announced a multiyear management agreement with Excelsior Radio Networks for the day-to-day operation of the Westwood One 24/7 music formats.
The financial terms of the agreement were not disclosed. Excelsior will assume responsibility for affiliate sales and programming of the Westwood One 24/7 music formats effective Aug. 1 and oversight of all aspects of the formats including advertising sales effective Jan. 1, 2007.
"This partnership will enable Westwood One to focus on its other programming and new media initiatives, while benefiting economically from this platform," the New York City-based company said. "We will work hard over the coming weeks and months to ensure a seamless transition for our affiliates, advertisers, and employees."
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