What’s going to happen to Westwood One? Will it complete its renegotiation with CBS Radio and then, as many on Wall Street believe, put itself up for sale? Hotchkis and Wiley Capital Management obviously thinks there will be a payoff for shareholders. It reports in an SEC filing that it now holds 9,352,100 shares of WW1 for its clients. That’s 10.7% of the publicly traded Class A shares. "Since its inception in Los Angeles in 1980, Hotchkis and Wiley has focused exclusively on finding and owning undervalued companies that have a significant potential for appreciation," the company says on its website.