The merger of Dial Global with Westwood One is complete, as of 10/21. It’s a stock for stock transaction that creates a powerhouse in network radio syndication and ad sales that will also give Oaktree Capital/Triton Radio Networks access to NASDAQ. Westwood One’s investor/debt holder The Gores Group also stays in. Effective 10/24, the company will be listed on NASDAQ under the symbol “DIAL”. The WWON symbol is put to rest. Funds managed by Oaktree Capital and The Gores Group, either directly or indirectly, now own some 44% and 31%, respectively, of the company’s outstanding common shares.
Dial-Global will control the combined entity. RBR-TVBR had calculated that the total equity in the deal was about $282 million, with $250 million in debt and a total enterprise value of $532 million.
The combined company keeps a major presence in play-by-play sports (NFL, NCAA and MRN: Motor Racing Network, among others), news (Associated Press, Wall Street Journal, CNBC and The Weather Channel in addition to serving as the official distributor of CBS News, among others), talk (Dennis Miller, Talk Radio Network and Charles Osgood, among others) and entertainment (CMT, Grammy’s and Country Music Awards, among others). The company also produces the Dial Global 24/7 turnkey music formats as well as prep services, jingles and imaging, and digital content. In addition, Dial Global serves as the largest sales representative for independent third party providers of audio content, including its partnership with Triton Digital.
“The combined platform provides a broader and more diverse range of programming and services to radio stations and advertisers than has ever been offered,” said Spencer Brown, David Landau and Ken Williams, managing partners of Dial Global. “Dial Global remains committed to maintaining the high level of service and accountability that our customers have come to expect.”
Neal Schore, Chairman of Dial Global’s new Board, commented, “Dial Global has always been focused on serving the ever-evolving needs of the radio industry, and this transaction will expand the programming and service offerings sought by both radio stations and advertisers. On behalf of the board, I want to thank Rod Sherwood and the entire Westwood One team, whose tremendous efforts have helped make this transaction possible.”
Dial Global’s executive team will be led by Brown, Landau and Williams. Dial Global will continue to be headquartered in New York City, with regional offices across the United States in Atlanta, Chicago, Dallas, Denver, Detroit, Los Angeles, Miami, Nashville, San Francisco, Seattle, and Washington, DC.
The new Board consists of nine directors, of whom three are classified as independent. The independent directors include Peter Murphy, Jules Haimovitz and Mel Ming.
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