Westwood One Names Chessare SVP/Sales
June 19, 2008 at 2:01 PM (PT)
WESTWOOD ONE has appointed STEPHEN CHESSARE to SVP/Sales, effective JUNE 30th. CHESSARE will work closely with CRO ANDREW HERSAM in managing advertising and sponsorship sales across all WESTWOOD ONE divisions on both the local and national levels.
Previously, CHESSARE was GM of CLEAR CHANNEL AC WLTW (LITE FM)/NEW YORK and before that, was VP/GM for CBS Radio Sales. "We're extremely pleased to have STEVE join the advertising and marketing team at WESTWOOD ONE," HERSAM said. "We've followed STEVE’s successful career since he helped WLTW become the #1 billing station in NEW YORK CITY for eight consecutive years and the #1 billing radio station in the world five of the last seven years. STEVE brings a wealth of experience that fits perfectly with WESTWOOD ONE’s leadership position in radio content and which will complement and add firepower to our team as we pursue an aggressive expansion across new and evolving media platforms."
"After 25 years in the radio business, I'm a firm believer in the power of the medium as a means to innovative, measurable solutions for advertisers," CHESSARE said. "That said, I'm thrilled to be joining WESTWOOD ONE as it embraces what I believe to be the future of our business: Delivering great content over multiple platforms to engage consumers. When well executed, there is no better solution for marketers."
Closing Stock Sale, Increasing The Board
Also, WESTWOOD ONE has closed of the sale of $75 million of a newly created series of preferred stock. The Convertible Preferred Stock has an initial conversion price of $3 per share, which represents a 140% premium to the closing price of $1.25 for the Company’s stock price as of JUNE 18th. In connection with such sale, GORES gets four-year warrants to purchase up to 10 million shares of WESTWOOD common stock, exercisable at $5/share, $6/share and $7/share, respectively. A detailed description of the GORES equity investment and copies of the agreements were filed with the SEC as exhibits to the WW1’s definitive proxy statement on MAY 14th, 2008.
A detailed description of the GORES equity investment and copies of the agreements were filed with the SEC as exhibits to the WW1’s definitive proxy statement on MAY 14th, 2008.
As part of the closing, the Company increased the size of its Board of Directors to 11. Three GORES’ designees were elected to the Board: GORES Sr. MANAGING Dirs. SCOTT HONOUR and MARK STONE, and Managing Dir. IAN WEINGARTEN. GORES also nominated Creative Artists Agency Sr. Agent EMANUEL NUNEZ as an independent director to the Board.