WW1-CBS Deal Letter Extends, Changes Relationship
April 12, 2007 at 5:45 AM (PT)
WESTWOOD ONE inks a non-binding letter of intent with CBS RADIO to extend the companies' current programming and distribution agreements through MARCH 31, 2017, previously scheduled to expire on MARCH 31, 2009, but terminates the companies' management, representation, and registration rights agreements.
If the deal is completed as listed in the letter, WESTWOOD ONE will manage its business directly and separate from CBS RADIO, with its own officers. WESTWOOD ONE would continue to have right of first refusal to syndicate CBS shows.