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Westwood One is restructuring its $241 million debt, the financially troubled radio network announced Tuesday. As part of the move, The Gores Group will increase its equity stake in the company to 72.5 percent, thereby acquiring control of Westwood.
“The refinancing is an essential part of our turnaround plan,” said Rod Sherwood, president and chief financial officer of Westwood. Sherwood took over the top spot in late October. He is the former CFO, operations of Gores, a private equity firm based in Los Angeles.
Since
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