As first reported by RBR-TVBR, The Gores Group bought over 1.1 million new shares of Westwood One on Monday (2/28) under an investment agreement signed last year. Now the big shareholder has updated its total holdings in an SEC filing.
After acquiring the 1,186,240 shares of Westwood One stock for $10,000,003.20 The Gores Group now owns 17,212,978 shares of the company’s common stock. It was already far and away the majority shareholder of Westwood One. Now it holds 76.5% of the company’s stock.
The SEC filing confirmed RBR-TVBR’s math that the stock price computed under terms of the 2010 Purchase Agreement was $8.43 per share. The first investment under the agreement, back in September 2010, was at $6.50 per share and involved just over $5 million. Westwood One’s stock closed Tuesday (3/1) at $6.68.