Exhibit 99.1

SPANISH BROADCASTING SYSTEM, INC. REPORTS

RESULTS FOR THE SECOND QUARTER 2018

MIAMI, FLORIDA, August 14, 2018 – Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (OTCQB: SBSAA) today reported financial results for the three- and six-months ended June 30, 2018.

Financial Highlights

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

Discussion and Results

“Our second quarter results marked a continuation of our solid financial and operating performance as we built upon the momentum in our business,” said Raúl Alarcón, Chairman and CEO. “Our top-line growth was supported by a continued focus on actively managing our costs which were down significantly compared to last year and helped drive healthy margin expansion.  We have built a multi-platform leadership position serving the needs of Latinos nationwide and connecting brands with highly attractive demographic groups. Moving forward, we will remain focused on advancing our multi-platform strategy while driving improved performance.”

Quarter End Results

For the quarter-ended June 30, 2018, consolidated net revenues totaled $34.8 million compared to $34.2 million for the same prior year period, resulting in an increase of $0.6 million or 2%.  Our radio segment net revenues remained flat due to increases in network and local revenue, which were offset by decreases in barter, special events, national and digital sales.  Our local sales increased in our Los Angeles, Puerto Rico, Miami and San Francisco markets, while our national sales increased in our Los Angeles, Puerto Rico, and San Francisco markets.  Our special events revenue decreased primarily in our San Francisco and Los Angeles markets, mainly due to lower event activity which was partially offset by increases in our Puerto Rico, New York, and Miami markets. . Our television segment net revenues increased by $0.6 million or 21%, due to the increases in local and subscriber-based revenues, and hurricane related insurance proceeds for business interruption in Puerto Rico.

Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $11.6 million compared to $8.1 million for the same prior year period, representing an increase of $3.5 million or 44%. Our radio segment Adjusted OIBDA increased $3.2 million or 30%, primarily due to a decrease in operating expenses of $3.2 million.  Radio station operating expenses decreased mainly due to the impact of legal settlements and decreases in special events, taxes and licenses, and barter expenses partially offset by increases in professional fees and marketing expenses.  Our television segment Adjusted OIBDA increased $1.0 million, due to the decrease in operating expenses of $0.4 million and the increase in net revenues of $0.6 million.  Television station operating expenses decreased primarily due to reductions in programming related production costs, legal fees and bad debt expense and partially offset by a decrease in production tax credits.  Our corporate Adjusted OIBDA worsened $0.7 million or 25%, mostly due to an increase in bonuses and legal fees.

Operating income totaled $9.1 million compared to $16.5 million for the same prior year period, representing a decrease of $7.3 million or 45%.  This decrease was primarily due to having recognized a gain on the sale of our Los Angeles facility in the prior year and impairing an FCC broadcasting license in the current year partially offset by the increase in net revenues, the decrease in operating expenses and recapitalization costs.

Six Months Ended Results

For the six-months ended June 30, 2018, consolidated net revenues totaled $68.7 million compared to $65.5 million for the same prior year period, resulting in an increase of $3.2 million or 5%.  Our radio segment net revenues increased $1.0 million or 2%, due to increases in network, local, and special event revenue, which were partially offset by decreases in barter and national revenues.  Our local sales increased in our Puerto Rico and Los Angeles markets, while our national sales decreased in our New York, San Francisco and Miami markets.  Our television segment net revenues increased by $2.1 million or 35%, due to increases in special events, and subscriber-based revenues and hurricane related insurance proceeds for business interruption in Puerto Rico.

Consolidated Adjusted OIBDA, a non-GAAP measure, totaled $20.9 million compared to $13.9 million for the same prior year period, representing an increase of $7.0 million or 50%.  Our radio segment Adjusted OIBDA increased $6.0 million or 31%, primarily due to a decrease in operating expenses of $5.0 million and an increase in net revenues of $1.0 million.  Radio station operating expenses decreased mainly due to the impact of legal settlements and decreases in digital development and content production costs related to the LaMusica application, special events, taxes and licenses, and barter expenses partially offset by increases in professional fees and marketing expenses.  Our television segment Adjusted OIBDA increased $2.3 million, due to the decrease in station operating expenses of $0.1 million, and the increase in net revenues of $2.1 million.  Television station operating expenses decreased primarily due to reductions in programming related production costs and professional fees offset by increases in special event expenses.  Our corporate Adjusted OIBDA worsened by $1.3 million or 25%, mostly due to an increase in bonuses, legal fees and travel related expenses.

