WESTWOOD ONE INC. SELLS WNEW-AM
WESTWOOD ONE INC. SELLS WNEW-AM LOS ANGELES, Aug. 14 /PRNewswire/ -- Today Westwood One Inc.
(NASDAQ: WONE), and its 50 percent partner, an investment group headed by New York communications investor Robert F.X. Sillerman, announced the signing of a definitive agreement to transfer certain assets and the FCC license of WNEW-AM to Bloomberg L.P. The sale of WNEW-AM is for approximately $13,500,000 in cash. Westwood One will receive approximately $9,300,000 from the proceeds of the sale, less certain expenses associated with this divestiture. The sale is subject only to approval by the Federal Communications Commission.
Norman J. Pattiz, chairman and chief executive officer of Westwood One Inc., said, "We expect to recognize a one-time $6-$7,000,000 write-off for this transaction in our third quarter; however, since the station has historically experienced losses and negative cash flow, its sale should have a positive effect on Westwood One cash flow, and is an important step toward improving financial leverage and, ultimately, profitability." Westwood One is the nation's largest producer and distributor of news, talk, sports and entertainment radio programming and the parent company of the Mutual Broadcasting System and the NBC Radio Networks. Westwood One also owns and operates FM radio stations in New York City and Los Angeles and is the owner of the radio and music industry trade publication Radio & Records. Robert F.X. Sillerman and his affiliates have numerous broadcast investments including investments in Group W Radio Inc., Capstar Communications Inc., Command Communications Inc. and Legacy Broadcasting Inc. -0- 8/14/92 /CONTACT: Bruce Kanter, executive VP and CEO, or Jeanne Smith, both of Westwood One, 310-840-4000/ (WONE) CO: Westwood One Inc.; Bloomberg L.P. ST: California IN: ENT SU: TNM
JB-KJ -- LA003 -- 9848 08/14/92 08:00 EDT
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|Date:||Aug 14, 1992|
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