Westwood One announced after the stock markets closed Monday that it had closed its transactions with CBS Radio to end CBS management of WW1, but continue WW1’s rights to distribute CBS Radio programming and have access to ad inventory on CBS Radio stations through March 2017 (10/3/07 RBR #193). Simultaneously, WW1 announced closing on the first 12.5 million bucks investment by The Gores Group LLC and issued 7,142,857 shares of WW1 stock to Gores Radio Holdings LLC. Gores will eventually invest up to 100 million.
