Gores takes control of restructured Westwood One
EmptyWestwood One is restructuring its $241 million debt, the financially troubled radio network said Tuesday. As part of the move, the Gores Group will increase its equity stake in the company to 72.5%, acquiring control of Westwood.
"The refinancing is an essential part of our turnaround plan," said Westwood president and CFO Rod Sherwood, who took over the top spot in October.
Sherwood is a former CFO operations of Gores, a private-equity firm based in Los Angeles.
Since his arrival, Westwood has reorganized its executive management and sales organizations, and the company is consolidating its Metro Traffic division. Its new syndicated program to replace Bill O'Reilly, "The Fred Thompson Show," debuted Monday on 125 stations.
Westwood stopped trading on the New York Stock Exchange in November and now trades over the counter.
Katy Bachman is senior editor at Mediaweek.