Westwood One Seeks Cash, Begins Hiring
24 June 2009
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As reported in Inside Radio, Westwood One is looking for cash in the public markets to repay debt, and as it also announced in an SEC filing, to make acquisitions. With shareholders set to approve a restructuring deal at a meeting on Friday, there are some details yet to be revealed, including the number of shares to be sold and how much will come out of the 75% stake now owned by the private equity firm The Gores Group. The radio syndication company did announce that it will begin hiring to expand its sales force.
Seeking cash in public markets? You mean from the tax payers? Why don’t you be wise and cut the fat from your company. Unless the government screws us again, we are not going to bail Westwood one out!
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