http://www.bloomberg.com/apps/news?pid=20601087&sid=a3tlfF9PZli4&refer=worldwide
Oct. 13 (Bloomberg) -- Westwood One Inc.<http://www.bloomberg.com/apps/quote?ticker=WON%3AUS>, the largest producer and distributor of news, talk, traffic and sports programming to radio stations, is in talks with banks and bondholders about refinancing or extending the maturities of $85 million in debt due next year. ``We're talking first to banks about getting some room to move there, maybe some extension or a total refinancing,'' Chief Executive Officer Thomas Beusse said in an interview today. ``We'd like to remove the entire '09 overhang.'' Westwood One is talking with Bank of America Corp. and JPMorgan Chase & Co., Beusse said. Its 2009 debt payments include $35 million in bank loans expiring in February and $50 million in senior secured notes that mature in November, the company said. Advertising declines at the local and national levels have caused New York-based Westwood One's year-over-year revenue<http://www.bloomberg.com/apps/quote?ticker=WON%3AUS>to fall for 12 consecutive quarters. The New York Stock Exchange notified the company it faces delisting after shares dropped below $1 in August. The stock gained 3 cents, or 9.7 percent, to 34 cents at 4 p.m. ``The market has largely bet that we wouldn't be able to refinance, which is why our stock price has fallen, we think,'' Beusse said. Beusse, 44, said he and Chief Financial Officer Roderick Sherwood<http://search.bloomberg.com/search?q=Roderick+Sherwood&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>and Chief Operating Officer Steven Kalin<http://search.bloomberg.com/search?q=Steven+Kalin&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>bought 1.875 million shares in the week ended Oct. 3, after financial presentations to current and potential investors<http://www.bloomberg.com/apps/quote?ticker=WON%3AUS>. ``They said they'd like to see two things,'' Beusse said. ``One is remove the debt overhang, and two is, we'd like to see you guys put up some of your own money.'' Cost Savings Westwood One expects $20 million to $25 million in cost savings next year from restructuring its traffic reporting operations to help pay down debt, Beusse said. Westwood One has discussed its restructuring plans with the NYSE and the exchange ``likes the initiatives we've identified,'' Beusse said. A formal plan will be submitted next month, he said. National advertising sales have improved ``a couple of points year over year,'' Beusse said, without providing specific figures. The company will release quarterly results next month. Talk shows with business content have attracted advertisers during the current financial crisis, he said. Westwood One syndicates Wall Street Journal Radio and Market Watch, as well as news shows from CNN, CBS and NBC. Westwood One's other programming includes shows hosted by Bill O'Reilly<http://search.bloomberg.com/search?q=Bill+O%26%2339%3BReilly&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, Dennis Miller<http://search.bloomberg.com/search?q=Dennis+Miller&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>and Randy Jackson. -- Jason Carpio [EMAIL PROTECTED] Not sent from an iPhone --~--~---------~--~----~------------~-------~--~----~ Like TV only smarter. You received this message because you are subscribed to the Google Groups "TV or Not TV" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/tvornottv?hl=en -~----------~----~----~----~------~----~------~--~---
