NEW YORK, April 29, 2011 /PRNewswire-FirstCall/ -- Westwood
One, Inc. (NASDAQ: WWON) announced today that it is focusing on
expanding its core Network Radio business and has sold its Metro
Traffic division to Clear Channel Acquisition LLC, an affiliate of
Clear Channel Communications, Inc.
"Going forward, Westwood One will focus strategically on
expanding the Company's leadership position as the premium content
provider of news, information, talk, music, and entertainment
programming in network radio," said Rod
Sherwood, President of Westwood One. "The network radio
marketplace is growing, and we are aggressively pursuing new
opportunities in programming and distribution. Selling the Metro
Traffic business, including Sigalert, allows us to focus on our
network radio strengths."
In keeping with this strategy, this year Westwood One has
launched The Daily Wrap (with the Wall Street Journal),
The Robert Wuhl Show (sports talk), Urbanski,
(conservative talk), Rocsi on the Radio and a new suite of
Rick Dees programming.
Last year Westwood One launched more new products than any other
network radio syndicator. Distribution expanded with new programs
like Dr. Oz, VH1 Classic Rock Nights, Perez Hilton's Fab 30 Countdown and a new
Sports Prep Service. Billy Bush,
Dennis Miller and BET's 106 and
Park continue to enjoy wide popularity, and anticipate further
growth this year. In sports, Westwood One signed new multi-year
agreements to continue as the exclusive network radio partner of
each of the NFL and the NCAA. In addition, the Company had record
distribution for the NFL Sunday afternoon and NCAA football
packages.
"Westwood One built its brand by delivering high quality
programming to our affiliates and advertising customers," said
Sherwood. "We will continue to invest in new programming, as well
as expand our digital business this year, to satisfy our customer's
needs in the marketplace."
This transaction strengthens the Company's balance sheet and
positions it for further organic growth and/or M&A activity.
Approximately $104 million of the
proceeds will be used to pay down 100% of the Company's outstanding
15.00% senior secured notes (notes held by the Company's
controlling shareholder, Gores Radio Holdings will remain
outstanding).
About Westwood One
Westwood One (NASDAQ: WWON) is one of the nation's largest
providers of network radio programming in the U.S., providing more
than 5,000 radio stations with over 150 news, sports, music, talk
and entertainment programs, features, live events and digital
content.
SOURCE Westwood One, Inc.
