Spanish Broadcasting System, Inc. (SBS) is one of the largest owners and operators of radio stations in the United States. SBS is also invested in television and internet properties, deriving the majority of its income from advertising through its media products. SBS owns the internet portal LaMusica.com. It also acquired WSBS-TV in Miami, Florida and WTCV in San Juan, Puerto Rico, the group of owned and operated TV stations for its Mega TV network. SBS targets the U.S. Hispanic audience in eight geographic regions: Los Angeles, New York, Chicago, Miami, San Francisco, Puerto Rico, Orlando and Tampa. History Spanish Broadcasting System was founded by Pablo Raúl Alarcón Sr., who started in Spanish-language radio broadcasting in the early 1950s when he started his first radio station in Camagüey, Cuba, and his son, Raúl Alarcón Jr. Alarcón Sr. had acquired 14 radio stations by the time he fled Cuba with his family to the United States in 1960. In the U.S. he continued his career as an on-air personality at a New York radio station after arriving in the United States before being promoted to programming director. He subsequently owned a recording studio and advertising agency before borrowing $3.5 million USD to purchase the first SBS radio station, WSKQ-AM (La Super 1380) in 1983 with his son, Raúl Alarcón Jr. Alarcón Sr. would serve as SBS Chairman of the board of directors, while his son would serve as an account executive in the sales department. SBS generated sales of about $20 million in its first year, confirming the influence of the growing Spanish-speaking audience. Raúl Alarcón Jr. became President of SBS and a director in October 1985. In 1988 SBS purchased its first FM station, regional Mexican KLAX 97.9 FM in Los Angeles. The company went public in the fall of 1991, raising $435.8 million by selling 21.8 million shares at $20 per share. SBS bought its third station, New York's WSKQ-FM, in 1989. In 1993 Alfredo Alonso was hired and reformatted it as Mega 97.9, La Mega, surpassing the market's longtime leader, the light rock station WLTW-FM, by 1998. A major turning point for Spanish radio occurred that year when media researchers at Arbitron rated La Mega's morning show number one over that of the radio personality Howard Stern. In 2002 the company created SBS Entertainment, a concert production arm. It also diversified by purchasing 80 percent of JuJu Media, the