Media

Westwood CEO out in takeover

The CEO of Westwood One is out, following the completion of the acquisition of the radio syndicator by Atlanta-based Cumulus Media.

The $260 million deal, which was announced in August, was finalized just before year’s end.

“It’s not unusual for the CEO of an acquired company to leave once the acquisition is completed,” said outgoing Westwood CEO Paul Caine. “My work here is sort of done.”

Lew Dickey, the chairman and CEO of Cumulus Media, said the Westwood CEO job is being eliminated since it will now be a division of the company.

In addition, the Cumulus Media Network will also take on the Westwood One name for its radio syndication operations, which will continue to be headed by its Chief Revenue Officer Ron Furman and COO Charles Steinhour.

The parent company will continue to be called Cumulus Media.

Caine had left his job as chief revenue officer of Time Inc. in mid-2013 amid reports that he had been given no assurances on his chances of moving up into the then-vacant CEO job at Time Inc., a post that eventually went to Joe Ripp.

Cumulus was said to be attracted to the company — which was then known as Dial Global — because it owns the radio syndication rights to the Super Bowl and other NFL games among other sports franchises, including the NCAA tournament and The Masters Golf Tournament.

Caine said he currently has no new destination lined up. “Once I finish my work here, I’ll be looking,” he said. “I love media and want to stay in media.”

One interesting note, his old chief revenue job at Time Inc. remains open.

Cumulus Media shares are up 6 percent in the last five trading days. They were trading at $8.10 early Tuesday.