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, unlessterminated earlier. Vesting Schedule: 20% immediately, 20% each year asfollows: 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 inaccordance with the Plan. Spanish Broadcasting System, Inc. By: /s/Joseph A. Garca Joseph A. Garca

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.

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.