Westwood One was an American radio network that was based in New York City . At one time, it was managed by CBS Radio , and was later purchased by the private equity firm, The Gores Group . Due to purchases, mergers and other forms of consolidation in the 1980s and 1990s, at one time or another, it had ownership stakes in or syndication rights to some of the most famous brands in network radio, including CBS , NBC , Mutual , CNN , Fox, and Unistar. The company was one of the largest producers and distributors of radio programming in the United States. It broadcast entertainment, news, weather, sports, talk, and traffic programming to about 7,700 radio stations across the United States . The company was the top provider of local traffic reports in the U.S. through its subsidiaries, Metro Networks, Shadow Broadcast Services , SmartRoute Systems, and Sigalert.com. Westwood One also offers weather services; originally using Accuweather , Westwood switched to The Weather Channel in 2009.
50-543: Oaktree Capital Management , through its Triton Media Group division, merged with Westwood One in October 2011. Triton then folded Westwood One into its Dial Global subsidiary. The Westwood One name was initially retained for most sports programming. However, starting with the 2011–12 NFL playoffs , Westwood One's sports programming was branded as "Westwood One on the Dial Global Radio Network." After
100-399: A Los Angeles TV station. He was listening to a local radio station doing a Motown weekend and decided to syndicate The Sound of Motown to radio. The show was a success. He added several more shows during the 1970s, including Dr. Demento and Mary Turner's Off The Record . In 1981 Pattiz started recording live concerts for broadcast with a Chuck Berry performance that January. The company
150-715: A hub for listeners to find their favorite radio personalities. In 1985, Westwood One purchased the Mutual Broadcasting System , one of the "Big Four" of the 1940s in American radio, continuing to operate it as a separate network into the 1990s. Thereafter, Mutual became a brand name for certain programming provided by Westwood One. CBS-run Westwood One retired Mutual in April, 1999 dropping it in favor of CNN Radio , to which Westwood One had syndication rights following its 1994 merger with Unistar. Two years after
200-616: A large following, and his success proved to radio programmers that there was an audience for both late-night talk programming and national talk radio programming. NBC and ABC were quick to follow Mutual into the late-night talk radio market. ABC launched a nightly block of programming called TalkRadio and NBC launched Talknet. At the time when Talknet was introduced, the Fairness Doctrine was still in place, requiring radio and television stations, among other things, to give equal time to both sides of controversial issues presented on
250-551: A number of helicopter aviation companies that were already providing reports to Westwood One and Metro Networks' affiliates. The result was the formation of the Global Traffic Network , which began taking deliveries of Robinson R44 news helicopters in 2005. The companies signed a three-way content and data sharing agreement in November 2005. Oaktree Capital Management Oaktree Capital Management, Inc.
300-692: A separate programming service. Westwood One continued the "Talknet" programming through the mid-1990s, but eventually dropped the "Talknet" name as well as the 10 p.m.-1 a.m. personal advice programming. The time slot was later held by Jim Bohannon , who succeeded Larry King on the Mutual Broadcasting System (Westwood One acquired Mutual in 1985 and retired the Mutual name in 1999), until Bohannon’s death in 2022. Bruce Williams remained with Westwood One hosting his own individual program from 7-10 p.m. for some years more, but eventually moved to
350-579: A significant ownership stake in Westwood, which then purchased Metro Networks in 1999 in a three-way merger including Copter Acquisition Corp. and Westwood. On August 30, 2010, Pattiz was succeeded as chairman by Mark Stone, senior managing director of the Gores Group, which by then was the majority owner and controlled Westwood. A Westwood press release said Pattiz signed a new contract as a company consultant. Pattiz has now started "PodcastOne," providing
