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Westwood Adds to Stock Repurchase Program

Westwood Adds to Stock Repurchase Program

Westwood One, Inc. has authorized an additional $250 million for its existing stock repurchase program. The authorization includes both open market purchases as well as private transactions. Under the program, the company has repurchased an aggregate of 33.5 million shares of its common stock and warrants at a cost of about $591.7 million. Approximately $120 million remains available for stock repurchases from previous authorizations.
Westwood President/CEO Joel Hollander said the move is a reflection of the flexibility created by the company’s free cash flow.