Westwood One Reorganizes Executive Management Team
October 20 2008 - 7:00AM
PR Newswire (US)
- Rod Sherwood, appointed President of Westwood One - - Gary
Schonfeld named President, Network Division - - Steven Kalin
promoted to President, Metro Networks Traffic Division - NEW YORK,
Oct. 20 /PRNewswire-FirstCall/ -- Westwood One, Inc. (NYSE:WON)
announced the reorganization of its executive management team
effective today. The changes were initiated by the Board to create
direct leadership for each of the two core business units -- the
radio Network Division and the Metro Networks Traffic Division --
and a renewed focus on the Company's radio business. In the
management reorganization, Westwood One named Rod Sherwood as
President of Westwood One. Mr. Sherwood joined the Company in
September 2008 as its Chief Financial Officer, and will also
continue in that position. The Company also appointed Gary
Schonfeld President, Network Division and named Steve Kalin
President, Metro Networks Traffic Division. Mr. Sherwood will
oversee all operations of the Company along with Gary Schonfeld and
Steven Kalin and (i) drive the implementation of the Company's
detailed business plan, including its revenue improvement
initiatives and cost re-engineering program; and (ii) lead
financing discussions to optimize the capital structure. Mark
Stone, Vice Chairman of Westwood One and Senior Managing Director
& President, Operations of The Gores Group, stated, "These
management changes were made to create clear lines of authority and
responsibility to drive performance in each of the Network Division
and Metro Traffic. These two businesses are the largest players in
the industry and require direct oversight- The Network Division is
the largest independent provider of radio programming and Metro
Traffic is the largest provider of traffic information in the U.S."
Mr. Stone continued, "We are enthusiastic about the same investment
thesis that supported our initial $100 million investment in the
Company and are pleased to have supported the company financially,
strategically and operationally." Mr. Sherwood has a 30 year career
that demonstrates success across industry sectors. Prior to joining
Westwood One, Mr. Sherwood served as Chief Financial Officer,
Operations of The Gores Group, LLC, a private equity firm based in
Los Angeles. At The Gores Group, he was responsible for leading the
financial oversight of all Gores portfolio companies. Mr. Sherwood
has substantial operational and financial experience which includes
positions at Gateway (CFO), Opsware (CFO and head of internal
operations), Chrysler Corporation and Hughes Electronics
Corporation, where he was President and General Manager of Spaceway
(broadband services) and EVP of DIRECTV International. Mr.
Schonfeld is a radio industry veteran. He co-founded radio network
MediaAmerica in 1987 and served as its President until its
acquisition by Jones Media Group in July 1998, whereupon he became
the President of Jones MediaAmerica. Schonfeld served in that
position until the acquisition of Jones Media Group by Triton Radio
Network in June 2008. Prior to founding MediaAmerica, Mr. Schonfeld
served as Vice-President Eastern Sales Region for Westwood One. Mr.
Kalin joined Westwood One in July 2008 as Chief Operating Officer.
He will directly oversee the operations of the Metro Networks
Traffic Division, including the implementation of the recently
announced re-engineering plan. Mr. Kalin has 20 years of media
experience encompassing both traditional and digital platforms and
strategic, business development and operational roles. The new
management team will capitalize on the experience and expertise of
the Westwood One sales team to build upon the Company's
long-standing relationships with advertising agencies and clients
throughout the country. Westwood One also will continue to develop
and grow its relationships with its affiliated radio and television
stations and programming partners. Westwood One Chairman Norm
Pattiz added, "The Board is extremely pleased with this dedicated
team of radio industry veterans and experienced executives and our
new organizational structure. We are excited that we will be able
to leverage Rod Sherwood and Steve Kalin's talents in their new
roles and that Gary Schonfeld has joined the team. Gary has
extensive experience in and historical knowledge of the network
radio business. This team will enhance Westwood's industry-leading
position and continue to make real changes at the Company." As part
of the changes to the executive team, the Company announced that
Tom Beusse, Westwood One's current President and Chief Executive
Officer, has resigned his position to pursue other opportunities.
Mr. Pattiz said, "We thank Tom for his vision and guidance in what
has been an important transition for Westwood into an
independently-managed content company. Mr. Beusse made significant
contributions to the business and we wish him well in his future
endeavors." About Westwood One Westwood One (NYSE:WON) is the
largest independent provider of network radio programming and the
largest provider of traffic information in the U.S. Westwood One
serves more than 5,000 radio and TV stations in the U.S. The
Company provides over 150 news, sports, music, talk and
entertainment programs, features and live events to numerous media
partners. Through its Metro Networks division, Westwood provides
traffic reporting and local news, sports and weather to over 2,200
radio and TV stations. The Company also provides digital and other
cross platform delivery of its network and Metro content. For more
information please visit http://www.westwoodone.com/. Certain
statements in this release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The words or phrases "guidance," "expect,"
"anticipate," "estimates" and "forecast" and similar words or
expressions are intended to identify such forward-looking
statements. In addition any statements that refer to expectations
or other characterizations of future events or circumstances are
forward-looking statements. Various risks that could cause future
results to differ from those expressed by the forward-looking
statements included in this release include, but are not limited
to: continued declines in revenue; our ability to raise additional
capital or refinance our senior credit agreement; our ability to
execute our growth strategy; trends in audience and inventory
delivered by our affiliated radio stations, and competition in the
media industry; changes in economic conditions in the U.S. and in
other countries in which the Company currently does business (both
generally and relative to the broadcasting and media industry);
advertiser spending patterns; changes in the level of competition
for advertising dollars; and fluctuations in programming costs.
Other key risks are described in the Company's reports filed with
the SEC, including the Company's annual report on Form 10-K/A for
the year ending December 31, 2007. Except as otherwise stated in
this news announcement, Westwood One, Inc. does not undertake any
obligation to publicly update or revise any forward-looking
statements because of new information, future events or otherwise.
DATASOURCE: Westwood One, Inc. CONTACT: CONTACT: Investors: Rod
Sherwood, +1-212-373-5311; or Media: Chenoa Taitt +1-212-223-0682,
both of Westwood One, Inc. Web Site: http://www.westwoodone.com/
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