Gores Continues to Back Westwood One

The Gores Group has agreed to provide Westwood One (OTCBB: WWON) with up to $20 million of financing, consisting of a $15 million equity investment and $5 million of debt financing. According to the agreement, Gores will provide half of the financing by September 7, 2010. The investment is part of a larger effort to restructure Westwood's balance sheet, in which the company has also renegotiated terms with its lenders. Westwood provides programming and information services to radio and television stations. Gores previously invested in the company in both 2008 and 2009.