Radio network content provider Westwood One, New York, announced today an agreement to acquire Metro Networks, another New York-based content provider, in a stock transaction worth $900 million. Metro Networks will merge into Westwood One in exchange for approximately $900 million in Westwood One common stock. The agreement is expected to close in the fall. Westwood One is managed by Infinity Broadcasting Corp., a division of CBS Corp. The deal comes on the heels of Infinity's $6.5 billion agreement last week to acquire Outdoor Systems.
Copyright June 1999, Crain Communications Inc.