April 23, 2018 9:24 PM ET

Media

Company Overview of Westwood One, Inc.

Company Overview

Westwood One, Inc. operates as a multi-platform provider of sports, music, news, spoken word, and digital audio content. The company’s portfolio features various brands, such as NFL, the GRAMMYs, NASH, Rdio, and more. It connects audio companies, advertisers, and audience through stations in the U.S. media markets, as well as broadcast radio affiliates and various digital channels. The company also provides advertising options through huge pop culture events, talent endorsements, local activations, first-to-market opportunities, mobile and geo-targeted programs, native brand experiences, media campaigns, custom content and stunts, and consumer insights. In addition, it delivers branded and i...

220 West 42nd Street

Candler Tower

New York, NY 10036

United States

425 Employees

Phone:

212-967-2888

Key Executives for Westwood One, Inc.

President
Age: 58
Chief Operating Officer
Age: 44
President of Programming
Age: 64
Vice President of Sports Sales & Marketing for East Coast
Senior Vice President of Sports Sales & Marketing
Compensation as of Fiscal Year 2017.

Westwood One, Inc. Key Developments

First Amended Reorganization Plan and Disclosure Statement Filed by Cumulus Media Inc.

Cumulus Media, Inc. filed a joint first amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on January 18, 2018. Under the plan, Credit Agreement claims of $1.73 billion will have an estimated recovery in the range of 87.3% to 97.8%. Senior Notes claims of $637.31 million and general unsecured claims of $44.5 million will have an estimated recovery in the range of 6.7% to 13.7% and will be paid a pro-rata share of the Unsecured Creditor Equity Distribution. There is no change in treatment of various other claimant classes. Debtor filed its revised first amended plan of reorganization and disclosure statement on January 31, 2018. there were no changes in the treatment of classes of claims. Debtor filed its modified first amended plan of reorganization and disclosure statement on February 2, 2018. there were no changes in the treatment of classes of claims.

Reorganization Plan and Disclosure Statement Filed by Cumulus Media Inc.

Cumulus Media, Inc. filed a joint plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 9, 2017. Under the plan, the administrative claims, professional fee claims, US Trustee fees and priority tax claims will be paid in full in cash. The priority non-tax claims and other secured claims will be paid in full in cash. Secured claims of credit agreement of $1.73 billion will receive its pro rata share and interest in $1.3 billion in principal amount of first lien term loans and 83.5% of the issued and outstanding amount of the New Securities i.e. New Common Stock and the Special Warrants. Senior Notes claims of $637.31 million and allowed general unsecured claims will receive the pro rata share and interest in 16.5% of the issued and outstanding amount of the New Securities i.e. New Common Stock and the Special Warrants. The allowed Convenience claims will be paid $2 million in cash in full satisfaction of the claim. Intercompany claims will be reinstated or cancelled at the option of the reorganized debtor. Subordinated claims shall receive no distributions and shall be discharged. Intercompany interests shall be, at the option of the Debtors or the Reorganized Debtors, either reinstated or cancelled. All warrants and common stock of Cumulus Media Inc. will be cancelled and discharged, and Holders of such Interests will not receive any distribution. The plan will be funded from cash on hand, issuance of New Securities i.e. new Common Stock and Warrants, and Issuance of First Lien Exit Facility and New Revolving Credit Facility, and ongoing business operations.

Cumulus Media and Westwood One Sign Agreement with Nielsen

Nielsen announced that Cumulus Media has signed a multi-year extension for radio ratings services for all Portable People Meter (PPM) and radio diary measured markets. Westwood One is also included in this agreement. This multi-year agreement provides Nielsen's radio and network radio ratings services for Cumulus and Westwood One's 446 radio stations across 90 local markets.

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