Westwood One, Inc. (WON) Closes Sale of Preferred Stock to Gores Radio Holdings, LLC
Westwood One, Inc. (WON) supplies radio and television stations with information services and programming. The company provides traffic reporting services and the nation’s largest radio network, producing and distributing national news, sports, talk, music and special event programs to its affiliate stations. The company’s main source of revenue is selling commercial airtime to advertisers through one of its two operating divisions: Metro/Shadow, which encompasses Metro Networks and Shadow Broadcast Services, and the Westwood One Network Division. Last month the company closed the sale of $75M of a newly created series of preferred stock, 7.05% Series A convertible preferred stock, to…