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SEC FILE NUMBER |
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001-14691
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CUSIP NUMBER |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
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(Check one): |
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þ Form 10-K
o Form 20-F
o Form 11-K
o Form 10-Q
o Form 10-D
o Form N-SAR
o Form N-CSR
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For Period Ended: |
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December 31, 2010 |
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o Transition Report on Form 10-K |
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o Transition Report on Form 20-F |
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o Transition Report on Form 11-K |
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o Transition Report on Form 10-Q |
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o Transition Report on Form N-SAR |
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For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which
the notification relates:
PART I REGISTRANT INFORMATION
Full Name of Registrant
Former Name if Applicable
1166 Avenue of the Americas, 10th Floor
Address of Principal Executive Office (Street and Number)
City, State and Zip Code
PART II RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
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þ |
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(a)
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The reason described in reasonable detail in Part III of this form could not be
eliminated without unreasonable effort or expense |
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(b)
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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
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(c)
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The accountants statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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PART III NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Westwood One, Inc. (the Company;
we or our) has determined that is not in a position
to file its Annual Report on Form 10-K for the year ended December 31, 2010 (the Form
10-K) by its prescribed due date, March 31, 2011. The Company is presently in
discussions with its lenders to amend the terms of its debt agreements to ease its debt
leverage covenants with the holders of the Companys 15.0% Senior Secured Notes due
July 15, 2012 (the Senior Notes), the outcome of which could have an impact on
certain 10-K disclosure and analyses. Additionally, the Company is in the process of completing the
annual assessment of goodwill and intangible assets to quantify the amount of the impairment, if any, for the year
ended December 31, 2010. We currently anticipate such amount to be
in the range of $15.0 million to $25.0 million.
The aforementioned amendment remains subject to the negotiation of a definitive agreement with
the Companys lenders and no assurance can be made that such will be entered into. If we
are unable to enter into a new amendment with our lenders or otherwise provide sufficient documentation
regarding our lenders agreement to certain adjustments we have made to our calculation of Adjusted
EBITDA, we will fail to comply with our debt
leverage covenants. Such would result in a default under our Senior Notes, which, if we were
unable to obtain a waiver from the holders thereof, could accelerate repayment under the Senior Notes and thereby
have a material adverse effect on our business. Unless we enter into a definitive agreement with
our lenders, there will be substantial doubt about our ability to
continue as a going concern.
While the Companys staff and resources have been substantially committed to completing the foregoing,
it ultimately have been unable to complete all of the steps necessary to file its Form 10-K on
a timely basis. The Company intends to file its Form 10-K as promptly as practicable and in any
event before April 15, 2011, 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.
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