400-678: Is an American global asset management firm specializing in alternative investment strategies. As of September 30, 2024, the company managed $ 205 billion for its clientele. The firm was co-founded in 1995 by a group that had formerly worked together at the TCW Group starting in the 1980s. On April 12, 2012, Oaktree Capital Group, LLC became listed on the NYSE under the ticker symbol OAK. On March 13, 2019, Canada's Brookfield Asset Management announced that it had agreed to buy 62% of Oaktree Capital Management for approximately $ 4.7 billion. The firm
450-476: Is based in Los Angeles, and has more than 1,200 employees in offices in 23 cities worldwide (Los Angeles; New York City ; London ; Hong Kong ; Stamford, Connecticut , Tokyo , Luxembourg , Paris , Frankfurt , Singapore , Seoul , Beijing ; Amsterdam ; Dubai ; Houston , Dallas , Dublin , Shanghai , Sydney , Mumbai , Madrid , Stockholm , Zurich ). The company's co-chairman, Howard Marks ,
500-532: Is known in the investment community for his letters to investors. Since its formation in 1995, Oaktree has become the largest distressed-debt investor in the world. As reported in The Washington Post on June 26, 2011, Oaktree's 17 distressed-debt funds (which do not use leverage) have averaged annual gains of 19% after fees for the past 22 years. Oaktree's clientele includes 65 of the 100 largest U.S. pension plans, 40 state retirement plans in
550-492: The NYSE . The company was previously listed on GSTrUE, a private over-the-counter exchange run by Goldman Sachs which officially ceased operations in 2012 after Oaktree, along with Apollo Global Management (in 2011), de-listed and moved to the NYSE. According to the company's 2015 published financial results, Oaktree raised $ 12 billion for Oaktree Opportunities Funds X and Xb ("Opps X and Xb"). In 2017, Eaton Vance launched
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#1732776596505600-756: The Olympic Games , the NCAA basketball tournament (this and NFL coverage are co-produced with corporate sibling CBS TV), the Masters and U.S. Open golf, the Wimbledon tennis tournament, the Frozen Four of college hockey , and the GRAMMY Awards . For many years the network also aired Notre Dame football and National Hockey League games. Westwood One has also handled sales and advertising for
650-568: The Securities And Exchange Commission ordered Oaktree to pay a fine, interest, and disgorge profits after the SEC ruled they had "sold securities short" before the five legal business days after a public offering pricing had gone public. Oaktree was required to put in place policies and procedures to prevent violations in the future. In 2008, the firm raised $ 11 billion for their distressed debt fund. In 2009, Oaktree
700-775: The Sports USA Radio Network since 2009. Notable sports announcers for Dial Global include: Scott Graham , Kevin Harlan , Brad Sham , Dave Sims , Kevin Kugler , John Tautges , John Sadak , Ian Eagle , Tom McCarthy , Chuck Cooperstein , Kevin Calabro , and Dave Ryan . Past personalities include Marv Albert , Howard David , Gary Cohen , and Harry Kalas . In 2005, Westwood One, Inc. and its traffic subsidiary, Metro Networks , sent several existing officers and directors of Westwood to Canada and Australia to unify
750-474: The 1980s to the 1990s. It comprised several advice-oriented call-in talk shows , the most notable personalities being Bruce Williams and Sally Jessy Raphael . At a time when talk radio was a mostly local format, Talknet, among similar services, brought the format to a national level. Prior to the late 1970s, AM radio was still largely dominated by all-music formats. Many individual radio stations had introduced some talk programming to their lineups, but it
800-997: The Dial Global brand. The lone exception is the audio feed of CNN Headline News , which remains part of the CNN Radio branding under Westwood One. Westwood One syndicated several popular programs for a variety of music formats. Perhaps its most famous alumnus was Casey Kasem , who spent over nine years hosting a weekly radio countdown franchise for the network. Other shows included The Beatle Years with Bob Malik (originally hosted by Elliot Mintz and later J. J. Jackson ), Beatle Brunch with Joe Johnson, Country Countdown USA , Superstar Concert Series , "Absolutely Live," Country Gold (in most markets, also known as Country Gold Saturday Night , but also available on Sunday), Randy Jackson's Hit List with Randy Jackson and Kesha Monk, 106 and Park Weekend Countdown with Terrence and Rocsi, MTV TRL Weekend Countdown , Off
