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SPANISH BROADCASTING SYSTEM, DUENDE FILMS CLOSE ON A $25 MILLION DOLLARS FILM SLATE, WITH FUNGLODE

MIAMI, May 22, 2015 (GLOBE NEWSWIRE) -- The former president of the Dominican Republic, Leonel Fernández, on behalf of the Global Foundation for Democracy and Development (FUNGLODE), led an inter-agency partnership with Spanish Broadcasting System (SBS) (Nasdaq:SBSA) and Duende Films, for the implementation and marketing of a multi picture slate in order to boost the film industry in the Dominican Republic.

The agreement was sealed at the offices of the renowned multimedia company SBS, between former President Fernández for FUNGLODE, Raul Alarcon President & CEO of SBS, and Emmy and Oscar winning Filmmaker Agustin Fernandez, CEO of Duende Films.

Fernandez and Alarcon stressed that with this partnership agreement, which in its initial phase involves an investment of $25 million dollars, the marketing power of SBS and theatrical distribution in the United States for the pictures produced under this agreement. The three parties seek to give a unprecedented amount of support to the development of the film industry in the Dominican Republic.

In particular, Duende Films, SBS and FUNGLODE intend to produce 12 films in the next 2 years in the Dominican Republic. The first two already are already in development and slate for 2015. One of the many films in production is TALVIA starring international recording star LA MATERIALISTA, ELVIS NOLASCO (True Crime) and MANNY PEREZ (Homeland) and TEMPTED starring ANGELICA CELAYA (Constantine).

In regards to the partnership agreement formalized on Tuesday May 5th, the Global Media Arts Institute (IGM) and the Dominican Republic Global Film Festival will represent Funglode, both directed by Omar de la Cruz. Funglode CEO, Marco Herrera and Yvette Marichal, sitting Director of The Dominican Republic Film Commission (DGCINE) will also be part of the production. Michael Toribio will head production and Mike Doban will head distribution for Duende Films.

Former President, Fernandez, travelled to Miami to meet with Raul Alarcon and Agustin solely to formalize this agreement, returned to the Dominican Republic that same day.

About Spanish Broadcasting System, Inc.:

Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment Company in the United States. SBS owns and operates 20 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, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates 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 21 bilingual websites, including www.LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com.

Duende Films:

Duende Films is a film distribution company affiliated with Duende Media Inc., which focuses on bringing to the theatrical market in the United States, the largest Spanish-language film successes. With over 15 years of service to the Hispanic market in the United States, and with a management team that not only knows the demographic, but is also a part of that group. Duende Films is uniquely positioned to present the US Latino audience the films they really want to see, with a detailed and comprehensive approach to entertainment that exposes the different colors and customs of our Hispanic heritage. "Our films, for us". Duende Films.





Photos accompanying this release are available at:

http://www.globenewswire.com/newsroom/prs/?pkgid=33204

http://www.globenewswire.com/newsroom/prs/?pkgid=33205

CONTACT: Media & Press Contact for SBS: Vladimir Gomez Spanish Broadcasting System, Inc (786) 510-8841 vgomez@bigtimemediapr.com @bigtimemedia @vladygomezSource:Spanish Broadcasting Systems Inc.