Westwood One to Stop Trading on NYSE

Westwood One will stop trading on the New York Stock Exchange beginning Monday, Nov. 24.
The troubled radio network was notified by the NYSE Tuesday (Nov. 28) that it would be suspended from trading because the company was unable to maintain a minimum $25 million market capitalization level.

Westwood is considering its options, including appealing the decision of the NYSE. It is also assessing a possible listing on the AMEX or NASDAQ, which would require Westwood to execute a reverse stock split and shareholder approval.

Recently reorganized under new executive management, Westwood is struggling to regain its financial footing and is currently in discussions with lenders and bondholders to restructure its debt. “The Company believes it will likely be successful in these negotiations,” Westwood said in a statement.