Westwood One shareholders approve amendments


Once the wording of the proxy was corrected, it was smooth sailing for the amendments to Westwood One’s corporate charter to increase the number of shares, then do a 1-for-200 reverse split. After the vote Monday the Gores Group quickly updated its holdings with the SEC to show that it now owns 75.1% of WW1 shares.

The shareholders meeting originally set for last month was adjourned without action. But RBR/TVBR reported that the problem simply dealt with the legal wording of a couple fo the items to be voted on, not any dispute by major shareholders.

The corrections were made and a new proxy sent out. The vote yesterday (8/3) was uneventful.

“Westwood One, Inc. (OTCBB: WWON) announced the results of its scheduled special meeting of stockholders held earlier today.  All measures were approved by a large margin, including an increase in the number of authorized shares of common stock and a 200:1 reverse stock split,” the company announced.