Westwood One, Dial Global to Merge
Aug 1, 2011 10:55 AM
New York - Aug 1, 2011 - Dial Global, a division of Triton Media Group, and Westwood One have reached an agreement to merge in a stock-for-stock transaction. Like Westwood One, the new company entity will remain listed on NASDAQ. The transaction is expected to close in the fourth quarter 2011, subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Triton Media Group will focus exclusively on operating its remaining division, Triton Digital.
Triton Media Group is a portfolio company of funds managed by Oaktree Capital Management. Westwood One is a portfolio company of The Gores Group.
Dial Global has undergone tremendous growth in the past three years, including acquiring Waitt Radio Networks and Jones Radio Networks in 2008. This drove the need to develop a technical infrastructure to support the most advanced technology in network radio today. Simply put: Dial Global needed a bigger boat....
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