Investor Urges SBS To Sell TV, Film Divisions, Split Chairman, CEO Roles
October 18, 2012 at 3:59 AM (PT)
ATTIVA CAPITAL PARTNERS LTD has acquired additional Class A Common Stock in SPANISH BROADCASTING SYSTEM, and in its SC 13D filing with the SEC, the investment firm told the regulator that it is pushing the company to sell off a majority stake in its TV and film operations.
The filing says that ATTIVA is "currently in discussions with other shareholders of SBS on the idea that the Company should separate ('spin-off') the MEGA TV and MEGA FILMS franchises by selling its majority stake to a bigger media company that has the financial resources, the content and distribution network required to make MEGA TV & FILMS a successful franchise in the Hispanic market in U.S. and LATIN FILMS. SBS should just keep a 'strategic minority interest' in MEGA TV and MEGA Films as it builds a multi-media platform."
In addition, ATTIVA said that it is encouraging SBS' board to separate the roles of Chairman and CEO "and stay true to its motto 'the largest publicly traded Hispanic-controlled media and entertainment company in the UNITED STATES," insisting that SBS "increase its board to include directors representing holders of Class A and Preferred Stock, respectively."