Radio has been in a steady decline since the 1960s, with the industry gaining a monopoly on news and entertainment, but has since lost ground due to the rise of streaming music services and podcasts taking over the dominance of AM/FM talk radio. This shift has led to a number of Chapter 11 filings, including that of Spanish Broadcasting System (SBS), a major radio and TV brand. The company was running low on cash and had entered a forbearance agreement with its key debtholders as part of an ongoing discussion about its debt. SBS is a multimedia company serving over 60 million people in the $4 Trillion U.S. Hispanic market, serving top radio brands and mass appeal personalities in the largest US. metro areas.