Dial Global announced today the successful completion of its merger with Westwood One, Inc. in a stock for stock transaction following receipt of all necessary regulatory and shareholder approvals. The merger gives Dial Global "a diverse radio programming, services and advertising sales company providing more than 200 radio programs and services to over 7,000 stations." Effective Monday, October 24, the company will be listed on the NASDAQ under the symbol "DIAL."
"The combined platform provides a broader and more diverse range of programming and services to radio stations and advertisers than has ever been offered," said Spencer Brown, David Landau and Ken Williams, managing partners of Dial Global. "Dial Global remains committed to maintaining the high level of service and accountability that our customers have come to expect."
Neal Schore, Chairman of Dial Global's newly-constituted Board of Directors, commented, "Dial Global has always been focused on serving the ever-evolving needs of the radio industry, and this transaction will expand the programming and service offerings sought by both radio stations and advertisers. On behalf of the board, I want to thank RodSherwood and the entire Westwood One team, whose tremendous efforts have helped make this transaction possible."
Dial Global also announces that executive team will be led by Spencer Brown, David Landau and Ken Williams. The new Board of Directors will consist of nine directors, of whom three are classified as independent. The board will be led by Neal Schore as Chairman. The independent directors include Peter Murphy, Jules Haimovitz and Mel Ming, each of whom has enjoyed a distinguished career in the media and entertainment industry.
After giving effect to the transaction, funds managed by Oaktree Capital Management, L.P. and The Gores Group, LLC, either directly or indirectly, own approximately 44 percent and 31 percent, respectively, of the company's outstanding common shares.