SBS Listed New CFO Position Post-Bankruptcy
The Miami-based broadcaster is hiring leadership as it prepares for post-Chapter 11 operations.
Updated on Sept. 29, 2026 in Corporate Finance
Live Poll
Does high foreign ownership in U.S. media companies impact your trust in their reporting?
SBS has posted a public job listing for a new Chief Financial Officer as the company reorganizes following its May 2026 Chapter 11 bankruptcy filing. This search follows the resignation of former CFO José Molina earlier this year.
Why it matters
The company is transitioning toward a new ownership structure where foreign investors are expected to hold a majority stake, pending necessary regulatory approvals. Following the U.S. Bankruptcy Court approval of their reorganization plan in June, this hire marks a key step in their post-bankruptcy strategy.
Foreign equity in the broadcaster is set to jump to 64.13% from the current 12.9%, significantly exceeding the 25% foreign ownership benchmark. It remains unclear when the FCC will finalize its review of the pending license transfers.
The players
SBS
A Miami-based broadcaster currently moving through post-bankruptcy reorganization.
Frank Soricelli
The company's interim CFO who has spent 32 years at the organization.
José Molina
The former CFO who served in the role until his resignation in February 2024.
Richard Lara
The Chief Operating Officer to whom the CFO position directly reports.
The details
Frank Soricelli, who has a 32-year tenure with the company, currently serves as interim CFO and reports to COO Richard Lara. The new CFO will also report to the board as SBS implements the restructuring plan approved by the U.S. Bankruptcy Court in the District of Delaware. The company is actively working to resolve regulatory requirements while adjusting its internal leadership hierarchy.
Timeline
February 2024: José Molina stepped down as CFO.
April 2024: Frank Soricelli was named interim CFO.
May 2026: SBS filed a Chapter 11 bankruptcy petition.
June 2026: The U.S. Bankruptcy Court approved the reorganization plan.
Beyond the 305
The transition follows the FCC foreign ownership threshold, which generally limits foreign control of broadcast licenses to 25%. SBS's plan to surpass this limit requires specific federal approval as part of the company's emergence from Chapter 11.
Residents and stakeholders should monitor the FCC license transfer process, as the outcome will dictate the company's long-term operational viability in Miami. Leadership changes at this scale often signal shifts in local programming and business strategy.
The takeaway
SBS is solidifying its executive team to stabilize operations following its bankruptcy restructuring. Keep an eye on the FCC pleading cycle, as federal approval is the final hurdle for the company's new ownership structure to take effect.
Further reading
You can find more analysis on local business shifts in our Corporate Finance section.
Source note: This article includes information reported by Radio Ink.
Live Poll
Does high foreign ownership in U.S. media companies impact your trust in their reporting?
