There's a theory in the market that if the proposed XM-Sirius merger passes, the next thing on [Sirius CEO] Mel Karmazin's target list might be Westwood One. Why? 1. The stock is cheap. 2. He became the overseer there in 1993 and knows the company intimately. 3. He can license formats and talent back to the radio stations via the networks–talent like Howard Stern and Martha Stewart (even though he denies this is his plan with Stern). 4. WW1 can provide additional ad sales capability and, of course, Mel's favorite thing-cash flow. 5. Westwood One is having tough times right now, so Mel would likely be able to use paper, rather than cash, to buy the company. 6. The move would re-associate Mel with Norm Pattiz (WW1 Chairman). Mel originally beefed up the company after WW1 was known as "Westwood One and an eighth." Norm made a lot of money with Mel at the time, so here's another way for them to reunite in business.
Potential candidates with enough experience to run WW1 could really run the gamut, including everyone from Gary Schoenfeld, MediaAmerica President and former WW1 employee (he no longer has an equity interest in the company); to Kraig Kitchin, who is in the process of leaving Premiere Radio Networks. Remember, WW1 is an LA-based company, where Kraig resides. We also heard Mel had approached Kraig at one point to be DOS for Sirius.
Currently, WW1's main concern, however, is getting the new deal done with CBS Radio. Departing WW1 CEO Peter Kosann will likely stay on at least through that, and a good transition period thereafter. After that, the multiple other possible options for the company will be addressed.