With its bankruptcy plan in the FCC’s hands, SBS is filling a key seat for life after Chapter 11. The Miami-based broadcaster has posted a Chief Financial Officer listing, seeking a finance chief who can report to COO Richard Lara and the reorganized company’s board.
The listing, posted Monday, is a public move to fill a seat that has lacked a permanent occupant since José Molina stepped down in February 2024, shortly after the resignation of then-President and COO Albert Rodriguez. Molina first joined SBS as Director of Finance in 2001 and returned as CFO in 2019 after stints at MundoMax Broadcasting and Univision. In April 2024, SBS’s board named Frank Soricelli, a 32-year member of the company’s finance and accounting team, as interim CFO, as reported by Radio Ink partner publication RBR+TVBR.
In May, SBS filed a prepackaged Chapter 11 petition in US Bankruptcy Court for the District of Delaware.
After gaining court approval for the plan in June, the FCC opened a pleading cycle on SBS’s applications to transfer control of its licenses to its post-bankruptcy owners, along with a petition to let foreign ownership exceed the 25% benchmark. SBS projects foreign investors will hold 64.13% of equity and 67.02% of voting interests after emergence, up from 12.9% and 3.8% today.
