Dial Global has changed its executive management structure to a more traditional, single CEO structure. Co-CEO Spencer Brown has been named the company’s sole CEO, while Co-CEO Ken Williams becomes Dial Global’s President, reporting to Brown. David Landau, previously a co-CEO along with Brown and Williams, has resigned.
Says Brown: “Along with me and Ken, David has led Dial Global since its formation in 2002, and he has been a cornerstone of the company’s growth and success. I am personally grateful for his significant contributions over the years, and I know that the entire organization feels the same. While David will certainly be missed, I am excited to lead the company forward and am convinced that Dial Global’s best days lie ahead.”
Added Landau: “Working with Spencer, Ken and many of the other talented executives at Dial Global over the last 10 years has been one of the most gratifying experiences of my life, both personally and professionally. I have tremendous respect for Spencer and believe that he has the necessary qualifications and passion to lead the company through its next stage of growth. I remain a meaningful shareholder of Dial Global and its most ardent supporter.”
RBR-TVBR observation: DG is looking to streamline and save costs. DG’s most recent 8-K mentioned its lenders have again agreed to extend the initial waiver period and to temporarily waive the specified defaults on its loans. The waiver Termination Date is 2/28, so money it tight to meet those covenants. DG took on a lot of partnerships (including, of course, merging with Westwood One, partnering with NBC Sports, etc.) and projects and went public at a time when talk and hourly news radio took a big hit with the Rush Limbaugh/Sandra Fluke nightmare. So DG decided to take the company private to secure itself with creditors and investors. This is the ongoing process. Who knows how the pending lawsuit with Talk Radio Network is shaping things, as well.