-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NhLBE4yiqHo2H1M9VEfKXhmYfLTOXM+8YktPegJmLmBZ6JEEQGtQvXYZp/CyxdbC FfAkFlF0Btu1a2ePFUUQIw== 0001104659-08-074679.txt : 20081204 0001104659-08-074679.hdr.sgml : 20081204 20081204162902 ACCESSION NUMBER: 0001104659-08-074679 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20081204 DATE AS OF CHANGE: 20081204 GROUP MEMBERS: DANIEL J. DONOGHUE GROUP MEMBERS: DISCOVERY GROUP I, LLC GROUP MEMBERS: MICHAEL R. MURPHY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SPANISH BROADCASTING SYSTEM INC CENTRAL INDEX KEY: 0000927720 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 133827791 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-57111 FILM NUMBER: 081230200 BUSINESS ADDRESS: STREET 1: 2601 S. BAYSHORE DRIVE, PHII CITY: MIAMI STATE: FL ZIP: 33133 BUSINESS PHONE: 3054416901 MAIL ADDRESS: STREET 1: 2601 S. BAYSHORE DRIVE, PHII CITY: MIAMI STATE: FL ZIP: 33133 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DISCOVERY EQUITY PARTNERS, LP CENTRAL INDEX KEY: 0001258542 IRS NUMBER: 300075082 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: C/O DISCOVERY GROUP I, LLC STREET 2: 191 N. WACKER DRIVE SUITE 1685 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-265-9600 MAIL ADDRESS: STREET 1: C/O DISCOVERY GROUP I, LLC STREET 2: 191 N. WACKER DRIVE SUITE 1685 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: DISCOVERY EQUITY PARTNERS LP DATE OF NAME CHANGE: 20030806 SC 13D/A 1 a08-29653_2sc13da.htm SC 13D/A

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0145 Expires: February 28, 2009 Estimated average burden hours per response. . 14.5
	Washington, D.C. 20549
	SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 4)*

Spanish Broadcasting System, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

846425882

(CUSIP Number)

Daniel J. Donoghue

Discovery Group I, LLC

191 North Wacker Drive

Suite 1685

Chicago, Illinois 60606

Telephone Number: (312) 265-9600

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

November 24, 2008

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

^* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 846425882

	1.	Names of Reporting Persons. Discovery Equity Partners, L.P.

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) WC

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power None.

			8.	Shared Voting Power 2,728,175

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 2,728,175

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 2,728,175

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 6.6%

	14.	Type of Reporting Person (See Instructions) PN

CUSIP No. 846425882

	1.	Names of Reporting Persons. Discovery Group I, LLC

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) AF

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power None.

			8.	Shared Voting Power 3,188,785

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 3,188,785

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 3,188,785

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 7.7%

	14.	Type of Reporting Person (See Instructions) OO

CUSIP No. 846425882

	1.	Names of Reporting Persons. Daniel J. Donoghue

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) AF

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization United States of America

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power None.

			8.	Shared Voting Power 3,188,785

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 3,188,785

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 3,188,785

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 7.7%

	14.	Type of Reporting Person (See Instructions) IN

CUSIP No. 846425882

	1.	Names of Reporting Persons. Michael R. Murphy

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			o

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) AF

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization United States of America

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power None.

			8.	Shared Voting Power 3,188,785

			9.	Sole Dispositive Power None.

			10.	Shared Dispositive Power 3,188,785

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 3,188,785

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 7.7%

	14.	Type of Reporting Person (See Instructions) IN

Item 1.	Security and Issuer
	This Amendment No. 4 to Schedule 13D (“Amendment No. 4”) relates to the Class A Common Stock, par value $0.0001 per share (the “Common Stock”), of Spanish Broadcasting System, Inc., a Delaware corporation (the “Company”), which has its principal executive offices at 2601 South Bayshore Drive, PH II, Coconut Grove, Florida 33133. This Amendment No. 4 amends and supplements, as set forth below, the information contained in items 1, 3, 5 and 6 of the Schedule 13D filed by the Reporting Persons with respect to the Company on March 3, 2008, as amended by Amendment No. 1 thereto filed by the Reporting Persons with respect to the Company on April 3, 2008, Amendment No. 2 thereto filed by the Reporting Persons with respect to the Company on May 6, 2008 and Amendment No. 3 thereto filed by the Reporting Persons with respect to the Company on June 12, 2008 (as so amended, the “Schedule 13D”). All capitalized terms used herein but not defined herein have the meanings set forth in the Schedule 13D. Except as amended by this Amendment No. 4, all information contained in the Schedule 13D is, after reasonable inquiry and to the best of the Reporting Persons’ knowledge and belief, true, complete and correct as of the date of this Amendment No. 4.

Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended to read in its entirety as follows: The total purchase price for the 3,188,785 shares of Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy as of December 3, 2008 was approximately $14,913,806, and the total purchase price for the 2,728,175 shares of Common Stock beneficially owned by Discovery Equity Partners was approximately $12,757,754. The source of such funds was the assets of Discovery Equity Partners and another private investment partnership (collectively, the “Partnerships”) over which Discovery Group exercises discretionary investment management authority, including proceeds of margin loans under margin loan facilities maintained in the ordinary course of business by the Partnerships with a broker on customary terms and conditions. The Partnerships are the legal owner of all of the Common Stock beneficially owned by Discovery Group and Messrs. Donoghue and Murphy.

Item 5.	Interest in Securities of the Issuer
	Item 5 of the Schedule 13D is amended to read in its entirety as follows: The information concerning percentages of ownership set forth below is based on 41,445,222 shares of Common Stock reported outstanding as of November 7, 2008 in the Company’s most recent Quarterly Report on Form 10-Q for the period ended September 30, 2008. Discovery Equity Partners beneficially owns 2,728,175 shares of Common Stock as of December 3, 2008, which represents 6.6% of the outstanding Common Stock. Discovery Group beneficially owns 3,188,785 shares of Common Stock as of December 3, 2008, which represents 7.7% of the outstanding Common Stock. Mr. Donoghue beneficially owns 3,188,785 shares of Common Stock as of December 3, 2008, which represents 7.7% of the outstanding Common Stock. Mr. Murphy beneficially owns 3,188,785 shares of Common Stock as of December 3, 2008, which represents 7.7% of the outstanding Common Stock.

	Discovery Group is the sole general partner of Discovery Equity Partners and has sole discretionary investment authority with respect to the other Partnership’s investment in the Common Stock. Discovery Group is also a limited partner in the other Partnership. Messrs. Donoghue and Murphy are the sole managing members of Discovery Group. As a consequence, Discovery Group and Messrs. Donoghue and Murphy may be deemed to share beneficial ownership of all of the shares of Common Stock owned by both of the Partnerships, while Discovery Equity Partners shares beneficial ownership with Discovery Group and Messrs. Donoghue and Murphy of only the shares of Common Stock owned by it. The transactions in Common Stock effected by the Reporting Persons during the past 60 days are set out in Exhibit 1 hereto. No person other than the Partnerships is known to any Reporting Person to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the shares of Common Stock reported herein.

Item 6.	Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is amended to read in its entirety as follows: There are no contracts, arrangements, understandings or relationships (legal or otherwise) between or among any of the Reporting Persons and any other person with respect to any securities of the Company other than the governing documents of Discovery Group and the Partnerships, the margin loan facilities referred to under Item 3 of the Schedule 13D, the Joint Filing Agreements of the Reporting Persons with respect to the Schedule 13D that were included as exhibits thereto, the Joint Filing Agreement of the Reporting Persons with respect to this Amendment No. 4 included as Exhibit 2 to this Amendment No. 4, and the Powers of Attorney granted by Messrs Donoghue and Murphy with respect to reports under Section 13 of the Securities Exchange Act of 1934, as amended, which Powers of Attorney are included as Exhibit 3 and Exhibit 4, respectively, to this Amendment No. 4.

Item 7.	Material to be Filed as Exhibits
	Exhibit 1: List of transactions by Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing. Exhibit 2: Joint Filing Agreement dated as of December 4, 2008, by and among Discovery Equity Partners; Discovery Group; Daniel J. Donoghue; and Michael R. Murphy. Exhibit 3: Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008. Exhibit 4: Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

	December 4, 2008
	Date

	DISCOVERY GROUP I, LLC, for itself and as general partner of DISCOVERY EQUITY PARTNERS, L.P.


	By: Michael R. Murphy*
	Signature

	Michael R. Murphy, Managing Member
	Name/Title


	Daniel J. Donoghue*
	Signature

	Daniel J. Donoghue
	Name/Title


	Michael R. Murphy*
	Signature

	Michael R. Murphy
	Name/Title


	*By: /s/ Mark Buckley
	Mark Buckley Attorney-in-Fact for Daniel J. Donoghue Attorney-in-Fact for Michael R. Murphy

Exhibit Index

Exhibit 1		List of transactions by Reporting Persons in the Company’s Common Stock during the 60-day period preceding this filing.

Exhibit 2		Joint Filing Agreement dated as of December 4, 2008, by and among Discovery Equity Partners; Discovery Group; Daniel J. Donoghue; and Michael R. Murphy.