Operating income totaled $16.7 million compared to $20.3 million for the same prior year period, representing a decrease of $3.6 million or 18%.  This decrease was primarily due to having recognized a gain on the sale of our Los Angeles facility in the prior year and impairing an FCC broadcasting license in the current year partially offset by the increase in net revenues, the decrease in operating expenses and recapitalization costs.

Second Quarter 2018 Conference Call

We will host a conference call to discuss our second quarter 2018 financial results on Thursday, August 16, 2018 at 11:00 a.m. Eastern Time.  To access the teleconference, please dial 412-317-5441 ten minutes prior to the start time.

If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, August 30, 2018 which can be accessed by dialing 877-344-7529 (U.S.) or 412-317-0088 (Int’l), passcode: 10123270.

There will also be a live webcast of the teleconference, located on the investor portion of our corporate Web site, at http://www.spanishbroadcasting.com/webcasts-presentations. A seven day archived replay of the webcast will also be available at that link. 

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. owns and operates 17 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic format genres. SBS also operates AIRE Radio Networks, a national radio platform which creates, distributes and markets leading Spanish-language radio programming to over 250 affiliated stations reaching 94% of the U.S. Hispanic audience.  SBS also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events and owns multiple bilingual websites, including www.LaMusica.com, an online destination and mobile app providing content related to Latin music, entertainment, news and culture. For more information, visit us online at www.spanishbroadcasting.com.

Forward Looking Statements

This press release contains certain forward-looking statements.  These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release.  Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that actual results will not differ materially from these expectations.  “Forward-looking” statements, as such term is defined by the Securities Exchange 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 plan, growth and acquisition strategies, investments and future operational plans.  Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.  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, those identified in our reports filed with the Securities and Exchange Commission including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.  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 undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

(Financial Table Follows)

Below are the Unaudited Condensed Consolidated Statements of Operations for the three- and six-months ended June 30, 2018 and 2017.

Non-GAAP Financial Measures

Adjusted Operating Income (Loss) before Depreciation and Amortization, (Gain) Loss on the Disposal of Assets, net, Recapitalization Costs, Impairment Charges and Other Operating Income excluding non-cash stock-based compensation (“Adjusted OIBDA”) is not a measure of performance or liquidity determined in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States.  However, we believe that this measure is useful in evaluating our performance because it reflects a measure of performance for our stations before considering costs and expenses related to our capital structure and dispositions.  This measure is widely used in the broadcast industry to evaluate a company’s operating performance and is used by us for internal budgeting purposes and to evaluate the performance of our stations, segments, management and consolidated operations.  However, this measure should not be considered in isolation or as a substitute for Operating Income, Net Income, Cash Flows from Operating Activities or any other measure used in determining our operating performance or liquidity that is calculated in accordance with GAAP.  Adjusted OIBDA does not present station operating income as defined by our Indenture governing the Notes.  In addition, because Adjusted OIBDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures used by other companies.  

Included below are tables that reconcile Adjusted OIBDA to operating income (loss) for each segment and consolidated operating income (loss), which is the most directly comparable GAAP financial measure.

Non-GAAP Reporting Requirement under our Senior Secured Notes Indenture

Under the Indenture, we are to provide our Noteholders a statement of our “Station Operating Income for the Television Segment,” as defined by the Indenture, for the twelve-month period ended June 30, 2018 and 2017, and a reconciliation of “Station Operating Income for the Television Segment” to the most directly comparable financial measure calculated in accordance with GAAP.  In addition, we are to provide our “Secured Leverage Ratio,” as defined by the Indenture, as of June 30, 2018.

Included below is the table that reconciles “Station Operating Income for the Television Segment” to the most directly comparable GAAP financial measure. Also included is our “Secured Leverage Ratio” as of June 30, 2018.

Unaudited Segment Data

We have two reportable segments: radio and television.  The following summary table presents separate financial data for each of our operating segments:

Selected Unaudited Balance Sheet Information and Other Data: