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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (26738)	10/3/2007 12:25:43 PM
From: E_K_S	of 78747

Westwood One (WON), CBS Radio Ink New Contract, Revise Terms news.radio-online.com This new contract locks in the forward (10 year) free flow cash flow for the company and investors. The company maintains its exclusive syndication rights. IMO fair value based on the future cash flow under this new contract s/b $6-$8 per share. CBS has agreed to a standstill agreement to not sell their common stock equity interests (almost 20%) until AFTER 12/31/07. The company is being shopped around and perhaps an offer is in the wings. This stock is still quite speculative but with this new contract makes the future a bit more certain. EKS

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