Exhibit 3		Power of Attorney of Daniel J. Donoghue, dated as of April 28, 2008.

Exhibit 4		Power of Attorney of Michael R. Murphy, dated as of April 28, 2008.

EX-1 2 a08-29653_2ex1.htm EX-1

EXHIBIT 1

TRANSACTIONS DURING PAST 60 DAYS

The Reporting Persons engaged in the following transactions in shares of Common Stock of the Company during the past 60 days. Such transactions involved the sale of shares on the Nasdaq National Market System.

Date	Type	Price		Shares
11/17/2008	Sale	$	0.15	4451
11/17/2008	Sale	0.16		20649
11/18/2008	Sale	0.10		8
11/18/2008	Sale	0.11		100
11/18/2008	Sale	0.12		42333
11/18/2008	Sale	0.1202		6000
11/18/2008	Sale	0.13		1300
11/18/2008	Sale	0.15		367
11/19/2008	Sale	0.10		36900
11/19/2008	Sale	0.1006		5000
11/19/2008	Sale	0.1008		3100
11/19/2008	Sale	0.101		5000
11/19/2008	Sale	0.11		2164
11/20/2008	Sale	0.07		49400
11/20/2008	Sale	0.08		1100
11/20/2008	Sale	0.09		5347
11/20/2008	Sale	0.095		5600
11/20/2008	Sale	0.0979		4200
11/20/2008	Sale	0.0980		13900
11/20/2008	Sale	0.10		27394
11/20/2008	Sale	0.101		250
11/21/2008*	Sale	0.0764		110000
11/24/2008	Sale	0.07		41800
11/24/2008	Sale	0.0703		8000
11/24/2008	Sale	0.0704		7900
11/24/2008	Sale	0.0705		8000
11/24/2008	Sale	0.0707		5900
11/24/2008	Sale	0.0723		200
11/24/2008	Sale	0.08		6020
11/24/2008	Sale	0.0801		200
11/24/2008	Sale	0.0802		2400

*Due to incomplete data available to the Reporting Persons, the Reporting Persons are reporting the average price of transactions effected on this date.

Date	Type	Price		Shares
11/24/2008	Sale	$	0.0885	5100
11/24/2008	Sale	0.09		1100
11/24/2008	Sale	0.0902		1000
11/24/2008	Sale	0.0952		2100
11/24/2008	Sale	0.097		1500
11/24/2008	Sale	0.0999		100
11/24/2008	Sale	0.10		4600
11/24/2008	Sale	0.1019		100
11/24/2008	Sale	0.105		100
11/25/2008	Sale	0.0801		100
11/25/2008	Sale	0.09		46100
11/25/2008	Sale	0.0949		900
11/25/2008	Sale	0.095		500
11/25/2008	Sale	0.10		4356
11/25/2008	Sale	0.1049		800
11/25/2008	Sale	0.105		2000
11/25/2008	Sale	0.1098		800
11/25/2008	Sale	0.1099		644
11/25/2008	Sale	0.12		3100
11/25/2008	Sale	0.1199		200
11/25/2008	Sale	0.12		114800
11/25/2008	Sale	0.125		1000
11/25/2008	Sale	0.1292		100
11/25/2008	Sale	0.1299		200
11/25/2008	Sale	0.13		3100
11/25/2008	Sale	0.1345		400
11/25/2008	Sale	0.1382		18300
11/25/2008	Sale	0.129		100
11/25/2008	Sale	0.14		200
11/25/2008	Sale	0.15		100
11/26/2008	Sale	0.11		16000
11/26/2008	Sale	0.1104		700
11/26/2008	Sale	0.1125		100
11/26/2008	Sale	0.113		200
11/26/2008	Sale	0.1152		100
11/26/2008	Sale	0.1185		2400
11/26/2008	Sale	0.1186		3800
11/26/2008	Sale	0.1199		300
11/26/2008	Sale	0.12		25200
11/26/2008	Sale	0.1203		2100