850-611: The Mutual purchase, in 1987, Westwood One acquired the NBC Radio Network and licensed the use of the name NBC Radio Network News (later shortened to NBC Radio News) from General Electric , which was divesting all of the NBC radio properties of its former owner RCA . Like Mutual, NBC ceased operating as a radio network and merely became a brand name, even to the point of being merged into Mutual itself. NBC's other services, The Source and NBC Talknet , would eventually be retired in
900-639: The NFL Playoffs concluded, the Westwood One name was removed altogether in favor of the Dial Global Sports Network , and the sports website was relocated to www.dialglobalsports.com. On September 4, 2013, Dial Global announced that it was renaming itself Westwood One , citing greater brand recognition. The company was founded by Norman J. Pattiz in 1976. At the time, he was a former advertising sales executive with KCOP-TV ,
950-521: The Oaktree Diversified Credit NextShares exchange-traded managed fund with Oaktree as subadvisor. In 2018, Oaktree filed a registration statement to launch a non-traded REIT. On March 13, 2019, Brookfield Asset Management announced that it had agreed to buy 62% of Oaktree Capital Management for about $ 4.7 billion, creating one of the world's largest alternative money managers. On September 30, 2019, completion of
1000-535: The Oaktree PPIP Fund, L.P. had a gross return of 28%. In 2009, Oaktree acquired a 20% stake in DoubleLine Capital , a Los Angeles-based investment firm specializing in mortgage-backed fixed income portfolios. The firm's relationship with Vanguard was expanded in 2011 when Oaktree was selected as one of four firms to manage Vanguard's Emerging Markets Select Stock Fund. In 2010, Oaktree
1050-612: The Press , monologues of NBC's late night programming, CNBC radio reports, and localized forecasts for The Weather Channel , which effectively united all of NBC's programming under one network. Westwood One provided operational, sales, and marketing support for the CBS Radio Network , whose properties were owned by the CBS Corporation. In turn, CBS managed production of Mutual and NBC Radio newscasts from 1998 until
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#17327765965051100-483: The RKO Radio Networks and later as United Stations Radio Networks, which merged with Transtar in the late 1980s), the two companies were combined under the Westwood name in 1994 (later spinning off Transtar in 2006). After the sale of his Infinity Broadcasting to Westinghouse , then parent of CBS, Karmazin went on to become COO of CBS and under his control, CBS took over management of Westwood. CBS also had
1150-599: The Record with Mary Turner (and later Joe Benson ), VH1 Concerts and Specials , Out of Order with Jed the Fish , and the Country Six Pack of holiday music specials. The Dr. Demento Show was carried from 1978 to 1992. Many of these programs were not maintained in the Dial Global merger; Compass Media Networks picked up the rock-oriented programs, the country programs were split up among various networks, and
1200-543: The Today Show. In 1986, NBC, along with its parent company, RCA , was purchased by General Electric . GE absorbed RCA primarily to acquire the NBC television network , and shortly thereafter liquidated most of RCA's various other divisions. The NBC Radio Network was sold to Westwood One . NBC radio continued as a programming service of Westwood One through 1989. After that date, the NBC brand name continued to be used on some programming, but NBC radio no longer existed as
1250-658: The United States, over 500 corporations and/or their pension funds, over 275 university, charitable and other endowments and foundations, and 16 sovereign wealth funds. According to The Wall Street Journal , Oaktree has "long been considered a stable repository for pension-fund and endowment money." The company's distressed-debt funds are often over-subscribed, and in 2010 Oaktree turned down potential investors due to self-imposed limits on fund size. Oaktree's current investment activities are divided across three asset classes: credit, equity, and real estate. Oaktree
