WW1: We're Still Talking Over Formal Deal Extension With CBS Radio
August 31, 2007 at 12:45 PM (PT)
They aren't saying much, but WESTWOOD ONE is saying that it is "continuing to negotiate with CBS RADIO and work towards finalizing definitive documentation regarding the modification and extension through 2017 of its various agreements with CBS RADIO."
The parties signed a letter of intent in APRIL to continue their syndication deal,but have yet to reach a formal agreement, and a shareholder vote on the deal has been delayed until a more formal contract arrives. An extension deal with CBS RADIO is considered an important prerequisite to a sale of WESTWOOD ONE; the present deal expires in 2009.