Date	Type	Price		Shares
11/26/2008	Sale	$	0.1204	200
11/26/2008	Sale	0.125		300
11/26/2008	Sale	0.129		300
11/26/2008	Sale	0.1298		100
11/26/2008	Sale	0.1299		100
11/26/2008	Sale	0.13		20300
11/26/2008	Sale	0.131		400
11/26/2008	Sale	0.1311		100
11/26/2008	Sale	0.1355		200
11/26/2008	Sale	0.14		100
11/28/2008*	Sale	0.1475		1000
12/1/2008	Sale	0.1301		1100
12/1/2008	Sale	0.132		4900
12/1/2008	Sale	0.135		100
12/1/2008	Sale	0.14		3
12/1/2008	Sale	0.15		100
12/2/2008	Sale	0.11		25956
12/2/2008	Sale	0.1102		4300
12/2/2008	Sale	0.11		5724
12/2/2008	Sale	0.1104		120
12/2/2008	Sale	0.12		801
12/2/2008	Sale	0.125		100
12/2/2008	Sale	0.1279		300
12/2/2008	Sale	0.13		8950
12/2/2008	Sale	0.135		400
12/2/2008	Sale	0.14		100
12/2/2008	Sale	0.147		1600
12/3/2008	Sale	0.105		400
12/3/2008	Sale	0.109		400
12/3/2008	Sale	0.11		25809
12/3/2008	Sale	0.1103		200
12/3/2008	Sale	0.115		500
12/3/2008	Sale	0.12		12601
12/3/2008	Sale	0.1298		2897
12/3/2008	Sale	0.13		400

*Due to incomplete data available to the Reporting Persons, the Reporting Persons are reporting the average price of transactions effected on this date.

EX-2 3 a08-29653_2ex2.htm EX-2

EXHIBIT 2

JOINT FILING AGREEMENT

The undersigned hereby agree to the joint filing of the Amendment No. 4 to Schedule 13D to which this Agreement is attached.

Dated: December 4, 2008

	DISCOVERY GROUP I, LLC
	for itself and as general partner of
	DISCOVERY EQUITY PARTNERS, L.P.

	By	Michael R. Murphy*
		Michael R. Murphy
		Managing Member


	Daniel J. Donoghue*
	Daniel J. Donoghue


	Michael R. Murphy*
	Michael R. Murphy


	*By:	/s/ Mark Buckley
		Mark Buckley
		Attorney-in-Fact for Daniel J. Donoghue
		Attorney-in-Fact for Michael R. Murphy

EX-3 4 a08-29653_2ex3.htm EX-3

EXHIBIT 3

POWER OF ATTORNEY

The undersigned, Daniel J. Donoghue, hereby appoints Mark Buckley his true and lawful attorney-in-fact and agent, with full power to execute and file with the United States Securities and Exchange Commission and any stock exchange or similar authority, for and on his behalf in any and all capacities, any and all reports required to be filed pursuant to Section 13 of the Securities Exchange Act of 1934 and the rules thereunder on Schedule 13D or 13G, any and all amendments to such reports, with all exhibits, and any other forms or documents as may be necessary in connection with the filing of such reports with the United States Securities and Exchange Commission and any stock exchange or similar authority, granting unto said attorney full power and authority to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete, as fully as the undersigned might or could do in person.

This Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact and agent.

IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be executed this 28th day of April, 2008.

	/s/ Daniel J. Donoghue
	Daniel J. Donoghue

STATE OF ILLINOIS	)
	) SS.
COUNTY OF COOK	)

I, Kareema M. Cruz, a Notary Public in and for the County of Cook, State of Illinois, DO HEREBY CERTIFY that Daniel J. Donoghue, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, for the uses and purposes therein set forth.

Given under my hand and notarial seal, this 28th day of April, 2008.

	/s/ Kareema M. Cruz
	Notary Public

EX-4 5 a08-29653_2ex4.htm EX-4

EXHIBIT 4

POWER OF ATTORNEY

The undersigned, Michael R. Murphy, hereby appoints Mark Buckley his true and lawful attorney-in-fact and agent, with full power to execute and file with the United States Securities and Exchange Commission and any stock exchange or similar authority, for and on his behalf in any and all capacities, any and all reports required to be filed pursuant to Section 13 of the Securities Exchange Act of 1934 and the rules thereunder on Schedule 13D or 13G, any and all amendments to such reports, with all exhibits, and any other forms or documents as may be necessary in connection with the filing of such reports with the United States Securities and Exchange Commission and any stock exchange or similar authority, granting unto said attorney full power and authority to do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete, as fully as the undersigned might or could do in person.

This Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact and agent.

IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be executed this 28th day of April, 2008.

	/s/ Michael R. Murphy
	Michael R. Murphy

STATE OF ILLINOIS	)
	) SS.
COUNTY OF COOK	)

I, Kareema M. Cruz, a Notary Public in and for the County of Cook, State of Illinois, DO HEREBY CERTIFY that Michael R. Murphy, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, for the uses and purposes therein set forth.

Given under my hand and notarial seal, this 28th day of April, 2008.

	/s/ Kareema M. Cruz
	Notary Public

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