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| Westwood One Must Act to Prevent NYSE Delisting |
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9.19.2008
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Westwood One is in danger of being delisted by the New York Stock Exchange.
The company said this week it had been told on Sept. 12 that it had fallen below the continued listing standard. NYSE requires that its common stock have a minimum average closing price of $1 during a consecutive 30-day trading period.
The company was given 10 business days to notify the NYSE that it intends to "cure this deficiency" and then six months to cure it or risk delisting. It said it planned to do so.
The company this week also said it has hired Rod Sherwood as CFO to replace Gary Yusko; he comes from The Gores Group LLC. Its affiliate Gores Radio Holdings is a big shareholder in Westwood One.
Westwood One has also announced plans to restructure the traffic operations of subsidiary Metro Networks.
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