Oaktree Capital’s Dial-Global Completes Takeover of Syndication Giant Westwood One
Oaktree Capital, the parent company of Townsquare Media – owners of NewsTalk 1280 WGBF, have closed on their Dial-Global takeover of major syndicator Westwood One. Talkers Magazine has more:
Friday, Dial Global announced it has completed its merger with Westwood One in a stock-for-stock transaction that sees the WON ticker symbol go away and, beginning today (10/24), the company is listed on the NASDAQ as DIAL. Dial Global is being led by the management team of Spencer Brown, David Landau and Ken Williams. The newly formed company includes all of the sports programming Westwood One has been known for over the years as well as the original talk content plus the entertainment programming and 24/7 music formats. It also includes the Dial Global sales rep department and continues to partner with the now separate company Triton Digital. Neal Schore serves as chairman of the newly constituted board of directors and states, “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 Rod Sherwood and the entire Westwood One team, whose tremendous efforts have helped make this transaction possible.” Dial Global’s majority ownership is Oaktree Capital Management, L.P. and The Gores Group, LLC which own 44% and 31% of the common shares, respectively.