1300-545: The acquisition of a majority stake by Brookfield Asset Management was announced. In November 2021, Oaktree closed its largest fund, Opportunities Fund XI LP, after collecting $ 15.9 billion. In March 2022, Oaktree acquired a majority stake in 17Capital, a private credit firm based in London. In February 2023, the company launched a private credit fund, Oaktree Lending Partners, which finances private equity takeovers. In June 2023, Robert O'Leary and Armen Panossian were named as
1350-639: The agreement, which was filed as part of the companies' public disclosures with the United States Securities and Exchange Commission. The agreement took effect on March 3, 2008, the same day that Gores Radio Group invested $ 12.5 million as part of a multi-stage investment takeover of Westwood One. The second stage of the Gores investment happened only two weeks later with another $ 12.5 million, giving Gores Radio direct ownership of more than 14 million shares of Westwood One stock. Westwood One stock
1400-602: The air. As a result, most radio stations avoided opinion programming and instead opted for call-in shows such as those featured on Talknet that were advice-oriented, with listeners calling in to ask questions and receive help with various issues and problems in their lives. Talknet premiered on 21 stations nationwide on Monday, November 2, 1981. Early affiliates included WRC Washington; WIOD Miami; KXL Portland, Oregon; WJW Cleveland; KFBK Sacramento; WLW Cincinnati; KOB Albuquerque; WDAY Fargo; WOOD Grand Rapids; WCAR Detroit; and WSTV Steubenville, Ohio. Maurice Tunick
1450-620: The controversy surrounding his remarks about the Rutgers women's basketball team led to his firing in 2007. The program was then heard on Cumulus Media Networks until the show ended in June 2018. In 2009, the network added several short-form features based on television series syndicated by CBS Television Distribution : The Doctors' Orders , Ask Dr. Phil , Rach on the Radio , and The Insider Radio Minute . Westwood One attempted to secure
1500-541: The early 2000s, Westwood One handled the distribution of Fox News Radio ; that has since moved to Premiere Radio Networks . One Fox program, The Radio Factor , hosted by Bill O'Reilly , continued to be distributed by Westwood One until his departure from the show in January 2009. The time slot was later filled by Fred Thompson and Douglas Urbanski . Imus in the Morning was carried on Westwood One from 1993 until
1550-530: The failing ABC Talkradio Network. I stayed close to Sally during the next year, knowing she had one year remaining on her contract. In late 1986, the radio world was shocked to learn Sally Jessy Raphael was jumping to ABC Radio . I also hired the legendary Tom Snyder to make Sally (7-10) and Tom (10-1) the new bookends of nighttime listening." Neither show achieved the success of NBC Talknet. Both Snyder and Raphael left ABC Radio to focus on television projects. Deborah Norville joined ABC shortly after her stint on
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1600-617: The fate of the pop programs is unknown. Westwood One was most notable for its coverage and location recording of live concerts and events for broadcast/distribution via LP and eventually satellite. They syndicated the summer solstice Grateful Dead concert on June 21, 1989, a service that currently conglomerated radio stations no longer do. Since the merger with Dial Global, the company no longer records live music and has shut down its mobile recording division. The company holds exclusive national radio rights for many sporting events including National Football League and college football games,
1650-551: The hiring of radio veteran Gary Krantz in 2006; he remained with the company until March 2008. On May 4, 2007, the New York Post reported that Westwood One had retained investment bank UBS to seek potential buyers for the network. In October 2007, Westwood and CBS Radio signed a new contractual agreement by which Westwood would hire its own officers and directors, and CBS would use Westwood One programming and trademark licenses. Westwood also had use of CBS trademarks under
1700-408: The incoming co-CEOs. As of August 2023, Oaktree was trying to raise over $ 18 billion for its 12th fund, Oaktree Opportunities Fund XII, potentially becoming the largest-ever private debt fund. In July 2024, it was announced that Lloyds Banking Group partnered with Oaktree to finance UK buyouts. NBC Talknet NBC Talknet was a nighttime programming block on the NBC Radio Network from
