Westwood One Sells More Equity To Gores
March 19, 2008 at 2:35 PM (PT)
WESTWOOD ONE has closed on the sale and issuance of an additional 7,142,857 shares of WESTWOOD common stock to GORES RADIO HOLDINGS, LLC, at a price of $1.75 per share for an aggregate purchase amount of $12.5 million.
The sale is the second part of an equity investment by GORES announced by WESTWOOD on FEBRUARY 25th, 2008. GORES now owns 14,285,714 shares of WESTWOOD common stock. A detailed description of the GORES equity investment was described in, and copies of the agreements were filed with the SEC as exhibits to, the Company’s Current Reports on Forms 8-K on FEBRUARY 27th, 2008 and MARCH 6th, 2008.