary.  Detailed Settlement information is available at www.UCLAHeapsSettlement.com.  You may also contact the Settlement Administrator by phone toll-free at 1-888-921-0726 or by mail at UCLA Heaps Settlement, c/o JND Legal Administration, P.O. Box 91386, Seattle, WA 98111.

SOURCE JND Legal Administration

MIAMI, Feb. 5, 2021 /PRNewswire-HISPANIC PR WIRE/ — Spanish Broadcasting System, Inc. (the “Company”, “we”, “us”, or “SBS”) announced today that it has launched an offering of $310 million in aggregate principal amount of senior secured notes due 2026 (the “Notes”). The Notes will be guaranteed on a senior secured basis by certain of the Company’s subsidiaries, and secured, subject to certain exceptions, on a first-priority basis by the Notes collateral.

The Company expects to use the net proceeds of this offering along with cash on hand (i) to repay its 12.5% senior secured notes due 2017, (ii) along with certain other consideration, to repurchase and/or redeem all of its outstanding 10 3/4% Series B cumulative exchangeable redeemable preferred stock, $0.01 par value (the “Series B Preferred Stock”) and (iii) to pay related fees and expenses.

The Notes and the related guarantees are being offered in the United States to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. This press release does not constitute a redemption notice for the Series B Preferred Stock and is not an offer to purchase or a solicitation of an offer to sell the Series B Preferred Stock.

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco 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 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 La Musica, 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.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” or “would,” and/or the negative of these terms, or other comparable terminology intended to identify statements about the future. They appear in this press release and include statements regarding our intentions, beliefs or current expectations. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including, but not limited to, our substantial indebtedness and high leverage, our highly competitive industry, our ongoing response to the COVID-19 pandemic, our dependency on revenue and operating income from a limited number of markets, unpredictability of sales in the advertising industry, our ability to attract listeners, viewers and advertisers to our broadcast radio and television operations, the popularity and appeal of our content, our ability to maintain and renew distribution agreements, impact from tax reform and any new tax legislation, our ability to respond to rapid changes in technology, content creation, services and standards, our ability to protect our business from cybersecurity risks, performance of key employees, on-air talent and program hosts, reputational damage to our brands and legal or governmental proceedings and regulatory and other legislative compliance, including compliance with the Federal Communications Commission. All forward-looking statements made herein are qualified by these cautionary statements and risk factors and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. We do not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

Contact:
Analysts and Investors
José I. Molina
Chief Financial Officer
(305) 441-6901

SOURCE Spanish Broadcasting System, Inc.

MIAMI, Feb. 5, 2021 /PRNewswire-HISPANIC PR WIRE/ — Spanish Broadcasting System, Inc. (the “Company”, “we”, “us”, or “SBS”) announced today its select preliminary estimated financial results for the fourth quarter 2020.

The Company expects net revenue to be between $39.1 million and $40.2 million, growing 31% to 34% as compared to the three months ended September 30, 2020. Net revenue is expected to be flat from the comparable political period for the three months ended December 31, 2018 and a decrease of 13% to 15% as compared to the three months ended December 31, 2019. The Company expects Adjusted OIBDA to be between $15.3 million and $16.4 million, which represents an increase of 81% to 94% as compared to the three months ended September 30, 2020. Adjusted OIBDA is expected to decrease 18% to 24% as compared to the three months ended December 31, 2019. The Company expects cash and cash equivalents at December 31, 2020 to be $28 million. 

Adjusted OIBDA is a supplemental financial measure that is not prepared in accordance with GAAP.  Adjusted OIBDA is not a measure of operating performance determined in accordance with GAAP, and should not be considered in isolation nor construed as an alternative to operating income, net (loss) income or cash from operating, investing or financing activities, each as determined in accordance with GAAP. Moreover, Adjusted OIBDA is not a measure determined in accordance with GAAP and thus is susceptible to varying interpretations and calculations.

We calculate Adjusted OIBDA by adding back to operating income (i) depreciation and amortization, (ii) (gain) loss on the disposal of assets, net, (iii) recapitalization costs, (iv) impairment charges, (v) executive severance, (vi) other operating income or expense and (vii) stock-based compensation to operating income. Currently, we are unable to provide a reconciliation for Adjusted OIBDA to net income (loss) (the most comparable GAAP measure) because a final review of the underlying amounts to reconcile Adjusted OIBDA to net income (loss) has not been completed.

The foregoing preliminary estimates presented in this press release are based on the Company’s current expectations, are unaudited and may be adjusted as a result of, among other things, the completion of the Company’s quarterly and annual financial closing procedures and audit by the Company’s independent registered public accounting firm. Actual results may differ materially from those disclosed in this press release.

This press release is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. (SBS) owns and operates radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco 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 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 La Musica, 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.

Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” or “would,” and/or the negative of these terms, or other comparable terminology intended to identify statements about the future. They appear in this press release and include statements regarding our intentions, beliefs or current expectations. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including, but not limited to, our substantial indebtedness and high leverage, our highly competitive industry, our ongoing response to the COVID-19 pandemic, our dependency on revenue and operating income from a limited number of markets, unpredictability of sales in the advertising industry, our ability to attract listeners, viewers and advertisers to our broadcast radio and television operations, the popularity and appeal of our content, our ability to maintain and renew distribution agreements, impact from tax reform and any new tax legislation, our ability to respond to rapid changes in technology, content creation, services and standards, our ability to protect our business from cybersecurity risks, performance of key employees, on-air talent and program hosts, reputational damage to our brands and legal or governmental proceedings and regulatory and other legislative compliance, including compliance with the Federal Communications Commission. All forward-looking statements made herein are qualified by these cautionary statements and risk factors and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. We do not have any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

SOURCE Spanish Broadcasting System, Inc.