1750-536: The late 1980s include the purchase of three radio stations, the trade paper Radio & Records , and the hiring of Casey Kasem from ABC. Although Pattiz long remained a major shareholder and board chairman, control and management shifted to others in the early 1990s. In 1993, operations were shifted to radio station group owner Infinity Broadcasting , headed by Mel Karmazin , who also took over direct management of Westwood. With Infinity already owning and managing competing Unistar Radio Networks (formerly known as
1800-563: The late 1990s. Until the Dial Global merger, the NBC Radio brand was still occasionally used, including twice daily at the halfway point and conclusion of the early morning news magazine First Light (which has since revived the NBC branding throughout the program). In 2003, NBC News began contracting with Westwood One to produce a new radio news service, NBC News Radio, consisting of one-minute updates written by Westwood staffers and read by NBC News talent. Westwood One also distributed Meet
1850-1076: The name Westwood One and absorbed Cumulus Media Networks (previously ABC Radio and Citadel Media). The company was one of the largest producers and distributors of radio programming in the United States. It broadcast entertainment, news, weather, sports, talk, and traffic programming to about 7,700 radio stations across the USA . It is America's top provider of local traffic reports through its subsidiaries Metro Networks , Shadow Broadcast Services , SmartRoute Systems, and Sigalert.com. Westwood One also offers weather services, originally using Accuweather before switching to The Weather Channel in 2009. Talk radio personalities distributed by Westwood One included at various times Don and Mike , Phil Valentine , Dennis Miller , Jim Bohannon , Billy Bush , Robert Wuhl , Drew Pinsky ( Loveline ), G. Gordon Liddy , Joe Scarborough , Kevin and Bean , Tom Leykis , Opie and Anthony , and Adam Carolla . The company syndicated these shows across AM and FM affiliates but did not provide
1900-694: The opening of new offices around the world. Its growth in strategies has largely focused on expanding into European and Asian markets. Between 1997 and 1999, Oaktree created three new strategies: Emerging Markets Absolute Return in 1997, European High Yield Bonds in 1999, and Power Opportunities in 1999. In 2001, Oaktree continued to introduce new "step-out" strategies, starting with Mezzanine Finance. Asia Principal Opportunities (2006) followed, along with European Principal Investments (2006), European Senior Loans (2006), U.S. Senior Loans and Value Opportunities (2007), Global High Yield Bonds (2010), Emerging Markets Equities (2011), and Real Estate Debt (2012). In 2005,
1950-515: The programs to satellite radio. Westwood One distributed the radio news operations of CNN and NBC as well as its corporate cousin, the CBS Radio Network . In 1988, Casey Kasem moved from ABC Radio Networks to Westwood One after a contract dispute. Pattiz created Casey's Top 40 , Casey's Countdown, and Casey's Hot 20 for him. Kasem stayed with the network for nine years, leaving in 1998 when AM/FM Radio Networks (now Premiere Radio Networks ) allowed him to bring back American Top 40 . In
2000-649: The retirement of the original NBC Radio top-of-the-hour newscasts in June 2004. The CBS Radio news and sports broadcasts (the latter specifically branded as "from Westwood One") were distributed from the CBS/Westwood One Master Control at the CBS Broadcast Center in New York City. Westwood One also provided alternate feeds of NFL football games to Sirius Satellite Radio . Westwood One expanded into digital media with
2050-944: The rights to The Savage Nation , but current syndicator Talk Radio Network refused to let host Michael Savage out of what apparently is a perpetual contract. By the time the dispute was settled in Savage's favor, Westwood One had already dissolved. Rick Dees moved from Citadel Media to Westwood One in 2011. Until 2006, Westwood One distributed a number of 24-hour radio formats via satellite to affiliate stations. These formats included: Adult Rock & Roll ( classic rock ), Adult Standards (formerly AM Only ), Bright AC ( hot adult contemporary ), CNN Headline News , Hot Country , Mainstream Country , SAM - Simply About Music ( variety hits ), Soft AC , The Oldies Channel , and Westwood One 70s . The 24-hour formats, originally acquired through Westwood One's purchase of Unistar in 1993, were spun off in 2006 and are currently distributed under
