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SEC FILE NUMBER | ||
001-14691
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CUSIP NUMBER | ||
(Check one): | o Form 10-K o Form 20-F o Form 11-K þ Form 10-Q o Form 10-D o Form N-SAR o Form N-CSR | |||||
For Period Ended: | June 30, 2009 | |||||
o Transition Report on Form 10-K | ||||||
o Transition Report on Form 20-F | ||||||
o Transition Report on Form 11-K | ||||||
o Transition Report on Form 10-Q | ||||||
o Transition Report on Form N-SAR | ||||||
For the Transition Period Ended: | ||||||
þ |
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(a) | The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense | ||||
(b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and | ||||
(c) | The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
Westwood One, Inc. (the Company; we or our) has determined that is not in a position to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 (the Form 10-Q) by its prescribed due date (today). As previously disclosed in two 8-Ks, each filed with the SEC on April 27, 2009, the Company closed a refinancing of substantially all of its outstanding long-term debt (approximately $241,000 in principal amount) and a recapitalization of its equity (the Refinancing) in the second quarter.
As a result of the Refinancing, Gores Radio Holdings, LLC (together with certain related entities Gores) acquired approximately 75.1% of our equity (in preferred and common stock) and our then existing lenders acquired approximately 23.0% of our equity (in preferred and common stock). Accordingly, in the Form 10-Q, we will follow the acquisition method of accounting and apply the SEC rules and guidance regarding push down accounting treatment. The consolidated financial statements and relevant notes that will appear in the Form 10-Q will include blackline accounting and show two columns, one entitled predecessor company and another entitled successor company. Also, as part of the Refinancing, we have revalued our intangibles using our best estimate of current fair value. Finally, on August 3, 2009, we effected a 200:1 reverse stock split and converted all of the Companys outstanding preferred stock into common stock.
In connection with the foregoing, the Companys staff and resources have been substantially committed to effecting the foregoing accounting processes, but ultimately have been unable to complete all of the steps necessary to file its Form 10-Q today. The Company intends to file its Form 10-Q as promptly as practicable and in any event before August 14, 2009, the prescribed due date pursuant to this Form 12b-25.
FORWARD-LOOKING STATEMENTS: Certain statements made in this report contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases guidance, expect, anticipate, estimates and forecast and similar words or expressions are intended to identify such forward-looking statements. In addition any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Other key risks are described in the Companys reports filed with the SEC, including the Companys most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this report.
SEC 1344 (05-06) | Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
(1) | Name and telephone number of person to contact in regard to this notification |
Roderick M. Sherwood, III, President and CFO | 212 | 641.2000 | ||
(Name) |
(Area Code) | (Telephone Number) |
(2) | Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). | |
Yes þ No o | ||
(3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? | |
Yes þ No o | ||
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. | ||
Date
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August 10, 2009 | By | /s/ Roderick M. Sherwood, III | |||
Name: Roderick M. Sherwood, III | ||||||
Title: President and CFO |