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EX-2.1 - EXHIBIT 2.1 - DIAL GLOBAL, INC. /DE/ | c16234exv2w1.htm |
EX-10.1 - EXHIBIT 10.1 - DIAL GLOBAL, INC. /DE/ | c16234exv10w1.htm |
8-K - FORM 8-K - DIAL GLOBAL, INC. /DE/ | c16234e8vk.htm |
Exhibit 99.1
WESTWOOD ONE TO FOCUS ON EXPANDING
NETWORK RADIO PROGRAMMING
NETWORK RADIO PROGRAMMING
New York, NY April 29, 2011 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 Companys 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 Hiltons Fab 30
Countdown and a new Sports Prep Service. Billy Bush, Dennis Miller and BETs 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 customers needs in the marketplace.
This transaction strengthens the Companys 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 Companys outstanding 15.00% senior secured notes (notes held by the Companys
controlling shareholder, Gores Radio Holdings will remain outstanding).
About Westwood One
Westwood One (NASDAQ: WWON) is one of the nations 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.
Press Contact
Chris Miller
Westwood One, Inc.
917-533-7224
Chris Miller
Westwood One, Inc.
917-533-7224