David Tomasello-led Attiva Capital tells the SEC it "is currently in discussion with other shareholders of SBS...on the idea that the company should separate (spin off) the Mega TV and Mega Films franchises by selling its majority stake to a bigger media company that has the financial resources, the content and distribution network required to make Mega TV and Films a successful franchise in the Hispanic market in the U.S. and Latin America." Tomasello himself is based in Venezuela. Attiva suggests a deal with "Time Warner and/or other media conglomerates." Florida-based Spanish Broadcasting System could "then use the proceeds to pay down debt, strengthen its balance sheet, and eventually return some capital to its shareholders in the not-so-distant fugure." Attiva believes SBS could keep a "strategic minority interest" in Mega TV and Films, as it focuses on its "core assets" of radio, interactive music sites, and entertainment and events division.

Attiva also has a message for Chairman/CEO Raul Alarcon: give up one of those two jobs, so SBS is not "a 'Raul Alarcon Company', as it has advertised on some radio stations." Attiva approves of the fact that SBS has retained Lazard Freres as an advisor, and suggests expanding the board by adding a director who would represent the Class A shareholders like Attiva. Alarcon controls SBS through his own super-voting Class B shares. The company recently completed a 1-for-10 reverse stock split, to maintain compliance with stock-market listing rules. Its "SBSA" stock gained 11 cents to today $3.19.