Exhibit 10.1

March 15, 2005

Jason Shrinsky
7792 Trieste Place
Delray Beach, FL 33446

Dear Jason Shrinsky:

Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc. 1999 Stock Option Plan for NonEmployee Directors (the “Plan”), you have been granted a Nonqualified Stock Option to purchase 50,000 shares (the “Option”) of Class A common stock as outlined below.

Granted To:	Jason Shrinsky
Grant Date:	March 7, 2005
Options Granted:	50,000
Option Price per Share:	$10.79	Total Cost to Exercise:	$539,500.00
Expiration Date:	March 7, 2015, unless terminated earlier.
Vesting Schedule:	20% immediately, 20% each year as follows:
	10,000 on 03/07/2005
	10,000 on 03/07/2006
	10,000 on 03/07/2007
	10,000 on 03/07/2008
	10,000 on 03/07/2009
Transferability:	Not transferable except in accordance with the Plan.

Spanish Broadcasting System, Inc.
By:	/s/ Joseph A. García
	Joseph A. García

By my signature below, I hereby acknowledge receipt of this Option granted on the date shown above, which has been issued to me under the terms and conditions of the Plan. I further acknowledge receipt of a copy of the Plan and agree to conform to all of the terms and conditions of the Option and the Plan.

Signature:	/s/ Jason Shrinsky	Date:	3/17/05
	Jason Shrinsky

SBS TOWER 2601 SOUTH BAYSHORE DRIVE, PENTHOUSE II COCONUT GROVE, FLORIDA 33133 TEL (305) 441-6901 FAX (305) 446-5148