WESTWOOD ONE, INC. TO SELL WYNY-FM TO BROADCASTING PARTNERS, INC.
LOS ANGELES, Jan. 25 /PRNewswire/ -- Westwood One, Inc. (NASDAQ: WONE) announced it has signed a definitive agreement with Broadcasting Partners, Inc. to sell its New York radio station, WYNY-FM, for $50 million in cash. The sale is subject to regulatory approval and certain other conditions. Westwood One purchased WYNY-FM in September 1988, for $39 million in cash and certain other consideration. Norman J. Pattiz, chairman and chief executive officer, commented: "The sale of WYNY to Broadcasting Partners allows us to do two very important things: continue the process of reducing the financial leverage of Westwood One while, at the same time, placing WYNY in the hands of operators who want to continue to build and improve the nation's most listened-to country radio station. WYNY will continue to be a Westwood One network affiliate and the flagship station for the company's 'Country Countdown USA' weekly radio program." Pattiz further commented: "Two years ago Westwood One embarked on an aggressive program to lower costs, improve cash flow, and strengthen its capital structure through debt restructuring and the sale of certain non-core assets. The sale of WYNY is a significant step forward in that plan. Our company remains committed to achieving these goals." Barry A. Mayo, president of Broadcasting Partners, Inc., said: "We are extremely excited at the prospect of operating a radio station with the position and prospects of WYNY-FM. We fully intend to keep it in the country format and help it grow." Westwood One is the nation's largest producer and distributor of News, Talk, Sports, and Entertainment radio programming and the second largest radio network, principally through its Mutual Broadcasting System and the NBC Radio Network. Westwood One also owns and operates radio stations in New York City (sale announced) and Los Angeles, and is the owner of the radio and music industries' leading business publication Radio & Records. -0- 1/25/93 /CONTACT: Bruce Kanter, executive vice president and chief financial officer, or Laurie Peters, public relations director, of Westwood One, Inc., 310-840-4000/ (WONE)
CO: Westwood One, Inc.; Broadcasting Partners, Inc. ST: California, New York IN: ENT SU: TNM
BN-CF -- LA018 -- 8267 01/25/93 08:49 EST
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|Date:||Jan 25, 1993|
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