Culver City Network Buys NBC Radio for $50 Million, Stock
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WASHINGTON — California-based radio network Westwood One Inc. bought the NBC Radio network today for $50 million in cash and a special stock offer, Westwood One officials said.
The sale, which includes NBC Radio, The Source, Talknet and the long-form program production unit NBC Radio Entertainment, is expected to become final in a matter of weeks, Westwood One spokesman Jim Brown said.
Final approval hinges on each company’s reviewing the other’s operations, Brown said. The sale must also be approved by federal regulatory agencies.
Westwood One, which is located in Culver City, owns the Mutual Broadcasting System, the trade magazine Radio and Records and Westwood One Radio Networks, which produces and distributes 30 shows regularly heard on 3,800 radio stations nationwide.
Along with Mutual, Westwood does business with about 5,000 radio stations nationwide.
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