This should surprise absolutely no one, since the company has been using the name Dial Global since the previous company of that name was merged with publicly traded Westwood One in October. Now the company is formally changing its name.
This isn’t a simple as you might think. The change from Westwood One Inc. to Dial Global Inc. had to be approved by a majority of shareholders. That was accomplished with written consents by Oaktree Capital’s Triton Media Group, which owns 60.2% of the voting shares, and The Gores Group, which owns 30.2%. The board of directors also gave its approval at a November 4th meeting.
Even though they weren’t asked to vote, Westwood One had to send a statement to all other shareholders advising them of the amendments to the company’s Delaware certificate of incorporation. In addition to the name change, the board and big shareholders approved a change to the requirement that the company’s CEO be seated on the board. Since the company now has co-CEOs only one of them has to receive a board seat. RBR-TVBR recently published details of the new board.
Under federal securities law the name change can’t take effect until 20 days after the statement was mailed to shareholders. Westwood One anticipates that it will officially become Dial Global on or about December 12th when the amendments are filed with the Delaware Secretary of State.