With company founder and Chairman Raúl Alarcón Jr. reassuming the role of President following the resignation of Albert Rodriguez in late 2023, Spanish Broadcasting System (SBS) has also confirmed a change in its independent registered public account.
The company was dismissed as of January 22, a SEC filing made Friday (2/9) shows.
Until that date, Crowe LLC had been serving in the role. SBS’s Audit Committee approved the dismissal.
Unlike the decision by Urban One to dismiss BDO over the need to restate several quarterly earnings report due to misstatements of its former investment in the MGM National Harbor Casino and Resort, SBS says Crowe’s reports for SBS’s fiscal 2021 and fiscal 2022 did not contain any adverse opinion or disclaimer of opinion, nor were they considered to be questionable by SBS.
As such, the change appears to be directly linked to the shift in day-to-day operational control back to Alarcón, as SBS immediately named EisnerAmper LLP as its new independent registered accounting firm.
This will see EisnerAmper, and not Crowe, handle SBS’s fiscal year 2023 earnings; it is unclear if SBS will be restating any of its 2023 quarterly reports prepared and confirmed by Crowe.
While Alarcón is a supermajority holder of SBS stock and, as such, maintains ultimate control of the company, it reports that two institutional investors hold shares in lightly traded “SBSAA.” SBS’s shares are on an over-the-counter exchange, and as of Friday were trading in the $0.40 range.
