Westwood One has inked an agreement with CBS Radio that will extend the two's programming and distribution contracts through March 2017. Under terms of the deal, the companies' management and
representation agreements will terminate, and Westwood will now manage its business separately from CBS Radio, with all CBS employees stepping down from its board.
But Westwood will
still get first crack at syndicating CBS programming while some non-competition and non-solicitation rights will continue through 2010 and 2012. The companies are dropping claims they have against
each other, and stations owned by CBS will broadcast Westwood One commercial inventory through 2017 in exchange for programming or cash compensation.
Westwood also will continue to
hold exclusive national radio syndication rights to CBS Radio News, while retiring an existing 3 million warrants held by CBS Radio.
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