Westwood One (1976–2011) - Misplaced Pages Continue
2100-577: Was a leader in live broadcasts and concert recordings for radio until May 2011. By 1982, he was distributing his radio shows via satellite through an arrangement with idb Communications in Culver City. Pattiz took Westwood One public in 1984 and with the money raised by the IPO, he purchased the Mutual Broadcasting System the following year and the NBC Radio Network in 1987. Other highlights in
2150-594: Was a tentpole of the Talknet lineup and continued with the service until its demise. Raphael, however, remained as host for a total of six years, from 1981-1987. Following her departure, several other hosts filled the 10 p.m.-1 a.m. slot, dispensing personal and relationship advice. These included Myrna Lamb, Lee Mirabal, Dara Welles and Neil Myers. Bruce Williams retired from broadcasting on March 29, 2013. Tunick: "I left Talknet in late 1985 after being recruited by ABC Radio where I became Vice-President of Programming for
2200-471: Was almost universally locally produced. The concept of national talk radio, broadcast over a radio network, had not been tried. In 1975, Herb Jepko pioneered the first nationwide late-night call-in radio program heard on the Mutual Broadcasting System . Jepko was briefly succeeded on Mutual by Long John Nebel and Candy Jones in 1977. In January 1978, Larry King began broadcasting six hours of talk programming nightly on Mutual; King's program rapidly gained
2250-408: Was back on the air from his hospital room and did his show from there for a week before he was released and originated his program from home for the next three months. We were told at the time this was the first national radio show to originate from a hospital." (Williams later said he was in a coma for 20 days following the crash, making his return to radio more like a month after the crash.) Williams
2300-544: Was creator and executive producer. Bruce Williams answered questions from listeners on issues related to money, personal finance, investments, business, and other similar topics. On December 5, 1982, Williams crashed while attempting to land his airplane in Princeton, New Jersey . Tunick: "He was critically injured and nearly clinically dead when he arrived at the Medical Center of Princeton. One week later Bruce
2350-634: Was founded in 1995 by a group of principals who first joined at the TCW Group in the mid-1980s Within three months of its founding in 1995, "more than 30 TCW clients transferred $ 1.5 billion in assets to Oaktree." Oaktree has formed various sub-advisory relationships since 1995. In 1996, Oaktree was selected as the sub-advisor for the Vanguard Convertible Securities Fund . Since 1995, Oaktree has created what it refers to as "step-out" strategies, usually coincident with
2400-655: Was named one of three advisors to the Russell Global Opportunistic Credit Fund and was selected as a manager for the Credit Suisse (Lux) I Fund in 2011. Seeking investment opportunities created by the European sovereign-debt crisis , Oaktree started its European Principal Fund III in November 2011 with committed capital of some €3 billion. On April 12, 2012, Oaktree became a publicly traded partnership with shares listed on
2450-479: Was selected by the U.S. Treasury , along with eight other managers ( BlackRock , Invesco, AllianceBernstein and others) to participate in the government's Public-Private Investment Program (PPIP). At the time of Oaktree's inclusion in the PPIP program, The New York Times reported: " Howard S. Marks is the sort of financier who Washington hopes will help fix the nation’s tumbledown banks." As of December 31, 2018,
2500-843: Was traded on the New York Stock Exchange until November 21, 2008, when it was delisted for failing to maintain market capitalization requirements. Thereafter, shares of the company traded publicly on the Pink Sheets under the stock symbol WWON.PK. After further stock losses, the Gores Group bought the company outright in March 2009 and relisted it on NASDAQ later that year under the ticker symbol "DIAL." Westwood One announced its merger with Dial Global in August 2011, closing it on October 21, 2011. On September 4, 2013, Dial Global, which had been bought by Cumulus Media , assumed
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