With the merger of Westwood One and Dial-Global on October 21st, a new management team from Dial-Global took over, as previously reported, and most of the old WW1 board of directors exited. We now have details on the full board of the merged company.
One new director is a name well known to RBR-TVBR readers. Andy Salter from Oaktree Capital – Dial-Global’s financial backer – was a participant in our 2009 annual Financial Roundtable. He has been an outspoken proponent of broadcast investments as part of a multi-platform approach to media. Salter joined Oaktree in 2001 and is a Senior Vice President of the company.
As previously reported, Neal Schore, President of Triton Digital (an Oaktree company), is Chairman of the new board. Also joining the board is B. James Ford, a Managing Director of Oaktree.
Two new independent directors were appointed by the Oaktree side, which now holds majority control of Westwood One d/b/a Dial-Global.
Jules Haimovitz is President of Haimovitz Consulting, a private media consulting company. He also serves as Vice Chairman and Managing Partner of dick clark productions, so he certainly has a media background.
Pettier Murphy is the founder of Wentworth Capital Management, a venture capital firm with media as one of its areas of focus. He was previously a top exec with Caesars Entertainment.
Of course, new CEO Spencer Brown is now a member of the board of directors, coming from the Dial-Global side. The new CFO is Hiram Lazar, who is not a board member.
Three members of the old 11-member WW1 board have stayed on the new nine-member board – selected by The Gores Group, which had been the majority shareholder of the old WW1 and is now the 2nd largest shareholder of the merged company. Jonathan Gimbel and Mark Stone, who are employees of Gores, remain on the board.
Last but not least is the one independent director from the old board who has stayed on. Melvin Ming made news recently when he became CEO of Sesame Workshop.