Westwood One Eyes Strategic Business Options

Westwood One is eyeing the 2009 expiration of its critical relationship with CBS Radio, which manages it, and looking at ways to “enhance shareholder value.”
The programming company said its board has established a Strategic Review Committee of independent directors.
“The committee’s principal task at this time is to seek to modify and extend the company’s various agreements with CBS Radio Inc. and its affiliates, including the company’s management agreement and programming and distribution arrangements with CBS Radio,” it stated. “The Committee and CBS Radio are currently engaged in discussions relating to these matters. There can be no assurance that this process will result in any modification or extension to these agreements.”